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   <ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities contextRef="ctx1" decimals="-3" id="fact1035" unitRef="vDKK">24244000</ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities>
   <ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities contextRef="ctx1" decimals="-3" id="fact1036" unitRef="vDKK">3212000</ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities>
   <ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities contextRef="ctx2" decimals="-3" id="fact1095" unitRef="vDKK">6198000</ifrs-full:FinanceIncomeReceivedClassifiedAsOperatingActivities>
   <ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities contextRef="ctx2" decimals="-3" id="fact1096" unitRef="vDKK">24383000</ifrs-full:FinanceCostsPaidClassifiedAsOperatingActivities>
   <ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities contextRef="ctx2" decimals="-3" id="fact1097" unitRef="vDKK">2574000</ifrs-full:IncomeTaxesPaidClassifiedAsOperatingActivities>
   <ifrs-full:PaymentsToAcquireOrRedeemEntitysShares contextRef="ctx1" decimals="-3" id="fact1051" unitRef="vDKK">9328000</ifrs-full:PaymentsToAcquireOrRedeemEntitysShares>
   <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx1" decimals="-3" id="fact1052" unitRef="vDKK">635820000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
   <ifrs-full:CashFlowsFromUsedInFinancingActivities contextRef="ctx2" decimals="-3" id="fact1113" unitRef="vDKK">3536080000</ifrs-full:CashFlowsFromUsedInFinancingActivities>
   <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx1" decimals="-3" id="fact1037" unitRef="vDKK">220053000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
   <ifrs-full:CashFlowsFromUsedInOperatingActivities contextRef="ctx2" decimals="-3" id="fact1098" unitRef="vDKK">-358500000</ifrs-full:CashFlowsFromUsedInOperatingActivities>
   <ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="ctx1" decimals="-3" id="fact1053" unitRef="vDKK">-21532000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
   <ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges contextRef="ctx2" decimals="-3" id="fact1114" unitRef="vDKK">300634000</ifrs-full:IncreaseDecreaseInCashAndCashEquivalentsBeforeEffectOfExchangeRateChanges>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx3" decimals="-3" id="fact1116" unitRef="vDKK">591820000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx1" decimals="-3" id="fact1054" unitRef="vDKK">5119000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx4" decimals="-3" id="fact1117" unitRef="vDKK">285487000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents contextRef="ctx2" decimals="-3" id="fact1115" unitRef="vDKK">5699000</ifrs-full:EffectOfExchangeRateChangesOnCashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx5" decimals="-3" id="fact1118" unitRef="vDKK">575407000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx6" decimals="-3" id="fact1165" unitRef="vDKK">591820000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights contextRef="ctx5" decimals="-3" id="fact1120" unitRef="vDKK">4639895000</ifrs-full:CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights>
   <bava:AcquiredRightsAndDevelopmentsInProgress contextRef="ctx5" decimals="-3" id="fact1121" unitRef="vDKK">1013484000</bava:AcquiredRightsAndDevelopmentsInProgress>
   <ifrs-full:ComputerSoftware contextRef="ctx5" decimals="-3" id="fact1122" unitRef="vDKK">14768000</ifrs-full:ComputerSoftware>
   <ifrs-full:CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights contextRef="ctx6" decimals="-3" id="fact1167" unitRef="vDKK">4912830000</ifrs-full:CopyrightsPatentsAndOtherIndustrialPropertyRightsServiceAndOperatingRights>
   <bava:AcquiredRightsAndDevelopmentsInProgress contextRef="ctx6" decimals="-3" id="fact1168" unitRef="vDKK">733770000</bava:AcquiredRightsAndDevelopmentsInProgress>
   <ifrs-full:Inventories contextRef="ctx5" decimals="-3" id="fact1136" unitRef="vDKK">919072000</ifrs-full:Inventories>
   <ifrs-full:Inventories contextRef="ctx6" decimals="-3" id="fact1183" unitRef="vDKK">480043000</ifrs-full:Inventories>
   <ifrs-full:CurrentTradeReceivables contextRef="ctx5" decimals="-3" id="fact1137" unitRef="vDKK">523145000</ifrs-full:CurrentTradeReceivables>
   <ifrs-full:OtherCurrentReceivables contextRef="ctx5" decimals="-3" id="fact1138" unitRef="vDKK">43263000</ifrs-full:OtherCurrentReceivables>
   <ifrs-full:CurrentTradeReceivables contextRef="ctx6" decimals="-3" id="fact1184" unitRef="vDKK">381624000</ifrs-full:CurrentTradeReceivables>
   <ifrs-full:OtherCurrentReceivables contextRef="ctx6" decimals="-3" id="fact1185" unitRef="vDKK">66517000</ifrs-full:OtherCurrentReceivables>
   <ifrs-full:ComputerSoftware contextRef="ctx6" decimals="-3" id="fact1169" unitRef="vDKK">22985000</ifrs-full:ComputerSoftware>
   <ifrs-full:IntangibleAssetsUnderDevelopment contextRef="ctx5" decimals="-3" id="fact1123" unitRef="vDKK">274490000</ifrs-full:IntangibleAssetsUnderDevelopment>
   <ifrs-full:IntangibleAssetsUnderDevelopment contextRef="ctx6" decimals="-3" id="fact1170" unitRef="vDKK">134371000</ifrs-full:IntangibleAssetsUnderDevelopment>
   <ifrs-full:CurrentPrepayments contextRef="ctx5" decimals="-3" id="fact1139" unitRef="vDKK">153934000</ifrs-full:CurrentPrepayments>
   <ifrs-full:TradeAndOtherCurrentReceivables contextRef="ctx5" decimals="-3" id="fact1140" unitRef="vDKK">720342000</ifrs-full:TradeAndOtherCurrentReceivables>
   <ifrs-full:CurrentPrepayments contextRef="ctx6" decimals="-3" id="fact1186" unitRef="vDKK">108840000</ifrs-full:CurrentPrepayments>
   <ifrs-full:TradeAndOtherCurrentReceivables contextRef="ctx6" decimals="-3" id="fact1187" unitRef="vDKK">556981000</ifrs-full:TradeAndOtherCurrentReceivables>
   <ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx5" decimals="-3" id="fact1124" unitRef="vDKK">5942637000</ifrs-full:IntangibleAssetsAndGoodwill>
   <ifrs-full:IntangibleAssetsAndGoodwill contextRef="ctx6" decimals="-3" id="fact1171" unitRef="vDKK">5803956000</ifrs-full:IntangibleAssetsAndGoodwill>
   <ifrs-full:LandAndBuildings contextRef="ctx5" decimals="-3" id="fact1125" unitRef="vDKK">630138000</ifrs-full:LandAndBuildings>
   <bava:LeaseholdImprovements contextRef="ctx5" decimals="-3" id="fact1126" unitRef="vDKK">24765000</bava:LeaseholdImprovements>
   <ifrs-full:LandAndBuildings contextRef="ctx6" decimals="-3" id="fact1172" unitRef="vDKK">345953000</ifrs-full:LandAndBuildings>
   <bava:LeaseholdImprovements contextRef="ctx6" decimals="-3" id="fact1173" unitRef="vDKK">10011000</bava:LeaseholdImprovements>
   <bava:CurrentSecurities contextRef="ctx5" decimals="-3" id="fact1141" unitRef="vDKK">2269759000</bava:CurrentSecurities>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx5" decimals="-3" id="fact1119" unitRef="vDKK">575407000</ifrs-full:CashAndCashEquivalents>
   <bava:CurrentSecurities contextRef="ctx6" decimals="-3" id="fact1188" unitRef="vDKK">3124795000</bava:CurrentSecurities>
   <ifrs-full:CashAndCashEquivalents contextRef="ctx6" decimals="-3" id="fact1166" unitRef="vDKK">591820000</ifrs-full:CashAndCashEquivalents>
   <ifrs-full:Machinery contextRef="ctx5" decimals="-3" id="fact1127" unitRef="vDKK">321745000</ifrs-full:Machinery>
   <bava:FixturesFittingsToolsAndEquipment contextRef="ctx5" decimals="-3" id="fact1128" unitRef="vDKK">511195000</bava:FixturesFittingsToolsAndEquipment>
   <ifrs-full:ConstructionInProgress contextRef="ctx5" decimals="-3" id="fact1129" unitRef="vDKK">196130000</ifrs-full:ConstructionInProgress>
   <ifrs-full:Machinery contextRef="ctx6" decimals="-3" id="fact1174" unitRef="vDKK">254530000</ifrs-full:Machinery>
   <bava:FixturesFittingsToolsAndEquipment contextRef="ctx6" decimals="-3" id="fact1175" unitRef="vDKK">223467000</bava:FixturesFittingsToolsAndEquipment>
   <ifrs-full:ConstructionInProgress contextRef="ctx6" decimals="-3" id="fact1176" unitRef="vDKK">578707000</ifrs-full:ConstructionInProgress>
   <ifrs-full:PropertyPlantAndEquipment contextRef="ctx6" decimals="-3" id="fact1177" unitRef="vDKK">1412668000</ifrs-full:PropertyPlantAndEquipment>
   <bava:CurrentSecuritiesAndCashAndCashEquivalents contextRef="ctx5" decimals="-3" id="fact1142" unitRef="vDKK">2845166000</bava:CurrentSecuritiesAndCashAndCashEquivalents>
   <bava:CurrentSecuritiesAndCashAndCashEquivalents contextRef="ctx6" decimals="-3" id="fact1189" unitRef="vDKK">3716615000</bava:CurrentSecuritiesAndCashAndCashEquivalents>
   <ifrs-full:CurrentAssets contextRef="ctx5" decimals="-3" id="fact1143" unitRef="vDKK">4484580000</ifrs-full:CurrentAssets>
   <ifrs-full:CurrentAssets contextRef="ctx6" decimals="-3" id="fact1190" unitRef="vDKK">4753639000</ifrs-full:CurrentAssets>
   <ifrs-full:PropertyPlantAndEquipment contextRef="ctx5" decimals="-3" id="fact1130" unitRef="vDKK">1683973000</ifrs-full:PropertyPlantAndEquipment>
   <ifrs-full:Assets contextRef="ctx5" decimals="-3" id="fact1144" unitRef="vDKK">12391246000</ifrs-full:Assets>
   <ifrs-full:Assets contextRef="ctx6" decimals="-3" id="fact1191" unitRef="vDKK">12089269000</ifrs-full:Assets>
   <ifrs-full:RightofuseAssets contextRef="ctx5" decimals="-3" id="fact1131" unitRef="vDKK">67433000</ifrs-full:RightofuseAssets>
   <ifrs-full:RightofuseAssets contextRef="ctx6" decimals="-3" id="fact1178" unitRef="vDKK">75843000</ifrs-full:RightofuseAssets>
   <ifrs-full:OtherNoncurrentReceivables contextRef="ctx5" decimals="-3" id="fact1132" unitRef="vDKK">5086000</ifrs-full:OtherNoncurrentReceivables>
   <ifrs-full:NoncurrentPrepayments contextRef="ctx5" decimals="-3" id="fact1133" unitRef="vDKK">207537000</ifrs-full:NoncurrentPrepayments>
   <ifrs-full:NoncurrentFinancialAssets contextRef="ctx5" decimals="-3" id="fact1134" unitRef="vDKK">212623000</ifrs-full:NoncurrentFinancialAssets>
   <ifrs-full:OtherNoncurrentReceivables contextRef="ctx6" decimals="-3" id="fact1179" unitRef="vDKK">4778000</ifrs-full:OtherNoncurrentReceivables>
   <ifrs-full:NoncurrentPrepayments contextRef="ctx6" decimals="-3" id="fact1180" unitRef="vDKK">38385000</ifrs-full:NoncurrentPrepayments>
   <ifrs-full:NoncurrentFinancialAssets contextRef="ctx6" decimals="-3" id="fact1181" unitRef="vDKK">43163000</ifrs-full:NoncurrentFinancialAssets>
   <ifrs-full:NoncurrentAssets contextRef="ctx5" decimals="-3" id="fact1135" unitRef="vDKK">7906666000</ifrs-full:NoncurrentAssets>
   <ifrs-full:NoncurrentAssets contextRef="ctx6" decimals="-3" id="fact1182" unitRef="vDKK">7335630000</ifrs-full:NoncurrentAssets>
   <ifrs-full:IssuedCapital contextRef="ctx5" decimals="-3" id="fact1145" unitRef="vDKK">707354000</ifrs-full:IssuedCapital>
   <ifrs-full:TreasuryShares contextRef="ctx5" decimals="-3" id="fact1146" unitRef="vDKK">1463000</ifrs-full:TreasuryShares>
   <ifrs-full:IssuedCapital contextRef="ctx6" decimals="-3" id="fact1192" unitRef="vDKK">704684000</ifrs-full:IssuedCapital>
   <ifrs-full:TreasuryShares contextRef="ctx6" decimals="-3" id="fact1193" unitRef="vDKK">1112000</ifrs-full:TreasuryShares>
   <ifrs-full:RetainedEarnings contextRef="ctx5" decimals="-3" id="fact1147" unitRef="vDKK">6300575000</ifrs-full:RetainedEarnings>
   <ifrs-full:OtherReserves contextRef="ctx5" decimals="-3" id="fact1148" unitRef="vDKK">143521000</ifrs-full:OtherReserves>
   <ifrs-full:RetainedEarnings contextRef="ctx6" decimals="-3" id="fact1194" unitRef="vDKK">6588908000</ifrs-full:RetainedEarnings>
   <ifrs-full:OtherReserves contextRef="ctx6" decimals="-3" id="fact1195" unitRef="vDKK">82187000</ifrs-full:OtherReserves>
   <ifrs-full:Equity contextRef="ctx5" decimals="-3" id="fact1149" unitRef="vDKK">7149987000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx6" decimals="-3" id="fact1196" unitRef="vDKK">7374667000</ifrs-full:Equity>
   <bava:NonCurrentDeferredConsideration contextRef="ctx5" decimals="-3" id="fact1150" unitRef="vDKK">2324657000</bava:NonCurrentDeferredConsideration>
   <bava:PrepaymentAndLoanFromGovernment contextRef="ctx5" decimals="-3" id="fact1151" unitRef="vDKK">566420000</bava:PrepaymentAndLoanFromGovernment>
   <bava:Longtermborrowingsfromcreditinstitutions contextRef="ctx5" decimals="-3" id="fact1152" unitRef="vDKK">17008000</bava:Longtermborrowingsfromcreditinstitutions>
   <bava:NonCurrentDeferredConsideration contextRef="ctx6" decimals="-3" id="fact1197" unitRef="vDKK">2569090000</bava:NonCurrentDeferredConsideration>
   <bava:PrepaymentAndLoanFromGovernment contextRef="ctx6" decimals="-3" id="fact1198" unitRef="vDKK">160511000</bava:PrepaymentAndLoanFromGovernment>
   <bava:Longtermborrowingsfromcreditinstitutions contextRef="ctx6" decimals="-3" id="fact1199" unitRef="vDKK">18896000</bava:Longtermborrowingsfromcreditinstitutions>
   <ifrs-full:NoncurrentLeaseLiabilities contextRef="ctx5" decimals="-3" id="fact1153" unitRef="vDKK">45834000</ifrs-full:NoncurrentLeaseLiabilities>
   <ifrs-full:NoncurrentLeaseLiabilities contextRef="ctx6" decimals="-3" id="fact1200" unitRef="vDKK">57547000</ifrs-full:NoncurrentLeaseLiabilities>
   <ifrs-full:NoncurrentLiabilities contextRef="ctx5" decimals="-3" id="fact1154" unitRef="vDKK">2953919000</ifrs-full:NoncurrentLiabilities>
   <ifrs-full:NoncurrentLiabilities contextRef="ctx6" decimals="-3" id="fact1201" unitRef="vDKK">2806044000</ifrs-full:NoncurrentLiabilities>
   <bava:CurrentDeferredConsideration contextRef="ctx5" decimals="-3" id="fact1155" unitRef="vDKK">287436000</bava:CurrentDeferredConsideration>
   <bava:Shorttermborrowingsfromcreditinstitutions contextRef="ctx5" decimals="-3" id="fact1156" unitRef="vDKK">1105583000</bava:Shorttermborrowingsfromcreditinstitutions>
   <ifrs-full:CurrentLeaseLiabilities contextRef="ctx5" decimals="-3" id="fact1157" unitRef="vDKK">24487000</ifrs-full:CurrentLeaseLiabilities>
   <ifrs-full:CurrentAdvances contextRef="ctx5" decimals="0" id="fact1158" unitRef="vDKK">0</ifrs-full:CurrentAdvances>
   <bava:CurrentDeferredConsideration contextRef="ctx6" decimals="-3" id="fact1202" unitRef="vDKK">577667000</bava:CurrentDeferredConsideration>
   <bava:Shorttermborrowingsfromcreditinstitutions contextRef="ctx6" decimals="-3" id="fact1203" unitRef="vDKK">874373000</bava:Shorttermborrowingsfromcreditinstitutions>
   <ifrs-full:CurrentLeaseLiabilities contextRef="ctx6" decimals="-3" id="fact1204" unitRef="vDKK">21266000</ifrs-full:CurrentLeaseLiabilities>
   <ifrs-full:CurrentAdvances contextRef="ctx6" decimals="-3" id="fact1205" unitRef="vDKK">16904000</ifrs-full:CurrentAdvances>
   <ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx6" decimals="-3" id="fact1206" unitRef="vDKK">263611000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
   <ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx6" decimals="-3" id="fact1207" unitRef="vDKK">3743000</ifrs-full:CurrentTaxLiabilitiesCurrent>
   <ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers contextRef="ctx5" decimals="-3" id="fact1159" unitRef="vDKK">605928000</ifrs-full:TradeAndOtherCurrentPayablesToTradeSuppliers>
   <ifrs-full:CurrentTaxLiabilitiesCurrent contextRef="ctx5" decimals="-3" id="fact1160" unitRef="vDKK">6337000</ifrs-full:CurrentTaxLiabilitiesCurrent>
   <ifrs-full:OtherLiabilities contextRef="ctx5" decimals="-3" id="fact1161" unitRef="vDKK">257569000</ifrs-full:OtherLiabilities>
   <ifrs-full:OtherLiabilities contextRef="ctx6" decimals="-3" id="fact1208" unitRef="vDKK">150994000</ifrs-full:OtherLiabilities>
   <ifrs-full:CurrentLiabilities contextRef="ctx5" decimals="-3" id="fact1162" unitRef="vDKK">2287340000</ifrs-full:CurrentLiabilities>
   <ifrs-full:CurrentLiabilities contextRef="ctx6" decimals="-3" id="fact1209" unitRef="vDKK">1908558000</ifrs-full:CurrentLiabilities>
   <ifrs-full:Liabilities contextRef="ctx5" decimals="-3" id="fact1163" unitRef="vDKK">5241259000</ifrs-full:Liabilities>
   <ifrs-full:Liabilities contextRef="ctx6" decimals="-3" id="fact1210" unitRef="vDKK">4714602000</ifrs-full:Liabilities>
   <ifrs-full:EquityAndLiabilities contextRef="ctx5" decimals="-3" id="fact1164" unitRef="vDKK">12391246000</ifrs-full:EquityAndLiabilities>
   <ifrs-full:EquityAndLiabilities contextRef="ctx6" decimals="-3" id="fact1211" unitRef="vDKK">12089269000</ifrs-full:EquityAndLiabilities>
   <ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory contextRef="ctx1" id="fact1842" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:10.3843em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;The share capital comprises a total of 70,735,376 shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.2174em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0242em;"&gt;of DKK 10 as of December 31, 2022 (70,468,393 shares).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.0505em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The shares are not divided into share classes, and each  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.8836em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;share carries one vote.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.5449em;"&gt;&lt;span class="stl_261 stl_16 stl_122" style="word-spacing:-0.0288em;"&gt;Treasury shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:15.3836em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;In May 2022, the Board of Directors decided to launch  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.2168em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;a share buy-back program, under which the Company  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.0499em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;bought back 71,562 of its own shares (31,747 shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.883em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;in 2021). The purpose of the share buy-back program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:18.7161em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;was to meet the Company's obligations arising from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.5493em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;the share-based incentive program for the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.3824em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Management and the Board of Directors. Under the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.2155em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;share-based incentive program, payment of half of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.0486em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;achieved bonus for 2021 for members of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.8818em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;Management are converted to restricted stock units for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.7149em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;a value corresponding to half of the achieved bonus.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.548em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;The restricted stock units will be released to the Exec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.3811em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;utive Management 3 years after grant. This to further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.2143em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;increase the long-term shared interests between the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.0474em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;Executive Management and the Company's share-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.8805em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;holders. The Board of Directors is granted restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.7136em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;stock units corresponding to 50% of the annual fee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.5468em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;(excl. committee fee). The vesting period for those  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:30.3799em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;restricted stock units is also 3 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.0468em;"&gt;&lt;span class="stl_255 stl_20 stl_570" style="word-spacing:-0.0106em;"&gt;Treasury shares represent 0.16% (0.18%) of the total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.8799em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;share capital.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:34.5468em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;For further information about share based payment see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:35.3799em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0188em;"&gt;note 30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:10.3843em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;The share capital comprises a total of 70,468,393 shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.2174em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0197em;"&gt;of DKK 10 as of December 31, 2021 (58,450,112 shares).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.0505em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The shares are not divided into share classes, and each  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.8836em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;share carries one vote.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.5449em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Rules on changing Articles of Association  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:15.3836em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Changing the Articles of Association requires that the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.2168em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;resolution passes by at least &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;/&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;of the votes as well as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.0499em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;/&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;of the voting capital represented.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory>
   <ifrs-full:Equity contextRef="ctx7" decimals="-3" id="fact1212" unitRef="vDKK">704684000</ifrs-full:Equity>
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   <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="ctx16" decimals="0" id="fact1244" unitRef="vDKK">0</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
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   <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="ctx14" decimals="0" id="fact1220" unitRef="vDKK">0</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
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   <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="ctx15" decimals="0" id="fact1232" unitRef="vDKK">0</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
   <ifrs-full:ProfitLoss contextRef="ctx17" decimals="0" id="fact1255" unitRef="vDKK">0</ifrs-full:ProfitLoss>
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   <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="ctx18" decimals="0" id="fact1268" unitRef="vDKK">0</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
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   <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="ctx19" decimals="0" id="fact1280" unitRef="vDKK">0</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
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   <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="ctx17" decimals="-3" id="fact1256" unitRef="vDKK">7002000</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
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   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx15" decimals="0" id="fact1233" unitRef="vDKK">0</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx16" decimals="0" id="fact1245" unitRef="vDKK">0</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx17" decimals="0" id="fact1257" unitRef="vDKK">0</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
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   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx20" decimals="-3" id="fact1293" unitRef="vDKK">33245000</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
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   <ifrs-full:ComprehensiveIncome contextRef="ctx20" decimals="-3" id="fact1294" unitRef="vDKK">-307135000</ifrs-full:ComprehensiveIncome>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx14" decimals="0" id="fact1223" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx15" decimals="0" id="fact1235" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
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   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx16" decimals="-3" id="fact1248" unitRef="vDKK">46145000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
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   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx19" decimals="-3" id="fact1283" unitRef="vDKK">53976000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx20" decimals="-3" id="fact1295" unitRef="vDKK">53976000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
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   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx15" decimals="0" id="fact1236" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx19" decimals="-3" id="fact1284" unitRef="vDKK">-10897000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx20" decimals="-3" id="fact1296" unitRef="vDKK">37918000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx14" decimals="0" id="fact1225" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx15" decimals="0" id="fact1237" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
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   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx19" decimals="-3" id="fact1285" unitRef="vDKK">-17898000</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx20" decimals="0" id="fact1297" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <bava:IssueOfEquityThroughPrivatePlacement contextRef="ctx20" decimals="0" id="fact1298" unitRef="vDKK">0</bava:IssueOfEquityThroughPrivatePlacement>
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   <ifrs-full:ShareIssueRelatedCost contextRef="ctx16" decimals="-3" id="fact1251" unitRef="vDKK">111000</ifrs-full:ShareIssueRelatedCost>
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   <ifrs-full:ShareIssueRelatedCost contextRef="ctx20" decimals="-3" id="fact1299" unitRef="vDKK">111000</ifrs-full:ShareIssueRelatedCost>
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   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx15" decimals="-3" id="fact1240" unitRef="vDKK">716000</ifrs-full:PurchaseOfTreasuryShares>
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   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx14" decimals="-3" id="fact1230" unitRef="vDKK">2670000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx20" decimals="-3" id="fact1302" unitRef="vDKK">82455000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <ifrs-full:Equity contextRef="ctx21" decimals="-3" id="fact1303" unitRef="vDKK">707354000</ifrs-full:Equity>
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   <ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation contextRef="ctx38" decimals="-3" id="fact1357" unitRef="vDKK">10081000</ifrs-full:OtherComprehensiveIncomeNetOfTaxExchangeDifferencesOnTranslation>
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   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx36" decimals="0" id="fact1332" unitRef="vDKK">0</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx37" decimals="0" id="fact1345" unitRef="vDKK">0</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx38" decimals="0" id="fact1358" unitRef="vDKK">0</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
   <ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax contextRef="ctx39" decimals="-3" id="fact1371" unitRef="vDKK">-542000</ifrs-full:GainsLossesOnCashFlowHedgesNetOfTax>
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   <ifrs-full:ComprehensiveIncome contextRef="ctx37" decimals="-3" id="fact1346" unitRef="vDKK">-464775000</ifrs-full:ComprehensiveIncome>
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   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx37" decimals="-3" id="fact1348" unitRef="vDKK">126729000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
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   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx38" decimals="0" id="fact1360" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx38" decimals="0" id="fact1361" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx38" decimals="0" id="fact1362" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
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   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx39" decimals="0" id="fact1373" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx39" decimals="0" id="fact1374" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx39" decimals="0" id="fact1375" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <bava:IssueOfEquityThroughPrivatePlacement contextRef="ctx39" decimals="0" id="fact1376" unitRef="vDKK">0</bava:IssueOfEquityThroughPrivatePlacement>
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   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx39" decimals="0" id="fact1378" unitRef="vDKK">0</ifrs-full:PurchaseOfTreasuryShares>
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   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx39" decimals="0" id="fact1381" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx40" decimals="-3" id="fact1386" unitRef="vDKK">38584000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx40" decimals="-3" id="fact1387" unitRef="vDKK">-24492000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx40" decimals="-3" id="fact1388" unitRef="vDKK">-695000</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <bava:IssueOfEquityThroughPrivatePlacement contextRef="ctx40" decimals="0" id="fact1389" unitRef="vDKK">0</bava:IssueOfEquityThroughPrivatePlacement>
   <ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions contextRef="ctx41" decimals="-3" id="fact1399" unitRef="vDKK">38584000</ifrs-full:IncreaseDecreaseThroughSharebasedPaymentTransactions>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx41" decimals="-3" id="fact1400" unitRef="vDKK">107183000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx41" decimals="0" id="fact1401" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx35" decimals="-3" id="fact1322" unitRef="vDKK">4946000</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity contextRef="ctx36" decimals="0" id="fact1335" unitRef="vDKK">0</ifrs-full:IncreaseDecreaseThroughExerciseOfWarrantsEquity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx35" decimals="0" id="fact1323" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <bava:Increasedecreasethroughexpirationofwarrantsequity contextRef="ctx36" decimals="0" id="fact1336" unitRef="vDKK">0</bava:Increasedecreasethroughexpirationofwarrantsequity>
   <bava:IssueOfEquityThroughPrivatePlacement contextRef="ctx36" decimals="0" id="fact1337" unitRef="vDKK">0</bava:IssueOfEquityThroughPrivatePlacement>
   <bava:IssueOfEquityThroughPrivatePlacement contextRef="ctx35" decimals="-3" id="fact1324" unitRef="vDKK">115237000</bava:IssueOfEquityThroughPrivatePlacement>
   <bava:IssueOfEquityThroughPrivatePlacement contextRef="ctx37" decimals="-3" id="fact1350" unitRef="vDKK">2741359000</bava:IssueOfEquityThroughPrivatePlacement>
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   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx37" decimals="-3" id="fact1352" unitRef="vDKK">8263000</ifrs-full:PurchaseOfTreasuryShares>
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   <bava:IssueOfEquityThroughPrivatePlacement contextRef="ctx41" decimals="-3" id="fact1402" unitRef="vDKK">2856596000</bava:IssueOfEquityThroughPrivatePlacement>
   <ifrs-full:ShareIssueRelatedCost contextRef="ctx41" decimals="-3" id="fact1403" unitRef="vDKK">57438000</ifrs-full:ShareIssueRelatedCost>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx41" decimals="-3" id="fact1404" unitRef="vDKK">8580000</ifrs-full:PurchaseOfTreasuryShares>
   <bava:Increasedecreasethroughsharebasedpaymenttransfers contextRef="ctx41" decimals="0" id="fact1405" unitRef="vDKK">0</bava:Increasedecreasethroughsharebasedpaymenttransfers>
   <ifrs-full:ShareIssueRelatedCost contextRef="ctx35" decimals="0" id="fact1325" unitRef="vDKK">0</ifrs-full:ShareIssueRelatedCost>
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   <ifrs-full:ShareIssueRelatedCost contextRef="ctx40" decimals="0" id="fact1390" unitRef="vDKK">0</ifrs-full:ShareIssueRelatedCost>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx35" decimals="0" id="fact1326" unitRef="vDKK">0</ifrs-full:PurchaseOfTreasuryShares>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx36" decimals="-3" id="fact1339" unitRef="vDKK">317000</ifrs-full:PurchaseOfTreasuryShares>
   <bava:Increasedecreasethroughsharebasedpaymenttransfers contextRef="ctx36" decimals="-3" id="fact1340" unitRef="vDKK">282000</bava:Increasedecreasethroughsharebasedpaymenttransfers>
   <bava:RestrictedStockUnitsConvertedToCashBonusAtExercise contextRef="ctx36" decimals="0" id="fact1341" unitRef="vDKK">0</bava:RestrictedStockUnitsConvertedToCashBonusAtExercise>
   <ifrs-full:PurchaseOfTreasuryShares contextRef="ctx40" decimals="0" id="fact1391" unitRef="vDKK">0</ifrs-full:PurchaseOfTreasuryShares>
   <bava:Increasedecreasethroughsharebasedpaymenttransfers contextRef="ctx35" decimals="0" id="fact1327" unitRef="vDKK">0</bava:Increasedecreasethroughsharebasedpaymenttransfers>
   <bava:RestrictedStockUnitsConvertedToCashBonusAtExercise contextRef="ctx35" decimals="0" id="fact1328" unitRef="vDKK">0</bava:RestrictedStockUnitsConvertedToCashBonusAtExercise>
   <bava:Increasedecreasethroughsharebasedpaymenttransfers contextRef="ctx40" decimals="-3" id="fact1392" unitRef="vDKK">-4524000</bava:Increasedecreasethroughsharebasedpaymenttransfers>
   <bava:RestrictedStockUnitsConvertedToCashBonusAtExercise contextRef="ctx40" decimals="-3" id="fact1393" unitRef="vDKK">795000</bava:RestrictedStockUnitsConvertedToCashBonusAtExercise>
   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx40" decimals="-3" id="fact1394" unitRef="vDKK">8078000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <bava:RestrictedStockUnitsConvertedToCashBonusAtExercise contextRef="ctx37" decimals="0" id="fact1354" unitRef="vDKK">0</bava:RestrictedStockUnitsConvertedToCashBonusAtExercise>
   <bava:RestrictedStockUnitsConvertedToCashBonusAtExercise contextRef="ctx41" decimals="-3" id="fact1406" unitRef="vDKK">795000</bava:RestrictedStockUnitsConvertedToCashBonusAtExercise>
   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx35" decimals="-3" id="fact1329" unitRef="vDKK">120183000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx36" decimals="-3" id="fact1342" unitRef="vDKK">-35000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx37" decimals="-3" id="fact1355" unitRef="vDKK">2807324000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners contextRef="ctx41" decimals="-3" id="fact1407" unitRef="vDKK">2935550000</ifrs-full:IncreaseDecreaseThroughTransactionsWithOwners>
   <ifrs-full:Equity contextRef="ctx42" decimals="-3" id="fact1408" unitRef="vDKK">704684000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx43" decimals="-3" id="fact1409" unitRef="vDKK">-1112000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx44" decimals="-3" id="fact1410" unitRef="vDKK">6588908000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx45" decimals="-3" id="fact1411" unitRef="vDKK">-30559000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx46" decimals="-3" id="fact1412" unitRef="vDKK">-1351000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx47" decimals="-3" id="fact1413" unitRef="vDKK">114097000</ifrs-full:Equity>
   <ifrs-full:Equity contextRef="ctx48" decimals="-3" id="fact1414" unitRef="vDKK">7374667000</ifrs-full:Equity>
   <ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory contextRef="ctx1" id="fact1844" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Significant accounting policies  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1708em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Basis of preparation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;The consolidated financial statements for Bavarian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;Nordic have been prepared in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;International Financial Reporting Standards (IFRS) as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;adopted by the EU and Danish disclosure requirements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;for the consolidated financial statements of listed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1751em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;companies. Danish disclosure requirements for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;presentation of consolidated financial statements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;imposed by the Statutory Order on Adoption of IFRS  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;issued under the Danish Financial Statements Act.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;The accounting policies are unchanged from last year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;except for changes due to implementation of new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;revised standards that were effective January 1, 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;The consolidated financial statements are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Danish kroner (DKK), which is the functional currency of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0224em;"&gt;the parent company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;The consolidated financial statements are presented on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8408em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;a historical cost basis, apart from derivative financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;instruments, securities and liability relating to phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.507em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;shares, which are measured at fair value.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1739em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The accounting policies have been consistently applied  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.007em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;for the financial year and for the comparative figures  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8401em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;except for implementation of new standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6733em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;amendments, see further below.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3401em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;In the narrative sections of the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.1733em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;statements comparative figures for 2021 are shown in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.0064em;"&gt;&lt;span class="stl_255 stl_20 stl_350"&gt;brackets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1676em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0343em;"&gt;Implementation of new and revised standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0008em;"&gt;&lt;span class="stl_261 stl_16 stl_409"&gt;interpretations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8395em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;Management has assessed the impact of new or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6726em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;amended and revised accounting standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5058em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;interpretations (IFRSs) issued by the IASB and IFRSs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3389em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;endorsed by the European Union effective on or after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.172em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;January 1, 2022. It is assessed that application of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0051em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;amendments effective from January 1, 2022 has not had  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;a material impact on the consolidated&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.292em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;ments for 2022. Furthermore, Management does not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;anticipate any significant impact on future periods from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3376em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0351em;"&gt;the adoption of these amendments.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.9976em;"&gt;&lt;span class="stl_599 stl_57 stl_107" style="word-spacing:-0.0285em;"&gt;Standards and interpretations not yet in force  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8376em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;At the date of publication of the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6708em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;statements, a number of new and amended standards  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.5039em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0221em;"&gt;and interpretations have not yet entered into force or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.337em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0233em;"&gt;have not yet been adopted by the EU. Therefore, they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1701em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0298em;"&gt;are not incorporated in the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.0033em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;ments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6701em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;None of the new or amended standards and interpre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.5033em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;tations are expected to have a material impact on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3364em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;consolidated financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.9976em;"&gt;&lt;span class="stl_261 stl_16 stl_139" style="word-spacing:-0.0404em;"&gt;Applying materiality  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.8364em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;The consolidated financial statements are a result of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.6695em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;processing large numbers of transactions and aggre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.5026em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;gating those transactions into classes according to their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.3358em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;nature or function. The transactions are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.1689em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;classes of similar items in the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.002em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;statements. If a line item is not individually material, it  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.8351em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;is aggregated with other items of a similar nature in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:37.6683em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;consolidated financial statements or in the notes.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:10.1683em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;The specific disclosures required by IFRS are provided  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.0014em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;in the Consolidated Financial Statements unless the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.8345em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;information is considered immaterial to the users of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.6676em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.3289em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0325em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.1676em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;The accounting policies for specific line items are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.0008em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;described in the notes to the financial statements. Set  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.8339em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;out below is a description of the accounting policies for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.667em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the basis of consolidation, foreign currency translation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.5001em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;and the cash flow statement.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:20.1614em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Recognition and measurement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.0001em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Income is recognized in the income statement when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.8333em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0316em;"&gt;generated. Assets and liabilities are recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.6664em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;the balance sheet when it is probable that any future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:23.4995em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;economic benefit will flow to or from the Group and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:24.3326em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;the value can be reliably measured. On initial recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:25.1658em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;nition, assets and liabilities are measured at cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:25.9989em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Subsequently, assets and liabilities are measured as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:26.832em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;described in the description of the accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:27.6651em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;in the respective notes to the financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:29.3264em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Basis of consolidation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:30.1651em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The consolidated financial statements include Bavarian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:30.9983em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Nordic &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;A/S&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt; and the subsidiaries in which the Group&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:31.8314em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;holds more than 50% of the voting rights or otherwise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:32.6645em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0244em;"&gt;has control.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:34.3258em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0357em;"&gt;Principles of consolidation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:35.1645em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;The consolidated financial statements are prepared  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:35.9976em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;on the basis of the financial statements of the parent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:36.8308em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;company and the individual subsidiaries, and these are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:37.6639em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0218em;"&gt;prepared in accordance with the Group’s accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:38.497em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;policies and for the same accounting period.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:10.1639em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Intra-group income and expenses together with all  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:10.997em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;intra-group profits, receivables and payables are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:11.8301em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;eliminated on consolidation. In the preparation of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:12.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;consolidated financial statements, the book value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:13.4964em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;shares in subsidiaries held by the parent company is set  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:14.3295em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;off against the equity of the subsidiaries.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:15.9908em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;Foreign currency translation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:16.8295em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;On initial recognition, transactions denominated in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:17.6626em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;currencies other than the Group’s functional currency  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:18.4958em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;are translated at the exchange rate ruling at the trans-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:19.3289em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;action date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:20.9958em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;Receivables, payables and other monetary items  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:21.8289em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;denominated in foreign currencies that have not been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:22.662em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;settled at the balance sheet date are translated at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;exchange rates at the balance sheet date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:25.162em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;Exchange differences between the exchange rate at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:25.9951em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the date of the transaction and the exchange rate at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:26.8283em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;the date of payment or the balance sheet date, respec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:27.6614em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;tively, are recognized in the income statement under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:28.4945em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;financials. Property, plant and equipment and intan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;gible assets, inventories and other nonmonetary assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:30.1608em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;acquired in foreign currency and measured based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:30.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;historical cost are translated at the exchange rates at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:31.827em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;the transaction date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:33.4939em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;On recognition in the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:34.327em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;ments of subsidiaries whose financial statements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:35.1601em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;presented in a functional currency other than Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:35.9933em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;kroner (DKK), the income statements are translated at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:36.8264em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the average exchange rates of the respective months.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1764em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;Balance sheet items are translated at the exchange  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;rates at the balance sheet date. Exchange differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;arising on the translation of foreign subsidiaries’  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;opening balance sheet items to the exchange rates at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;the balance sheet date and on the translation of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;income statements from average exchange rates of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1751em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;respective months to exchange rates at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;sheet date are recognized as other comprehensive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_87"&gt;income.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5026em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0383em;"&gt;Segment reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;The Group does not prepare segment reporting inter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;nally and therefore only reports one operating segment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_103"&gt;externally.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Geographic spilt of revenue and revenue from major  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;customers is disclosed in note 3 to the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;financial statements. Geographic location of noncurrent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1739em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;assets is disclosed in note 15 and 16 to the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.007em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6683em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Cash flow statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.507em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;The cash flow statement is prepared in accordance with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3401em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;the indirect method on the basis of the Group’s net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1733em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0202em;"&gt;result for the year. The statement shows the Group’s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.0064em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;cash flows broken down into operating, investing and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8395em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;financing activities, cash and cash equivalents at year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6726em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;end and the impact of the calculated cash flows on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.5058em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;Group’s cash and cash equivalents.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.1726em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Cash flows in foreign currencies are translated into  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.0058em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Danish kroner (DKK) at the exchange rate on the trans-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.8389em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;action date.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.172em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;In the cash flows from operating activities, net profit for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0051em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;the year is adjusted for non-cash operating items and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;changes in working capital.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5051em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Cash flows from investing activities include cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3383em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;from the purchase and sale of intangible assets, prop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1714em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;erty, plant and equipment, investments and securities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;Cash flows from financing activities include cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;from the raising and payment of loans and capital  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;increases.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.1714em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;Additionally, cash flows from assets held under finance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0045em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;leases are recognized by way of lease payments made.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6658em;"&gt;&lt;span class="stl_261 stl_16 stl_446" style="word-spacing:-0.0395em;"&gt;Reporting under the ESEF Regulation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;The Commission Delegated Regulation (EU) 2019/815 on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.3376em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;the European Single Electronic Format (ESEF Regulation)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1708em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;requires the use of a particular electronic reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.0039em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;format for annual reports of listed companies in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.837em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;EU. More specifically, the ESEF Regulation requires the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6701em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;annual report to be prepared in XHTML format with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.5033em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;iXBRL tagging of the consolidated financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3364em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;including notes.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.0033em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The Company’s iXBRL tagging has been made using the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.8364em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;ESEF taxonomy disclosed in the annexes to the ESEF  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.6695em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Regulation and developed based on the IFRS taxonomy  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.5026em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;published by the IFRS Foundation. The 2021 version of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.3358em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;the ESEF taxonomy has been used in the annual report  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.1689em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;for 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.8358em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;The line items in the consolidated financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:37.6689em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;are XBRL-tagged to the elements of the ESEF taxonomy  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.1764em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0245em;"&gt;that are considered to match the content of those line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0236em;"&gt;items. For line items not considered to be covered by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;line items defined in the taxonomy, entity-specific  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;extensions to the taxonomy have been incorporated.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Except for subtotals, these extensions are anchored to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;standard elements of the ESEF taxonomy.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0089em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Consistently with the requirements of the ESEF Regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.842em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;lation, the annual report approved by Management is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.6751em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0213em;"&gt;comprised of a ZIP file bava-2022-12-31-en.zip, which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.5083em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;includes an XHTML file that may be opened using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;standard web browsers, and a number of technical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;XBRL files enabling mechanical retrieval of the XBRL  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;data incorporated.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.6689em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Net asset value per share:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6627em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.4589em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0232em;"&gt;Number of shares at year-end  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.1201em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;Share price/Net asset value per share:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1358em;top:26.9589em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;Market price per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.9101em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Net asset value per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.5714em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Equity share, %:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.4101em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0374em;"&gt;Equity x 100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7595em;top:31.3614em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.023em;"&gt;Total assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.0283em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Earnings per share and diluted earnings per share are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.8614em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;calculated in accordance with IAS 33 “Earnings per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.6945em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;share” and specified in note 14.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Significant accounting policies &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_601" style="word-spacing:0.0028em;"&gt;Significant accounting estimates and judgments  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3911em;top:9.9916em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0384em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;In the preparation of the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8715em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ments, Management makes a number of accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7046em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;estimates, which form the basis for the presentation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5378em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;recognition and measurement of the Group's assets and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3709em;"&gt;&lt;span class="stl_255 stl_20 stl_263"&gt;liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0378em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;The recognition and measurement of assets and liabil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8709em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;ities often depend on future events that are somewhat  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.704em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;uncertain. In that connection, it is necessary to assume  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5371em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;a course of events that reflects Management’s assess-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3703em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;ment of the most probable course of events.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0371em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;The key accounting estimates identified are those that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8703em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;have a significant risk of resulting in a material adjust-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.7034em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;ment to the measurement of assets and liabilities in  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0365em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;the following reporting period. Management bases its  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8696em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;estimates on historical experience and various other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.7028em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;assumptions that are held to be reasonable under the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5359em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;circumstances. The estimates and underlying assump-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.369em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;tions are reviewed on an ongoing basis. If necessary,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.2021em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;changes are recognised in the period in which the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0353em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;estimate is revised. Management considers the key  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8684em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;accounting estimates to be reasonable and appropriate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.7015em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;based on currently available information. The actual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5346em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;amounts may differ from the amounts estimated as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3678em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;more detailed information becomes available.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0346em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Management has made the following accounting esti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8678em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;mates which significantly affect the amounts recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.7009em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;nized in the consolidated financial statements:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.035em;"&gt;Accounting policy  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0323em;"&gt;Key accounting estimates and judgements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0557em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;Note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.756em;"&gt;&lt;span class="stl_255 stl_20 stl_32"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:26.756em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Estimate of US sales deductions and provisions for sales rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0888em;top:26.756em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.7779em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:27.7779em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Estimate regarding impairment of assets; assessment whether future sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7782em;top:27.7773em;"&gt;&lt;span class="stl_268 stl_20 stl_335"&gt;15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:28.611em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;and development milestones have become probably; assessment whether  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:29.4442em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;development costs should be expensed or capitalized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.466em;"&gt;&lt;span class="stl_255 stl_20 stl_96"&gt;Inventories  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:30.466em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;Estimate of indirect production costs capitalized and inventory write-down  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.775em;top:30.466em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0735em;top:10.2008em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.0753em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Sale of goods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.914em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Revenue from sale of goods is recognized when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7472em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;Bavarian Nordic has transferred control of products sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5803em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;to the buyer and it is probable that Bavarian Nordic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.4134em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;will collect the consideration to which it is entitled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;for transferring the products. Control of the products  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0797em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;is transferred at a point in time, typically on delivery.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.9128em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;The amount of sales to be recognized is based on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7459em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;consideration Bavarian Nordic expects to receive in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.579em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;exchange for its goods. When sales are recognized,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.4122em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Bavarian Nordic also records estimates for a variety of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.2453em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;sales deductions, including product returns as well as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0784em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;rebates and discounts to government agencies, whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.9115em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;salers, health insurance companies, managed health-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7447em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;care organisations and retail customers. Revenue is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.5778em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;measured net of value added tax, duties, etc. collected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;on behalf of a third party.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0778em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Where contracts contain customer acceptance criteria,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.9109em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Bavarian Nordic recognizes sales when the acceptance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.744em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;criteria are satisfied.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;Where absolute amounts are known, the rebates are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.244em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;recognized as other liabilities. Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;are netted against trade receivable balances.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;The pricing mechanisms in the US market and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.5772em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;different kind of rebates are described below.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2372em;"&gt;&lt;span class="stl_599 stl_57 stl_256" style="word-spacing:-0.0362em;"&gt;Pricing mechanisms in the US market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;In the US, sales rebates are paid in connection with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;government and commercial programmes. Key  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;customers in the US include private payers, Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Purchasing Organizations (GPOs) and government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7434em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;payers. GPOs play a role in negotiating price conces-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5765em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;sions with drug manufacturers for the commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.4097em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;channels, and determine which drugs are offered as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.2428em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;preferred options on their drug lists.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.9009em;"&gt;&lt;span class="stl_599 stl_57 stl_510" style="word-spacing:-0.0387em;"&gt;Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.7409em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;Wholesaler charge-backs relate to contractual arrange-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.574em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;ments between Bavarian Nordic and indirect customers  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.4072em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;whereby products are sold at contract prices lower  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.2403em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;than the list price originally charged to wholesalers.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.0734em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;A wholesaler charge-back represents the difference  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.9065em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;between the invoice price to the wholesaler and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.7397em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;indirect customer’s contract price. Accruals are calcu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.5728em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;lated for estimated charge-backs using a combination  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.4059em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;of factors such as historical experience, current whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.239em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;saler inventory levels, contract terms and the value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.0722em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;claims received but not yet processed.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.9028em;"&gt;&lt;span class="stl_599 stl_57 stl_409" style="word-spacing:-0.0324em;"&gt;US Medicaid &amp;amp; Medicare rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7428em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Medicaid &amp;amp; Medicare are government insurance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5759em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programmes. Medicaid and Medicare rebates have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.409em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;been estimated using a combination of historical expe-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2422em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;rience, product and population growth, price increases,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0753em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;and the impact of contracting strategies. The calcula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.9084em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;tion also involves interpretation of relevant regulations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.7415em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;that are subject to changes in interpretative guidance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.5747em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;from government authorities. Bavarian Nordic adjusts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.4078em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;the provision periodically to reflect actual sales perfor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.2409em;"&gt;&lt;span class="stl_255 stl_20 stl_108"&gt;mance.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.579em;"&gt;&lt;span class="stl_599 stl_57 stl_205" style="word-spacing:-0.0351em;"&gt;Other discounts and sales returns  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.419em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Other discounts are provided to wholesalers, hospi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;tals, pharmacies, etc. They are usually linked to sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;volume or provided as cash discounts. Accruals are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;calculated based on historical data and recorded as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;reduction in gross sales at the time the related sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;are recorded. Sales returns are related to damaged or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_412" style="word-spacing:-0.037em;"&gt;expired products.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.079em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Sale of services and licenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.9177em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Furthermore, revenue comprises the fair value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;consideration received or receivable for income derived  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.584em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;from development services where revenue is measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.4171em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;at the expected net sales price.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.084em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Sales of licenses that transfer the rights associated with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.9171em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ownership of intellectual property are recognized at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.7502em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;a point in time when control is transferred. Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5833em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;from development services and licenses that do not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.4165em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;transfer the right of ownership to intellectual property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;are recognized over time in line with the execution and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0827em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;delivery of the work.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5827em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0327em;"&gt;Agreements with commercial partners generally  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.4158em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;include non-refundable upfront license and collabora-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.249em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;tion fees, milestone payments, the receipt of which is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.0821em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;dependent upon the achievement of certain clinical,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.9152em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;regulatory or commercial milestones, as well as royal-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7483em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;ties on product sales of licensed products, if and when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.5815em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;such product sales occur, and revenue from the supply  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.4146em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;of products. For these agreements that include multiple  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2477em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;elements, total contract consideration is attributed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0808em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;separately identifiable components on a reliable basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.914em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;that reasonably reflects the selling prices that might be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7471em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0358em;"&gt;expected to be achieved in stand-alone transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5802em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;provided that each component has value to the partner  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.4133em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;on a stand-alone basis. The allocated consideration is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;recognized as revenue in accordance with the principles  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0796em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;described above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:21.3435em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.3903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Production costs consist of costs incurred in gener-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.2234em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;ating the revenue for the year. Costs for raw materials,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.0566em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0363em;"&gt;consumables, production staff and a proportion of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.8897em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;production overheads, including maintenance, amorti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.7228em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;zation, depreciation and impairment of intangible and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.5559em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;tangible assets used in production as well as operation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.3891em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;administration and management of the production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.2222em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;facility are recognized as production costs. Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;of acquired product rights are recognized as production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;costs. In addition, the costs related to excess capacity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.7216em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;and write-down to net realisable value of goods on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.5547em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;stock are recognized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;Sales and distribution costs comprise costs incurred for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;the sale and distribution of products sold during the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;year. This includes costs incurred for sales campaigns,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;training and administration of the sales force and for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;direct distribution, marketing and promotion. Also  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;included are salaries and other costs for the sales,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;distribution and marketing functions, loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;expected credit losses, amortization, depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.8706em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;other indirect costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:20.0564em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.1032em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0326em;"&gt;Research and development costs include salaries and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.9363em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;costs directly attributable to the Group’s research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.7694em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;development projects, less government grants. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.6026em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;more, salaries and costs supporting direct research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.4357em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;development, including costs of patents, rent, leasing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.2688em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;and depreciation attributable to laboratories, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.1019em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;external scientific consultancy services, are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.9351em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;under research and development costs. No indirect or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.7682em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;general overhead costs that are not directly attributable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.6013em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;to research and development activities are included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.4344em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the disclosure of research and development expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.2676em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;Research costs are expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:32.7676em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Development costs are generally expensed in the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:33.6007em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;they occur. In line with industry custom, capitaliza-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:34.4338em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;tion of development costs does not begin until it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:35.2669em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;deemed realistic that the product can be completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.1001em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;and marketed and it is highly likely that a marketing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.9332em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;authorization will be received. In addition, there must  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:37.7663em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;be sufficient certainty that the future earnings to the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.0994em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Group will cover not only production costs, direct distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.9326em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;bution and administrative costs, but also the develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:22.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:24.4326em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Contract research and development costs incurred to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:25.2657em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;achieve revenue are included in "Research and devel-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.0988em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;opment costs incurred this year" in the below tabel and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.9319em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;then transferred under "Contract costs recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:27.7651em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;production costs" to be recognized as production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_566" style="word-spacing:0.007em;"&gt;Adminstrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0814em;top:10.1457em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.0258em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Administrative costs include costs of Group Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8589em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;ment, staff functions, administrative personnel, office  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.692em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;costs, rent, short-term lease payments and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5252em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;not relating specifically to production, research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3583em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;development or sales and distribution.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;Interest income is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;at the amounts relating to the financial year. Financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;income also includes net positive value adjustments of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;financial instruments and securities, adjustment of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;net present value of provisions and net currency gains.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:21.2561em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3029em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;Income tax for the year comprises current tax and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.136em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;deferred tax for the year. The part relating to the profit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.9692em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;for the year is recognized in the income statement, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8023em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;the part attributable to items in the comprehensive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6354em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;income is recognized in the comprehensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1354em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;The tax effect of costs that have been recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;directly in equity is recognized in equity under the rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;vant items.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;Current tax receivable is recognized in the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3017em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;sheet under current asset.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Current tax payable is recognized in the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;under current liabilities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.1623em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Deferred tax is measured using the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.9954em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0346em;"&gt;liability method on all temporary differences between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8285em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;accounting values and tax values. Deferred tax liabili-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.6617em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;ties arising from temporary tax differences are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.4948em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;nized in the balance sheet as a liability.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.1617em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Deferred tax assets arising from temporary deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.9948em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;differences and tax losses carried forward are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8279em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;nized when it is probable that they can be realized by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.661em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;offsetting them against taxable temporary differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.4942em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;or future taxable profits. At each balance sheet date,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3273em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;it is assessed whether it is probable that there will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.1604em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;sufficient future taxable income for the deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.9935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;asset to be utilized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.6604em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;Deferred income tax is provided on temporary taxable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.4935em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;differences arising on investments in subsidiaries,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.3266em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;unless the parent company is able to control the timing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.1598em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;when the deferred tax is to be realized and it is likely  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.9929em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;that the deferred tax will not be realized within the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.826em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;foreseeable future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.4929em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Deferred tax is calculated at the tax rates applicable on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.326em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the balance sheet date for the income years in which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.1591em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;the tax asset is expected to be utilized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Earnings per share is calculated as the profit or loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;for the year compared to the weighted average of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;issued shares in the financial year. The basis for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;calculation of diluted earnings per share is the weight-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;ed-average number of ordinary shares in the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;year adjusted for the dilutive effects of warrants.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0021em;"&gt;Intangible assets  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9858em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0292em;"&gt;Intangible assets are measured at historic cost less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;accumulated amortization and impairment losses. Cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0298em;"&gt;of acquired product rights are measured at cash consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.029em;"&gt;eration and present value of any deferred payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0346em;"&gt;for those rights. Furthermore costs of acquired product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0337em;"&gt;rights include transaction costs that are directly attribut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;able to the acqusition.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;Internal development projects that meet the require-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;ments for recognition as intangible assets are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;at direct cost relating to the development projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0297em;"&gt;Amortization is provided on a straight-line basis over the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0305em;"&gt;useful economic lives of the assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0305em;"&gt;The useful lives of acquired product rights are estimated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_41" style="word-spacing:-0.0276em;"&gt;to be 20 years and software is estimated to be 3-5 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0337em;"&gt;Amortization of acquired product rights is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.6987em;"&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;The carrying amounts of intangible assets carried at cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_351" style="word-spacing:-0.0265em;"&gt;or amortized cost are tested at least annually to deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0303em;"&gt;mine whether there are indications of any impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;in excess of that expressed in normal amortization. If  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0265em;"&gt;that is the case, the asset is written down to the recov-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0342em;"&gt;erable amount, which is the higher of its fair value less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;costs to sell and its value in use. Impairment losses on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0326em;"&gt;intangible assets are recognized under the same line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;item as amortization of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8693em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0306em;"&gt;For development projects in progress, the recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.7024em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;amount is assessed annually, regardless of whether any  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:39.5356em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;indications of impairment have been found.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.7274em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5662em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0247em;"&gt;Under the Group’s accounting policies and in accordance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.3993em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0335em;"&gt;with common industry practice, development costs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.2324em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0307em;"&gt;generally expensed in the year they occur. During the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.0656em;"&gt;&lt;span class="stl_255 stl_20 stl_604" style="word-spacing:-0.0254em;"&gt;development of ABNCoV2, the Group has, however,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.8987em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;started capitalization of directly related development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.7318em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;cost at commencement of the Phase 2 and 3 studies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5649em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;as – unlike most other development candidates - the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.3981em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0307em;"&gt;feasibility of developing a final vaccine and obtain regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.2312em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.0269em;"&gt;latory approval is considered highly likely. The Phase 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.0643em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0288em;"&gt;and Phase 2 clinical trial showed positive results in 2021-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.8974em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;22, further supported by positive six-month follow-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.7306em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0321em;"&gt;analysis for the Phase 2 clinical trial in October 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.5637em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0312em;"&gt;The follow-up analysis demonstrated that six months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.3968em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;post the booster vaccination with ABNCoV2, the neutral-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.2299em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;ization antibody titers against Wuhan and the Omicron  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0631em;"&gt;&lt;span class="stl_255 stl_20 stl_453" style="word-spacing:-0.0281em;"&gt;variant remained high and at levels associated with a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_166" style="word-spacing:-0.0286em;"&gt;greater than 90% efficacy. The Group initiated the global  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0312em;"&gt;Phase 3 clinical trial in September 2022 and initial results  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_207" style="word-spacing:-0.0256em;"&gt;are expected to be ready in mid-2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;In 2021 the Group ensured significant finance of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.7293em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0341em;"&gt;development through the funding obtained from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;Danish Ministry of Health and a minimum demand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.3956em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0322em;"&gt;agreed in the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_441"&gt;Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.8956em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0269em;"&gt;In the winter of 2022/2023, we have seen a high  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_326" style="word-spacing:-0.0281em;"&gt;number of COVID-19 infections. It is evident though, that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0287em;"&gt;booster vaccinations have been necessary to control the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;pandemic. Management assesses that the booster vacci-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.228em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.027em;"&gt;nations will continue to be required, at least for vulner-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0328em;"&gt;able groups as is the case for example with the flu  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0285em;"&gt;market, where annual booster vaccinations are given.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0299em;"&gt;Hence, with the development of ABNCoV2 as a universal  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0301em;"&gt;booster vaccine with a better value proposition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0295em;"&gt;compared to the already approved vaccines, Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0331em;"&gt;ment expects that the Company can take a reasonable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_323" style="word-spacing:-0.025em;"&gt;share of the future COVID-19 vaccine market, initially  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.893em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0274em;"&gt;targeting governments, but over time moving towards a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0284em;"&gt;more traditional market for private vaccinations.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;Property, plant and equipment include land and build-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;ings, production equipment, leasehold improvements,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0369em;"&gt;office and IT equipment and laboratory equipment and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;is measured at cost less accumulated depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;Cost includes the costs directly attributable to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;purchase of the asset, until the asset is ready for use.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;For assets constructed by the Group cost includes mate-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;rials, components, third-party suppliers and labour.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Borrowing costs directly attributable to the construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;of property, plant and equipment are included in cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;Other borrowing costs are recognized in the income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Depreciation is charged over the expected economic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.728em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;lives of the assets, and the depreciation methods,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;expected lives and residual values are reassessed indi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;vidually for the assets at the end of each financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Assets are depreciated on a straightline basis over their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;estimated useful lives as follows:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Buildings  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.885em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;10–20 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_376"&gt;Installations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2682em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;5–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Leasehold improvements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0769em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.021em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Office and IT equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4932em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_449" style="word-spacing:-0.0407em;"&gt;3–5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_472" style="word-spacing:-0.0389em;"&gt;Laboratory equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2319em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;5–10 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0368em;"&gt;Production equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2688em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;3–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Management reviews the estimated useful lives of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;material property, plant and equipment at the end of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0226em;"&gt;each financial year.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7193em;"&gt;&lt;span class="stl_599 stl_57 stl_380"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;The carrying amounts of property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;carried at cost or amortized cost are tested annually to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;determine whether there are indications of any impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ment in excess of that expressed in normal deprecia-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;tion. If that is the case, the asset is written down to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0335em;"&gt;recoverable amount, which is the higher of its fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.558em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;less costs to sell and its value in use. Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;on property, plant and equipment are recognized under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the same line item as depreciation of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;The right-of-use assets comprise the initial measure-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;ment of the corresponding lease liability. Right-of-use  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;assets are subsequently measured at cost less accumu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;lated depreciation and impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3718em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;All operating leases with a lease term of more than 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2049em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;months are recognized on the balance sheet as right-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0381em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;of-use-assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;For leases with a lease term of less than 12 months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the lease payments are recognized as an operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;expense on a straight-line basis over the term of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_134"&gt;lease.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;The right-of-use-assets are measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;value of all future lease payments. When assessing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;lease term, any extension or termination options are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;included in the assessment. The options are included  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;in determining the lease term, if exercise is reason-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ably certain. When determining the discount rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;used to calculate the net present value of future lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;payments, an incremental country specific borrowing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;rate is used, based on a government bond plus the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0245em;"&gt;Group’s credit margin, ranging from 2.5% to 3.0%. A  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;single discount rate is used for a portfolio of lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.0356em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;assets with reasonable similar characteristics. Initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.8687em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;direct costs are not included in measurement of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7018em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;right-of-use-assets. Non-lease components are not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;separated from lease components.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.2018em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Impact from change in lease terms, lease payments or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.0349em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;modification of the lease contract is further described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.8681em;z-index:2496;"&gt;&lt;span class="stl_255 stl_20 stl_455" style="word-spacing:-0.0027em;"&gt;in note 27.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Right-of-use assets are depreciated over the shorter  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.3681em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;period of lease term and useful life of the underlying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.2012em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;asset. The depreciation starts at the commencement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.0343em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;date of the lease. IAS 36 is applied to determine  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.8674em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;whether a right-of-use asset is impaired and any iden-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.7006em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;tified impariment losses are accounted for as described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.5337em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;in note 15.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:24.6446em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6914em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;Inventories except for raw materials are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5245em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;at the lower of cost using the weighted average cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3576em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;formula method less write-downs for obsolescence and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1907em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;net realisable value. Raw materials are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0239em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;cost based on the FIFO method. For raw materials, cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.857em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;is determined as direct acquisition costs incurred. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.6901em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;cost of finished goods produced in-house and work in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5232em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;progress includes raw materials, consumables, filling  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3564em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;cost, QC testing and direct payroll costs plus indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.1895em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;costs of production.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8564em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Indirect costs of production include indirect materials  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6895em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;and labour as well as maintenance of and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.5226em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;on the machinery used in production processes, factory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3557em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0351em;"&gt;buildings and equipment used and cost of production  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;administration and management. The net realisable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;value is the estimated sales price in the ordinary course  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8826em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;of business less relevant sales costs determined on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;basis of marketability, obsolescence and changes in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;expected sales price.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:17.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0348em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;equal to the nominal value, net of impairment based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5241em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;on expected credit losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Write-downs are calculated using the ‘full lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;expected credit losses’ method, whereby the likelihood  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;of non-fulfilment throughout the lifetime of the finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;cial instrument is taken into consideration. A provision  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;account is used for this purpose.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:22.5578em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.6046em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.4377em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2708em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;equal to the nominal value, net of impairment, to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.1039em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;counter the loss after an individual assessment of risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.9371em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;of loss.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:24.6802em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.727em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Prepayments recognized under assets include costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5601em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;paid in respect of subsequent financial years, including  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3933em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;project costs incurred that relate to revenue of subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.2264em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;quent years. Prepayments are measured at cost.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:19.9101em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:20.9569em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Derivative financial instruments and liability relating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.79em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;to phantom shares are measured at fair value. For  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.6231em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;further details regarding measurement of fair value for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.4563em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;phantom shares see note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.1231em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;Other financial liabilities are measured at initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.9563em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;recognition at fair value less any transaction costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.7894em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Subsequent other financial liabilities are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.6225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost using the effective interest method,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.4556em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;whereby the difference between proceeds and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.2888em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;nominal value is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;as a financial expense over the period. Amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.955em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;usually equal to the nominal value.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5574em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;On initial recognition, derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;are measured at the fair value on the settlement date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Directly attributable costs related to the purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;or issuance of the individual financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;(transaction costs) are added to the fair value on initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;recognition, unless the financial asset or the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;liability is measured at fair value with recognition of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;fair value adjustments in the income statement. Subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0263em;"&gt;quently, they are measured at fair value at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;sheet date based on the official exchange rates, market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;interest rates and other market data such as volatility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;adjusted for the special characteristics of each instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Changes in the fair value of derivative financial instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;ments designated as and qualifying for recognition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;as effective hedges of future transactions (cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0262em;"&gt;hedges) are recognized as comprehensive income.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.393em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;The ineffective portion is recognized immediately in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the income statement. When the hedged transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;are realized, cumulative changes are recognized in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;z-index:2782;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0333em;"&gt;income statement together with the hedged transa&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;c&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;tion or in respect of a non-financial item as part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;cost of the transactions in question.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;For derivative financial instruments that do not qualify  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;for hedge accounting, changes in fair value are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;nized as financials in the income statement as they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_415"&gt;occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Company has designated certain derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;cial instruments as cash flow hedges as defined under  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.558em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;IFRS 9 "Financial Instruments". Hedge accounting is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;classified as a cash flow hedge when the hedges of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;a particular risk is associated with the cash flows of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.0574em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;highly probable forecast transactions.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.7187em;"&gt;&lt;span class="stl_261 stl_16 stl_407"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.5574em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Securities consist of listed bonds, which are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.3905em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;at fair value on initial recognition and as of the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.2237em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;sheet date. The Group’s portfolio of securities is treated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0568em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;as "financial items at fair value through profit or loss",  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.8899em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0344em;"&gt;as the portfolio is accounted for and valued on the basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.723em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;of the fair value in compliance with the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;investment policy.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.223em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Both realized and unrealized value adjustments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.0562em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;recognized in the income statement under financials.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:32.0612em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.108em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;Loans are measured at the time of borrowing at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9411em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;value less any transaction costs. Subsequently, debt is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.7742em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;measured at amortized cost. This means that the differ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6074em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;ence between the proceeds of the loan and the amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.4405em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;to be repaid is recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.2736em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;the term of the loan as a financial expense using the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.1067em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;effective interest method.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The lease liability is initially measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;value of the future lease payments (see further in note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;17), discounted by using an incremental country specific  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;borrowing rate ranging from 2.5% to 3.0% applying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;only a single discount rate for a portfolio of lease assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;with reasonable similar characteristics.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;The lease liability is subsequently measured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;increasing the carrying amount to reflect interest on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the lease liability using the effective interest method  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;and by reducing the carrying amount to reflect the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.728em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;lease payments made.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;The lease liability is remeasured and corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0251em;"&gt;adjustments are made to the related right-of-use-asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;whenever:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The lease term has changed, in which case the lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:12.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;liability is remeasured by discounting the revised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:13.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;lease payments using a revised discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;The lease payments change due to changes in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:15.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;an index or rate, in which case the lease liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:16.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;is remeasured by discounting the revised lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:17.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;payments using an unchanged discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;A lease contract is modified and the lease modifi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;cation is not accounted for as a seperate lease, in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:20.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;which case the lease liability is remeasured based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:21.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the lease term of the modified lease by discounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:22.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;the revised lease payments using a revised discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:23.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;rate at the effective date of the modification.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.2722em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.3189em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Share-based incentive plans in which employees can  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.1521em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;only opt to buy shares in the Company (warrants) are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9852em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;measured at the equity instruments’ fair value at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.8183em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;grant date and recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.6514em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;over the vesting period. The balancing item is recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.4846em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;nized directly in equity. The fair value on the date of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.3177em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;grant is determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.9846em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Cash-based incentive programs in which employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.8177em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;can have the difference between the agreed exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;cise price and the actual share price settled in cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.4839em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;(phantom shares) are measured at fair value at the date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.3171em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;of grant and recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.1502em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;the period when the final right of cash-settlement is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.9833em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;obtained. Granted rights are subsequently re-measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;on each balance sheet date and upon final settlement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.6496em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;and any changes in the fair value of the programs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;recognized in the income statement. The balancing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;item is recognized under other liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.9827em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The fair value of the cash-based incentive programs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.8158em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Restricted stock units are measured at fair value at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;grant date. Based on the achieved cash bonus for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.1489em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;members of the Executive Management, subject to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.9821em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Board of Directors’ decision on the portion that should  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.8152em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;be converted to restricted stock units, the number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.6483em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;restricted stock units are calculated by dividing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.4814em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;allocated cash bonus amount by the share price of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Company at grant date. As the cash bonus has already  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;been accrued and expensed in the income statement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.1477em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;the grant of restricted stock units has no additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.9808em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;impact on the income statement. The accrued liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.8139em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;for the converted cash bonus is reclassified to equity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.6471em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares are measured at the same fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.4802em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;as the initial restricted stock units and expensed over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.3133em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the three year vesting period. The balancing item is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.1464em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;recognized directly in equity. Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.9796em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;granted as sign-on bonus for members of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.8127em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Management and restricted stock units granted to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.6458em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Board of Directors are expensed at grant date with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.4789em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;balancing item recognized directly in equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.1402em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.033em;"&gt;Incentive plans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;In order to motivate and retain key employees and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.8121em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;encourage the achievement of common goals for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.6452em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;employees, management and shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.4783em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;Company has established incentive plans by way of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.3114em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;warrant programs and restricted stock units programs,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.1446em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;the latter only for members of the Executive Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.9777em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;ment and Board of Directors.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.6446em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Furthermore, the Company has established three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.4777em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;phantom share programs for all employees of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.3108em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Group except for Executive Management and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.1439em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;employees receiving warrants.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.8052em;"&gt;&lt;span class="stl_261 stl_16 stl_140"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.6439em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Board of Directors has been granting warrants to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.4771em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;the Company´s management and selected employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;of the Company and its subsidiaries.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;The warrants are granted in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.1433em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;authorizations given to the Board of Directors by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.9764em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;shareholders. The Board of Directors has fixed the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:13.8096em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;terms of and the size of the grants of warrants, taking  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.6427em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;into account authorizations from the shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.4758em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;Group's guidelines for incentive pay, an assessment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.3089em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;expectations of the recipient´s work efforts and contri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.1421em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;bution to the Group´s growth, as well as the need to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.9752em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;motivate and retain the recipient. Grant takes place on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.8083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;the date of establishment of the program. Exercise of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:19.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;warrants is by default subject to continuing employ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:20.4746em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ment with the Group. The warrants granted are subject  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.3077em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;to the provisions of the Danish Public Companies Act  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.1408em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;regarding termination of employees prior to their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.9739em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;exercise of warrants in the case of recipients who are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:23.8071em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0377em;"&gt;subject to the act.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory>
   <ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory contextRef="ctx1" id="fact1914" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Significant accounting policies  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1708em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Basis of preparation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;The consolidated financial statements for Bavarian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;Nordic have been prepared in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;International Financial Reporting Standards (IFRS) as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;adopted by the EU and Danish disclosure requirements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;for the consolidated financial statements of listed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1751em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;companies. Danish disclosure requirements for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;presentation of consolidated financial statements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;imposed by the Statutory Order on Adoption of IFRS  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;issued under the Danish Financial Statements Act.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;The accounting policies are unchanged from last year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;except for changes due to implementation of new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;revised standards that were effective January 1, 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;The consolidated financial statements are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Danish kroner (DKK), which is the functional currency of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0224em;"&gt;the parent company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;The consolidated financial statements are presented on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8408em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;a historical cost basis, apart from derivative financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;instruments, securities and liability relating to phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.507em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;shares, which are measured at fair value.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1739em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The accounting policies have been consistently applied  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.007em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;for the financial year and for the comparative figures  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8401em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;except for implementation of new standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6733em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;amendments, see further below.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3401em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;In the narrative sections of the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.1733em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;statements comparative figures for 2021 are shown in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.0064em;"&gt;&lt;span class="stl_255 stl_20 stl_350"&gt;brackets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1676em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0343em;"&gt;Implementation of new and revised standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0008em;"&gt;&lt;span class="stl_261 stl_16 stl_409"&gt;interpretations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8395em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;Management has assessed the impact of new or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6726em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;amended and revised accounting standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5058em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;interpretations (IFRSs) issued by the IASB and IFRSs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3389em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;endorsed by the European Union effective on or after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.172em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;January 1, 2022. It is assessed that application of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0051em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;amendments effective from January 1, 2022 has not had  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;a material impact on the consolidated&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.292em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;ments for 2022. Furthermore, Management does not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;anticipate any significant impact on future periods from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3376em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0351em;"&gt;the adoption of these amendments.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.9976em;"&gt;&lt;span class="stl_599 stl_57 stl_107" style="word-spacing:-0.0285em;"&gt;Standards and interpretations not yet in force  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8376em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;At the date of publication of the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6708em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;statements, a number of new and amended standards  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.5039em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0221em;"&gt;and interpretations have not yet entered into force or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.337em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0233em;"&gt;have not yet been adopted by the EU. Therefore, they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1701em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0298em;"&gt;are not incorporated in the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.0033em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;ments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6701em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;None of the new or amended standards and interpre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.5033em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;tations are expected to have a material impact on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3364em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;consolidated financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.9976em;"&gt;&lt;span class="stl_261 stl_16 stl_139" style="word-spacing:-0.0404em;"&gt;Applying materiality  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.8364em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;The consolidated financial statements are a result of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.6695em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;processing large numbers of transactions and aggre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.5026em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;gating those transactions into classes according to their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.3358em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;nature or function. The transactions are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.1689em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;classes of similar items in the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.002em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;statements. If a line item is not individually material, it  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.8351em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;is aggregated with other items of a similar nature in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:37.6683em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;consolidated financial statements or in the notes.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:10.1683em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;The specific disclosures required by IFRS are provided  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.0014em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;in the Consolidated Financial Statements unless the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.8345em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;information is considered immaterial to the users of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.6676em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.3289em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0325em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.1676em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;The accounting policies for specific line items are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.0008em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;described in the notes to the financial statements. Set  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.8339em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;out below is a description of the accounting policies for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.667em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the basis of consolidation, foreign currency translation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.5001em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;and the cash flow statement.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:20.1614em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Recognition and measurement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.0001em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Income is recognized in the income statement when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.8333em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0316em;"&gt;generated. Assets and liabilities are recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.6664em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;the balance sheet when it is probable that any future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:23.4995em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;economic benefit will flow to or from the Group and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:24.3326em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;the value can be reliably measured. On initial recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:25.1658em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;nition, assets and liabilities are measured at cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:25.9989em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Subsequently, assets and liabilities are measured as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:26.832em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;described in the description of the accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:27.6651em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;in the respective notes to the financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:29.3264em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Basis of consolidation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:30.1651em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The consolidated financial statements include Bavarian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:30.9983em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Nordic &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;A/S&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt; and the subsidiaries in which the Group&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:31.8314em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;holds more than 50% of the voting rights or otherwise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:32.6645em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0244em;"&gt;has control.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:34.3258em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0357em;"&gt;Principles of consolidation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:35.1645em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;The consolidated financial statements are prepared  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:35.9976em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;on the basis of the financial statements of the parent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:36.8308em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;company and the individual subsidiaries, and these are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:37.6639em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0218em;"&gt;prepared in accordance with the Group’s accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:38.497em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;policies and for the same accounting period.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:10.1639em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Intra-group income and expenses together with all  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:10.997em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;intra-group profits, receivables and payables are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:11.8301em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;eliminated on consolidation. In the preparation of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:12.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;consolidated financial statements, the book value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:13.4964em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;shares in subsidiaries held by the parent company is set  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:14.3295em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;off against the equity of the subsidiaries.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:15.9908em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;Foreign currency translation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:16.8295em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;On initial recognition, transactions denominated in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:17.6626em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;currencies other than the Group’s functional currency  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:18.4958em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;are translated at the exchange rate ruling at the trans-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:19.3289em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;action date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:20.9958em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;Receivables, payables and other monetary items  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:21.8289em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;denominated in foreign currencies that have not been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:22.662em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;settled at the balance sheet date are translated at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;exchange rates at the balance sheet date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:25.162em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;Exchange differences between the exchange rate at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:25.9951em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the date of the transaction and the exchange rate at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:26.8283em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;the date of payment or the balance sheet date, respec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:27.6614em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;tively, are recognized in the income statement under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:28.4945em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;financials. Property, plant and equipment and intan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;gible assets, inventories and other nonmonetary assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:30.1608em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;acquired in foreign currency and measured based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:30.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;historical cost are translated at the exchange rates at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:31.827em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;the transaction date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:33.4939em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;On recognition in the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:34.327em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;ments of subsidiaries whose financial statements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:35.1601em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;presented in a functional currency other than Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:35.9933em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;kroner (DKK), the income statements are translated at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:36.8264em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the average exchange rates of the respective months.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1764em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;Balance sheet items are translated at the exchange  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;rates at the balance sheet date. Exchange differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;arising on the translation of foreign subsidiaries’  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;opening balance sheet items to the exchange rates at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;the balance sheet date and on the translation of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;income statements from average exchange rates of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1751em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;respective months to exchange rates at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;sheet date are recognized as other comprehensive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_87"&gt;income.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5026em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0383em;"&gt;Segment reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;The Group does not prepare segment reporting inter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;nally and therefore only reports one operating segment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_103"&gt;externally.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Geographic spilt of revenue and revenue from major  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;customers is disclosed in note 3 to the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;financial statements. Geographic location of noncurrent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1739em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;assets is disclosed in note 15 and 16 to the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.007em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6683em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Cash flow statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.507em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;The cash flow statement is prepared in accordance with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3401em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;the indirect method on the basis of the Group’s net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1733em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0202em;"&gt;result for the year. The statement shows the Group’s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.0064em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;cash flows broken down into operating, investing and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8395em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;financing activities, cash and cash equivalents at year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6726em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;end and the impact of the calculated cash flows on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.5058em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;Group’s cash and cash equivalents.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.1726em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Cash flows in foreign currencies are translated into  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.0058em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Danish kroner (DKK) at the exchange rate on the trans-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.8389em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;action date.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.172em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;In the cash flows from operating activities, net profit for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0051em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;the year is adjusted for non-cash operating items and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;changes in working capital.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5051em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Cash flows from investing activities include cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3383em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;from the purchase and sale of intangible assets, prop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1714em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;erty, plant and equipment, investments and securities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;Cash flows from financing activities include cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;from the raising and payment of loans and capital  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;increases.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.1714em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;Additionally, cash flows from assets held under finance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0045em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;leases are recognized by way of lease payments made.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6658em;"&gt;&lt;span class="stl_261 stl_16 stl_446" style="word-spacing:-0.0395em;"&gt;Reporting under the ESEF Regulation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;The Commission Delegated Regulation (EU) 2019/815 on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.3376em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;the European Single Electronic Format (ESEF Regulation)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1708em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;requires the use of a particular electronic reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.0039em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;format for annual reports of listed companies in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.837em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;EU. More specifically, the ESEF Regulation requires the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6701em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;annual report to be prepared in XHTML format with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.5033em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;iXBRL tagging of the consolidated financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3364em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;including notes.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.0033em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The Company’s iXBRL tagging has been made using the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.8364em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;ESEF taxonomy disclosed in the annexes to the ESEF  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.6695em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Regulation and developed based on the IFRS taxonomy  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.5026em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;published by the IFRS Foundation. The 2021 version of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.3358em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;the ESEF taxonomy has been used in the annual report  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.1689em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;for 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.8358em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;The line items in the consolidated financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:37.6689em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;are XBRL-tagged to the elements of the ESEF taxonomy  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.1764em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0245em;"&gt;that are considered to match the content of those line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0236em;"&gt;items. For line items not considered to be covered by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;line items defined in the taxonomy, entity-specific  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;extensions to the taxonomy have been incorporated.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Except for subtotals, these extensions are anchored to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;standard elements of the ESEF taxonomy.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0089em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Consistently with the requirements of the ESEF Regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.842em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;lation, the annual report approved by Management is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.6751em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0213em;"&gt;comprised of a ZIP file bava-2022-12-31-en.zip, which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.5083em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;includes an XHTML file that may be opened using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;standard web browsers, and a number of technical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;XBRL files enabling mechanical retrieval of the XBRL  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;data incorporated.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.6689em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Net asset value per share:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6627em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.4589em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0232em;"&gt;Number of shares at year-end  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.1201em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;Share price/Net asset value per share:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.1358em;top:26.9589em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;Market price per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.9101em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Net asset value per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.5714em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Equity share, %:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.4101em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0374em;"&gt;Equity x 100  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7595em;top:31.3614em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.023em;"&gt;Total assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.0283em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Earnings per share and diluted earnings per share are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.8614em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;calculated in accordance with IAS 33 “Earnings per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.6945em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;share” and specified in note 14.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Significant accounting policies &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_601" style="word-spacing:0.0028em;"&gt;Significant accounting estimates and judgments  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3911em;top:9.9916em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0384em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;In the preparation of the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8715em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ments, Management makes a number of accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7046em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;estimates, which form the basis for the presentation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5378em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;recognition and measurement of the Group's assets and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3709em;"&gt;&lt;span class="stl_255 stl_20 stl_263"&gt;liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0378em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;The recognition and measurement of assets and liabil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8709em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;ities often depend on future events that are somewhat  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.704em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;uncertain. In that connection, it is necessary to assume  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5371em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;a course of events that reflects Management’s assess-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3703em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;ment of the most probable course of events.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0371em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;The key accounting estimates identified are those that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8703em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;have a significant risk of resulting in a material adjust-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.7034em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;ment to the measurement of assets and liabilities in  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0365em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;the following reporting period. Management bases its  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8696em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;estimates on historical experience and various other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.7028em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;assumptions that are held to be reasonable under the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5359em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;circumstances. The estimates and underlying assump-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.369em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;tions are reviewed on an ongoing basis. If necessary,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.2021em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;changes are recognised in the period in which the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0353em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;estimate is revised. Management considers the key  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8684em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;accounting estimates to be reasonable and appropriate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.7015em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;based on currently available information. The actual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5346em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;amounts may differ from the amounts estimated as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3678em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;more detailed information becomes available.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0346em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Management has made the following accounting esti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8678em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;mates which significantly affect the amounts recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.7009em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;nized in the consolidated financial statements:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.035em;"&gt;Accounting policy  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0323em;"&gt;Key accounting estimates and judgements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0557em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;Note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.756em;"&gt;&lt;span class="stl_255 stl_20 stl_32"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:26.756em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Estimate of US sales deductions and provisions for sales rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0888em;top:26.756em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.7779em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:27.7779em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Estimate regarding impairment of assets; assessment whether future sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7782em;top:27.7773em;"&gt;&lt;span class="stl_268 stl_20 stl_335"&gt;15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:28.611em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;and development milestones have become probably; assessment whether  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:29.4442em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;development costs should be expensed or capitalized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.466em;"&gt;&lt;span class="stl_255 stl_20 stl_96"&gt;Inventories  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:30.466em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;Estimate of indirect production costs capitalized and inventory write-down  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.775em;top:30.466em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_325"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0735em;top:10.2008em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.0753em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Sale of goods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.914em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Revenue from sale of goods is recognized when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7472em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;Bavarian Nordic has transferred control of products sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5803em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;to the buyer and it is probable that Bavarian Nordic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.4134em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;will collect the consideration to which it is entitled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;for transferring the products. Control of the products  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0797em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;is transferred at a point in time, typically on delivery.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.9128em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;The amount of sales to be recognized is based on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7459em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;consideration Bavarian Nordic expects to receive in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.579em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;exchange for its goods. When sales are recognized,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.4122em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Bavarian Nordic also records estimates for a variety of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.2453em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;sales deductions, including product returns as well as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0784em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;rebates and discounts to government agencies, whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.9115em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;salers, health insurance companies, managed health-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7447em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;care organisations and retail customers. Revenue is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.5778em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;measured net of value added tax, duties, etc. collected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;on behalf of a third party.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0778em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Where contracts contain customer acceptance criteria,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.9109em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Bavarian Nordic recognizes sales when the acceptance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.744em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;criteria are satisfied.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;Where absolute amounts are known, the rebates are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.244em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;recognized as other liabilities. Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;are netted against trade receivable balances.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;The pricing mechanisms in the US market and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.5772em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;different kind of rebates are described below.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2372em;"&gt;&lt;span class="stl_599 stl_57 stl_256" style="word-spacing:-0.0362em;"&gt;Pricing mechanisms in the US market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;In the US, sales rebates are paid in connection with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;government and commercial programmes. Key  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;customers in the US include private payers, Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Purchasing Organizations (GPOs) and government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7434em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;payers. GPOs play a role in negotiating price conces-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5765em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;sions with drug manufacturers for the commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.4097em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;channels, and determine which drugs are offered as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.2428em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;preferred options on their drug lists.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.9009em;"&gt;&lt;span class="stl_599 stl_57 stl_510" style="word-spacing:-0.0387em;"&gt;Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.7409em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;Wholesaler charge-backs relate to contractual arrange-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.574em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;ments between Bavarian Nordic and indirect customers  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.4072em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;whereby products are sold at contract prices lower  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.2403em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;than the list price originally charged to wholesalers.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.0734em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;A wholesaler charge-back represents the difference  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.9065em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;between the invoice price to the wholesaler and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.7397em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;indirect customer’s contract price. Accruals are calcu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.5728em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;lated for estimated charge-backs using a combination  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.4059em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;of factors such as historical experience, current whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.239em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;saler inventory levels, contract terms and the value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.0722em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;claims received but not yet processed.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.9028em;"&gt;&lt;span class="stl_599 stl_57 stl_409" style="word-spacing:-0.0324em;"&gt;US Medicaid &amp;amp; Medicare rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7428em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Medicaid &amp;amp; Medicare are government insurance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5759em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programmes. Medicaid and Medicare rebates have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.409em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;been estimated using a combination of historical expe-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2422em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;rience, product and population growth, price increases,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0753em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;and the impact of contracting strategies. The calcula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.9084em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;tion also involves interpretation of relevant regulations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.7415em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;that are subject to changes in interpretative guidance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.5747em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;from government authorities. Bavarian Nordic adjusts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.4078em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;the provision periodically to reflect actual sales perfor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.2409em;"&gt;&lt;span class="stl_255 stl_20 stl_108"&gt;mance.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.579em;"&gt;&lt;span class="stl_599 stl_57 stl_205" style="word-spacing:-0.0351em;"&gt;Other discounts and sales returns  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.419em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Other discounts are provided to wholesalers, hospi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;tals, pharmacies, etc. They are usually linked to sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;volume or provided as cash discounts. Accruals are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;calculated based on historical data and recorded as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;reduction in gross sales at the time the related sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;are recorded. Sales returns are related to damaged or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_412" style="word-spacing:-0.037em;"&gt;expired products.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.079em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Sale of services and licenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.9177em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Furthermore, revenue comprises the fair value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;consideration received or receivable for income derived  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.584em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;from development services where revenue is measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.4171em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;at the expected net sales price.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.084em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Sales of licenses that transfer the rights associated with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.9171em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ownership of intellectual property are recognized at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.7502em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;a point in time when control is transferred. Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5833em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;from development services and licenses that do not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.4165em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;transfer the right of ownership to intellectual property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;are recognized over time in line with the execution and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0827em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;delivery of the work.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5827em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0327em;"&gt;Agreements with commercial partners generally  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.4158em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;include non-refundable upfront license and collabora-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.249em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;tion fees, milestone payments, the receipt of which is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.0821em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;dependent upon the achievement of certain clinical,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.9152em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;regulatory or commercial milestones, as well as royal-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7483em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;ties on product sales of licensed products, if and when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.5815em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;such product sales occur, and revenue from the supply  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.4146em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;of products. For these agreements that include multiple  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2477em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;elements, total contract consideration is attributed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0808em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;separately identifiable components on a reliable basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.914em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;that reasonably reflects the selling prices that might be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7471em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0358em;"&gt;expected to be achieved in stand-alone transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5802em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;provided that each component has value to the partner  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.4133em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;on a stand-alone basis. The allocated consideration is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;recognized as revenue in accordance with the principles  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0796em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;described above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3324em;top:10.5216em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5628em;"&gt;&lt;span class="stl_261 stl_16 stl_256" style="word-spacing:-0.0359em;"&gt;Provisions for sales deductions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.4016em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Sales discounts and rebates are predominantly issued  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2347em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;in the US in connection with the US Federal and State  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0678em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;Government Healthcare programs, namely Medicare  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.9009em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;and Medicaid, and commercial rebates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5678em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;The estimate of sales discounts and rebates is based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.4009em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;a calculation which includes a combination of historical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2341em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;utilization data, combined with expectations in relation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0672em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;to the development in sales and utilization. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.9003em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;more, specific circumstances regarding the different  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7334em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programs are considered. The obligations concerning  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5666em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;sales discounts and rebates are incurred at the time the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3997em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;sale is recorded. However, the actual discount or rebate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2328em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;related to a specific sale may be invoiced later.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8997em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Bavarian Nordic considers the provisions established  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7328em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;for sales discounts and rebates to be reasonable and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5659em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;appropriate based on currently available information.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3991em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;However, the actual amount of discounts and rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2322em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;may differ from the amounts estimated as more  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0653em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;detailed information becomes available.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:11.5597em;"&gt;&lt;span class="stl_261 stl_16 stl_17" style="word-spacing:-0.0409em;"&gt;Partner contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:12.3984em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Whether a component of a multiple element contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:13.2316em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;has value to the partner on a stand-alone basis is based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:14.0647em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;on an assessment of specific facts and circumstances  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:14.8978em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;and is associated with judgement. This applies also to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:15.7309em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;the assessment of whether a license transfers rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:16.5641em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;associated with ownership of an intangible asset.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:17.3972em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Furthermore, allocation of the total consideration of a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:18.2303em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;contract to separately identifiable components requires  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:19.0634em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;considerable estimates and judgement to be made by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:19.8966em;"&gt;&lt;span class="stl_255 stl_20 stl_205"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:21.5634em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;At inception and throughout the life of a contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:22.3966em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;Management is performing an analysis of the agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:23.2297em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;ment with its partners based on available facts and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:24.0628em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;circumstances at each assessment date such as histor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:24.8959em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;ical experience and knowledge from the market to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:25.7291em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;extent obtainable. This includes also an understanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:26.5622em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;of the purpose of the deliverables under the contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:27.3953em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;and the negotiation taken place prior to concluding the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:28.2284em;"&gt;&lt;span class="stl_255 stl_20 stl_297"&gt;contract.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_37" style="word-spacing:0.0137em;"&gt;Revenue &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;MVA-BN smallpox vaccine sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9744em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;730&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2432em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;733&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;593  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_31"&gt;Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4907em;top:12.9858em;z-index:749;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;879&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;341  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2788em;top:12.9858em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;505&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;769  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.0077em;"&gt;&lt;span class="stl_255 stl_20 stl_199"&gt;Encepur  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4369em;top:14.0077em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;298&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;736  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2288em;top:14.0077em;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;363&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;054  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0388em;"&gt;Other product sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.45em;top:15.0295em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;496  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2138em;top:15.0295em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;260&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;225  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.0458em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Sale of goods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8238em;top:16.0458em;z-index:840;"&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_546"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274" style="word-spacing:1.216em;"&gt;45 &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;,64&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_317"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.77em;top:17.677em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;83&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.6989em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;Contract work  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7919em;top:18.6989em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;50&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5582em;top:18.6989em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;35&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;234  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.7152em;"&gt;&lt;span class="stl_261 stl_16 stl_472" style="word-spacing:-0.0389em;"&gt;Sale of services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.355em;top:19.7152em;"&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_416"&gt;33,74&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_416"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4232em;top:19.7152em;"&gt;&lt;span class="stl_261 stl_16 stl_445"&gt;35,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:21.3408em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8419em;top:21.3408em;z-index:947;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_239"&gt;,793  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5694em;top:21.3408em;z-index:959;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_605"&gt;97,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;75  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.9664em;"&gt;&lt;span class="stl_261 stl_16 stl_219" style="word-spacing:-0.0278em;"&gt;Total revenue includes:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Fair value adjustment concerning financial instruments entered into to hedge revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7419em;top:23.9939em;z-index:1074;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;072&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_176"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:25.6139em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.0337em;"&gt;Geographic split of revenue:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:26.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4694em;top:26.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;841&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7144em;top:26.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;066&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;800  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4419em;top:27.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;650&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1975em;top:27.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;258&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:28.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;Belgium  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4575em;top:28.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;335&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;399  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2494em;top:28.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_570"&gt;264&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;410  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.707em;"&gt;&lt;span class="stl_255 stl_20 stl_78"&gt;France  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4994em;top:29.707em;z-index:1187;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;268&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;186  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5525em;top:29.707em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;088  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:30.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_344"&gt;Canada  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5125em;top:30.7289em;z-index:1210;"&gt;&lt;span class="stl_268 stl_20 stl_606"&gt;197&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;283  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6119em;top:30.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:31.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;United Kingdom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5194em;top:31.7508em;z-index:1241;"&gt;&lt;span class="stl_268 stl_20 stl_586"&gt;169&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;203  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.595em;top:31.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:32.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;Hong Kong  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4982em;top:32.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;115&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;599  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:32.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:33.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0389em;"&gt;Saudi Arabia  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4488em;top:33.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;100&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;442  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:33.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_350"&gt;Australia  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8407em;top:34.8164em;z-index:1311;"&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;655  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.87em;top:34.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;504  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_83"&gt;Switzerland  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7907em;top:35.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_215"&gt;986  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6469em;top:35.8383em;z-index:1345;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:36.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;Other geographic markets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4257em;top:36.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;304&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;305  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2907em;top:36.8602em;z-index:1387;"&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;228&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;152  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:38.4802em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8419em;top:38.4802em;z-index:1401;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_239"&gt;,793  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5694em;top:38.4802em;z-index:1413;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_605"&gt;97,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;75  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Other product sale for 2022 consist of the following:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:11.8858em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;Sale of Mvabea (Ebola vaccine) to Janssen.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7189em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:12.7189em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Sale of Dukoral and Ixiaro licensed from Valneva  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Sale of Heplisav-B licensed from Dynavax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.052em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;In 2022 revenue achieved on the Danish market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0237em;"&gt;amounted to DKK 19.3 million (DKK 0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.552em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;In 2022 no customer represented more than 10% of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0218em;"&gt;total revenue.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.052em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;In 2021 the following customers represented more than  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;10% of total revenue:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.552em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:23.552em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0316em;"&gt;Biomedical Advanced Research and Development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:24.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;Authority (BARDA), USA, DKK 675.3 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.052em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:26.052em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Janssen Pharmaceutica NV, Belgium, DKK 260.2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:26.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_74"&gt;million.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_37" style="word-spacing:0.0137em;"&gt;Revenue &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Accounting for contract with Biomedical Advanced  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0464em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Research and Development Authority (BARDA)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;In April 2020, BARDA placed a new order for the manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0389em;"&gt;facturing and supply of JYNNEOS&lt;/span&gt;&lt;sup style="top: -0.2075em;"&gt;&lt;span class="stl_608 stl_20 stl_609"&gt;®&lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;, at a total value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;USD 202 million. The contract expansion covered manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;facturing of 35 bulk drug substance (BDS) batches and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;the supply of up to 1.4 million doses of liquid-frozen  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_233"&gt;JYNNEOS&lt;/span&gt;&lt;sup style="top: -0.2073em;"&gt;&lt;span class="stl_608 stl_20 stl_610"&gt;®&lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0239em;"&gt;. At year-end 2022 only 6 BDS batches remain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:16.8854em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;to be manufactured and invoiced.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:18.5523em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;In June and July 2022, BARDA ordered in total 5,500,000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:19.3854em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;doses of liquid-frozen JYNNEOS&lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_608 stl_20 stl_609"&gt;®&lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;, for delivery in 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:20.2187em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;and 2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:21.8856em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;When BDS batches are invoiced to BARDA the BDS  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:22.7187em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;batches remain in the Company's physical possession  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:23.5518em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;until filling as final product. The filling takes place  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:24.385em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;either at the Company's facility in Kvistgaard or at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:25.2181em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;CMO's (a bill-and-hold arrangement). Revenue is recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:26.0512em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;nized once the BDS are releasable according to contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:26.8843em;"&gt;&lt;span class="stl_255 stl_20 stl_506" style="word-spacing:-0.0377em;"&gt;with BARDA.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:28.5512em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Payment is due within 30 days after invoicing.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:30.2125em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Accounting for license and collaboration agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:31.0456em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;ments with Nuance Pharma  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:31.8843em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;In March 2022, Bavarian Nordic entered into an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:32.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;exclusive license and supply agreement with Nuance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:33.5506em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Pharma, on the development and commercialization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:34.3837em;"&gt;&lt;span class="stl_255 stl_20 stl_165" style="word-spacing:-0.0099em;"&gt;of MVA-BN&lt;/span&gt;&lt;sup style="top: -0.2063em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_102" style="word-spacing:-0.0372em;"&gt;RSV against respiratory syncytial virus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:35.2187em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;(RSV) in adults in Chinese Mainland, Hong Kong, Macau,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:36.0518em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Taiwan, South Korea and certain Southeast Asian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:36.885em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;countries. The agreement entails clinical development,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:37.7181em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;including a Phase 3 trial to support regulatory approval  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7328em;top:10.2181em;"&gt;&lt;span class="stl_255 stl_20 stl_500" style="word-spacing:-0.0095em;"&gt;of MVA-BN&lt;/span&gt;&lt;sup style="top: -0.2073em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;RSV in China, which will be conducted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;separately from the Company’s own Phase 3 trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;planned for initiation later in the first half of 2022 to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0351em;"&gt;support a U.S. Biologics License Application.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;Under the terms of the agreement, Bavarian Nordic has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;received an upfront payment of USD 12.5 million and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;is eligible to receive future milestone payments of up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;to USD 212.5 million that are triggered upon achieve-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;ment of certain clinical, regulatory, and commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;milestones, in addition to tiered, double-digit royalties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;on future net sales. The received upfront payment has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;been recognized as revenue. The future milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;payments will be recognized as revenue once the mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;stones are achieved.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:23.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Nuance Pharma will assume all costs and responsibility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:24.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;for the clinical development, regulatory filings, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:25.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;commercialization of the vaccine in territories covered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:26.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;by the agreement. Subject to Chinese regulatory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:26.8827em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;authority (National Medical Products Administration,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:27.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;NMPA) approval, Phase 1 and Phase 3 trials are planned  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:28.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;for the vaccine approval in China.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_37" style="word-spacing:0.0137em;"&gt;Revenue &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_132" style="word-spacing:0.0075em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2528em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2471em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2471em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9371em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Cost of goods sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4125em;top:11.9371em;"&gt;&lt;span class="stl_268 stl_20 stl_248"&gt;644&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;683  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2794em;top:11.9371em;z-index:121;"&gt;&lt;span class="stl_268 stl_20 stl_611"&gt;539&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;789  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.959em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;Contract costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8163em;top:12.959em;z-index:143;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;889  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6019em;top:12.959em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;959  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9809em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0365em;"&gt;Other production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5057em;top:13.9809em;"&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;512&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2188em;top:13.9809em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;877  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.0028em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0383em;"&gt;Amortization of product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4638em;top:15.0028em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2432em;top:15.0028em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:16.019em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0354em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7944em;top:16.019em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_438"&gt;,449,53&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_438"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5744em;top:16.019em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_179"&gt;7,56&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_179"&gt;0  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.2221em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;Other production costs amounted to DKK 512.0 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0239em;"&gt;(DKK 492.9 million), of which net write-downs of inven-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;tory amounted to DKK 35.5 million compared to DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.7215em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;171.6 million in 2021. Development in write-downs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.5546em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;further described in note 18.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.2215em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;The bulk manufacturing facility has been shutdown for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.0546em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;a year due to the expansion of the facility for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.8878em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;production of Rabipur/RabAvert and Encepur. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:25.7209em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;shutdown resulted in a limited absorption of indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.554em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;production costs for the first 3 quarters of 2022. In 2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:27.3871em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;other production costs were also impacted by limited  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:28.2203em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;absorption of indirect production costs due to the shut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.0534em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;down in fourth quarter but also due to production of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.8865em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;RSV Phase 3 clinical trial material, which contributed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:30.7196em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;to a low commercial utilization of the manufacturing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.5528em;"&gt;&lt;span class="stl_255 stl_20 stl_215"&gt;capacity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:18.2196em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The product rights to Rabipur/RabAvert and Encepur are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:19.0528em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;amortized over 20 years with an annual amortization of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:19.8859em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;DKK 272.9 million.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:21.3435em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.3903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Production costs consist of costs incurred in gener-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.2234em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;ating the revenue for the year. Costs for raw materials,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.0566em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0363em;"&gt;consumables, production staff and a proportion of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.8897em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;production overheads, including maintenance, amorti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.7228em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;zation, depreciation and impairment of intangible and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.5559em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;tangible assets used in production as well as operation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.3891em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;administration and management of the production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.2222em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;facility are recognized as production costs. Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;of acquired product rights are recognized as production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;costs. In addition, the costs related to excess capacity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.7216em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;and write-down to net realisable value of goods on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.5547em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;stock are recognized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_86" style="word-spacing:0.0018em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;Sales and distribution costs comprise costs incurred for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;the sale and distribution of products sold during the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;year. This includes costs incurred for sales campaigns,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;training and administration of the sales force and for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;direct distribution, marketing and promotion. Also  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;included are salaries and other costs for the sales,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;distribution and marketing functions, loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;expected credit losses, amortization, depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.8706em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;other indirect costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_612" style="word-spacing:0.0089em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0296em;"&gt;Research and development costs incurred this year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9863em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_227"&gt;202&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;981  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3569em;top:11.9088em;z-index:156;"&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;421&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_484"&gt;118  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Of which:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0298em;"&gt;Contract costs recognized as production costs (note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6369em;top:14.5563em;z-index:227;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_425"&gt;889&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_425"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4038em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_542"&gt;959&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_542"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.5725em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0313em;"&gt;Research and development costs recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8288em;top:15.5725em;z-index:299;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1663em;top:15.5725em;z-index:311;"&gt;&lt;span class="stl_261 stl_16 stl_579"&gt;399,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;59  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.2038em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Fair value adjustment concerning financial instruments entered into to hedge research  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.0369em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.79em;top:18.0369em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;201  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1638em;top:18.0369em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.2544em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Under the Group’s accounting policies development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.0875em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;costs are generally expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.9207em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;During the development of ABNCoV2, the Group has,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:22.7538em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;however, started capitalization of directly related  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.5869em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;development cost at commencement of the phase 2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.42em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;studies as – unlike most other development candidates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:25.2532em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;- the feasibility of developing a final vaccine and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.0863em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;regulatory approval is considered likely, because the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.9194em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0251em;"&gt;development of other COVID-19 vaccine candidates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:27.7525em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;based on the same antigen has been successful.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:28.5857em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Furthermore, the Group has ensured significant finance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.4188em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;of the development through the funding obtained from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:30.2519em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;Danish Ministry of Health and a minimum demand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.085em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;agreed in the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.9182em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Health. See further description in note 15.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:33.585em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.032em;"&gt;Research and development costs include expenses for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:34.4182em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;external clinical research organizations, or CRO's, of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:35.2513em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0201em;"&gt;874.9 million (DKK 160.5 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:20.0564em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.1032em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0326em;"&gt;Research and development costs include salaries and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.9363em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;costs directly attributable to the Group’s research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.7694em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;development projects, less government grants. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.6026em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;more, salaries and costs supporting direct research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.4357em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;development, including costs of patents, rent, leasing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.2688em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;and depreciation attributable to laboratories, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.1019em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;external scientific consultancy services, are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.9351em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;under research and development costs. No indirect or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.7682em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;general overhead costs that are not directly attributable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.6013em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;to research and development activities are included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.4344em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the disclosure of research and development expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.2676em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;Research costs are expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:32.7676em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Development costs are generally expensed in the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:33.6007em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;they occur. In line with industry custom, capitaliza-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:34.4338em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;tion of development costs does not begin until it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:35.2669em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;deemed realistic that the product can be completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.1001em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;and marketed and it is highly likely that a marketing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.9332em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;authorization will be received. In addition, there must  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:37.7663em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;be sufficient certainty that the future earnings to the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.0994em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Group will cover not only production costs, direct distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.9326em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;bution and administrative costs, but also the develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:22.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:24.4326em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Contract research and development costs incurred to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:25.2657em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;achieve revenue are included in "Research and devel-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.0988em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;opment costs incurred this year" in the below tabel and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.9319em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;then transferred under "Contract costs recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:27.7651em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;production costs" to be recognized as production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_566" style="word-spacing:0.007em;"&gt;Adminstrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0814em;top:10.1457em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.0258em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Administrative costs include costs of Group Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8589em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;ment, staff functions, administrative personnel, office  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.692em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;costs, rent, short-term lease payments and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5252em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;not relating specifically to production, research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3583em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;development or sales and distribution.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_413" style="word-spacing:0.0113em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Wages and salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4407em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_69"&gt;664&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;791  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2607em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;535&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;670  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7875em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;52&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;635  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6532em;top:12.9307em;z-index:155;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;44&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;114  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;Social security expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8038em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;861  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6025em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;431  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;Other staff expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7607em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;48&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.58em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;510  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Share-based payment, see specification in note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8063em;top:15.9963em;z-index:288;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;284  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:15.9963em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3225em;top:17.0125em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0757em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Staff expenses are distributed as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4663em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;333&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3044em;top:19.6657em;z-index:391;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;259&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;719  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7938em;top:20.6876em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;89&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5807em;top:20.6876em;"&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;727  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;198&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;838  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2575em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;178&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;439  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:22.7313em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:22.7313em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;168&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3207em;top:22.7313em;z-index:521;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:23.7532em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;Capitalized salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8113em;top:23.7532em;z-index:549;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6813em;top:23.7532em;z-index:557;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3219em;top:24.7694em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.075em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:26.4007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Average number of employees converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6444em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_265"&gt;874  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3688em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;734  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:27.4225em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Number of employees as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286" style="word-spacing:0.06em;"&gt;31 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6107em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3963em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.0319em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0324em;"&gt;The Group only has defined contribution plans and pays  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.865em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;regular fixed contributions to independent pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:30.6982em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0344em;"&gt;funds and insurance companies.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;Staff costs include the following costs:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;Remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1477em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9227em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;202  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1583em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;750  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9302em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;950  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Remuneration to Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.047em;top:16.5944em;z-index:1078;"&gt;&lt;span class="stl_261 stl_16 stl_613"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9089em;top:16.5944em;z-index:1084;"&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:18.2201em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:19.2476em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1514em;top:19.2476em;z-index:1115;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;873  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9195em;top:19.2476em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:20.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1102em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;068  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9189em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6383em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;692  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4083em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;678  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:22.3132em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;367  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8914em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:23.335em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8102em;top:23.335em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;485  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9658em;top:23.335em;z-index:1253;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;035  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:24.3513em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;7,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4333em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;4,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.9826em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8458em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.622em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;630  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0044em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.142em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;947  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9039em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;946  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0263em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1395em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;362  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.922em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;237  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9245em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;430  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.0701em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1358em;top:30.0701em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;756  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0402em;top:30.0701em;z-index:1440;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;193  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0919em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0351em;"&gt;Salary and benefits in notice period  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.187em;top:31.0919em;z-index:1483;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;851  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9652em;top:31.0919em;z-index:1490;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;378  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7045em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_38"&gt;33,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4864em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Remuneration to Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.662em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5027em;top:33.7338em;z-index:1573;"&gt;&lt;span class="stl_261 stl_16 stl_548"&gt;56,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Total Management remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6477em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.422em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_77"&gt;63,344  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0313em;"&gt;CEO and President of the Company Paul Chaplin and CFO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0326em;"&gt;Henrik Juuel constitute the Corporate Management in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8301em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0229em;"&gt;the Parent Company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.4969em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0294em;"&gt;COO Russell Thirsk, CPO Anu Kerns, CCO JC May and CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3301em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.029em;"&gt;Laurence De Moerlooze constitute the Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1632em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8244em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0359em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;In March 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0245em;"&gt;12,682 restricted stock units (excl. matching shares)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0258em;"&gt;(8,833 restricted stock units) at a value of DKK 2.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1626em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0287em;"&gt;(DKK 2.0 million) at grant. Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.9957em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0248em;"&gt;was granted 9,896 restricted stock units (excl. matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8288em;"&gt;&lt;span class="stl_255 stl_20 stl_616" style="word-spacing:-0.0232em;"&gt;shares) (7,580 restricted stock units) corresponding to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6619em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0288em;"&gt;a value of DKK 1.6 million (DKK 1.7 million) at grant. In  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0263em;"&gt;April 2022 CEO Paul Chaplin was granted 17,109 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3282em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0287em;"&gt;stock units (excl. matching shares) as a part of the reten-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1613em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0329em;"&gt;tion agreement at a value of DKK 2.7 million. In April  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;2022 COO Russell Thirsk was granted 4,446 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8276em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0254em;"&gt;stock units (excl. matching shares) as a sign-on bonus at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;a value of DKK 0.7 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0327em;"&gt;In April 2022, the members of the Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1607em;"&gt;&lt;span class="stl_255 stl_20 stl_415" style="word-spacing:-0.0225em;"&gt;were granted in total 11,795 restricted stock units (7,127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.9938em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;restricted stock units) corresponding to 50% of their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0275em;"&gt;fixed fee amounting to DKK 1.8 million (DKK 2.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6601em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0332em;"&gt;For further description of restricted stock units see note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.4932em;"&gt;&lt;span class="stl_255 stl_20 stl_242"&gt;30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1544em;"&gt;&lt;span class="stl_261 stl_16 stl_96"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0319em;"&gt;In December 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.025em;"&gt;126,487 warrants (137,030 warrants) with a fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0228em;"&gt;of DKK 9.9 million (DKK 10.4 million). Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0343em;"&gt;Management was granted 122,300 warrants (108,788  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0281em;"&gt;warrants) with a fair value of DKK 9.6 million (DKK 8.3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_614"&gt;million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0268em;"&gt;Fair value calculated based on Black-Scholes, cf. note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;Incentive programs for the Executive Management and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_441" style="word-spacing:-0.0276em;"&gt;other employees are disclosed in note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.9926em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0312em;"&gt;Members of the Executive Management have contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;of employment containing standard terms for members  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0306em;"&gt;of the Executive Management of Danish listed compa-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;nies, including the periods of notice that both parties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;are required to give and competition clauses. If a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;contract of employment of a member of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0292em;"&gt;Management is terminated by the Company without  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0341em;"&gt;misconduct on the part of such member, the member of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6576em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;the Executive Management is entitled to compensation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0315em;"&gt;which, depending on the circumstances, may amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0251em;"&gt;a maximum of 8-18 months' remuneration. In the event  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0297em;"&gt;of a change of control the compensation can amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0289em;"&gt;24 months' remuneration.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_86" style="word-spacing:0.0018em;"&gt;Depreciation, amortization and impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9032em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0382em;"&gt;Depreciation and amortization included in:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4664em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;352&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.237em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_198"&gt;348&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;243  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9427em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;73  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7258em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1258em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;403  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9414em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;718  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.822em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;40&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;217  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.582em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;697  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0368em;"&gt;Depreciation and amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3308em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_419"&gt;399,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;47  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1358em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_615"&gt;7,69&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_615"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0311em;"&gt;Hereof loss from disposed fixed assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2264em;top:18.6438em;z-index:2726;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;175  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.912em;top:18.6438em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:20.2638em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.038em;"&gt;Impairment losses included in:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3983em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4408em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_613"&gt;618  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7389em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0367em;"&gt;Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3902em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3608em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;18  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:23.9226em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The product rights to Rabipur/RabAvert and Encepur are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:24.7557em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;amortized over 20 years with an annual amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:25.5888em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;of DKK 272.9 million. The amortization is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:26.4219em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:23.9219em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;The product rights was acquired from GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:24.755em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;as per December 31, 2019. See further description in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:25.5882em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0204em;"&gt;note 15.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_413" style="word-spacing:0.0112em;"&gt;Staff costs &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_563" style="word-spacing:0.0029em;"&gt;Fees to auditor appointed at the annual general  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:7.8268em;z-index:53;"&gt;&lt;span class="stl_560 stl_57 stl_514"&gt;meeting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Audit of financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0988em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.955em;top:11.9088em;z-index:131;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;173  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Other assurance services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6532em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;176  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.395em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Tax advisory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6075em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;501  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.375em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;720  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;Other services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.63em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;143  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4132em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;Fees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0163em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;028  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7738em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;66  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;The fee for non-audit services provided to the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.4388em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;by Deloitte Statsautoriseret Revisionspartnerselskab,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.2719em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Denmark, amounted to DKK 0.3 million (DKK 0.6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.105em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0241em;"&gt;million) and consisted of assurance work related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.9382em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;the assistance with compliance reviews, and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.7713em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0345em;"&gt;accounting and tax advisory services.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;Financial income from bank and deposit contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Interest income from financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Financial income from securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.847em;top:14.5563em;z-index:755;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6258em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;045  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Adjustment of deferred consideration due to change in estimated timing of payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.777em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;54&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;390  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6545em;top:15.5782em;z-index:861;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3989em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9164em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;677  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Net foreign exchange gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1283em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9045em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.0369em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6639em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;33  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;Interest income is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;at the amounts relating to the financial year. Financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;income also includes net positive value adjustments of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;financial instruments and securities, adjustment of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;net present value of provisions and net currency gains.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 13  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_452" style="word-spacing:0.0178em;"&gt;Tax for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1815em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9784em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9032em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0296em;"&gt;Tax recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Current tax on profit for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7959em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;738  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8865em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;923  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Adjustments to current tax for previous years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9327em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;33  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8902em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;422  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Current tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6596em;top:14.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;5,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.419em;top:14.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,345  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;Deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3659em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1452em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.2201em;"&gt;&lt;span class="stl_261 stl_16 stl_106" style="word-spacing:-0.0299em;"&gt;Tax for the year recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6596em;top:18.2201em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;5,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.419em;top:18.2201em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,345  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.8457em;"&gt;&lt;span class="stl_261 stl_16 stl_90" style="word-spacing:-0.0316em;"&gt;Tax on income for the year is explained as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:20.8732em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Income before company tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3452em;top:20.8732em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;331&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_619"&gt;611&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_619"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0402em;top:20.8732em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_364"&gt;454&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;430&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_239"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:21.895em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;Calculated tax (&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;%) on income before company tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5515em;top:21.895em;"&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;72&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;954&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_310"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.394em;top:21.895em;z-index:2652;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;99&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;975&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_432"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:23.5151em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0284em;"&gt;Tax effect on:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:24.5425em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Different tax percentage in foreign subsidiaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5846em;top:24.5425em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3834em;top:24.5425em;"&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;168  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.5644em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Non-recognized deferred tax asset on current year losses in foreign subsidiaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.959em;top:25.5644em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;953&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.559em;top:25.5644em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;072  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.5863em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;Income ()/expenses that are not taxable/deductible for tax purposes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9252em;top:26.5863em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;443&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8921em;top:26.5863em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;249  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Special tax credit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.579em;top:27.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;946&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3765em;top:27.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;898&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_514"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.63em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;Change in unrealized intra-group profits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5596em;top:28.63em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_79"&gt;099&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_79"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5384em;top:28.63em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;258  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.6519em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Change in non-recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4615em;top:29.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;166&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;561  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5965em;top:29.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;63&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;762  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;Adjustments to previous years non-recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3727em;top:30.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7234em;top:30.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_596"&gt;713&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_596"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:31.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Adjustments to current tax for previous years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9321em;top:31.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;33  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8896em;top:31.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;422  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:32.7119em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Tax on income for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.659em;top:32.7119em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;5,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4184em;top:32.7119em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,345  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.3375em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;Tax recognized in other comprehensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.365em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;Tax on change in fair value of financial instruments entered into to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.1982em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;hedge future cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8182em;"&gt;&lt;span class="stl_261 stl_16 stl_217" style="word-spacing:-0.0307em;"&gt;Tax recognized in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.8457em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0244em;"&gt;Tax on share based payment  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Tax on income is an expense of DKK 15.8 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;10.3 million), corresponding to an effective nega-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.83em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0219em;"&gt;tive tax rate of negative 4.8% (negative 2.3%). The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0232em;"&gt;parent company’s taxable income for 2022 is zero. Tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;expensed in 2022 relates mainly to Bavarian Nordic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0368em;"&gt;GmbH and Bavarian Nordic, Inc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;'Income()/expenses that are not taxable/deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8294em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;for tax purposes' primarily relates to the 30% step  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.6625em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0327em;"&gt;up deduction on research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.4957em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;according to Section 8B of the Danish Tax Assessment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3288em;"&gt;&lt;span class="stl_255 stl_20 stl_488"&gt;Act.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:21.2561em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3029em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;Income tax for the year comprises current tax and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.136em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;deferred tax for the year. The part relating to the profit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.9692em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;for the year is recognized in the income statement, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8023em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;the part attributable to items in the comprehensive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6354em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;income is recognized in the comprehensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1354em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;The tax effect of costs that have been recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;directly in equity is recognized in equity under the rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;vant items.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;Current tax receivable is recognized in the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3017em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;sheet under current asset.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Current tax payable is recognized in the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;under current liabilities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.1623em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Deferred tax is measured using the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.9954em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0346em;"&gt;liability method on all temporary differences between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8285em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;accounting values and tax values. Deferred tax liabili-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.6617em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;ties arising from temporary tax differences are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.4948em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;nized in the balance sheet as a liability.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.1617em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Deferred tax assets arising from temporary deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.9948em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;differences and tax losses carried forward are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8279em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;nized when it is probable that they can be realized by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.661em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;offsetting them against taxable temporary differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.4942em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;or future taxable profits. At each balance sheet date,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3273em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;it is assessed whether it is probable that there will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.1604em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;sufficient future taxable income for the deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.9935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;asset to be utilized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.6604em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;Deferred income tax is provided on temporary taxable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.4935em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;differences arising on investments in subsidiaries,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.3266em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;unless the parent company is able to control the timing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.1598em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;when the deferred tax is to be realized and it is likely  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.9929em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;that the deferred tax will not be realized within the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.826em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;foreseeable future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.4929em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Deferred tax is calculated at the tax rates applicable on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.326em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the balance sheet date for the income years in which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.1591em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;the tax asset is expected to be utilized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.9163em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5294em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;Adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0881em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.49em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6513em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_122" style="word-spacing:-0.0287em;"&gt;to previous&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5763em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:0.5758em;"&gt;Recognized December&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:12.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.0075em;top:12.9733em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.635em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4056em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_328"&gt;statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2931em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_544" style="word-spacing:-0.0453em;"&gt;in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9613em;top:12.9733em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_505" style="word-spacing:-0.0375em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4606em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_284"&gt;421&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_284"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6888em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5738em;top:14.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.665em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5394em;top:14.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;62&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;881  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;Acquired rights and development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.2em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6881em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7125em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;659&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_402"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.665em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6894em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_542"&gt;659&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_542"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:17.5402em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;Property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5769em;top:17.5402em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;60&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.4763em;top:17.5402em;z-index:1577;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5544em;top:17.5402em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;440  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.665em;top:17.5402em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6194em;top:17.5402em;z-index:1596;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;88&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;124  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Right-of-use assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4388em;top:18.562em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;370  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5525em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;83&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3756em;top:18.562em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;287  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7156em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Development projects for sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5844em;top:19.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1775em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5369em;top:19.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Unrealized intra-group profits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.2007em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.8744em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;364&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5625em;top:20.6058em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;099  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3694em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_342"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_342"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:21.6277em;"&gt;&lt;span class="stl_255 stl_20 stl_199"&gt;Receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7619em;top:21.6277em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;37  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:21.6277em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4132em;top:21.6277em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;154  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:21.6277em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3994em;top:21.6277em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7156em;top:22.6495em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4213em;top:22.6495em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;297  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.69em;top:22.6495em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1781em;top:22.6495em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2681em;top:22.6495em;z-index:1823;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;314&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7431em;top:22.6495em;z-index:1831;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;017&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_156"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7156em;top:23.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.6525em;top:23.6714em;z-index:1858;"&gt;&lt;span class="stl_268 stl_20 stl_622"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;994  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:23.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9138em;top:23.6714em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;282  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.23em;top:23.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;871&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_605"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5957em;top:23.6714em;z-index:1884;"&gt;&lt;span class="stl_268 stl_20 stl_622"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;405  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:24.6933em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Tax losses carried forward  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3325em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;361&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0638em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;66&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5944em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:24.6933em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2313em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;470&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Not recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0881em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_570"&gt;472&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;739&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.8975em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;663&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_432"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0969em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;166&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;561&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1581em;top:25.7152em;z-index:2008;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0469em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;650&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;778&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Recognized deferred tax assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.1925em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6807em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1688em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6569em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.145em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7227em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6421em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.2965em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_233" style="word-spacing:0.913em;"&gt;, in&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.696em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;the income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3665em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:0.9526em;"&gt;Recognized December&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.523em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.979em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;in the income  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.523em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8315em;top:12.9182em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9596em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_328"&gt;statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.0834em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_544" style="word-spacing:-0.0453em;"&gt;in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0046em;top:12.9182em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_505" style="word-spacing:-0.0375em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1996em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;94&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;360&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.1515em;top:14.6082em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;83&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;939  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4546em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.439em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_284"&gt;421&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_284"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Other intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2215em;top:15.63em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.724em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;377&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_234"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4546em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.179em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6519em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;Property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3852em;top:16.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;38&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;342  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.1821em;top:16.6519em;z-index:320;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;158  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:16.6519em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5546em;top:16.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;60&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:17.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Right-of-use assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2246em;top:17.6738em;"&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4246em;top:17.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:17.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4165em;top:17.6738em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;370  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Development projects for sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.389em;top:18.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7302em;top:18.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4546em;top:18.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5621em;top:18.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Accrued project costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.0802em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_621"&gt;181&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_621"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9734em;top:19.7175em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;181  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1784em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:20.7394em;"&gt;&lt;span class="stl_255 stl_20 stl_199"&gt;Receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5759em;top:20.7394em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3034em;top:20.7394em;"&gt;&lt;span class="stl_268 stl_20 stl_335"&gt;19  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4534em;top:20.7394em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7384em;top:20.7394em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;37  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.739em;top:21.7613em;"&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;Provisions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.489em;top:21.7613em;z-index:500;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.0334em;top:21.7613em;z-index:509;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;930&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_174"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4534em;top:21.7613em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1777em;top:21.7613em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.739em;top:22.7832em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2527em;top:22.7832em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;178  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.729em;top:22.7832em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7265em;top:22.7832em;"&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;119  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3977em;top:22.7832em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;297  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:23.805em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4296em;top:23.805em;"&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;397  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4646em;top:23.805em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;726  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1927em;top:23.805em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;871  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6296em;top:23.805em;z-index:603;"&gt;&lt;span class="stl_268 stl_20 stl_622"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;994  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:24.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0304em;"&gt;Tax losses carried forward  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0533em;top:24.8269em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;362&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;209  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7996em;top:24.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_311"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_611"&gt;693&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_611"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:24.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3102em;top:24.8269em;"&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;361&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Not recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.864em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;729&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9602em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;94&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9915em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;990&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0659em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_570"&gt;472&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;739&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Recognized deferred tax assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.9977em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7221em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4465em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1709em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:29.522em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;Deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:30.3608em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Recognized deferred tax assets relate to temporary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:31.1939em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;differences between the tax base and accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:32.027em;"&gt;&lt;span class="stl_255 stl_20 stl_372" style="word-spacing:-0.0385em;"&gt;carrying amount and tax losses carried forward.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:33.6939em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Deferred tax assets arising from temporary deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:34.527em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;differences and tax losses carried forward are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:35.3602em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;nized to the extent they are expected to be offset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:36.1933em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;against future taxable income.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:30.3602em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Recognized tax losses carried forward relate to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:31.1933em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Bavarian Nordic A/S and the two Danish subsidiaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:32.0264em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Aktieselskabet af 1. juni 2011 I and Aktieselskabet af 1.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:32.8595em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;juni 2011 II.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:34.5264em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;The tax value of non-recognized tax losses carried  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:35.3595em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;forward in Bavarian Nordic A/S and the two Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:36.1927em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;subsidiaries amounts to DKK 470.4 million (DKK 361.5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:37.0258em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;million), whereas the tax value of non-recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:37.8589em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;temporary deductible differences amounts to DKK 180.4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:30.3857em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;million (DKK 111.2 million). Tax rate used for Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:31.2188em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;entities is 22%.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:32.8857em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;The Company's right to use the tax losses carried  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:33.7188em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0324em;"&gt;forward is not time-limited.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:35.3857em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Change in non-recognized deferred tax asset also  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:36.2188em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;includes deferred tax on intercompany transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:37.0519em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;between Bavarian Nordic A/S and Bavarian Nordic, Inc.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:30.385em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;and Bavarian Nordic Switzerland AG under the Distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:31.2182em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;bution Agreements for sale of Encepur and Rabipur/  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:32.0513em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;RabAvert in US and Switzerland, DKK 25.1 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:32.8844em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;30.3 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 13  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_452" style="word-spacing:0.0178em;"&gt;Tax for the year &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_50" style="word-spacing:0.011em;"&gt;Note 14  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_566" style="word-spacing:0.0069em;"&gt;Earnings per share (EPS)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0247em;"&gt;Net result for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3em;top:11.9088em;z-index:128;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_592"&gt;347&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;382&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_52"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0225em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;464&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_364"&gt;775&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_364"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Earnings per share of DKK &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6132em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4132em;top:12.9307em;z-index:180;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_287"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_296"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Diluted earnings per share of DKK &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6132em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4132em;top:13.9525em;z-index:228;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_287"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_296"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;The weighted average number of ordinary shares for the purpose of diluted earning  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.4113em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;per share reconciles to the weighted average number of ordinary shares used in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.2444em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;calculation of basic earnings per share as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.87em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Weighted average number of ordinary shares (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7757em;top:18.87em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;548  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5907em;top:18.87em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;63&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.8919em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;Weighted average number of treasury shares (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.44em;top:19.8919em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;129&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.21em;top:19.8919em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;109&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:20.9082em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0355em;"&gt;Weighted average number of outstanding ordinary shares used in the calculation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:21.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0323em;"&gt;of basic earnings per share (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6857em;top:21.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_71"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.48em;top:21.7413em;z-index:707;"&gt;&lt;span class="stl_261 stl_16 stl_587"&gt;63,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:22.7688em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Average dilutive effect of outstanding warrants under incentive schemes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:22.7688em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:22.7688em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.785em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0355em;"&gt;Weighted average number of outstanding ordinary shares used in the calculation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:24.6182em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;of diluted earnings per share (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.685em;top:24.6182em;"&gt;&lt;span class="stl_261 stl_16 stl_71"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4794em;top:24.6182em;z-index:904;"&gt;&lt;span class="stl_261 stl_16 stl_587"&gt;63,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:26.2494em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Outstanding warrants that may have an effect on the calculation of diluted earnings  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.0825em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;per share in the future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:28.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_227"&gt;2022&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-programs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.02em;top:28.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;013&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;923  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:28.7082em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.73em;"&gt;&lt;span class="stl_268 stl_20 stl_262"&gt;2021&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5025em;top:29.73em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;655&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;774  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2257em;top:29.73em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;706&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;469  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:30.7519em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;2020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;-programs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1032em;top:30.7519em;z-index:1093;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_358"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;109  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8082em;top:30.7519em;z-index:1104;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;207&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:31.7738em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;2019&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4913em;top:31.7738em;z-index:1125;"&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;599&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;493  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2282em;top:31.7738em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;984  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.7957em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;2018&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4738em;top:32.7957em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:32.7957em;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;515&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;684  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:33.8175em;"&gt;&lt;span class="stl_268 stl_20 stl_624"&gt;2017&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-programs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:33.8175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2069em;top:33.8175em;"&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;223&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;683  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.8394em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;2016&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:34.8394em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6107em;top:34.8394em;z-index:1212;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.8557em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Outstanding warrants, cf. note 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.745em;top:35.8557em;"&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;3,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_220" style="word-spacing:1.1599em;"&gt;7 3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Earnings per share is calculated as the profit or loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;for the year compared to the weighted average of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;issued shares in the financial year. The basis for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;calculation of diluted earnings per share is the weight-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;ed-average number of ordinary shares in the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;year adjusted for the dilutive effects of warrants.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0021em;"&gt;Intangible assets  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9858em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0292em;"&gt;Intangible assets are measured at historic cost less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;accumulated amortization and impairment losses. Cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0298em;"&gt;of acquired product rights are measured at cash consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.029em;"&gt;eration and present value of any deferred payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0346em;"&gt;for those rights. Furthermore costs of acquired product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0337em;"&gt;rights include transaction costs that are directly attribut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;able to the acqusition.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;Internal development projects that meet the require-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;ments for recognition as intangible assets are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;at direct cost relating to the development projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0297em;"&gt;Amortization is provided on a straight-line basis over the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0305em;"&gt;useful economic lives of the assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0305em;"&gt;The useful lives of acquired product rights are estimated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_41" style="word-spacing:-0.0276em;"&gt;to be 20 years and software is estimated to be 3-5 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0337em;"&gt;Amortization of acquired product rights is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.6987em;"&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;The carrying amounts of intangible assets carried at cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_351" style="word-spacing:-0.0265em;"&gt;or amortized cost are tested at least annually to deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0303em;"&gt;mine whether there are indications of any impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;in excess of that expressed in normal amortization. If  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0265em;"&gt;that is the case, the asset is written down to the recov-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0342em;"&gt;erable amount, which is the higher of its fair value less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;costs to sell and its value in use. Impairment losses on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0326em;"&gt;intangible assets are recognized under the same line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;item as amortization of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8693em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0306em;"&gt;For development projects in progress, the recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.7024em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;amount is assessed annually, regardless of whether any  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:39.5356em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;indications of impairment have been found.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3141em;top:10.3531em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:11.3943em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:12.2331em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0356em;"&gt;When determining the amortization period for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:13.0662em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;acquired product rights, Management need to make  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:13.8993em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;an assessment of expected useful economic life. In the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:14.7324em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;assessment Management take among other things the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:15.5656em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;following components into consideration: The maturity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:16.3987em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0353em;"&gt;of the products acquired, development in the market the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:17.2318em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.031em;"&gt;acquired products are targeting, the current competitors,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:18.0649em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0332em;"&gt;clinical development of new competing products and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:18.8981em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0343em;"&gt;entry barriers to the market due to advanced production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:19.7312em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0313em;"&gt;technology. Straight-line amortization reflects the use  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:20.5643em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;and impairment of the product rights.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:22.2312em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0319em;"&gt;Management continuously updates the valuation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:23.0643em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0365em;"&gt;model used when acquiring the product rights from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:23.8974em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0318em;"&gt;GlaxoSmithKline to assess the value creation expected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:24.7306em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;from the acquisition. The latest update of the valuation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:25.5637em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0299em;"&gt;model shows a value above the net present value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:26.3968em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0272em;"&gt;purchase price, hence there is no indications of impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:27.2299em;"&gt;&lt;span class="stl_255 stl_20 stl_105"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:28.8968em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0327em;"&gt;As per December 31, 2022 Management still judge that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:29.7299em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0354em;"&gt;the sales milestone of EUR 25 million included in Asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:30.5631em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0277em;"&gt;Purchase Agreement is not probable and therefore the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:31.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;present value has not been added to the cost of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:32.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0385em;"&gt;product rights.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3324em;top:10.3531em;"&gt;&lt;span class="stl_602 stl_16 stl_217" style="word-spacing:-0.0309em;"&gt;Significant accounting judgments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.3999em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;Management has made the following accounting judg-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.2331em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0336em;"&gt;ment which significantly affect the amounts recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.0662em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;in the consolidated financial statements:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.7274em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5662em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0247em;"&gt;Under the Group’s accounting policies and in accordance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.3993em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0335em;"&gt;with common industry practice, development costs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.2324em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0307em;"&gt;generally expensed in the year they occur. During the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.0656em;"&gt;&lt;span class="stl_255 stl_20 stl_604" style="word-spacing:-0.0254em;"&gt;development of ABNCoV2, the Group has, however,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.8987em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;started capitalization of directly related development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.7318em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;cost at commencement of the Phase 2 and 3 studies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5649em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;as – unlike most other development candidates - the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.3981em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0307em;"&gt;feasibility of developing a final vaccine and obtain regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.2312em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.0269em;"&gt;latory approval is considered highly likely. The Phase 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.0643em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0288em;"&gt;and Phase 2 clinical trial showed positive results in 2021-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.8974em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;22, further supported by positive six-month follow-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.7306em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0321em;"&gt;analysis for the Phase 2 clinical trial in October 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.5637em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0312em;"&gt;The follow-up analysis demonstrated that six months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.3968em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;post the booster vaccination with ABNCoV2, the neutral-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.2299em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;ization antibody titers against Wuhan and the Omicron  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0631em;"&gt;&lt;span class="stl_255 stl_20 stl_453" style="word-spacing:-0.0281em;"&gt;variant remained high and at levels associated with a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_166" style="word-spacing:-0.0286em;"&gt;greater than 90% efficacy. The Group initiated the global  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0312em;"&gt;Phase 3 clinical trial in September 2022 and initial results  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_207" style="word-spacing:-0.0256em;"&gt;are expected to be ready in mid-2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;In 2021 the Group ensured significant finance of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.7293em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0341em;"&gt;development through the funding obtained from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;Danish Ministry of Health and a minimum demand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.3956em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0322em;"&gt;agreed in the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_441"&gt;Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.8956em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0269em;"&gt;In the winter of 2022/2023, we have seen a high  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_326" style="word-spacing:-0.0281em;"&gt;number of COVID-19 infections. It is evident though, that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0287em;"&gt;booster vaccinations have been necessary to control the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;pandemic. Management assesses that the booster vacci-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.228em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.027em;"&gt;nations will continue to be required, at least for vulner-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0328em;"&gt;able groups as is the case for example with the flu  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0285em;"&gt;market, where annual booster vaccinations are given.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0299em;"&gt;Hence, with the development of ABNCoV2 as a universal  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0301em;"&gt;booster vaccine with a better value proposition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0295em;"&gt;compared to the already approved vaccines, Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0331em;"&gt;ment expects that the Company can take a reasonable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_323" style="word-spacing:-0.025em;"&gt;share of the future COVID-19 vaccine market, initially  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.893em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0274em;"&gt;targeting governments, but over time moving towards a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0284em;"&gt;more traditional market for private vaccinations.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.344em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6696em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.054em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2746em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.04em;"&gt;rights and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6721em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_380"&gt;intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2696em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:1.0869em;"&gt;Product development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.139em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.034em;"&gt;assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:13.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8015em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_330"&gt;rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0115em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_199" style="word-spacing:-0.029em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3209em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;Software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1777em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9784em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:15.3582em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8571em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;458&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.074em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;733&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;770  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7877em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;100&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.534em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;134&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;371  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7921em;top:15.3582em;z-index:306;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_625"&gt;427&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;226  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1427em;top:16.38em;z-index:327;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;279&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;714  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4421em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;006  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5459em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;691  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2846em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;425&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_588"&gt;411  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4327em;top:17.4019em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9609em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;572&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1702em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9752em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4459em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.424em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0251em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6352em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3821em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6228em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_65"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3715em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5477em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_282"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Amortization as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;545&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;870  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1346em;top:21.0713em;z-index:546;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;400  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;623&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;270  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3509em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1352em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;908  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.214em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;286&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2715em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2915em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7402em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Amortization as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1815em;top:24.1313em;"&gt;&lt;span class="stl_257 stl_16 stl_179"&gt;818&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9884em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0084em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4371em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1771em;top:24.1313em;z-index:699;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6552em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;4,639,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3809em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0177em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_342"&gt;4,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_342"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3709em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:27.3825em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Geographical split of intangible assets – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:28.41em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7696em;top:28.41em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_319"&gt;664  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:29.4319em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3809em;top:29.4319em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Total intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.1557em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;December 31, 2019 the Company acquired the product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:11.8275em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;rights to two commercial products owned by Glax-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:12.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.024em;"&gt;oSmithKline - Rabipur/RabAvert and Encepur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:13.4938em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;The products have been on the market for more than  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:14.3269em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;20 years. There is no need to further develop the prod-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.16em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;ucts. Management assesses that it will require up to 10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;years of clinical development for competitors to bring  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:16.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;a new competing product to the market likewise the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:17.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;production process required to produce these products  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:18.4925em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;is highly complex. Based on these factors Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;assesses that the acquired product rights should be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:20.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;amortized over 20 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;The acquisition price for the two product rights consists  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;of the upfront payment and the present value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;milestone payments included in the Asset Purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Agreement with GlaxoSmithKline. The milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;payments relate to transfer and re-registration of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;marketing authorizations, technology transfer of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;different steps of the production and packaging activi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:27.6575em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ties as well as a milestone payment when all services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;agreed to be rendered has been completed. The Asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Purchase Agreement specifies the above milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;payments for each product. In total EUR 470 million. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Asset Purchase Agreement also includes a sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:31.8232em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;stone of EUR 25 million. The sales milestone is related  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:32.6563em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;to the total revenue of the two products. Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:33.4894em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment deems it unlikely that the sales milestone will  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:34.3225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;be trickered, hence the sales milestone has not been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:35.1557em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;recognized as part of the asset nor the deferred consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:35.9888em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;eration as per December 31, 2021.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0016em;"&gt;Intangible assets &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Deferred consideration for the acquired product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;are described in note 24.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7133em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;In July 2020, the Company concluded a license and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;collaboration agreement with AdaptVac. The license  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0325em;"&gt;agreement provides Bavarian Nordic the global  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;commercialization rights to a COVID-19 vaccine candi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;date based on AdaptVac’s technology. Under the terms  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the agreement AdaptVac has been responsible for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;running a Phase 1/2 open label, dose-escalation trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;sponsored by Radhould University Medical Center. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Company has assumed the responsibility for the further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.039em;"&gt;clinical development and manufacturing. At commence-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment of the positive Phase 2 trial the Company started  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;capitalization of directly related development cost as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the feasibility of developing a final vaccine and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0278em;"&gt;regulatory approval is considered highly likely, see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;further description under "Significant accounting judge-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_323"&gt;ments".  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;The Company made an upfront payment of EUR 4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;million to AdaptVac in 2020 when the license agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.382em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ment was signed. The upfront payment was capitalized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;and recognized as "Acquired rights and development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0257em;"&gt;in progress". The Company has also committed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;payment of potential future development and sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.7145em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;milestones and tiered royalties. At year-end 2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.5477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Management assessed that those milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;were not probable since no in-human studies had  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;completed, hence milestone payments were not recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.047em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;nized as an asset and a liability as per December 31,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;2020. Based on the positive clinical results during 2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:37.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0259em;"&gt;Management assessed at year-end 2021 that the like-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:38.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;lihood of future regulatory approval of the Company's  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;COVID-19 vaccine was high, hence milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0308em;"&gt;to AdaptVac were expected to become payable. Based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;on current regulatory plans and expectations for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;revenue from sale of the COVID-vacine all sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;stones and part of the development milestones were  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3789em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;assumed probable. At initial recognition in December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.212em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;2021 the net present value of the probable milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;payments was calculated amounting to DKK 596  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8783em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;million, and was recognized as part of the "Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.7114em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;rights and development in progress". A corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5445em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;liability was been recognized as deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_171" style="word-spacing:0.0037em;"&gt;(note 24).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0389em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.0339em;"&gt;Intangible assets in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;Rabipur/RabAvert and Encepur are currently manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;factured by GlaxoSmithKline and the basis of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.5439em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;technology transfer to Bavarian Nordic is an as-is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.377em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;transfer of the current manufacturing process. This  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.2102em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;transfer will be a staged process, starting with pack-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.0433em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;aging then filling and ending with the transfer of bulk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8764em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;manufacturing. The Company will incur material costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.7095em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;in terms of internal labour and consultancy to handle  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.5427em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the technology transfer and gain crucial knowledge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3758em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;about the manufacturing process. These costs will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.2089em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;capitalized as an intangible asset. As per December 31,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.042em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;2022 the capitalized costs amounts to DKK 255.3 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.8752em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;(DKK 125.2 million), recognized as intangible assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.7083em;"&gt;&lt;span class="stl_255 stl_20 stl_78"&gt;progress.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.3752em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;As part of the development plan for ABNCoV2 the filling  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.2083em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;process at Kvistgaard need to be scaled up to handle  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.0414em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;production for commercial launch. Cost related to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.8745em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;scale up activities are recognized as part of intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:37.7077em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;assets in progress with an amount of DKK 14.2 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:38.5408em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.02em;"&gt;(DKK 3.6 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0016em;"&gt;Intangible assets &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3527em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6695em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0533em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2745em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.04em;"&gt;rights and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6714em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_380"&gt;intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2695em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:1.0869em;"&gt;Product development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1383em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.034em;"&gt;assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:13.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8014em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_330"&gt;rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0108em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_199" style="word-spacing:-0.029em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3202em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;Software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.177em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9777em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7233em;top:15.3582em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8564em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;458&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4477em;top:15.3582em;z-index:299;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;29&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1589em;top:15.3582em;z-index:307;"&gt;&lt;span class="stl_268 stl_20 stl_627"&gt;87&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8883em;top:15.3582em;z-index:315;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7595em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;633&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;643  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7239em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0958em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;703&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;957  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9695em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;145  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9002em;top:16.38em;z-index:360;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;96&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2302em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;800&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;262  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7239em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.997em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1564em;top:17.4019em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;921  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.712em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;921&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1708em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Transfer to/from property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2733em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9977em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.722em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4964em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;559&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_561"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2208em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;559&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_561"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2733em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9976em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.262em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;280&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4464em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7108em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;280&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:20.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2733em;top:20.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9976em;top:20.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2926em;top:20.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6783em;top:20.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;148  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4033em;top:20.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:21.4838em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0251em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.637em;top:21.4838em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9158em;top:21.4838em;"&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;733,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6245em;top:21.4838em;"&gt;&lt;span class="stl_257 stl_16 stl_300"&gt;100&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3639em;top:21.4838em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_126"&gt;34,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_126"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5689em;top:21.4838em;z-index:612;"&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;6,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_613"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_242"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_242"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Amortization as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3533em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1695em;top:23.115em;z-index:665;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;69&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2226em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;342&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;891  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:24.1369em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3533em;top:24.1369em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:24.1369em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1408em;top:24.1369em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;681  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:24.1369em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2733em;top:24.1369em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;286&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_341"&gt;616  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2739em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2414em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;257&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_166"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6901em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;257&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_166"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2739em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2777em;top:26.1807em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7264em;top:26.1807em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Amortization as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1801em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;545,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9908em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9908em;top:27.1969em;z-index:842;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4395em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0964em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_271"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6464em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9158em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;733,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9758em;top:28.8225em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3639em;top:28.8225em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_126"&gt;34,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_126"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5476em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_150"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;3,956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Geographical split of intangible assets – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:31.4757em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.762em;top:31.4757em;"&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;802&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:32.4975em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.0564em;top:32.4975em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:33.5194em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9608em;top:33.5194em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;618  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:34.5357em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Total intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5476em;top:34.5357em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_150"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;3,956  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:10.2157em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;Other intable assets in progress relates to IT invest-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:11.0488em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;ments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:12.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;Other intangible assets in progress include investments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:13.5488em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;in software.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0016em;"&gt;Intangible assets &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 16  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0046em;"&gt;Property, plant and equipment  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;Property, plant and equipment include land and build-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;ings, production equipment, leasehold improvements,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0369em;"&gt;office and IT equipment and laboratory equipment and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;is measured at cost less accumulated depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;Cost includes the costs directly attributable to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;purchase of the asset, until the asset is ready for use.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;For assets constructed by the Group cost includes mate-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;rials, components, third-party suppliers and labour.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Borrowing costs directly attributable to the construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;of property, plant and equipment are included in cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;Other borrowing costs are recognized in the income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Depreciation is charged over the expected economic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.728em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;lives of the assets, and the depreciation methods,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;expected lives and residual values are reassessed indi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;vidually for the assets at the end of each financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Assets are depreciated on a straightline basis over their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;estimated useful lives as follows:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Buildings  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.885em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;10–20 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_376"&gt;Installations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2682em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;5–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Leasehold improvements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0769em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.021em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Office and IT equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4932em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_449" style="word-spacing:-0.0407em;"&gt;3–5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_472" style="word-spacing:-0.0389em;"&gt;Laboratory equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2319em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;5–10 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0368em;"&gt;Production equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2688em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;3–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Management reviews the estimated useful lives of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;material property, plant and equipment at the end of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0226em;"&gt;each financial year.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7193em;"&gt;&lt;span class="stl_599 stl_57 stl_380"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;The carrying amounts of property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;carried at cost or amortized cost are tested annually to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;determine whether there are indications of any impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ment in excess of that expressed in normal deprecia-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;tion. If that is the case, the asset is written down to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0335em;"&gt;recoverable amount, which is the higher of its fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.558em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;less costs to sell and its value in use. Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;on property, plant and equipment are recognized under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the same line item as depreciation of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9818em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3299em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.443em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;fixtures and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9055em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0375em;"&gt;fittings, other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1424em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_138" style="word-spacing:-0.0428em;"&gt;Land and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5699em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_463"&gt;Leasehold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.458em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1824em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0367em;"&gt;plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9237em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_59" style="word-spacing:-0.0413em;"&gt;Assets under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:14.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0668em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:0.9976em;"&gt;buildings improvement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1399em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_461"&gt;machinery  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7612em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0656em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9799em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7255em;top:16.1082em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.603em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_202"&gt;546&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;771  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6437em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0749em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;424&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;291  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8924em;top:16.1082em;z-index:378;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;312&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;179  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5393em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;578&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;707  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7187em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_248"&gt;884&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;236  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7255em;top:17.13em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9693em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;768  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0849em;top:17.13em;z-index:422;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4124em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8081em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;146&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;421  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4999em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;885  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2706em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;361&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7249em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5868em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;238&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;004  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7174em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;802  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4262em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;919  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9199em;top:18.1519em;z-index:499;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;167&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;745  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3774em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;491&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;470&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_605"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1718em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7256em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5499em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2743em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5481em;top:19.1738em;z-index:535;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;864&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_100"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7706em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;428&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_239"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4474em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4131em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;292&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7256em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5499em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2743em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9987em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9962em;top:20.1957em;"&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;119  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3331em;top:20.1957em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;8&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4156em;top:20.1957em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0249em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4318em;top:21.2119em;"&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_72"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_221"&gt;,543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5312em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;37  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9287em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_492"&gt;4,369  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6449em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;36  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4256em;top:21.2119em;z-index:659;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_337"&gt;96,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5612em;top:21.2119em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_342"&gt;35,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:22.8432em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Depreciation and impairment losses as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6331em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_364"&gt;200&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;818  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6731em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;277  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1931em;top:22.8432em;z-index:748;"&gt;&lt;span class="stl_268 stl_20 stl_628"&gt;169&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;761  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1418em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;88&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;712  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4493em;top:22.8432em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2481em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;471&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;568  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7268em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_111"&gt;Depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9937em;top:23.865em;z-index:788;"&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0781em;top:23.865em;z-index:795;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;196  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4468em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;061  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1087em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;360  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4487em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5437em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;88&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;204  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7268em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5512em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2756em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6124em;top:24.8869em;z-index:845;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;198&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_12"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7631em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;301&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_336"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4487em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7087em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;499&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5506em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9912em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_629"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9993em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2856em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;70  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4481em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7368em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:26.925em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Depreciation and impairment losses as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4299em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_166"&gt;228&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5468em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_570"&gt;5,47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_570"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9287em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6712em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_75"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4412em;top:26.925em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1012em;top:26.925em;"&gt;&lt;span class="stl_261 stl_16 stl_276"&gt;55&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,34&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7268em;top:28.5507em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5218em;top:28.5507em;z-index:1035;"&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;63&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5643em;top:28.5507em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;4,765  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9912em;top:28.5507em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_548"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_573"&gt;,745  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7525em;top:28.5507em;z-index:1055;"&gt;&lt;span class="stl_261 stl_16 stl_548"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_312"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4268em;top:28.5507em;z-index:1062;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_337"&gt;96,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5406em;top:28.5507em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_75"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;3,973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:30.1763em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Geographical split of property, plant and equipment – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_514"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:31.2038em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7712em;top:31.2038em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;626&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:32.2257em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5431em;top:32.2257em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;56&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;564  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:33.2475em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3843em;top:33.2475em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;463  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:34.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_215"&gt;Switzerland  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3906em;top:34.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;273  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:35.2857em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0328em;"&gt;Total property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5406em;top:35.2857em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_75"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;3,973  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:10.2157em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;The expansion of the drug substance facility for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:11.0488em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;production of Rabipur/RabAvert and Encepur completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:11.8819em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;end of 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:13.5488em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;The Company has not incurred any borrowing costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:14.3819em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;directly attributable to the construction of the fill finish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:15.215em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;manufacturing facility, hence no borrowing costs have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:16.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;been capitalized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:17.715em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Mortgage loans of DKK 18.9 million are secured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:18.5482em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;mortgages totaling DKK 50.0 million on the property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:19.3813em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0239em;"&gt;Bøgeskovvej 9/Hejreskovvej 10A, Kvistgaard. In addi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:20.2144em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;tion, as of December 31, 2022, mortgage deeds for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:21.0475em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;total of DKK 75.0 million have been issued. The carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:21.8807em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;amount of assets mortgaged in security of mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:22.7138em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;loans is DKK 951.8 million (land and buildings: DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:23.5469em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;630.1 million; plant and machinery: DKK 321.7 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 16  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0046em;"&gt;Property, plant and equipment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9905em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3298em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.443em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;fixtures and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9055em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0375em;"&gt;fittings, other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1423em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_138" style="word-spacing:-0.0428em;"&gt;Land and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5698em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_463"&gt;Leasehold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.458em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1823em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0367em;"&gt;plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9236em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_59" style="word-spacing:-0.0413em;"&gt;Assets under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:14.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0667em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:0.9976em;"&gt;buildings improvement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1398em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_461"&gt;machinery  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7611em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0655em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9798em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7255em;top:16.1082em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5905em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_96"&gt;548&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;291  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.673em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;14&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;404  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0886em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;485&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8186em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_425"&gt;294&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;418  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5311em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;213&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;309  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.758em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;555&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:17.13em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3055em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5023em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7755em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;717  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1698em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;871  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5323em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;461&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;867  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2048em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;482&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;568  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3217em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_302"&gt;911  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0848em;top:18.1519em;z-index:487;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;811  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4742em;top:18.1519em;z-index:495;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;155  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5505em;top:18.1519em;z-index:502;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;148  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7111em;top:18.1519em;z-index:511;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;025&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1717em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;Transfer from intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5498em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2742em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9986em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.723em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6823em;top:19.1738em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;559  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4067em;top:19.1738em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;559  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7248em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7842em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_429"&gt;946&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_429"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3405em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_631"&gt;518&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_631"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9223em;top:20.1957em;z-index:601;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_594"&gt;139&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_471"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_471"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.263em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;369&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_174"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4467em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0673em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;438&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7248em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2655em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_629"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9761em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9979em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0048em;top:21.2175em;"&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1423em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4148em;top:21.2175em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7248em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0249em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4417em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_632"&gt;546,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_632"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5073em;top:22.2338em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8986em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_280"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7217em;top:22.2338em;z-index:724;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_335"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;79  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3786em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5067em;top:22.2338em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;88&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;36  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Depreciation and impairment losses as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6436em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;182&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;059  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7092em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;691  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0448em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_317"&gt;280&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;360  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2061em;top:23.865em;z-index:827;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;71&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;180  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4467em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2004em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_32"&gt;544&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;290  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_111"&gt;Depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9617em;top:24.8869em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;695  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0573em;top:24.8869em;z-index:866;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;104  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4361em;top:24.8869em;z-index:874;"&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1304em;top:24.8869em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5973em;top:24.8869em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;75&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;791  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5486em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2729em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2273em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;278  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9292em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4336em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_613"&gt;618  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1073em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;936&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3398em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_631"&gt;518&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_631"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8873em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;138&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;449&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2411em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;300&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_124"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1304em;top:26.9307em;z-index:988;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_584"&gt;149&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;203&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5486em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.273em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9973em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2636em;top:27.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;72  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7123em;top:27.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;72  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:28.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Depreciation and impairment losses as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4686em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_364"&gt;200&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_327"&gt;818  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5273em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_277"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;77  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0092em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_633"&gt;69,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_633"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9986em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_215"&gt;88&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_278"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4386em;top:28.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0811em;top:28.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_324"&gt;47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_69"&gt;,56&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_69"&gt;8  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:30.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4711em;top:30.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;345,953  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5917em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_634"&gt;011  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8861em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_88"&gt;54,53&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_88"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6117em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_33"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;3,467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3779em;top:30.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5429em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_248"&gt;,66&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_248"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:32.22em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Geographical split of property, plant and equipment – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:33.2475em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7879em;top:33.2475em;z-index:1261;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;369&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:34.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.603em;top:34.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_302"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:35.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3792em;top:35.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;577  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:36.3132em;"&gt;&lt;span class="stl_255 stl_20 stl_215"&gt;Switzerland  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4061em;top:36.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;320  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:37.3294em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0328em;"&gt;Total property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5429em;top:37.3294em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_248"&gt;,66&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_248"&gt;8  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:10.215em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;Assets under construction relates mainly the ongoing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:11.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;expansion of the drug substance facility for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:11.8813em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;production of Rabipur/RabAvert and Encepur (DKK 479  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:12.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_383"&gt;million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:14.3813em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;The fill and finish manufacturing facility completed in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:15.2144em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;2021 and the depreciation of the fill and finish building  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:16.0475em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;and equipment commenced.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:17.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Mortgage loans of DKK 21.1 million are secured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:18.5475em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;mortgages totaling DKK 50.0 million on the property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:19.3807em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0239em;"&gt;Bøgeskovvej 9/Hejreskovvej 10A, Kvistgaard. In addi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:20.2138em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;tion, as of December 31, 2021, mortgage deeds for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:21.0469em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;total of DKK 75.0 million have been issued. The carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:21.88em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;amount of assets mortgaged in security of mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:22.7132em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0351em;"&gt;loans is DKK 600.5 million (land and buildings: DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:23.5463em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;346.0 million; plant and machinery: DKK 254.5 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 16  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0046em;"&gt;Property, plant and equipment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 17  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_171"&gt;Right-of-use-assets  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5881em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.705em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_134"&gt;Rent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9237em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;Car  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:12.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0387em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_635"&gt;facility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7175em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:0.7661em;"&gt;leasing Equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9712em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:13.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;Right-of-use assets as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2412em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4031em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_613"&gt;742  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1468em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;075  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;75&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:14.88em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0718em;top:14.88em;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3406em;top:14.88em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;671  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3831em;top:14.88em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9062em;top:14.88em;z-index:284;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;588  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:15.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;Modifications  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.575em;top:15.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;326  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8112em;top:15.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_215"&gt;986  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3831em;top:15.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9175em;top:15.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;312  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3843em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;412&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_587"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6037em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3831em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7225em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;412&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_587"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7237em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_69"&gt;Depreciations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0987em;top:17.9457em;z-index:372;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1425em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;050&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4031em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3618em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;025&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7237em;top:18.9675em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Reversal depreciations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.025em;top:18.9675em;"&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;909  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6031em;top:18.9675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:18.9675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3631em;top:18.9675em;"&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;909  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7231em;top:19.9894em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0925em;top:19.9894em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;176  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.16em;top:19.9894em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;43  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0981em;top:19.9894em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_629"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4094em;top:19.9894em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0305em;"&gt;Right-of-use assets as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0619em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_72"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;,467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2144em;top:21.0057em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;,39&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_317"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5781em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_335"&gt;574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.47em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_356"&gt;67,433  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.595em;top:22.9982em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7031em;top:24.1976em;"&gt;&lt;span class="stl_261 stl_16 stl_134"&gt;Rent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9218em;top:24.1976em;"&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;Car  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.9532em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0368em;top:24.9476em;"&gt;&lt;span class="stl_261 stl_16 stl_635"&gt;facility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7156em;top:24.9476em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:0.7661em;"&gt;leasing Equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9694em;top:24.9476em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:26.6375em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;Right-of-use assets as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2344em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;931  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3525em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;312  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6319em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;744  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5862em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;71&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;987  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:27.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8225em;top:27.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8231em;top:27.6594em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;902  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6169em;top:27.6594em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;768  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9206em;top:27.6594em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;670  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:28.6813em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;Modifications  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2162em;top:28.6813em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;036  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9637em;top:28.6813em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_172"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9294em;top:28.6813em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;38  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:28.6813em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;028  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_69"&gt;Depreciations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0825em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_315"&gt;071&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_315"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1481em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;480&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_274"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4294em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3856em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;026&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:30.725em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0606em;top:30.725em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;130  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1487em;top:30.725em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;54  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:30.725em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3887em;top:30.725em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:31.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;Right-of-use assets as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0968em;top:31.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;73,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_282"&gt;02&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2768em;top:31.7413em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_636"&gt;,74&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_636"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.02em;top:31.7413em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;75  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4156em;top:31.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;75,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;43  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:33.7394em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.19em;top:33.7338em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9868em;top:33.7338em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:35.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0379em;"&gt;Amounts included in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:36.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Interest expense leases  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1006em;top:36.4457em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;888  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9412em;top:36.4457em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;976  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7218em;top:37.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;Depreciation recognized on right-of-use assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.79em;top:37.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5887em;top:37.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7212em;top:38.4894em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Cost recognized for short term leases (less than &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_302" style="word-spacing:0.074em;"&gt;12 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;months)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6106em;top:38.4894em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;267  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3868em;top:38.4894em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;427  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;The right-of-use assets comprise the initial measure-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;ment of the corresponding lease liability. Right-of-use  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;assets are subsequently measured at cost less accumu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;lated depreciation and impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3718em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;All operating leases with a lease term of more than 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2049em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;months are recognized on the balance sheet as right-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0381em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;of-use-assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;For leases with a lease term of less than 12 months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the lease payments are recognized as an operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;expense on a straight-line basis over the term of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_134"&gt;lease.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;The right-of-use-assets are measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;value of all future lease payments. When assessing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;lease term, any extension or termination options are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;included in the assessment. The options are included  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;in determining the lease term, if exercise is reason-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ably certain. When determining the discount rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;used to calculate the net present value of future lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;payments, an incremental country specific borrowing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;rate is used, based on a government bond plus the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0245em;"&gt;Group’s credit margin, ranging from 2.5% to 3.0%. A  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;single discount rate is used for a portfolio of lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.0356em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;assets with reasonable similar characteristics. Initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.8687em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;direct costs are not included in measurement of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7018em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;right-of-use-assets. Non-lease components are not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;separated from lease components.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.2018em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Impact from change in lease terms, lease payments or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.0349em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;modification of the lease contract is further described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.8681em;z-index:2496;"&gt;&lt;span class="stl_255 stl_20 stl_455" style="word-spacing:-0.0027em;"&gt;in note 27.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Right-of-use assets are depreciated over the shorter  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.3681em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;period of lease term and useful life of the underlying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.2012em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;asset. The depreciation starts at the commencement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.0343em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;date of the lease. IAS 36 is applied to determine  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.8674em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;whether a right-of-use asset is impaired and any iden-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.7006em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;tified impariment losses are accounted for as described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.5337em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;in note 15.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_176"&gt;Inventories  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;Raw materials and supply materials  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4757em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;206&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;211  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5732em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;80&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;243  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;Work in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5369em;top:12.9307em;z-index:146;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;641&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;183  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5869em;top:12.9307em;z-index:154;"&gt;&lt;span class="stl_268 stl_20 stl_637"&gt;79&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;904  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;Manufactured goods and commodities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4332em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_383"&gt;234&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;097  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2363em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;837  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Write-down on inventory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;162&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_592"&gt;419&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_592"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0932em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;172&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_573"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_248"&gt;Inventories  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3375em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_524"&gt;9,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0525em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_222"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;43  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Write-down on inventory as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3144em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;172&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_573"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3725em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;63&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;537&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_124"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;Write-down for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6663em;top:18.6438em;z-index:364;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_621"&gt;101&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_621"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0969em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;171&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;643&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_259"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Use of write-down  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7982em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;031  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5544em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;62&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;239  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Reversal of write-down  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7882em;top:20.6876em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;592  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1644em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:21.7038em;"&gt;&lt;span class="stl_261 stl_16 stl_350" style="word-spacing:-0.0311em;"&gt;Write-down on inventory as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_350" style="word-spacing:-0.0311em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1332em;top:21.7038em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_295"&gt;9)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9038em;top:21.7038em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_335"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_542"&gt;,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.3351em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;Cost of goods sold amounts to, cf. note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4132em;top:23.3351em;"&gt;&lt;span class="stl_268 stl_20 stl_248"&gt;644&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;683  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.28em;top:23.3351em;z-index:552;"&gt;&lt;span class="stl_268 stl_20 stl_611"&gt;539&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;789  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:10.2169em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;The inventory of Encepur and Rabipur/RabAvert prod-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.0501em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;ucts amounted to DKK 577.9 million (DKK 305.4 million)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.8832em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;as per December 31, 2022 incl. write-down.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:13.5501em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Write-down for the year amounted to DKK 78.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.3832em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;and mainly relates to Encepur products which have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.2163em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;been challenged with delays at CMO's. The delays led  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.0494em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;to issues with seasonality and too low shelf life.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.7163em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Use of write-down in 2022 of DKK 46 million relates to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.5494em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;scrap of old Encepur batches fully written down last  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:19.3826em;"&gt;&lt;span class="stl_255 stl_20 stl_125"&gt;year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.0494em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Reversal of write-down of DKK 42.6 million mainly  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.8826em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;relates to Rabipur/RabAvert products since actual sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;exceeded expected sales for the year.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:24.6446em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6914em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;Inventories except for raw materials are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5245em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;at the lower of cost using the weighted average cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3576em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;formula method less write-downs for obsolescence and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1907em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;net realisable value. Raw materials are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0239em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;cost based on the FIFO method. For raw materials, cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.857em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;is determined as direct acquisition costs incurred. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.6901em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;cost of finished goods produced in-house and work in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5232em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;progress includes raw materials, consumables, filling  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3564em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;cost, QC testing and direct payroll costs plus indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.1895em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;costs of production.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8564em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Indirect costs of production include indirect materials  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6895em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;and labour as well as maintenance of and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.5226em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;on the machinery used in production processes, factory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3557em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0351em;"&gt;buildings and equipment used and cost of production  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;administration and management. The net realisable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;value is the estimated sales price in the ordinary course  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8826em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;of business less relevant sales costs determined on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;basis of marketability, obsolescence and changes in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;expected sales price.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3403em;top:15.4779em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.5247em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Production overheads are measured on the basis of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;actual costs. The basis of the actual costs is reassessed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:18.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;regularly to ensure that they are adjusted for changes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;in the utilization of production capacity, production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;changes and other relevant factors. Biological living  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;material is used, and the measurements and assump-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;tions for the estimates made may be incomplete or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.3566em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;inaccurate, and unexpected events or circumstances  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1897em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;may occur, which may cause the actual outcomes to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0228em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;later deviate from these estimates. It may be necessary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8559em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;to change previous estimates as a result of changes in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6891em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;the assumptions on which the estimates were based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5222em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;or due to new information or subsequent events, for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3553em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;which certainty could not be achieved in the earlier  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1884em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;estimates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8553em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Estimates that are material to the financial reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:30.6884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;are made in the determination of any impairment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5216em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;inventories as a result of 'out-of-specification' products,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.3547em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0397em;"&gt;expiry of products and sales risk.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_432" style="word-spacing:0.0085em;"&gt;Note 19  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_240" style="word-spacing:0.0137em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;Trade receivables from smallpox vaccine sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4863em;top:11.9088em;z-index:162;"&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;329&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;897  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5832em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Trade receivables from Encepur and Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5388em;top:12.9307em;z-index:230;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;167&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2288em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;162&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;546  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Trade receivables from other product sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3844em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3219em;top:13.9525em;z-index:292;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;731  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Trade receivables from contract work  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8163em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9675em;top:14.9744em;z-index:343;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;129  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3625em;top:15.9907em;z-index:368;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.09em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4782em;top:17.9832em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2632em;top:19.1825em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Gross  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3707em;top:19.1825em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4325em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3919em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_198"&gt;Loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9907em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6882em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5732em;top:20.6825em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:1.0358em;"&gt;amount allowance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1313em;top:20.6825em;"&gt;&lt;span class="stl_261 stl_16 stl_572"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.3669em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.3944em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Not past due date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7432em;top:23.3944em;z-index:479;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;484&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;110  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:23.3944em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3019em;top:23.3944em;z-index:490;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;484&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;110  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.4163em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0488em;top:24.4163em;z-index:518;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.425em;top:24.4163em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;823&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_156"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5919em;top:24.4163em;"&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;38&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;612  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:25.4382em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;6 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_90"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8388em;top:25.4382em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;470  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7407em;top:25.4382em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_222"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3769em;top:25.4382em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;423  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7213em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5338em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.335em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_71"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1388em;top:26.4544em;z-index:602;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4838em;top:28.4469em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2607em;top:29.6463em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Gross  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3682em;top:29.6463em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.43em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3894em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_198"&gt;Loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9882em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:31.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5707em;top:31.1463em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:1.0358em;"&gt;amount allowance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1288em;top:31.1463em;"&gt;&lt;span class="stl_261 stl_16 stl_572"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7207em;top:32.8307em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7207em;top:33.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Not past due date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7em;top:33.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;374&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;583  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3794em;top:33.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2588em;top:33.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;374&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;583  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.88em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3407em;top:34.88em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;936  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4438em;top:34.88em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_582"&gt;139&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_582"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9013em;top:34.88em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;797  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8313em;top:35.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;271  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7132em;top:35.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3819em;top:35.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5244em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_455"&gt;,79&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_455"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3375em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;66)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.085em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:10.2094em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0345em;"&gt;Credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Bavarian Nordic’s customers are predominantly public  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.8813em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;authorities and renowned wholesalers and therefore  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:12.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;the credit risk is very low. There are overdue receiv-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:13.5475em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;ables as of December 31, 2022 DKK 40 million (DKK 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:14.3807em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;million). As of December 31, 2022 a loss allowance of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:15.2138em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;DKK 870 thousand (DKK 166 thousand) has been recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:16.0469em;"&gt;&lt;span class="stl_255 stl_20 stl_109"&gt;nized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:17.7138em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Group has applied the simplified approach to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:18.5469em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;measure the expected credit loss and a lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:19.38em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;expected loss allowance for all trade receivables.The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:20.2132em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;allowance is an estimate based on shared credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.0463em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;characteristics and the days past due. At the time of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.8794em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;revenue recognition, Bavarian Nordic assesses the full  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:22.7125em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;lifetime expected credit losses. In addition, undue and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:23.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;due receivables are analyzed in an ongoing process.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:24.3788em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Based on the credit assessment, receivables analysis,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:25.2119em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;historical experience and industry experience, it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.045em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;estimated whether the receivables are recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.8782em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;or write-downs are needed. Bavarian Nordic monitor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:27.7113em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the credit exposure on all customers, both new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:28.5444em;"&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;existing.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:30.2113em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Bavarian Nordic recognizes a loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.0444em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;expected credit losses and writes off trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.8775em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;when there is information indicating that the debtor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:32.7107em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;is in severe financial difficulty and there is no realistic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;prospect of recovery.&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.716em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Subsequent recovery of amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:34.3769em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;previously written down is credited against sales and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:35.21em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;distribution costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:10.21em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;The payment conditions for the customers, including  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.0432em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;credit periods and any payment of interest in case of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.8763em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;non-payment, vary, but are always based on industry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:12.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;practice in the relevant market. The weighted average  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:13.5425em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;credit period is approximately 60 days for the sales of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:14.3757em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Encepur and Rabipur/RabAvert.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:16.0425em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The table details the risk profile for trade receivables.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:17.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0348em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;equal to the nominal value, net of impairment based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5241em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;on expected credit losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Write-downs are calculated using the ‘full lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;expected credit losses’ method, whereby the likelihood  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;of non-fulfilment throughout the lifetime of the finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;cial instrument is taken into consideration. A provision  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;account is used for this purpose.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_294" style="word-spacing:0.006em;"&gt;Note 20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_431" style="word-spacing:0.0064em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Deposits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1088em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;086  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8932em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;778  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0226em;"&gt;Receivable VAT and duties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3832em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.575em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;55&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Derivative financial instruments at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8025em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;894  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4088em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Interest receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;369  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5894em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;353  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6219em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_247"&gt;,349  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4419em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.6163em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Classified as:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Non-current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1094em;top:18.6438em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;086  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8938em;top:18.6438em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;778  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;Current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7932em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;43&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;263  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5825em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;66&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;517  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.6819em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6219em;top:20.6819em;"&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_247"&gt;,349  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4419em;top:20.6819em;"&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:22.5578em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.6046em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.4377em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2708em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;equal to the nominal value, net of impairment, to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.1039em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;counter the loss after an individual assessment of risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.9371em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;of loss.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_125" style="word-spacing:0.0005em;"&gt;Note 21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_419"&gt;Prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Prepayments to CMO's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.5027em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;351&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;322  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.292em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_337"&gt;135&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;750  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Other prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8983em;top:12.9307em;z-index:716;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6352em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.9469em;"&gt;&lt;span class="stl_261 stl_16 stl_409"&gt;Prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3345em;top:13.9469em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;36&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;,47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_125"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1433em;top:13.9469em;z-index:750;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_340"&gt;47,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5725em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Classified as:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Non-current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.5289em;top:16.6em;z-index:789;"&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;207&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5564em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;38&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.5064em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;153&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;934  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2252em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;840  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_409"&gt;Prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3352em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;36&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;,47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_125"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1439em;top:18.6382em;z-index:855;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_340"&gt;47,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:20.2532em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Scale-up activities to prepare for future production of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:21.0863em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;drug substance for commercial launch of ABNCoV2 is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:21.9194em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;taking place at the CMO who also produced the Phase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:22.7526em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;3 clincial trial materials. Costs related to the scale-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:23.5857em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;activities are recognized as prepayments and will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:24.4188em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;recognized as inventory in concurrence with future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:25.2519em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;purchase of products from the CMO. As per December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:26.085em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;31, 2022 DKK 192.6 million (DKK 21.8 million) has been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:26.9182em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;recognized as non-current prepayments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:28.585em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;As part of the scale-up activity future commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:29.4182em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;batches have been produced. Since the ABNCoV2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:30.2513em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0253em;"&gt;product is not yet approved the costs for this produc-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:31.0844em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;tion, DKK 131.7 million, have been recognized as current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:31.9175em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;prepayments. Will be reclassified to inventory once  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:32.7507em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;product approval is obtained.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:34.4176em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Part of the technology transfer of the production and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:35.2507em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;packaging activities for Encepur and Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:36.0838em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;takes place at CMO's (filing of Encepur, labelling and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:36.9169em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;packing). Costs related to the technology transfer activ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:37.75em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;ities are recognized as prepayments when costs incur  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:20.25em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;and then recognized as inventory in concurrence with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:21.0832em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;purchase of production services from the CMO's. As per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:21.9163em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;December 31, 2022 DKK 14.9 million (DKK 16.6 million)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:22.7494em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;has been recognized as non-current prepayments.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:24.6802em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.727em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Prepayments recognized under assets include costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5601em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;paid in respect of subsequent financial years, including  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3933em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;project costs incurred that relate to revenue of subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.2264em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;quent years. Prepayments are measured at cost.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_364" style="word-spacing:-0.0055em;"&gt;Note 22  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_385" style="word-spacing:-0.0021em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1113em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9257em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;351  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9063em;top:12.9307em;z-index:156;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;102  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5957em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Payable salaries, holiday accrual etc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.53em;top:13.9525em;z-index:211;"&gt;&lt;span class="stl_268 stl_20 stl_606"&gt;107&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;952  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5525em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;491  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;Gross to net deduction accrual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8382em;top:14.9744em;z-index:257;"&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;679  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6857em;top:14.9744em;z-index:265;"&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;134  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other accrued costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7975em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;319  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.645em;top:15.9963em;z-index:300;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0237em;"&gt;Payable VAT and duties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8294em;top:17.0182em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;215  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1638em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.0344em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0384em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3332em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_640"&gt;57,569  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0907em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_364"&gt;,994  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;For a further description of financial instruments see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.9551em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;note 23. The phantom share programs are described in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.7882em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0188em;"&gt;note 30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:19.9101em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:20.9569em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Derivative financial instruments and liability relating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.79em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;to phantom shares are measured at fair value. For  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.6231em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;further details regarding measurement of fair value for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.4563em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;phantom shares see note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.1231em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;Other financial liabilities are measured at initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.9563em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;recognition at fair value less any transaction costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.7894em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Subsequent other financial liabilities are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.6225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost using the effective interest method,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.4556em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;whereby the difference between proceeds and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.2888em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;nominal value is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;as a financial expense over the period. Amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.955em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;usually equal to the nominal value.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8563em;"&gt;&lt;span class="stl_261 stl_16 stl_256" style="word-spacing:-0.0362em;"&gt;Categories of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.53em;top:12.7657em;z-index:196;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;523&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;145  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2638em;top:12.7657em;"&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;381&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;624  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.6694em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8125em;top:13.6694em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;455  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6419em;top:13.6694em;z-index:238;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;71&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;104  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:14.5732em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Cash and cash equivalents  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4582em;top:14.5732em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;575&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;407  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2557em;top:14.5732em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;591&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;820  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.4713em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8532em;top:15.4713em;z-index:325;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:1.175em;"&gt;7 &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_122"&gt;44,54&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_122"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.8663em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0194em;top:16.8663em;z-index:354;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;184&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7682em;top:16.8663em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;626&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;261  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:17.77em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Transferred securities that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9907em;top:17.77em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2188em;top:17.77em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.5069em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;(repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:19.5069em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4069em;top:19.5069em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:20.405em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.805em;top:20.405em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.585em;top:20.405em;z-index:615;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:21.8em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;Derivative financial instruments to hedge future cash flows (exchange rate)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.795em;top:21.8em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:21.8em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.7038em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Derivative financial instruments to hedge future cash flows (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1257em;top:22.7038em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:22.7038em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0382em;"&gt;Financial assets used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.66em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1538em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9938em;top:24.9969em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;612&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;093  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8225em;top:24.9969em;z-index:870;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;146&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;757  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:25.9007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Debt to credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8069em;top:25.9007em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2569em;top:25.9007em;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;393&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:26.8044em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0682em;top:26.8044em;z-index:961;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2038em;top:26.8044em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.7082em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4325em;top:27.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2857em;top:27.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:28.6119em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8125em;top:28.6119em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5794em;top:28.6119em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.5157em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4594em;top:29.5157em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2957em;top:29.5157em;"&gt;&lt;span class="stl_268 stl_20 stl_342"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:30.4194em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5075em;top:30.4194em;z-index:1118;"&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;238&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;165  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2532em;top:30.4194em;"&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;125&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;726  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:31.3175em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0352em;"&gt;Financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8038em;top:31.3175em;"&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_300"&gt;5,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292" style="word-spacing:1.203em;"&gt;18 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;4,66&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:32.7125em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:33.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;(repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.11em;top:33.5457em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:33.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.4494em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.905em;top:34.4494em;z-index:1338;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;102  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5944em;top:34.4494em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.3475em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6682em;top:35.3475em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4575em;top:35.3475em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_285"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:36.7425em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;Derivative financial instruments to hedge future cash flows (exchange rate)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3813em;top:36.7425em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3594em;top:36.7425em;"&gt;&lt;span class="stl_268 stl_20 stl_346"&gt;646  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:37.6463em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Derivative financial instruments to hedge future cash flows (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3807em;top:37.6463em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3894em;top:37.6463em;"&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;705  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:38.5444em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0385em;"&gt;Financial liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3732em;top:38.5444em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8em;top:38.5444em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;1  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5574em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;On initial recognition, derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;are measured at the fair value on the settlement date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Directly attributable costs related to the purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;or issuance of the individual financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;(transaction costs) are added to the fair value on initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;recognition, unless the financial asset or the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;liability is measured at fair value with recognition of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;fair value adjustments in the income statement. Subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0263em;"&gt;quently, they are measured at fair value at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;sheet date based on the official exchange rates, market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;interest rates and other market data such as volatility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;adjusted for the special characteristics of each instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Changes in the fair value of derivative financial instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;ments designated as and qualifying for recognition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;as effective hedges of future transactions (cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0262em;"&gt;hedges) are recognized as comprehensive income.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.393em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;The ineffective portion is recognized immediately in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the income statement. When the hedged transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;are realized, cumulative changes are recognized in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;z-index:2782;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0333em;"&gt;income statement together with the hedged transa&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;c&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;tion or in respect of a non-financial item as part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;cost of the transactions in question.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;For derivative financial instruments that do not qualify  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;for hedge accounting, changes in fair value are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;nized as financials in the income statement as they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_415"&gt;occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Company has designated certain derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;cial instruments as cash flow hedges as defined under  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.558em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;IFRS 9 "Financial Instruments". Hedge accounting is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;classified as a cash flow hedge when the hedges of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;a particular risk is associated with the cash flows of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.0574em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;highly probable forecast transactions.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.7187em;"&gt;&lt;span class="stl_261 stl_16 stl_407"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.5574em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Securities consist of listed bonds, which are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.3905em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;at fair value on initial recognition and as of the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.2237em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;sheet date. The Group’s portfolio of securities is treated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0568em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;as "financial items at fair value through profit or loss",  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.8899em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0344em;"&gt;as the portfolio is accounted for and valued on the basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.723em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;of the fair value in compliance with the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;investment policy.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.223em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Both realized and unrealized value adjustments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.0562em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;recognized in the income statement under financials.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.7174em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.0401em;"&gt;Policy for managing financial risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Through its operations, investments and financing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.3893em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Group is exposed to fluctuations in exchange rates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.2224em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;interest rates. These risks are managed centrally in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.0555em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Parent Company, which manages the Group´s liquidity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.8887em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Group pursues a treasury policy approved by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.7218em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Board of Directors. The policy operates with a low risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.5549em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;profile, so that exchange rate risks, interest rate risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.388em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;and credit risks arise only in commercial relations. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.2212em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Group therefore does not undertake any active specula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.0543em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;tion in financial risk.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.7212em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;The Group´s capital structure is regularly assessed by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.5543em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;the Board of Directors relative to the Group´s cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:37.3874em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;position and cash flow budgets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.5802em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Market risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.419em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;The pharmaceutical market is characterized by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;aim of authorities to reduce or cap healthcare costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;in general. Market changes such as price reductions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;and launch of competing generic products may have a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;considerable impact on the earnings potential of phar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;maceuticals. As a pharmaceutical production company  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0357em;"&gt;Bavarian Nordic will be exposed to risks from instability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.2508em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;in the supply chain, where lack of, or delays in, certain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.084em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;materials may impact the companys ability to deliver  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.9171em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;and hence the companys profitability. The Company is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.7502em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;highly dependent on a stable IT environment and risks,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.5833em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0374em;"&gt;incl. cyberattacks, may impact the profibaility of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.4165em;"&gt;&lt;span class="stl_255 stl_20 stl_420"&gt;Company.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.0777em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0285em;"&gt;Interest rate risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.9165em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;It is the Group's policy to hedge interest rate risks on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.7496em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;loans whenever it is deemed that interest payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.5827em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;can be hedged at a satisfactory level relative to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.4158em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;related costs. Hedging will then consist of interest rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.249em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;swaps that convert floating rate loans to fixed rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.0821em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;loans. Management determines the economic relation-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.9152em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;ship between the hedged item and the hedging instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.7483em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;ment to ensure a high hedge effectiveness. The interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.5815em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;rate risk involved in placing cash funds and investing in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.4146em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;securities is managed on the basis of duration.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.0758em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Exchange rate risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.9146em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;The Group’s exchange rate exposure is primarily to USD  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.7477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;and EUR. The exchange rate exposure to USD is hedged  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.5808em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;to the greatest possible extent by matching incoming  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.414em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;and outgoing payments denominated in USD, looking  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:11.5808em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;at maximum one year ahead. Regular assessments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:12.414em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;made of whether the remaining net position should  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:13.2471em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.037em;"&gt;be hedged by currency forward contracts or currency  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:14.0802em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;option contracts.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:15.7471em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;The exposure to EUR is not hedged as management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:16.5802em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;believes that fluctuations in EUR are limited due to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:17.4133em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;the Danish fixed-rate policy which is expected to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:18.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;maintained. Thus the fluctuations in EUR do not have a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:19.0796em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;significant impact on financial performance.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:20.7465em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;The table shows the net effect it would have had on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:21.5796em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;equity and profit for the year if the year-end exchange  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:22.4127em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;rates of USD, EUR and CHF had been 15%, 1% or 5%,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:23.2458em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;respectively, higher than the actual exchange rates. A  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:24.079em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;corresponding decrease in the actual exchange rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:24.9121em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;would have had an opposite (positive/negative) effect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:25.7452em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;on net result and equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.5101em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.0359em;"&gt;Exchange rate risks on recognized financial assets and liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3158em;top:11.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.1045em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;and cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0189em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_510"&gt;equivalents,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3877em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.9058em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8502em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:0.9856em;"&gt;securities Receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.332em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_474"&gt;Liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0345em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_140"&gt;position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5845em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.612em;"&gt;&lt;span class="stl_255 stl_20 stl_344"&gt;EUR  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.4889em;top:16.612em;"&gt;&lt;span class="stl_268 stl_20 stl_425"&gt;294&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8445em;top:16.612em;z-index:2504;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;355&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;193  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3564em;top:16.612em;z-index:2512;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;156&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;284&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4995em;top:16.612em;"&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;506&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;884&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.6339em;"&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;USD  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5627em;top:17.6339em;z-index:2540;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;237&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7308em;top:17.6339em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;148&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;254  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.807em;top:17.6339em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;156&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;497&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_168"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2452em;top:17.6339em;"&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;228&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;783  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6558em;"&gt;&lt;span class="stl_255 stl_20 stl_466"&gt;CHF  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2302em;top:18.6558em;z-index:2578;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;175  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4183em;top:18.6558em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;692  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1802em;top:18.6558em;z-index:2594;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_571"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;532&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.352em;top:18.6558em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;665&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:20.2758em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:21.3033em;"&gt;&lt;span class="stl_255 stl_20 stl_344"&gt;EUR  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.6208em;top:21.3033em;z-index:2619;"&gt;&lt;span class="stl_268 stl_20 stl_576"&gt;107&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;199  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7758em;top:21.3033em;"&gt;&lt;span class="stl_268 stl_20 stl_337"&gt;193&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;837  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3402em;top:21.3033em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;416&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;438&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_176"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6758em;top:21.3033em;z-index:2648;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;115&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;402&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_45"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:22.3251em;"&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;USD  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.797em;top:22.3251em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;481  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7483em;top:22.3251em;"&gt;&lt;span class="stl_268 stl_20 stl_227"&gt;205&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;224  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8789em;top:22.3251em;z-index:2682;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_643"&gt;319&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;201&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_623"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4045em;top:22.3251em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;496&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:23.347em;"&gt;&lt;span class="stl_255 stl_20 stl_466"&gt;CHF  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.172em;top:23.347em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;216  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4327em;top:23.347em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;471  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1195em;top:23.347em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;28&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;375&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3677em;top:23.347em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;688&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:25.5701em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0351em;"&gt;Sensitivity analysis on exchange rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1508em;top:26.7101em;"&gt;&lt;span class="stl_261 stl_16 stl_356" style="word-spacing:-0.034em;"&gt;Likely change&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.704em;top:26.7101em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:0.6074em;"&gt;Hypothetical Hypothetical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.3808em;top:27.4601em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;in exchange  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3252em;top:27.4601em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0383em;"&gt;change in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.577em;top:27.4601em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0383em;"&gt;change in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7283em;top:28.2101em;"&gt;&lt;span class="stl_261 stl_16 stl_32"&gt;rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2733em;top:28.2101em;"&gt;&lt;span class="stl_261 stl_16 stl_553"&gt;equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6095em;top:28.2101em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;net result  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:28.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8945em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.922em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Change if higher USD-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7214em;top:30.922em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_273"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3339em;top:30.922em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;75&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;638  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5758em;top:30.922em;"&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;56&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;962  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Change if higher EUR-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0489em;top:31.9439em;"&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0902em;top:31.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;207&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_274"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4314em;top:31.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;911&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.9658em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Change if higher CHF-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.032em;top:32.9658em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.9608em;top:32.9658em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;583&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7264em;top:32.9658em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;004&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.5858em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6133em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Change if higher USD-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7214em;top:35.6133em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_273"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3314em;top:35.6133em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;724  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6252em;top:35.6133em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;921  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:36.6351em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Change if higher EUR-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0496em;top:36.6351em;"&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1183em;top:36.6351em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;28&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;638&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4464em;top:36.6351em;z-index:3156;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;165&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.657em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Change if higher CHF-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0321em;top:37.657em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1608em;top:37.657em;"&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;140  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.1921em;top:37.657em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;235&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.5802em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Derivative financial instruments not designated as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.4133em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;hedge accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;Currency forward contracts and currency option  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;contracts which are not designated as hedge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;accounting are classified as financial assets/liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;measured at fair value with value adjustments recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;nized through the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.2515em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;There were no open currency contracts as of December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.0846em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;31, 2022 or as per December 31, 2021 not designated as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.9177em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;hedge accounting.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.579em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0355em;"&gt;Hedging of expected future cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;The Company has concluded currency forward contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.2508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;of USD 75 million to hedge net cash position during  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.084em;"&gt;&lt;span class="stl_255 stl_20 stl_201"&gt;2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;In 2016 the Company refinanced the old mortgage loans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.584em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;(fixed rate) and obtained a new mortgage loan with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.4171em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;floating rate. The Company also concluded an interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.2502em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;rate swap to convert the floating rate loan to a fixed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.0833em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;rate loan. The interest rate swap has the same maturity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.9165em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;date and nominal amount as the mortgage loan to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.7496em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;secure high effectiveness of the hedge.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.5101em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.0361em;"&gt;Cash flow hedge – forward currency contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5754em;top:11.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0773em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_454"&gt;Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0579em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2192em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6148em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5136em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0306em;"&gt;recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8435em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0473em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.260em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;other compre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:14.6558em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5673em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0352em;"&gt;Forward price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8198em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0302em;"&gt;agreed rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6542em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.606em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_95" style="word-spacing:-0.0338em;"&gt;hensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:16.3345em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:17.362em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Forward currency contracts (USD/DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5854em;top:17.362em;z-index:1589;"&gt;&lt;span class="stl_268 stl_20 stl_644"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285" style="word-spacing:0.086em;"&gt;19 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;- &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_644"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;29  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0779em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;543&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;454  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3848em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3454em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;671  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2467em;top:18.3783em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_277"&gt;02&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_277"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2067em;top:18.3783em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,67&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_294"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:20.0039em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Forward currency contracts (USD/DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7848em;top:21.0314em;z-index:1671;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;538  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9879em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9486em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9048em;top:22.0476em;"&gt;&lt;span class="stl_261 stl_16 stl_418"&gt;(646)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8654em;top:22.0476em;"&gt;&lt;span class="stl_261 stl_16 stl_418"&gt;(646)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:24.2764em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0305em;"&gt;Cash flow hedge – interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5736em;top:25.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0754em;top:26.1664em;"&gt;&lt;span class="stl_261 stl_16 stl_454"&gt;Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0561em;top:26.1664em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2173em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6129em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5117em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0306em;"&gt;recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8417em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0454em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.258em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;other compre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:28.422em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8179em;top:28.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0302em;"&gt;agreed rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6523em;top:28.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.606em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_95" style="word-spacing:-0.0338em;"&gt;hensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:30.1008em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:31.1226em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0283em;"&gt;Interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:32.1501em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;DKK – fixed rate &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;9625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;% p.a. (expiry &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;2031&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5429em;top:32.1501em;z-index:1914;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;192  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7136em;top:32.1501em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6936em;top:32.1501em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5917em;top:33.1664em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5729em;top:33.1664em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_12"&gt;,574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:34.792em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:35.8139em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0283em;"&gt;Interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:36.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;DKK – fixed rate &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;9625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;% p.a. (expiry &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;2031&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4473em;top:36.8414em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9861em;top:36.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1511em;top:36.8414em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;709  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9011em;top:37.8576em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;(7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;5)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0879em;top:37.8576em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;9  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:10.4458em;"&gt;&lt;span class="stl_261 stl_16 stl_462" style="word-spacing:-0.0434em;"&gt;Cash risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:11.2846em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;The Group´s bank deposits are placed in deposit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:12.1177em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;accounts without restrictions. The Group's cash and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:12.9508em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;cash equivalents totaled DKK 575.4 million as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:13.784em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;December 31, 2022 (DKK 591.8 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:15.4508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;The Group's fixed rate bond portfolio expires as shown  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:16.284em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;below. Amounts are stated excluding interest.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.029em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.209em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9065em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0296em;"&gt;Fair value as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7003em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_217" style="word-spacing:1.0723em;"&gt;Effective Fair&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.280em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0353em;"&gt;value as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8709em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_297"&gt;Effective  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:12.2289em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4903em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9672em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6609em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0257em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0257em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1378em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:13.9077em;"&gt;&lt;span class="stl_261 stl_16 stl_138" style="word-spacing:-0.0427em;"&gt;Bond portfolio  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:14.9352em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;2 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6309em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;226&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8853em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8047em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;201&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;688  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8134em;top:14.9352em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:15.957em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;5 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1022em;top:15.957em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;898  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8728em;top:15.957em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8859em;top:15.957em;z-index:273;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_636"&gt;118&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8934em;top:15.957em;z-index:284;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:16.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;After &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;5 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.109em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;550&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8859em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2584em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_32"&gt;804&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;803  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.059em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:17.9952em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.4553em;top:17.9952em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_646"&gt;69,75&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_646"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7615em;top:17.9952em;"&gt;&lt;span class="stl_261 stl_16 stl_212"&gt;3.5%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.654em;top:17.9952em;z-index:342;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.934em;top:17.9952em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;.&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_91"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;%  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:19.6102em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Fluctuations in interest rate levels affect the Group's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:20.4433em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;bond portfolio. An change in the interest rate level by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:21.2764em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0235em;"&gt;1 percentage point relative to the interest rate level on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:22.1095em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;the balance sheet date would have had an impact of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:22.9427em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;DKK 73.3 million on the Group´s net result and equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:23.7758em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0203em;"&gt;(DKK 46.9 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Maturity of financial liabilities (including interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6982em;top:11.1189em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0457em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.075em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9594em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.0739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4175em;top:13.0683em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214" style="word-spacing:1.1127em;"&gt;year &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;and 5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5769em;top:13.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9713em;top:13.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.7583em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0315em;"&gt;Deferred consideration &lt;/span&gt;&lt;sup style="top: -0.208em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0825em;top:14.7584em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_596"&gt;297&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;460  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3406em;top:14.7584em;z-index:307;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;506&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4388em;top:14.7584em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7494em;top:14.7584em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;803&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;561  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.7803em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6656em;top:15.7803em;z-index:347;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1456em;top:15.7803em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;355  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1988em;top:15.7803em;z-index:366;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;423  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8313em;top:15.7803em;z-index:373;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;122&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;781  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:16.8021em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0326em;"&gt;Prepayment and loan from Government &lt;/span&gt;&lt;sup style="top: -0.2077em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9897em;top:16.8026em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8797em;top:16.8026em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;519&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;932  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8516em;top:16.8026em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;503  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2429em;top:16.8026em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;590&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:17.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3879em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1129em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;834  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:17.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5941em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0679em;top:18.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7154em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4397em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.241em;top:18.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0747em;top:19.8682em;"&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2479em;top:19.8682em;"&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.038em;"&gt;Non-derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.3422em;top:20.8845em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_209"&gt;96,653  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0654em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;082&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7535em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_564"&gt;79,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5122em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_172"&gt;801  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7079em;top:22.877em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0466em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.076em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9604em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:24.832em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4185em;top:24.8264em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214" style="word-spacing:1.1127em;"&gt;year &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;and 5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5779em;top:24.8264em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9722em;top:24.8264em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:26.5164em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0323em;"&gt;Deferred consideration &lt;/span&gt;&lt;sup style="top: -0.2067em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0915em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;594&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;912  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2777em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;803&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;523  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4384em;top:26.5178em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7446em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;398&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:27.5396em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0784em;top:27.5396em;z-index:781;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;88&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;689  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5365em;top:27.5396em;z-index:786;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;106  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.839em;top:27.5396em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;409  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2615em;top:27.5396em;z-index:799;"&gt;&lt;span class="stl_268 stl_20 stl_647"&gt;907&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;204  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:28.5615em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0323em;"&gt;Prepayment and loan from Government &lt;/span&gt;&lt;sup style="top: -0.2076em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9897em;top:28.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.846em;top:28.562em;z-index:845;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4385em;top:28.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2947em;top:28.562em;z-index:853;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7241em;top:29.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4022em;top:29.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;266  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1597em;top:29.5839em;z-index:882;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4385em;top:29.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.581em;top:29.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.1241em;top:30.6057em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_648"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2972em;top:30.6057em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_648"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0954em;top:31.6276em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;032  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2685em;top:31.6276em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;032  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0385em;"&gt;Non-derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4285em;top:32.6439em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0641em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_81"&gt;34,36&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_81"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6947em;top:32.6439em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5147em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_247"&gt;4,966,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;79  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;Derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1547em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7072em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4316em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3279em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.7578em;"&gt;&lt;span class="stl_251 stl_20 stl_112" style="word-spacing:-0.0438em;"&gt;1) Further explained in note 24.&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.016em;top:35.7578em;"&gt;&lt;span class="stl_251 stl_20 stl_525" style="word-spacing:-0.0462em;"&gt;2) Further explained in note 25.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;With respect to the Group´s debt to credit institutions, a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;change in the applicable interest rate by 1 percentage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;point would have had an impact on the Group's net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;result and equity of DKK 0.2 million (DKK 4.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;The European Investment Bank loan obtained in 2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;was fully repaid in October 2022 (DKK 372.2 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;During 2022 the Company entered into further repo  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;loan contracts (security lending) and increased the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;position to DKK 1,104 million (DKK 500 million). Further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;described below.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Debt to credit institutions also include a mortgage loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;of DKK 18.9 million (DKK 21.1 million), further described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0217em;"&gt;in note 26.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The Group has a credit facility of DKK 20 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;20 million) at Nordea. As of December 31, 2022, DKK 0.2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;million (DKK 0.2 million) of the credit facility is utilized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;for bank guarantees.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.5452em;"&gt;&lt;span class="stl_261 stl_16 stl_510" style="word-spacing:-0.0389em;"&gt;Credit risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;The primary credit risk relates to trade receivables.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.217em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;The Company assesses the expected credit losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;also considering changes in the macro environment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;that might impose an increased risk of losses. This is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;compared to the previous model where indications  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of credit losses were needed for the Company to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;recognize an expected loss. The Group´s customers are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;predominantly public authorities and renowned phar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;maceutical companies and wholesalers, and the credit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.882em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0259em;"&gt;risk on the Group's receivables is therefore considered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;to be very low. A loss allowance of DKK 870 thou-  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:10.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;sand (DKK 166 thousand) has been recognized as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:11.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0208em;"&gt;December 31, 2022, cf. note 19.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:12.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;To manage credit risk regarding financial counterpar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:13.5483em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ties, Bavarian Nordic only enters into derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:14.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;cial contracts and money market deposits with financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:15.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;counterparties possessing a satisfactory long-term  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:16.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;credit rating from at least two out of the three selected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:16.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;ratings agencies: Standard and Poor’s, Moody’s and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:17.7139em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;Fitch.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:19.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;Cash and cash equivalents are not deemed to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:20.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;subject to any special credit risk as they are deposited  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:21.047em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;with Nordea. The bond portfolio is invested in either  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:21.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;Danish government bonds, Danish mortgage bonds or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:22.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;bonds issued by Danish banks with high ratings.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:24.3745em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Optimization of capital structure  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:25.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Management regularly assesses whether the Group´s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:26.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;capital structure best serves the interests of the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:26.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;and its shareholders. The overall goal is to ensure that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:27.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.037em;"&gt;the Group has a capital structure which supports its  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:28.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;long-term strategy and growth target.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:30.207em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:31.0402em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:31.8789em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;In 2022 the Company entered into transactions that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:32.712em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;transfer ownership of securities to a counterparty,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:33.5452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;while the Company retains the risks associated with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:34.3783em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;the holding of the securities. As the Company retains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:35.2114em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;all risks, the securities remain in the balance sheet, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:36.0445em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the transactions are accounted for as loans received  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:36.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;against collateral (repo transactions and security  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:37.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;lending). The transactions involve selling the securities  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;to be repurchased at a fixed price at a later date. Coun-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;terparties are entitled to sell the securities or deposit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;them as collateral for loans.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:11.3739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6723em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.351em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:12.9289em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0361em;"&gt;Carrying amount of transferred securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4723em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5823em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Carrying amount of associated liabilities (security lending)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.381em;top:13.8445em;z-index:1049;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_650"&gt;661&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_650"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.381em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;000&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0349em;"&gt;Net position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9692em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,745)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9223em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;,466)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:16.5227em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Fair value hierarchy for financial instruments measured at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0173em;top:16.5227em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:17.7277em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3967em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0579em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3335em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8435em;top:19.2827em;z-index:1203;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8642em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1667em;top:19.2827em;z-index:1217;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7329em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.626em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8567em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9485em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2767em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9379em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6067em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2679em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1942em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1411em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8023em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4111em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0723em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2086em;top:25.7714em;z-index:1666;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8698em;top:25.7714em;z-index:1675;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9398em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6011em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0248em;top:28.4495em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:29.6545em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3954em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0567em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3323em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8767em;top:31.2095em;z-index:1805;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8623em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1998em;top:31.2095em;z-index:1815;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1079em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7692em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:33.0352em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6404em;top:33.0352em;z-index:1956;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0404em;top:33.0352em;z-index:1968;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:1.142em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3073em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9686em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2004em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0711em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7323em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1923em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9111em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5723em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:10.2127em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0301em;"&gt;Securities (level 1)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:11.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;The portfolio of publicly traded government bonds,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:11.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;publicly traded mortgage bonds and bank bonds is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:12.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;valued at listed prices and price quotas.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:14.3789em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Derivative financial instruments (level 2)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Currency forward contracts, currency option contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;and currency swap contracts are valued according to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;generally accepted valuation methods based on rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0354em;"&gt;vant observable swap curves and exchange rates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Liability relating to phantom shares is determined using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;the Black-Scholes. The valuation is based on observable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;share price, interest rates and volatility rates.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_26" style="word-spacing:0.016em;"&gt;Note 24  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_43" style="word-spacing:0.0066em;"&gt;Deferred consideration  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:12.7083em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Deferred consideration, product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.979em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2946em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;638  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7434em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;638  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.7577em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Deferred consideration, license agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.094em;top:14.7577em;z-index:2992;"&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;287&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;436  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7902em;top:14.7577em;"&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;304&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:14.7577em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2559em;top:14.7577em;"&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;591&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;455  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.914em;top:15.7739em;"&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_402"&gt;7,436  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0646em;top:15.7739em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_65"&gt;4,657  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4202em;top:15.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5346em;top:15.7739em;"&gt;&lt;span class="stl_257 stl_16 stl_127"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;93  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:18.0027em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:19.0302em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Deferred consideration, product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0765em;top:19.0302em;z-index:3094;"&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;57&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;667  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2777em;top:19.0302em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;972&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;862  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:19.0302em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7234em;top:19.0302em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;550&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;529  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:20.052em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Deferred consideration, license agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.979em;top:20.052em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7559em;top:20.052em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;596&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;228  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:20.052em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2046em;top:20.052em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;596&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;228  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:21.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9152em;top:21.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_53"&gt;577,667  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0746em;top:21.0683em;"&gt;&lt;span class="stl_257 stl_16 stl_127"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_419"&gt;,569,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_74"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4202em;top:21.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.599em;top:21.0683em;z-index:3205;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_651"&gt;46,757  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.6777em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.5164em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;The Asset Purchase Agreement with GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3495em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;includes milestone payments relating to transfer and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.1827em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;registration of marketing authorizations, technology  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;transfer of different steps of the production and pack-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.8489em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;aging activities as well as a milestone payment when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.682em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;all services agreed to be rendered by GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.5152em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;has been completed. In total EUR 470 million. During  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.3483em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;2022 two milestone payments of a total of EUR 80  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.1814em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;million was paid. The payments are presented as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.0145em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;cash flow from investment activities in the cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.8477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;statement. The majority of the remaining milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.6808em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;payments are expected to be payable in 2024. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.5139em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;completion milestone is expected to be payable begin-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.347em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;ning of 2025.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.0139em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;The Asset Purchase Agreement with GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.847em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.0361em;"&gt;also includes a sales milestone of EUR 25 million. As per  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:22.6802em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;December 31, 2022 Management does not judge the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:23.5133em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;sales milestone to be probable and therefore the sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:24.3464em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;milestone has not been recognized as either part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:25.1795em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0294em;"&gt;product rights (note 15) nor the deferred consideration.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The carrying amount are measured using a discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:27.6795em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;rate of 4% per annum. The discount rate was deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:28.5127em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;mined at intial recognition based on an interest rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:29.3458em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;on a similar loan of the same size and maturity as the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:30.1789em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;contingent milestone payments and the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:31.012em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0234em;"&gt;credit rating as of December 31, 2019.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:32.6789em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;The fair value of the deferred consideration as per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:33.512em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;December 31, 2022 amounts to DKK 1,937 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:34.3452em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;2,564 million), measured using the updated discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:35.1783em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0199em;"&gt;rate of 6.7% (3.7%). The discount rate has been deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:36.0114em;"&gt;&lt;span class="stl_255 stl_20 stl_412" style="word-spacing:-0.038em;"&gt;mined based on the same components as described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:36.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_235"&gt;above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0327em;"&gt;License agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;Under the terms of the license and collaboration agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;ment concluded with AdaptVac July 2020, the Company  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;is committed to payment of potential future develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ment and sales milestones and tiered royalties.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;In December 2021, the Company announced positive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;topline results from the Phase 2 clinical trial. These  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;results was confirmed by the six-month follow-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;analysis in October 2022, showing that the strong  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;booster responses are maintained after six months post  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;vaccination at levels associated with a high degree of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;efficacy. In September 2022, the Company initiated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;the Phase 3 clinical trial. The read-out are expected in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;beginning of 2023. Based on the positive clinical results  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.8827em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Management assesses that the likelyhood of future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;regulatory approval of the Company's COVID-19 vaccine  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;is high, hence milestone payments to AdaptVac are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.382em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;expected to become payable. Based on current regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;latory plans and expectations for future revenue from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;sale of the COVID-vacine all sales milestones and part  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;of the development milestones are assumed probable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.7145em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;and recognized as deferred consideration.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The carrying amount are measured using a discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;rate of 3.7% per annum. The discount rate has been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;determined at intial recognition based on an interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;rate on a similar loan of the same size and maturity as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.7139em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;the contingent milestone payments and the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.547em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;credit rating as of December 31, 2021.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;The fair value of the deferred consideration as per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.047em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;December 31, 2022 amounts to DKK 553 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0248em;"&gt;596 million), measured using the updated discount rate  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0242em;"&gt;of 6.7% (3.7%). The discount rate has been determined  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;based on the same components as described above.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Royalties payable under the license and collaboration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;agreement with AdaptVac will be expensed in concur-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.3795em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;rence with future sales, hence not assessed and recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.2127em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;nized as a liability as of December 31, 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;The cash flow from payment of deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;will be recognized as cash flow from investment activ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_217"&gt;ities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:20.4779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5247em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Deferred consideration including contingent milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;payments is recognized when its payment is probable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;and it can be measured reliably and is at initial recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;nition measured at fair value which equals present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;value of future deferred payments. Subsequently, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;deferred consideration is measured at amortized cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;This means that the difference between the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3566em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;value of the consideration and the nominal amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1897em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;due is recognized in the income statement as a finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.0228em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;cial expense over the period until expected payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8559em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;date using the effective interest method.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5228em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;The expected phasing of future payments and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.3559em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;probability of contingent payments are assessed on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:33.1891em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;each reporting date and the impact is recognized as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:34.0222em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;financial item.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 25  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_438" style="word-spacing:0.0092em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:12.7083em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.979em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7534em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2021em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9715em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5884em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;566,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4202em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0371em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;566,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.9808em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9796em;top:18.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8284em;top:18.0083em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:18.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2771em;top:18.0083em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.0245em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9727em;top:19.0245em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6602em;top:19.0245em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_575"&gt;11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4215em;top:19.0245em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.109em;top:19.0245em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_575"&gt;11  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:20.6339em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Agreement with Danish Ministry of Health  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:21.4727em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;In August 2021, the Company entered a funding agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:22.3058em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;ment with the Danish Ministry of Health to further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:23.1389em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;advance the development of ABNCoV2.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:24.8058em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The agreement is valued at up to DKK 800 million and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;aims to support the completion of the development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:26.472em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;towards licensure of ABNCoV2 as a booster vaccine.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:28.1389em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Under the agreement, Bavarian Nordic is entitled to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:28.972em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;an upfront payment of DKK 80 million, in addition to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:29.8052em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;payments of up to DKK 720 million, which are contin-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:30.6383em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;gent upon reaching a number of predefined milestones  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:31.4714em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;including among others Phase 3 development mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:32.3045em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;stones and milestones related to upscaling of manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:33.1377em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;facturing for commercial production of the vaccine.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:33.9708em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;As per December 31, 2022 the Company has received  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:20.6377em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the upfront payment of DKK 80 million and&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.634em;top:20.6377em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:21.4708em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;payments amounting to DKK 480 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:23.1377em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The Danish Ministry of Health could be entitled to an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:23.9708em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;additional, capped royalty payment if the sales reach a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:24.8039em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;certain threshold above the sales volume for the ordi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:25.637em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;nary royalty payment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:27.3039em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;Based on current sales forecasts this additional royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:28.137em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;payment is not deemed likely and therefore not recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:28.9702em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;nized. If the payment becomes current it will be recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:29.8033em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;nized as a financial expense as the additional royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:30.6364em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;payment is seen as an extra interest payment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:32.3033em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The cap for the additional royalty payment is a fixed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:33.1364em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;amount, calculated as a percentage of the loan amount.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government consists of an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;upfront payment and additional milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;from the Danish Ministry of Health to support the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;completion of the development of ABNCoV2, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Company’s COVID-19 vaccine candidate. The additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;payments are contingent upon reaching of a number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;predefined development milestones. All payments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;potentially subject to repayment, however only upon  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;successful marketing authorization of the vaccine by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;the European Commission. Half of the repayments shall  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;be paid by delivery of vaccines to the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Health whereas the remaining part of the repayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;can be settled in either royalty payments from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;sale of the vaccine to other customers or by delivery of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;further vaccines. Royalty payments are only triggered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;upon reaching a certain volume in sales. Upon approval  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.893em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the vaccine the repayment obligation is adjusted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;by inflation. The Company considers it probably that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;approval will be obtained and the received payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;will be repaid to the&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.516em;top:27.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Danish Ministry of Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;The repayment obligation is accounted for as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;prepayment in respect of the part that shall be repaid  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;by delivery of vaccines whereas the part that can  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;be repaid either by delivery of further vaccines or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;by royalty payments is accounted for as a financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;liability. Initially the payments from the Danish Ministry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.058em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;of Health is measured at the amount received that is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8912em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;considered equal to the fair value of the obligation to  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2137em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;repay the amount to the Danish Ministry of Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0468em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Since the split between supply of vaccines and royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8799em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;payments is unknown at this stage Management has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.713em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;decided to recognize the received milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5462em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;under one common line item "Prepayment and loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.3793em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;from Government".  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.0462em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Subsequent the financial liability part is measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8793em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost. The prepayment part is accounted for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7124em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;as a prepayment under IFRS 15. The interest rate used  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5455em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;that is implicit in the transaction is based on an assess-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3787em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;ment of the company’s incremental borrowing rate. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2118em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;amortizations and the implicit interest are presented as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0449em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.037em;"&gt;amortization expenses under financial expenses.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3403em;top:22.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_217" style="word-spacing:-0.0309em;"&gt;Significant accounting judgments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Management has made the following accounting judg-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;ment which affect the recognition in the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;financial statements:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;Management assesses a high likelyhood of regula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;tory approval of the vaccine, hence assumes that the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;already received milestone payments and the mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;stone payments to be received in the comming year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:30.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;will be repaid in either supply of vaccines or royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;payments.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_50" style="word-spacing:0.011em;"&gt;Note 26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0045em;"&gt;Debt to credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:12.7083em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_635" style="word-spacing:-0.0387em;"&gt;Mortgage &lt;/span&gt;&lt;sup style="top: -0.2076em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7309em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;922  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4228em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;283  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.149em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;725  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5778em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6659em;top:14.7581em;z-index:218;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.704em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.839em;top:14.7581em;z-index:235;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7744em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4071em;top:15.7744em;z-index:250;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_325"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3071em;top:15.7744em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0334em;top:15.7744em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.584em;top:15.7744em;z-index:269;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_124"&gt;122&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,59&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_124"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:18.0031em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:19.0307em;"&gt;&lt;span class="stl_255 stl_20 stl_635" style="word-spacing:-0.0387em;"&gt;Mortgage &lt;/span&gt;&lt;sup style="top: -0.2071em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7844em;top:19.0316em;z-index:294;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;178  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.425em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8294em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;223  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6275em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:20.0535em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0356em;"&gt;European Investment Bank (loan in DKK) &lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.1118em;top:20.0537em;z-index:367;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7036em;top:20.0537em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.428em;top:20.0537em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2849em;top:20.0537em;z-index:382;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7136em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0211em;top:21.0756em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7036em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.428em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1949em;top:21.0756em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:22.0919em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9018em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_597"&gt;74,373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3087em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_237"&gt;,673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6943em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_200"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0786em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_43"&gt;93,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.5797em;"&gt;&lt;span class="stl_251 stl_20 stl_59" style="word-spacing:-0.0415em;"&gt;1) Floating interest – swapped to fixed interest of 0.9625% – expiry 2031  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3992em;"&gt;&lt;span class="stl_251 stl_20 stl_138" style="word-spacing:-0.0427em;"&gt;2) Fixed interest of 3.532% - bullet loan repaid in October 2022  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.0551em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The fair value of the debt to credit institutions amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.8883em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;to DKK 1,122.6 million (DKK 893.5 million). The fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.7214em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;value of mortgage debt is based on the market value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.5545em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the underlying bonds set by the bank (level 2),  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.3876em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;whereas the fair value of the security lending is based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.2208em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;on a discounted cash analysis flow of future payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.0539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;of interest and principal by applying a market based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.887em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0191em;"&gt;discount rate (level 2).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.5539em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The tables below detail changes in the Group's liabil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.387em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ities arising from financing activities, both cash and  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.0539em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.034em;"&gt;non-cash changes. Liabilities arising from financing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.887em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;activities are those for which cash flows were, or future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:27.7201em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;cash flows will be, classified in the Group's consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:28.5533em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;statement of cash flow as cash flows from financing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:29.3864em;"&gt;&lt;span class="stl_255 stl_20 stl_140"&gt;activities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Cash flow from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9877em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_620"&gt;January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6227em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9708em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_653"&gt;Non-cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4833em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_345"&gt;December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8152em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.122em;top:11.8095em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.817em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5414em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9552em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:13.4939em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:14.5214em;"&gt;&lt;span class="stl_255 stl_20 stl_635"&gt;Mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4795em;top:14.5214em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3145em;top:14.5214em;z-index:1527;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;144&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:14.5214em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6039em;top:14.5214em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0337em;"&gt;European Investment Bank (loan in DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1377em;top:15.5433em;z-index:1585;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6539em;top:15.5433em;z-index:1595;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;195&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1783em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:16.5652em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.047em;top:16.5652em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8133em;top:16.5652em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;603&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:16.5652em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8645em;top:16.5652em;z-index:1665;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.587em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1289em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7676em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;400&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1795em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;909  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2289em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6089em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4233em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9745em;top:18.6089em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;981&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_356"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8602em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;489  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6089em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.6252em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Total liabilities from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4633em;top:19.6252em;z-index:1834;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;,593  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6751em;top:19.6252em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_654"&gt;7,34&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_654"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7564em;top:19.6252em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;9,39&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6245em;top:19.6252em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;,759,33&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_11"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9876em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_620"&gt;January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6226em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9708em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_653"&gt;Non-cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4833em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_345"&gt;December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7401em;top:22.3733em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1395em;top:22.3677em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.817em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5414em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9726em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:24.052em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:25.0795em;"&gt;&lt;span class="stl_255 stl_20 stl_635"&gt;Mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4189em;top:25.0795em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;247  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3295em;top:25.0795em;z-index:1954;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;173&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4533em;top:25.0795em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.652em;top:25.0795em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7389em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0337em;"&gt;European Investment Bank (loan in DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1364em;top:26.1014em;z-index:2012;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7283em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4526em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3095em;top:26.1014em;z-index:2027;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.0039em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7708em;top:27.1233em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4533em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2202em;top:27.1233em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:28.1452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.0051em;top:28.1452em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7976em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7195em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3026em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7401em;top:29.167em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4414em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;74&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;623  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9758em;top:29.167em;z-index:2182;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;507&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_237"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8651em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;697  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5964em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Total liabilities from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9289em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_74"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;65  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6358em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;63&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6995em;top:30.1833em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6358em;top:30.1833em;z-index:2264;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;,593  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:32.0612em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.108em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;Loans are measured at the time of borrowing at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9411em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;value less any transaction costs. Subsequently, debt is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.7742em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;measured at amortized cost. This means that the differ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6074em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;ence between the proceeds of the loan and the amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.4405em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;to be repaid is recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.2736em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;the term of the loan as a financial expense using the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.1067em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;effective interest method.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_378" style="word-spacing:0.005em;"&gt;Note 27  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_655" style="word-spacing:0.0043em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1921em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.989em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;Non-current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7815em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;834  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.609em;top:11.9639em;z-index:78;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_94"&gt;Current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7809em;top:12.9858em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5759em;top:12.9858em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;266  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.002em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0349em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6771em;top:14.002em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4415em;top:14.002em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_286"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_286"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:17.1723em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:17.1723em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:17.1723em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.9279em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:17.9223em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:17.9223em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:17.9223em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:17.9223em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:19.6067em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:20.6342em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3765em;top:20.6342em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1015em;top:20.6342em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;834  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:20.6342em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5827em;top:20.6342em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2115em;top:21.6504em;"&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68"&gt;4,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.9552em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;45,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4209em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4465em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.8792em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.9067em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3921em;top:24.9067em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;266  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1496em;top:24.9067em;z-index:325;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:24.9067em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5709em;top:24.9067em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2552em;top:25.9229em;"&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;66  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0071em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_186"&gt;57,547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4209em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4315em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_286"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_286"&gt;3  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The lease liability is initially measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;value of the future lease payments (see further in note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;17), discounted by using an incremental country specific  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;borrowing rate ranging from 2.5% to 3.0% applying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;only a single discount rate for a portfolio of lease assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;with reasonable similar characteristics.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;The lease liability is subsequently measured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;increasing the carrying amount to reflect interest on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the lease liability using the effective interest method  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;and by reducing the carrying amount to reflect the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.728em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;lease payments made.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;The lease liability is remeasured and corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0251em;"&gt;adjustments are made to the related right-of-use-asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;whenever:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The lease term has changed, in which case the lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:12.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;liability is remeasured by discounting the revised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:13.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;lease payments using a revised discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;The lease payments change due to changes in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:15.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;an index or rate, in which case the lease liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:16.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;is remeasured by discounting the revised lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:17.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;payments using an unchanged discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;A lease contract is modified and the lease modifi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;cation is not accounted for as a seperate lease, in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:20.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;which case the lease liability is remeasured based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:21.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the lease term of the modified lease by discounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:22.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;the revised lease payments using a revised discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:23.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;rate at the effective date of the modification.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 28  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_408" style="word-spacing:0.011em;"&gt;Prepayment from customers  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Prepayment from customers as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7907em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;904  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5963em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;74&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;347  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Prepayments received during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5632em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;33&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;850  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;Recognized as revenue during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6057em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;904&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4032em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;91&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;293&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_309"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:14.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_217" style="word-spacing:-0.0308em;"&gt;Prepayment from customers as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_217" style="word-spacing:-0.0308em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.375em;top:14.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4282em;top:14.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;6,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:17.0563em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The HPV license and collaboration agreement with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:17.8894em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Janssen regarding production of Master Seed Virus has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.7225em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;been terminated and therefore the upfront payment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.5557em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;DKK 16.9 million (USD 2.5 million) has been recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:20.3888em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0255em;"&gt;as revenue in 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.0557em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;The recognition of revenue is described in note 3.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:23.9829em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.0296em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;Prepayments are recognized under liabilities and will  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.8628em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;be recognized in the income statement as the delivery  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.6959em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;of paid products takes place.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_300" style="word-spacing:0.0045em;"&gt;Note 29  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_86" style="word-spacing:0.0013em;"&gt;Related party transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:10.1634em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;The Group Management and Board of Directors of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:10.9965em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Bavarian Nordic A/S are considered related parties.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:12.6634em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Besides the remuneration of the Board of Directors and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:13.4965em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the Executive Management, cf. note 8, and the share-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:14.3296em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;based payments, cf. note 30, there are no transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:15.1628em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;with related parties.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:16.8296em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Transactions with subsidiaries are eliminated in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:17.6628em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;consolidated financial statements, in accordance with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:18.4959em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;the accounting policies.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.2722em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.3189em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Share-based incentive plans in which employees can  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.1521em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;only opt to buy shares in the Company (warrants) are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9852em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;measured at the equity instruments’ fair value at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.8183em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;grant date and recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.6514em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;over the vesting period. The balancing item is recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.4846em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;nized directly in equity. The fair value on the date of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.3177em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;grant is determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.9846em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Cash-based incentive programs in which employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.8177em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;can have the difference between the agreed exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;cise price and the actual share price settled in cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.4839em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;(phantom shares) are measured at fair value at the date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.3171em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;of grant and recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.1502em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;the period when the final right of cash-settlement is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.9833em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;obtained. Granted rights are subsequently re-measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;on each balance sheet date and upon final settlement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.6496em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;and any changes in the fair value of the programs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;recognized in the income statement. The balancing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;item is recognized under other liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.9827em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The fair value of the cash-based incentive programs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.8158em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Restricted stock units are measured at fair value at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;grant date. Based on the achieved cash bonus for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.1489em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;members of the Executive Management, subject to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.9821em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Board of Directors’ decision on the portion that should  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.8152em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;be converted to restricted stock units, the number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.6483em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;restricted stock units are calculated by dividing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.4814em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;allocated cash bonus amount by the share price of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Company at grant date. As the cash bonus has already  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;been accrued and expensed in the income statement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.1477em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;the grant of restricted stock units has no additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.9808em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;impact on the income statement. The accrued liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.8139em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;for the converted cash bonus is reclassified to equity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.6471em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares are measured at the same fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.4802em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;as the initial restricted stock units and expensed over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.3133em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the three year vesting period. The balancing item is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.1464em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;recognized directly in equity. Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.9796em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;granted as sign-on bonus for members of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.8127em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Management and restricted stock units granted to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.6458em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Board of Directors are expensed at grant date with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.4789em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;balancing item recognized directly in equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.1402em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.033em;"&gt;Incentive plans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;In order to motivate and retain key employees and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.8121em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;encourage the achievement of common goals for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.6452em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;employees, management and shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.4783em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;Company has established incentive plans by way of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.3114em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;warrant programs and restricted stock units programs,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.1446em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;the latter only for members of the Executive Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.9777em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;ment and Board of Directors.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.6446em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Furthermore, the Company has established three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.4777em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;phantom share programs for all employees of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.3108em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Group except for Executive Management and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.1439em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;employees receiving warrants.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.8052em;"&gt;&lt;span class="stl_261 stl_16 stl_140"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.6439em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Board of Directors has been granting warrants to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.4771em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;the Company´s management and selected employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;of the Company and its subsidiaries.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;The warrants are granted in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.1433em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;authorizations given to the Board of Directors by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.9764em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;shareholders. The Board of Directors has fixed the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:13.8096em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;terms of and the size of the grants of warrants, taking  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.6427em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;into account authorizations from the shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.4758em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;Group's guidelines for incentive pay, an assessment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.3089em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;expectations of the recipient´s work efforts and contri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.1421em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;bution to the Group´s growth, as well as the need to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.9752em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;motivate and retain the recipient. Grant takes place on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.8083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;the date of establishment of the program. Exercise of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:19.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;warrants is by default subject to continuing employ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:20.4746em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ment with the Group. The warrants granted are subject  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.3077em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;to the provisions of the Danish Public Companies Act  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.1408em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;regarding termination of employees prior to their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.9739em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;exercise of warrants in the case of recipients who are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:23.8071em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0377em;"&gt;subject to the act.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2659em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.124em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7334em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.038em;"&gt;Can be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9852em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Average  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.4552em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3134em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.350em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0282em;"&gt;exercised as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9915em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;exercise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0312em;"&gt;Warrant overview – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.0796em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7909em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_256"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.584em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_410"&gt;Exercised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3827em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;Annulled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4371em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_129"&gt;Terminated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9202em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8809em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.1452em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_90" style="word-spacing:-0.0315em;"&gt;price (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;2016  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0659em;top:13.4639em;z-index:318;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3415em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0659em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7902em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7727em;top:13.4639em;z-index:334;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_650"&gt;661&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_650"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4752em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4359em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3734em;top:13.4639em;"&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;206  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;July &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0596em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7559em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;074&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_314"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4759em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3684em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7134em;top:15.5077em;z-index:413;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;189&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;609  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4321em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;60&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3552em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;526&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4215em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;188&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;023&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4759em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3871em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7034em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;515&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;684  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3415em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9434em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_79"&gt;266&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;923&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_402"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.349em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;053&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5665em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5271em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4046em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6834em;top:17.5514em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;984  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.014em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;491&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5152em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.584em;top:17.5514em;z-index:568;"&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;599&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;493  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4109em;top:17.5514em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_462" style="word-spacing:-0.0433em;"&gt;January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0359em;top:18.5733em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5152em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.894em;top:18.5733em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3971em;top:18.5733em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.299em;top:19.5952em;z-index:644;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_596"&gt;176&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;964  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9852em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;64&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;894&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_300"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5152em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1827em;top:19.5952em;z-index:673;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;112&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;070  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.389em;top:19.5952em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6815em;top:20.617em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;706&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;469  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0078em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;50&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;695&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5959em;top:20.617em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;655&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;774  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3928em;top:20.617em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;353  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_346" style="word-spacing:-0.041em;"&gt;April &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6178em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7453em;top:21.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;81&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;872  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.879em;top:21.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;81&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;872  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3928em;top:21.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;190  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6178em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4434em;top:22.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;932&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;051  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5771em;top:22.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;932&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;051  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1084em;top:22.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;225&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_134"&gt;/&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;271  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.954em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7665em;top:23.677em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_548"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7509em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_294"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;66,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_335"&gt;3)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5446em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;,659)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2302em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_353"&gt;99,75&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8384em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;3,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3534em;top:23.677em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;08  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.2365em;top:26.0159em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8196em;top:26.0159em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7471em;top:26.0171em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Recognized costs in 2022 DKK 42.9 million compared to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4259em;top:26.7659em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.009em;top:26.7659em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7471em;top:26.8503em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;DKK 31.3 million in 2021.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0312em;"&gt;Warrant overview – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0503em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7615em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_256"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5546em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_410"&gt;Exercised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3534em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;Annulled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4078em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_129"&gt;Terminated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1203em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_128"&gt;Transferred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.6159em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.684em;top:29.2059em;"&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;743&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_350"&gt;346  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3896em;top:29.2059em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;126&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0371em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7615em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4196em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;143&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_542"&gt;901&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_542"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2103em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2578em;top:29.2059em;"&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;725&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;932  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7559em;top:30.2278em;z-index:1206;"&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;418&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4065em;top:30.2278em;"&gt;&lt;span class="stl_268 stl_20 stl_258"&gt;185&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;457  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0365em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7609em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4853em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1771em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_584"&gt;174&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;070&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_336"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2703em;top:30.2278em;z-index:1243;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;429&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;550  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Other employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1528em;top:31.2496em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;880&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4209em;top:31.2496em;"&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;701&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;979  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9634em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;145&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;833&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7071em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;151&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;659&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7128em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;65&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;579&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1871em;top:31.2496em;z-index:1317;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_658"&gt;237&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;144&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8396em;top:31.2496em;z-index:1328;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_212"&gt;982&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;Resigned employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7284em;top:32.2715em;"&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;314&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_571"&gt;612  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3121em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0346em;top:32.2715em;z-index:1368;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;121&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;150&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_12"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7609em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6978em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;90&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_258"&gt;278&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_258"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3621em;top:32.2715em;"&gt;&lt;span class="stl_268 stl_20 stl_306"&gt;411&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;214  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.264em;top:32.2715em;"&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;514&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;398  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.924em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7365em;top:33.2878em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_548"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7209em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_294"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;66,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_335"&gt;3)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5146em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;,659)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2003em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_353"&gt;99,75&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2021em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5328em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_210"&gt;3,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:34.9134em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0293em;"&gt;Weighted average exercise price (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7715em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_485"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_485"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4696em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;53  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2115em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9146em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.639em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2021em;top:34.9134em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3346em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:35.9353em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0282em;"&gt;Weighted average share price at exercise (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1953em;top:35.9353em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;47  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:37.5665em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Number of warrants which can be exercised as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2609em;top:37.5665em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:38.5884em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0249em;"&gt;at a weighted average exercise price of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.414em;top:38.5884em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1896em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7727em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.379em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9621em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0312em;"&gt;Warrant overview – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0034em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7146em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_256"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5077em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_410"&gt;Exercised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3065em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;Annulled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3609em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_129"&gt;Terminated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0734em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128"&gt;Transferred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.569em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6496em;top:13.4639em;z-index:255;"&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;439&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;402  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.419em;top:13.4639em;z-index:264;"&gt;&lt;span class="stl_268 stl_20 stl_660"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;030  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9896em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.714em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4384em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2702em;top:13.4639em;"&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;166&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;914  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.219em;top:13.4639em;"&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;743&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_350"&gt;346  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6102em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;723&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;326  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.339em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;788  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2302em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;709&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_52"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.714em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4384em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.0384em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_79"&gt;382&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_522"&gt;242&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_522"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2909em;top:14.4858em;z-index:369;"&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;418&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Other employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0865em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;062&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;360  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3515em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;470&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;438  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9484em;top:15.5077em;z-index:414;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_562"&gt;327&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_315"&gt;617&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_315"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6171em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_636"&gt;241&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;960&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6596em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;14&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;725&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_343"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.454em;top:15.5077em;z-index:442;"&gt;&lt;span class="stl_255 stl_20 stl_311"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.6877em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;880&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;Resigned employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6846em;top:16.5295em;z-index:480;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;167&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;901  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.264em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.904em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_337"&gt;135&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;275&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_52"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7127em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.004em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2434em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;283&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;461  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2634em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;314&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_571"&gt;612  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.909em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_170"&gt;3,39&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1809em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;56  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6984em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;(494,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_639"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_639"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4159em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_237"&gt;,96&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4959em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_331"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;200&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1527em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4571em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:19.1714em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0293em;"&gt;Weighted average exercise price (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6984em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;188  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4159em;top:19.1714em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1734em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_340"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_340"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8852em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.584em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_331"&gt;20&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_331"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1527em;top:19.1714em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3046em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_485"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_485"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:20.1933em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0282em;"&gt;Weighted average share price at exercise (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1565em;top:20.1933em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:21.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Number of warrants which can be exercised as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1852em;top:21.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;301&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;344  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:22.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0249em;"&gt;at a weighted average exercise price of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3565em;top:22.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;242  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.1786em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5634em;top:25.1786em;"&gt;&lt;span class="stl_261 stl_16 stl_133" style="word-spacing:-0.002em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_262" style="word-spacing:1.1093em;"&gt;2018 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133" style="word-spacing:-0.002em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_260"&gt;201&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_260"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0484em;top:25.1786em;"&gt;&lt;span class="stl_261 stl_16 stl_488" style="word-spacing:-0.0427em;"&gt;Jan. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_259" style="word-spacing:1.0787em;"&gt;2020 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_455" style="word-spacing:-0.0027em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_52" style="word-spacing:1.0923em;"&gt;2020 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133" style="word-spacing:-0.002em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258" style="word-spacing:1.2457em;"&gt;2021 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_72" style="word-spacing:-0.022em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151" style="word-spacing:0.552em;"&gt;2022 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_488" style="word-spacing:-0.0427em;"&gt;Dec. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445" style="word-spacing:0.0222em;"&gt;2022 &lt;/span&gt;&lt;sup style="top: -0.2081em;"&gt;&lt;span class="stl_266 stl_16 stl_340"&gt;3)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.8688em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0237em;"&gt;Average share price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6352em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;159&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2652em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;05  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9452em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;171&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6052em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;179&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;84  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2777em;top:26.8688em;z-index:1048;"&gt;&lt;span class="stl_268 stl_20 stl_265"&gt;307&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9352em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_302"&gt;171&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;35  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5752em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;224&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.8907em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0245em;"&gt;Average exercise price at grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.629em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;179&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;60  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2596em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;185&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;40  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.979em;top:27.8907em;z-index:1119;"&gt;&lt;span class="stl_268 stl_20 stl_662"&gt;197&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5584em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;206&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;82  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2421em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;353&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;06  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9921em;top:27.8907em;z-index:1143;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.579em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;270&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;91  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:28.9126em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Average exercise price at grant - Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5759em;top:28.9126em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;224&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:29.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;Average exercise price determined at date of rights issue March &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5996em;top:29.9344em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2471em;top:29.9344em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;146&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;60  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9296em;top:29.9344em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;155&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;80  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:30.9563em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.031em;"&gt;Applied volatility rate &lt;/span&gt;&lt;sup style="top: -0.2072em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7165em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;53&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3621em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;52&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0433em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;53&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7215em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3846em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0133em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7071em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7133em;top:31.9791em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5908em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2521em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9133em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5746em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2358em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8971em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5583em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1777em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.839em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5002em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1615em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8227em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.484em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1452em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4971em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;43&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1521em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;69&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_271"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8189em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;65&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_378"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4702em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;66&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1314em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;53&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_566"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0089em;top:34.0229em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_331"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6827em;top:34.0229em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;04&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_242"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:35.0448em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0252em;"&gt;Fair value per share at grant &lt;/span&gt;&lt;sup style="top: -0.2072em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7329em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;52  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3985em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0573em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;53  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.731em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;41  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4029em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;76  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0467em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;47  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6885em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_253"&gt;64  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7141em;top:36.0676em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0274em;"&gt;Fair value per share at grant - Executive Management &lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7043em;top:36.0678em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;78  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.9372em;"&gt;&lt;span class="stl_251 stl_20 stl_590" style="word-spacing:-0.0412em;"&gt;1) Fair value of each warrant at grant date applying the Black-Scholes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.254em;top:26.5207em;"&gt;&lt;span class="stl_251 stl_20 stl_661"&gt;model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3402em;"&gt;&lt;span class="stl_251 stl_20 stl_252" style="word-spacing:-0.0446em;"&gt;2) The applied volatility is based on the historical volatility of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2945em;top:27.9237em;"&gt;&lt;span class="stl_251 stl_20 stl_63" style="word-spacing:-0.0436em;"&gt;the Bavarian Nordic share, except for programs issued since  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2945em;top:28.5072em;"&gt;&lt;span class="stl_251 stl_20 stl_462" style="word-spacing:-0.0434em;"&gt;November 2020 where the volatility is based on the volatility for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2945em;top:29.0907em;"&gt;&lt;span class="stl_251 stl_20 stl_253" style="word-spacing:-0.044em;"&gt;a peer group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.9102em;"&gt;&lt;span class="stl_251 stl_20 stl_21" style="word-spacing:-0.0424em;"&gt;3) The December 2022 program has two set of exercise conditions.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:30.4937em;"&gt;&lt;span class="stl_251 stl_20 stl_253" style="word-spacing:-0.0439em;"&gt;Executive Management can subscribe future shares at a exercise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:31.0772em;"&gt;&lt;span class="stl_251 stl_20 stl_138" style="word-spacing:-0.0428em;"&gt;price of DKK 224.70 per share equivalent to the market price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:31.6607em;"&gt;&lt;span class="stl_251 stl_20 stl_63" style="word-spacing:-0.0436em;"&gt;of Bavarian Nordic's shares at the time of grant. Vesting of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:32.2442em;"&gt;&lt;span class="stl_251 stl_20 stl_527" style="word-spacing:-0.047em;"&gt;warrants is subject to prior fulfilment of KPI's as determined by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:32.8277em;"&gt;&lt;span class="stl_251 stl_20 stl_525" style="word-spacing:-0.0462em;"&gt;the Board of Directors. Other employees can subscribe future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:33.4112em;"&gt;&lt;span class="stl_251 stl_20 stl_380" style="word-spacing:-0.0402em;"&gt;shares at a exercise price of DKK 270.91 per share, determined as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:33.9947em;"&gt;&lt;span class="stl_251 stl_20 stl_472" style="word-spacing:-0.0391em;"&gt;the average market price (closing price) of the Company's shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:34.5782em;"&gt;&lt;span class="stl_251 stl_20 stl_461" style="word-spacing:-0.0448em;"&gt;on Nasdaq Copenhagen over a period of 15 business days prior to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:35.1617em;"&gt;&lt;span class="stl_251 stl_20 stl_544" style="word-spacing:-0.0454em;"&gt;grant plus 15%.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0351em;"&gt;Exercise periods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0627em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Can be exercised wholly or partly in a period of &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0324em;"&gt;4 days commencing from the day of publication of:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0627em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5115em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;1 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;2 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.409em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;3 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0627em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5115em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;1 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;2 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.409em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;3 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_346" style="word-spacing:-0.041em;"&gt;April &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0621em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;2 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5109em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;3 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9596em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4084em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;1 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0621em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;2 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5109em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;3 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9596em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4084em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;1 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0615em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5102em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;1 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.959em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;2 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4077em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;3 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0615em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5102em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;1 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.959em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;2 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4077em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;3 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0609em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5096em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;1 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9584em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;2 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4071em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;3 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0609em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5096em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;1 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9584em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;2 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4071em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;3 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_462" style="word-spacing:-0.0433em;"&gt;January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0602em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.509em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;1 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9577em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4065em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;3 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0602em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.509em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;1 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9577em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;2 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4065em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;3 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0596em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5084em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;1 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9571em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4059em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;3 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0596em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5084em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;1 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9571em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;2 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4059em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;3 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7102em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.059em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5077em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;1 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9565em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;2 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4052em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;3 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.059em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5077em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;1 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9565em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4052em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;3 2023  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_350" style="word-spacing:-0.0309em;"&gt;Phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;In 2018, the Company established a three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;phantom share program for all employees of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Group except for management and other employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;receiving warrants. The employees receive up to four  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;phantom shares per month free of charge during the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;period from January 1, 2019 to December 31, 2021.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Each employee who is a full-time employee during  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0265em;"&gt;the entire term of the plan will be eligible to receive a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;maximum of 144 phantom shares. Following the rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;issues in March 2020 the monthly grant increased to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;five phantom shares for the remaining grant period and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;the maximum increased to 183 phantom shares. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;program exercised in January 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;In 2019, the Company established a three-year phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0335em;"&gt;share program for all employees of the Group except for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.032em;"&gt;management and other employees receiving warrants.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;The employees receive up to four phantom shares per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;month free of charge during the period from January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.882em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;1, 2020 to December 31, 2022. Each employee who is a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;full-time employee during the entire term of the plan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.5483em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;will be eligible to receive a maximum of 144 phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;shares. Following the rights issues in March 2020 the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:10.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;monthly grant increased to five phantom shares for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:11.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;remaining grant period and the maximum increased to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:11.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;183 phantom shares.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:12.7139em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The program will exercise in January 2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:14.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;In 2020, the Company established a three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:15.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;phantom share program for all employees of the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:16.047em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;except for management and other employees receiving  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:16.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;warrants. The employees receive up to five phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:17.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;shares per month free of charge during the period from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:18.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;January 1, 2021 to December 31, 2023. Each employee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:19.3795em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;who is a full-time employee during the entire term of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:20.2127em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the plan will be eligible to receive a maximum of 180  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:21.0458em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;phantom shares.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:22.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Grants are made on a monthly basis during the life of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:23.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;the programs as long as the employee is employed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:24.3789em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;with the Group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:26.0458em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;On expiry of the programs, the employees may exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:26.8789em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;cise the phantom shares granted to them and thus be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:27.712em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;entitled to a cash bonus calculated on the basis of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:28.5452em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0244em;"&gt;increase in the price of the Company´s shares. The exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:29.3783em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;cise is conditional on the price of the Company´s shares  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:10.2114em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;being at least DKK 5 higher than the exercise price at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:11.0445em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0249em;"&gt;the time of exercise.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:12.7114em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;On expiry of the programs, former employees are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:13.5445em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;entitled to settlement of the phantom shares granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:14.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;during their term of employment.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.5101em;"&gt;&lt;span class="stl_257 stl_16 stl_402"&gt;2021&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_663"&gt;-&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_227"&gt;202&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;3 phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9051em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1896em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9865em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;Outstanding as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8271em;top:13.5895em;z-index:148;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1609em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Granted during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8784em;top:14.6114em;z-index:182;"&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;136  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6065em;top:14.6114em;z-index:190;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:15.6276em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;Outstanding phantom shares as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.754em;top:15.6276em;z-index:236;"&gt;&lt;span class="stl_261 stl_16 stl_664"&gt;79,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4646em;top:15.6276em;"&gt;&lt;span class="stl_261 stl_16 stl_186"&gt;37,996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:17.2533em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Liability in DKK thousand as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0159em;top:17.2533em;"&gt;&lt;span class="stl_261 stl_16 stl_176"&gt;3,73&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_176"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7646em;top:17.2533em;"&gt;&lt;span class="stl_261 stl_16 stl_492"&gt;3,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:18.8789em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:19.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Share price December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6321em;top:19.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4002em;top:19.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:20.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;Average share exercise price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6127em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;203  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3921em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;203  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:21.9501em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Expected volatility rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4102em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_566"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1827em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:22.972em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8071em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5652em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3821em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1615em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9209em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8096em;top:25.0158em;z-index:536;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_607"&gt;%  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:26.6251em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The expected volatility is based on the volatility for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:27.4583em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;peer group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:29.1251em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Phantom shares granted in 2022 provided an expense  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:29.9583em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0267em;"&gt;of DKK 1.9 million, whereas the revaluation of previ-  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:26.6251em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;ously granted phantom shares provided an income of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:27.4583em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;DKK 1.8 million, total net expense of DKK 0.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:28.2914em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0225em;"&gt;(net expense 2021: DKK 3.6 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:29.9583em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The liability is included in other liabilities, cf. note 22.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.735em;top:10.5101em;"&gt;&lt;span class="stl_257 stl_16 stl_242"&gt;2020&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_663"&gt;-&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445" style="word-spacing:0.0213em;"&gt;2022 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.735em;top:11.9051em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4281em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.225em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9962em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_259"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;Outstanding as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.9887em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;873  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8237em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;921  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1787em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;Granted during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0587em;top:14.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;627  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8649em;top:14.6114em;z-index:1094;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;952  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6062em;top:14.6114em;z-index:1102;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;29&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Adjustment following rights issue March &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.62em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3993em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9187em;top:15.6333em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;367  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:16.6495em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;Outstanding phantom shares as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5537em;top:16.6495em;"&gt;&lt;span class="stl_257 stl_16 stl_631"&gt;110&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_33"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6262em;top:16.6495em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;73  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4699em;top:16.6495em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:18.2751em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Liability in DKK thousand as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2862em;top:18.2751em;"&gt;&lt;span class="stl_261 stl_16 stl_273"&gt;7,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_273"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.9899em;top:18.2751em;"&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_134"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7806em;top:18.2751em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;64  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:19.9008em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:20.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Share price December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8693em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6374em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4174em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;187  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7343em;top:21.9501em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;Average share exercise price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8687em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6481em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4274em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:22.972em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Expected volatility rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6462em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_566"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4187em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.1812em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;40&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.6187em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.8231em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5812em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.6187em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3981em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1774em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.6187em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7243em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;02&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_277"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5649em;top:26.0376em;z-index:1541;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;%  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:27.647em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The expected volatility is based on the volatility for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:28.4801em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;peer group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:30.147em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;The 2020-2022 program will exercise in January 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:30.9801em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;if the average share price for the period January 2 -  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:31.8133em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;January 13, 2023 will exceed the exercise price of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:32.6464em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;146.70. Otherwise the program will expire without  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:33.4795em;"&gt;&lt;span class="stl_255 stl_20 stl_34"&gt;exercise.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:27.6464em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Phantom shares granted in 2022 provided an expense  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:28.4795em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;of DKK 2.8 million, whereas the revaluation of previ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:29.3126em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;ously granted phantom shares provided an income of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:30.1458em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;DKK 4.0 million, total net income of DKK 1.2 million (net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:30.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;expense 2021: DKK 6.7 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:32.6458em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The liability is included in other liabilities, cf. note 22.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.5101em;"&gt;&lt;span class="stl_257 stl_16 stl_595"&gt;201&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_301"&gt;9-&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542" style="word-spacing:0.0393em;"&gt;2021 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9051em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6277em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4246em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1959em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_259"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9877em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_260"&gt;201&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_260"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;Outstanding as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2296em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;92&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;531  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0077em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;55&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;095  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8559em;top:13.5895em;z-index:209;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1577em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Granted during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.819em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0521em;top:14.6114em;z-index:246;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;436  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.819em;top:14.6114em;z-index:254;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;29&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;437  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6352em;top:14.6114em;z-index:262;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Adjustment following rights issue March &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8184em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5978em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0996em;top:15.6333em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;445  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1565em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Exercised during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0077em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;85&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;367&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5977em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3771em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1565em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Expired during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4521em;top:17.677em;z-index:396;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_45"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5971em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3765em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1559em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;Outstanding phantom shares as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8096em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8702em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,53&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6434em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_432"&gt;55,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4903em;top:18.6933em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;9,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:20.3189em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Liability in DKK thousand as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8096em;top:20.3189em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8965em;top:20.3189em;"&gt;&lt;span class="stl_257 stl_16 stl_341"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9896em;top:20.3189em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2915em;top:20.3189em;"&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;64  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:21.9445em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:22.972em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Share price December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8353em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6153em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;187  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4059em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;171  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;Average share exercise price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8403em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6196em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3871em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;180  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Expected volatility rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6171em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3796em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;40&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2115em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_665"&gt;51&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_665"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5965em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8009em;top:26.0376em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.559em;top:26.0376em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5965em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3759em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1553em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:28.0814em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5965em;top:28.0814em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7665em;top:28.0814em;z-index:780;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_273"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5434em;top:28.0814em;z-index:786;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:29.6908em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The expected volatility for 2020 and 2021 is based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:29.6901em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0265em;"&gt;Revaluation of granted phantom shares and reversal of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:30.5239em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;the volatility for a peer group, whereas the volatility for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:30.5233em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;not exercised phantom shares provided a net income of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:31.357em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;2019 is based on the historic volatility of the Company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:31.3564em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;DKK 3.6 million (net expense 2021: DKK 8.7 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:33.0239em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;The 2019-2021 program exercised in January 2022 at a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:33.0233em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The liability is included in other liabilities, cf. note 22.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:33.857em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0225em;"&gt;share price of DKK 241.61.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.0379em;"&gt;Outstanding restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2627em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8877em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0059em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2259em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_332"&gt;Granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8565em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_376"&gt;Released  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0771em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.332em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Value at grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2752em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_666" style="word-spacing:-0.0432em;"&gt;as of January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.542em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.062em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.684em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3034em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_93" style="word-spacing:-0.0291em;"&gt;date (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7571em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_78" style="word-spacing:-0.0271em;"&gt;Vesting date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.6577em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3571em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.704em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2784em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6253em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4415em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7184em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3578em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7478em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.279em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.669em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4421em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.719em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;CEO retention plan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3584em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8484em;top:17.7289em;z-index:534;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;109  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2796em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7696em;top:17.7289em;z-index:545;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;109  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4371em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8165em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0257em;"&gt;Matching shares - CEO retention plan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3584em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0415em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2796em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9628em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4365em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8159em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Sign-on bonus COO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3578em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0234em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.279em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9446em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4428em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;165  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8152em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Matching shares - sign-on COO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3571em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.024em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;223  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2784em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9452em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;223  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4421em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;165  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8146em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8077em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6896em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4034em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7352em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.084em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9659em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4027em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7346em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8027em;top:23.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2765em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6846em;top:23.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4246em;top:23.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7152em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0734em;top:24.882em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2765em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9552em;top:24.882em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4246em;top:24.882em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7152em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Sign-on bonus CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0971em;top:25.9039em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2765em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.979em;top:25.9039em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4452em;top:25.9039em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.759em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Matching shares - sign-on CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0871em;top:26.9258em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.969em;top:26.9258em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4459em;top:26.9258em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7596em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7652em;top:27.9477em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;080  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5065em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;080&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_124"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2377em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4296em;top:27.9477em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7127em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0984em;top:28.9695em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8371em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;039&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2377em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4296em;top:28.9695em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7127em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:29.9858em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0351em;"&gt;Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6402em;top:29.9858em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6259em;top:29.9858em;z-index:1307;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;66,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4027em;top:29.9858em;z-index:1313;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_571"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_295"&gt;9)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1596em;top:29.9858em;"&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;120&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;97  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:31.6114em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3559em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7527em;top:32.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.674em;top:32.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4434em;top:32.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;153  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.814em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2102em;top:33.6608em;z-index:1398;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0921em;top:33.6608em;z-index:1411;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4146em;top:33.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;273  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8321em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2496em;top:34.6827em;z-index:1442;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1315em;top:34.6827em;z-index:1455;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4302em;top:34.6827em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;190  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8684em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_114" style="word-spacing:-0.04em;"&gt;Jun. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7471em;top:35.7045em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4884em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;340&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2371em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.434em;top:35.7045em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;138  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8096em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:36.7208em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0323em;"&gt;Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.619em;top:36.7208em;"&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;6,57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6071em;top:36.7208em;"&gt;&lt;span class="stl_257 stl_16 stl_312"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;,467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3209em;top:36.7208em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;,34&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5177em;top:36.7208em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;5,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:37.7427em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2665em;top:37.7427em;"&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_222"&gt;4,796  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5984em;top:37.7427em;z-index:1578;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_166"&gt;,665  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.309em;top:37.7427em;"&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;(36,459)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1546em;top:37.7427em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;46,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;002  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.2083em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0359em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:11.047em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;In March 2021, the Board of Directors decided to post-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:11.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;pone the payment of half of the achieved cash bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:12.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;for members of the Other Executive Management for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:13.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;3 years, converting the postponed bonus of DKK 3.6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:14.3795em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;million into 16,413 unconditional restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.2127em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;using the share price of the Company at grant date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:16.0458em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;(DKK 222). The Board of Directors decided to grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:16.8789em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;additional restricted stock units free of charge on expiry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:17.712em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0265em;"&gt;of a 3 years period (so-called ""matching shares"")  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:18.5452em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;upon the recipient still being employed in March 2024.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:19.3783em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;One matching share is granted for each two acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:20.2114em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;restricted stock units. The maximum number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:21.0445em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;matching shares is 8,207. The initial granted restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:21.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;stock units and the potential matching shares total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:22.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0211em;"&gt;24,620 shares.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:24.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;At the annual general meeting in April 2021, the Board  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.2108em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;of Directors were granted a total of 7,127 unconditional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:26.0439em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;restricted stock units corresponding to 50% of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:26.877em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;annual fixed fee of DKK 2.0 million (excl. committee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:27.7102em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;fee). The restricted stock units will be delivered after 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:28.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;years in April 2024.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.2102em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0232em;"&gt;In May/June 2021, the Company bought back 31,747 of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:31.0433em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;its own shares to meet the obligation to deliver up to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:31.8764em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;31,747 shares to the members of the Executive Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:32.7095em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;ment and the Board of Directors in March/April 2024.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.0379em;"&gt;Outstanding restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2715em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8877em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0059em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2259em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_332"&gt;Granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8565em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_376"&gt;Released  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0771em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.332em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Value at grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2752em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_666" style="word-spacing:-0.0432em;"&gt;as of January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.542em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.062em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.684em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3034em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_93" style="word-spacing:-0.0291em;"&gt;date (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7571em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_78" style="word-spacing:-0.0271em;"&gt;Vesting date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.6577em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3571em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.769em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2784em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6903em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.404em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7359em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3565em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0452em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9665em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4034em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7352em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8034em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6852em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4252em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7159em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.074em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9559em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4252em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7159em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Sign-on bonus CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0977em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9796em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4459em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7596em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Matching shares – sign-on CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0877em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9696em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4465em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7602em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7659em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;080  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6477em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;080  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4302em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7134em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.099em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9809em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4302em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7134em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.0374em;"&gt;Sign-on bonus CFO &lt;/span&gt;&lt;sup style="top: -0.2058em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0799em;top:23.8625em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.318em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8137em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;554&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2393em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4362em;top:23.8625em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7043em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_514" style="word-spacing:0.0027em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:24.8843em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0286em;"&gt;Matching shares – sign-on CFO &lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0725em;top:24.8846em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;277  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7938em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_221"&gt;277&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_221"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4363em;top:24.8846em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7044em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_514" style="word-spacing:0.0027em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0794em;top:25.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;734  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8132em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;734&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_168"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4238em;top:25.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7319em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0651em;top:26.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;366  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8057em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;366&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4238em;top:26.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7319em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0351em;"&gt;Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6494em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_402"&gt;79,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5801em;top:27.9446em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_425"&gt;4,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3594em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_640"&gt;5,93&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5244em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7151em;top:29.5702em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7151em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3582em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1732em;top:30.5977em;z-index:1072;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2794em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0944em;top:30.5977em;z-index:1078;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4169em;top:30.5977em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;273  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8344em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7151em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2519em;top:31.6196em;z-index:1103;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3188em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2794em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1338em;top:31.6196em;z-index:1110;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4326em;top:31.6196em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;190  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8707em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_114" style="word-spacing:-0.04em;"&gt;Jun. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7494em;top:32.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2788em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6313em;top:32.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4363em;top:32.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;138  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8119em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0619em;top:33.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;666  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7951em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;666&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_166"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4501em;top:33.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;175  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8288em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:34.6796em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0323em;"&gt;Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7082em;top:34.6796em;z-index:1212;"&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0401em;top:34.6796em;z-index:1217;"&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6595em;top:34.6796em;"&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_570"&gt;,666)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5032em;top:34.6796em;"&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;6,57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:35.7014em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3013em;top:35.7014em;"&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7,646  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6588em;top:35.7014em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_304"&gt;,747  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2788em;top:35.7014em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;(34,597)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1507em;top:35.7014em;"&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_222"&gt;4,796  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.1909em;"&gt;&lt;span class="stl_251 stl_20 stl_462" style="word-spacing:-0.0434em;"&gt;1) At vesting 6,400 shares were transferred to CFO Henrik Juuel, the remaining 6,431 restricted stock units were converted to a cash bonus of DKK 2.0 million.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The grant of the initial restricted stock units to the Exec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;utive Management (22,578 shares) had no impact on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;the income statement for 2022, as the corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;cash bonus (DKK 3.7 million) was accrued in 2021,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0358em;"&gt;though the amount has been reclassified from "Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;and wages" to "Share-based payment" in the staff cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0209em;"&gt;note (note 8). The obligation related to the matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;shares amount to DKK 1.8 million measured at the same  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;fair value as the initial restricted stock units (DKK 163).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;The obligation will be expensed over the three year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;vesting period.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;During 2022, DKK 9.2 million has been expensed and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;recognized as share-based payment related to Execu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;tive Management, this includes the expensing of CEO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;retention plan and sign-on bonus to COO.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The grant of restricted stock units to the Board of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;Directors (11,467 shares - DKK 1.8 million) were fully  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;expensed at grant.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0328em;"&gt;Total share-based payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Below a specification of all share-based payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;expensed in 2022 and 2021. The amounts reconcile to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;note 8.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.2791em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1921em;top:14.2735em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.989em;top:14.2735em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.9635em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8027em;top:15.9635em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;937  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5921em;top:15.9635em;"&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;265  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.9853em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8446em;top:16.9853em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9715em;top:16.9853em;z-index:336;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;319  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.0016em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;Share-based payment recognized directly in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6859em;top:18.0016em;"&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;53,976  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3921em;top:18.0016em;"&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.6328em;"&gt;&lt;span class="stl_268 stl_20 stl_262"&gt;2021&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2023 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6302em;top:19.6328em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;143  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8834em;top:19.6328em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;589  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.6547em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;2020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;2022 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.929em;top:20.6547em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;234&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9359em;top:20.6547em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;740  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.6766em;"&gt;&lt;span class="stl_268 stl_20 stl_395"&gt;2019&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26" style="word-spacing:0.042em;"&gt;2021 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9315em;top:21.6766em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;601&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8934em;top:21.6766em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.6928em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Share-based payment recognized as a liability (change during the year)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8084em;top:22.6928em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;(4,69&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_285"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4553em;top:22.6928em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_524"&gt;9,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_74"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3185em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.0321em;"&gt;Total share-based payment expensed, cf. note &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329" style="word-spacing:-0.0321em;"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6646em;top:24.3185em;"&gt;&lt;span class="stl_261 stl_16 stl_561"&gt;49,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_200"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4778em;top:24.3185em;"&gt;&lt;span class="stl_261 stl_16 stl_667"&gt;57,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_667"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.9497em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;Restricted stock units converted to cash bonus at exercise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.384em;top:25.9497em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.174em;top:25.9497em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;795&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:27.5697em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0363em;"&gt;Non-cash adjustment in cash flow statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6653em;top:27.5697em;"&gt;&lt;span class="stl_261 stl_16 stl_561"&gt;49,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_200"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4134em;top:27.5697em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;56,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;57  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_414" style="word-spacing:0.0035em;"&gt;Note 31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:6.8268em;"&gt;&lt;span class="stl_560 stl_57 stl_514" style="word-spacing:0.0025em;"&gt;Contingent liabilities and other contractual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:8.1602em;z-index:92;"&gt;&lt;span class="stl_560 stl_57 stl_14"&gt;obligations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.735em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2106em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0075em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:11.9583em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Collaborative agreements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Contractual obligations with research (CRO) and manufacturing (CMO) partners for long-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;term research projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3606em;top:14.8408em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;– Due within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;1 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4737em;top:14.8408em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;260&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;082  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2837em;top:14.8408em;"&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;131&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;865  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:16.4445em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Sales milestone to GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:17.2833em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;The Asset Purchase Agreement with GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:18.1164em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;regarding the acquisition of the product rights to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:18.9495em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Rabipur/RabAvert and Encepur includes a sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:19.7827em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;stone of EUR 25 million. As per December 31, 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:20.6158em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Management does not judge the sales milestone to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:21.4489em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;be probable and therefore the sales milestone has not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:22.282em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;been recognized as either part of the product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:23.1152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;(note 15) nor the deferred consideration for product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:23.9483em;"&gt;&lt;span class="stl_255 stl_20 stl_604" style="word-spacing:-0.0135em;"&gt;rights (note 24).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:25.6095em;"&gt;&lt;span class="stl_261 stl_16 stl_397" style="word-spacing:-0.0335em;"&gt;License and collaboration agreement AdaptVac  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:26.4483em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Under the license and collaboration agreement with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:27.2814em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;AdaptVac the Company has an obligation of payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:28.1145em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;of potential future development and sales milestones  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:28.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;and tiered royalties. Based on current regulatory plans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:29.7808em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;and expectations for future sale of the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:30.6139em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;COVID-19 vaccine all sales milestones and part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:31.447em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;development milestones are deemed probable as per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:32.2802em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;December 31, 2022 and the net present value of those  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:33.1133em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;future milestone payments have been recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:33.9464em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0324em;"&gt;deferrred consideration, see further description in note  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:16.4464em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;24. The remaining developement milestones related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:17.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;filing for approval in further countries are not deemed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:18.1127em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;likely and therefore not recognized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:19.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Agreement with Danish Ministry of Health  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:20.6127em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Under the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:21.4458em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Health to fund the development of ABNCoV2 the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:22.2789em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Company has an obligation of payment of an additional,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:23.112em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;capped royalty payment if the sales reach a certain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:23.9452em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;threshold. Based on current sales forecasts this addi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:24.7783em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;tional royalty payment is not deemed likely and there-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:25.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;fore not recognized. If the payment becomes current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:26.4445em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;it will be recognized as a financial expense as the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:27.2777em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;additional royalty payment is seen as an extra interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:28.1108em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;payment. The cap for the additional royalty payment is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:28.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;a fixed amount, calculated as a percentage of the loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:29.777em;"&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;amount.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;License agreements National Cancer Institute  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;The Group has license agreements with the National  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Cancer Institute (NCI) and Public Health Service (PHS) in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the U.S. for PROSTVAC, CV301 and BN-Brachyury, respec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;tively. The agreements include contingent liabilities for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the Group to pay performance-based royalties, if and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;when certain milestone events are achieved. Further,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the agreements include potential contingent liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;for the Group to pay additional sublicensing royalties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;on the fair market value of consideration received, if  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;and when the Group grants such sublicenses. Payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:19.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;considered remote are not included in the amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:20.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_235"&gt;above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:10.2108em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Company mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:11.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The Company has by letter of indemnity granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:11.8827em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Nordea a floating charge on unsecured claims arising  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:12.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;from the sale of goods and services and stocks of raw  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:13.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;materials, intermediate products and finished products,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:14.382em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;DKK 150 million (DKK 150 million). The floating charge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:15.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;secures the operating credit line of DKK 20 million and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:16.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;the line for trading in financial instruments, DKK 50  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:16.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0251em;"&gt;million (DKK 50 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:18.5427em;"&gt;&lt;span class="stl_261 stl_16 stl_60"&gt;Lawsuits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:19.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Based on management's assessment the Group is not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:20.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;involved in any lawsuits or arbitration cases which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:21.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;could have a material impact on the Group's financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:21.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;position or results of operations.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_432" style="word-spacing:0.0085em;"&gt;Note 32  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_164" style="word-spacing:0.0058em;"&gt;Significant events after the balance sheet date  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:10.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;On February 15, 2023, the Company announced an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:11.047em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;update on its late-stage pipeline programs. The anal-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:11.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;ysis of data from the completed Phase 3 trial of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:12.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0253em;"&gt;RSV vaccine candidate, MVA-BN&lt;/span&gt;&lt;sup style="top: -0.2025em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0227em;"&gt;RSV, is progressing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;according to plan and topline results from the study  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;are still anticipated in mid-2023. In the Phase 3 trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;of the COVID-19 booster vaccine candidate, ABNCoV2,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;the recruitment of subjects ≥65 years of age is taking  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;longer than anticipated, pushing the expected comple-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;tion of enrollment into the second quarter of 2023 with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0255em;"&gt;topline results now anticipated around mid-2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:20.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;On February 15, 2023, the Company announced an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:21.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;agreement with Emergent BioSolutions Inc. to acquire  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:21.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;two marketed travel vaccines, Vivotif&lt;/span&gt;&lt;sup style="top: -0.2065em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;for the preven-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:22.7187em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;tion of typhoid fever and Vaxchora&lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;against cholera as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:23.552em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0269em;"&gt;well as a Phase 3 vaccine candidate for the prevention  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;of Chikungunya virus for a total consideration of up to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;USD 380 million, including USD 270 million in an upfront  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;payment and up to USD 110 million in future conditional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;milestone payments. The acquisition also includes facil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;ities and key personnel related to the acquired assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;On February 20, 2023, The Company announced  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;successful completion of a directed issue and private  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;placement of 7,046,839 new shares at an offer price of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;DKK 233 per share, raising gross proceeds of DKK 1,642  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:20.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0255em;"&gt;Except as noted above, there have been no significant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:21.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;events between December 31, 2022 and the date of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:21.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;approval of these financial statements that would  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:22.717em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;require a change to or additional disclosure in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:23.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;financial statements.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.6102em;"&gt;&lt;span class="stl_598 stl_36 stl_414" style="word-spacing:0.0035em;"&gt;Note 33  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.6287em;"&gt;&lt;span class="stl_560 stl_57 stl_294" style="word-spacing:0.006em;"&gt;Approval of the consolidated financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:32.1852em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;The consolidated financial statements were approved  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:33.0183em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;by the Board of Directors and Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:33.8514em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;and authorized for issue on March 2, 2023.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_414" style="word-spacing:0.0035em;"&gt;Note 31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:6.8268em;"&gt;&lt;span class="stl_560 stl_57 stl_514" style="word-spacing:0.0025em;"&gt;Contingent liabilities and other contractual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:8.1602em;z-index:68;"&gt;&lt;span class="stl_560 stl_57 stl_14" style="word-spacing:-0.0032em;"&gt;obligations &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory>
   <ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory contextRef="ctx1" id="fact2162" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1676em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0343em;"&gt;Implementation of new and revised standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0008em;"&gt;&lt;span class="stl_261 stl_16 stl_409"&gt;interpretations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8395em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;Management has assessed the impact of new or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6726em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;amended and revised accounting standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5058em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;interpretations (IFRSs) issued by the IASB and IFRSs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3389em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;endorsed by the European Union effective on or after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.172em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;January 1, 2022. It is assessed that application of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0051em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;amendments effective from January 1, 2022 has not had  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;a material impact on the consolidated&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.292em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;ments for 2022. Furthermore, Management does not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;anticipate any significant impact on future periods from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3376em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0351em;"&gt;the adoption of these amendments.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory>
   <ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory contextRef="ctx1" id="fact2159" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1708em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Basis of preparation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;The consolidated financial statements for Bavarian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;Nordic have been prepared in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;International Financial Reporting Standards (IFRS) as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;adopted by the EU and Danish disclosure requirements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;for the consolidated financial statements of listed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1751em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;companies. Danish disclosure requirements for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;presentation of consolidated financial statements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;imposed by the Statutory Order on Adoption of IFRS  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;issued under the Danish Financial Statements Act.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;The accounting policies are unchanged from last year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;except for changes due to implementation of new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;revised standards that were effective January 1, 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;The consolidated financial statements are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Danish kroner (DKK), which is the functional currency of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0224em;"&gt;the parent company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;The consolidated financial statements are presented on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8408em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;a historical cost basis, apart from derivative financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;instruments, securities and liability relating to phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.507em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;shares, which are measured at fair value.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1739em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The accounting policies have been consistently applied  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.007em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;for the financial year and for the comparative figures  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8401em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;except for implementation of new standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6733em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;amendments, see further below.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3401em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;In the narrative sections of the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.1733em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;statements comparative figures for 2021 are shown in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.0064em;"&gt;&lt;span class="stl_255 stl_20 stl_350"&gt;brackets.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory>
   <ifrs-full:StatementOfIFRSCompliance contextRef="ctx1" id="fact2160" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1708em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Basis of preparation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;The consolidated financial statements for Bavarian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;Nordic have been prepared in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;International Financial Reporting Standards (IFRS) as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;adopted by the EU and Danish disclosure requirements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;for the consolidated financial statements of listed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1751em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;companies. Danish disclosure requirements for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;presentation of consolidated financial statements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;imposed by the Statutory Order on Adoption of IFRS  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;issued under the Danish Financial Statements Act.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;The accounting policies are unchanged from last year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;except for changes due to implementation of new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;revised standards that were effective January 1, 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;The consolidated financial statements are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Danish kroner (DKK), which is the functional currency of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0224em;"&gt;the parent company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;The consolidated financial statements are presented on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8408em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;a historical cost basis, apart from derivative financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;instruments, securities and liability relating to phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.507em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;shares, which are measured at fair value.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1739em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The accounting policies have been consistently applied  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.007em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;for the financial year and for the comparative figures  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8401em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;except for implementation of new standards and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6733em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;amendments, see further below.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3401em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;In the narrative sections of the consolidated financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.1733em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;statements comparative figures for 2021 are shown in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.0064em;"&gt;&lt;span class="stl_255 stl_20 stl_350"&gt;brackets.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:StatementOfIFRSCompliance>
   <ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory contextRef="ctx1" id="fact2161" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;The consolidated financial statements are presented in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Danish kroner (DKK), which is the functional currency of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0224em;"&gt;the parent company.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory contextRef="ctx1" id="fact2164" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:15.9908em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;Foreign currency translation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:16.8295em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;On initial recognition, transactions denominated in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:17.6626em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;currencies other than the Group’s functional currency  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:18.4958em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;are translated at the exchange rate ruling at the trans-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:19.3289em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;action date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:20.9958em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;Receivables, payables and other monetary items  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:21.8289em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;denominated in foreign currencies that have not been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:22.662em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;settled at the balance sheet date are translated at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;exchange rates at the balance sheet date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:25.162em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;Exchange differences between the exchange rate at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:25.9951em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the date of the transaction and the exchange rate at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:26.8283em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;the date of payment or the balance sheet date, respec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:27.6614em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;tively, are recognized in the income statement under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:28.4945em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;financials. Property, plant and equipment and intan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;gible assets, inventories and other nonmonetary assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:30.1608em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;acquired in foreign currency and measured based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:30.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;historical cost are translated at the exchange rates at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:31.827em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;the transaction date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:33.4939em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;On recognition in the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:34.327em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;ments of subsidiaries whose financial statements are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:35.1601em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;presented in a functional currency other than Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:35.9933em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;kroner (DKK), the income statements are translated at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7488em;top:36.8264em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the average exchange rates of the respective months.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1764em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;Balance sheet items are translated at the exchange  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0095em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;rates at the balance sheet date. Exchange differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8426em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;arising on the translation of foreign subsidiaries’  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.6758em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;opening balance sheet items to the exchange rates at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5089em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;the balance sheet date and on the translation of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.342em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;income statements from average exchange rates of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1751em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;respective months to exchange rates at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;sheet date are recognized as other comprehensive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_87"&gt;income.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory>
   <ifrs-full:DisclosureOfBasisOfConsolidationExplanatory contextRef="ctx1" id="fact2163" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:29.3264em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Basis of consolidation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:30.1651em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The consolidated financial statements include Bavarian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:30.9983em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Nordic &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;A/S&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt; and the subsidiaries in which the Group&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:31.8314em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;holds more than 50% of the voting rights or otherwise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:32.6645em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0244em;"&gt;has control.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfBasisOfConsolidationExplanatory>
   <ifrs-full:LegalFormOfEntity contextRef="ctx1" id="fact1055" xml:lang="en">A/S</ifrs-full:LegalFormOfEntity>
   <ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory contextRef="ctx1" id="fact2166" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5026em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0383em;"&gt;Segment reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3414em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;The Group does not prepare segment reporting inter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1745em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;nally and therefore only reports one operating segment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0076em;"&gt;&lt;span class="stl_255 stl_20 stl_103"&gt;externally.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6745em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Geographic spilt of revenue and revenue from major  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5076em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;customers is disclosed in note 3 to the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3408em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;financial statements. Geographic location of noncurrent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1739em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;assets is disclosed in note 15 and 16 to the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.007em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;financial statements.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory contextRef="ctx1" id="fact2167" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6683em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Cash flow statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.507em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;The cash flow statement is prepared in accordance with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3401em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;the indirect method on the basis of the Group’s net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1733em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0202em;"&gt;result for the year. The statement shows the Group’s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.0064em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;cash flows broken down into operating, investing and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8395em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;financing activities, cash and cash equivalents at year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6726em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;end and the impact of the calculated cash flows on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.5058em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;Group’s cash and cash equivalents.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.1726em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Cash flows in foreign currencies are translated into  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.0058em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Danish kroner (DKK) at the exchange rate on the trans-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.8389em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;action date.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.172em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;In the cash flows from operating activities, net profit for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0051em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;the year is adjusted for non-cash operating items and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;changes in working capital.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5051em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Cash flows from investing activities include cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3383em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;from the purchase and sale of intangible assets, prop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1714em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;erty, plant and equipment, investments and securities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;Cash flows from financing activities include cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;from the raising and payment of loans and capital  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5045em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;increases.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.1714em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;Additionally, cash flows from assets held under finance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0045em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;leases are recognized by way of lease payments made.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory>
   <ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory contextRef="ctx1" id="fact2169" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_601" style="word-spacing:0.0028em;"&gt;Significant accounting estimates and judgments  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:6.3911em;top:9.9916em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0384em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;In the preparation of the consolidated financial state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8715em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ments, Management makes a number of accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7046em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;estimates, which form the basis for the presentation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5378em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;recognition and measurement of the Group's assets and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3709em;"&gt;&lt;span class="stl_255 stl_20 stl_263"&gt;liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0378em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;The recognition and measurement of assets and liabil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8709em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;ities often depend on future events that are somewhat  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.704em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;uncertain. In that connection, it is necessary to assume  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5371em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;a course of events that reflects Management’s assess-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3703em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;ment of the most probable course of events.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0371em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;The key accounting estimates identified are those that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8703em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;have a significant risk of resulting in a material adjust-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.7034em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;ment to the measurement of assets and liabilities in  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0365em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;the following reporting period. Management bases its  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8696em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;estimates on historical experience and various other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.7028em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;assumptions that are held to be reasonable under the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5359em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;circumstances. The estimates and underlying assump-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.369em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;tions are reviewed on an ongoing basis. If necessary,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.2021em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;changes are recognised in the period in which the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0353em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;estimate is revised. Management considers the key  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8684em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;accounting estimates to be reasonable and appropriate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.7015em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;based on currently available information. The actual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5346em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;amounts may differ from the amounts estimated as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3678em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;more detailed information becomes available.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0346em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Management has made the following accounting esti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8678em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;mates which significantly affect the amounts recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.7009em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;nized in the consolidated financial statements:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.035em;"&gt;Accounting policy  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0323em;"&gt;Key accounting estimates and judgements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.0557em;top:25.066em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;Note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.756em;"&gt;&lt;span class="stl_255 stl_20 stl_32"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:26.756em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Estimate of US sales deductions and provisions for sales rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0888em;top:26.756em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.7779em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:27.7779em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Estimate regarding impairment of assets; assessment whether future sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.7782em;top:27.7773em;"&gt;&lt;span class="stl_268 stl_20 stl_335"&gt;15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:28.611em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;and development milestones have become probably; assessment whether  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:29.4442em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;development costs should be expensed or capitalized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.466em;"&gt;&lt;span class="stl_255 stl_20 stl_96"&gt;Inventories  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.2269em;top:30.466em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;Estimate of indirect production costs capitalized and inventory write-down  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.775em;top:30.466em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3324em;top:10.5216em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5628em;"&gt;&lt;span class="stl_261 stl_16 stl_256" style="word-spacing:-0.0359em;"&gt;Provisions for sales deductions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.4016em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Sales discounts and rebates are predominantly issued  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2347em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;in the US in connection with the US Federal and State  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0678em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;Government Healthcare programs, namely Medicare  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.9009em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;and Medicaid, and commercial rebates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5678em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;The estimate of sales discounts and rebates is based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.4009em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;a calculation which includes a combination of historical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2341em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;utilization data, combined with expectations in relation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0672em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;to the development in sales and utilization. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.9003em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;more, specific circumstances regarding the different  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7334em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programs are considered. The obligations concerning  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5666em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;sales discounts and rebates are incurred at the time the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3997em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;sale is recorded. However, the actual discount or rebate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2328em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;related to a specific sale may be invoiced later.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8997em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Bavarian Nordic considers the provisions established  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7328em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;for sales discounts and rebates to be reasonable and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5659em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;appropriate based on currently available information.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3991em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;However, the actual amount of discounts and rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2322em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;may differ from the amounts estimated as more  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0653em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;detailed information becomes available.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:11.5597em;"&gt;&lt;span class="stl_261 stl_16 stl_17" style="word-spacing:-0.0409em;"&gt;Partner contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:12.3984em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Whether a component of a multiple element contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:13.2316em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;has value to the partner on a stand-alone basis is based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:14.0647em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;on an assessment of specific facts and circumstances  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:14.8978em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;and is associated with judgement. This applies also to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:15.7309em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;the assessment of whether a license transfers rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:16.5641em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;associated with ownership of an intangible asset.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:17.3972em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Furthermore, allocation of the total consideration of a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:18.2303em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;contract to separately identifiable components requires  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:19.0634em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;considerable estimates and judgement to be made by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:19.8966em;"&gt;&lt;span class="stl_255 stl_20 stl_205"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:21.5634em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;At inception and throughout the life of a contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:22.3966em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;Management is performing an analysis of the agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:23.2297em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;ment with its partners based on available facts and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:24.0628em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;circumstances at each assessment date such as histor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:24.8959em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;ical experience and knowledge from the market to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:25.7291em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;extent obtainable. This includes also an understanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:26.5622em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;of the purpose of the deliverables under the contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:27.3953em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;and the negotiation taken place prior to concluding the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:28.2284em;"&gt;&lt;span class="stl_255 stl_20 stl_297"&gt;contract.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3141em;top:10.3531em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:11.3943em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:12.2331em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0356em;"&gt;When determining the amortization period for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:13.0662em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;acquired product rights, Management need to make  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:13.8993em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;an assessment of expected useful economic life. In the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:14.7324em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;assessment Management take among other things the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:15.5656em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;following components into consideration: The maturity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:16.3987em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0353em;"&gt;of the products acquired, development in the market the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:17.2318em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.031em;"&gt;acquired products are targeting, the current competitors,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:18.0649em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0332em;"&gt;clinical development of new competing products and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:18.8981em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0343em;"&gt;entry barriers to the market due to advanced production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:19.7312em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0313em;"&gt;technology. Straight-line amortization reflects the use  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:20.5643em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;and impairment of the product rights.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:22.2312em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0319em;"&gt;Management continuously updates the valuation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:23.0643em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0365em;"&gt;model used when acquiring the product rights from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:23.8974em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0318em;"&gt;GlaxoSmithKline to assess the value creation expected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:24.7306em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;from the acquisition. The latest update of the valuation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:25.5637em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0299em;"&gt;model shows a value above the net present value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:26.3968em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0272em;"&gt;purchase price, hence there is no indications of impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:27.2299em;"&gt;&lt;span class="stl_255 stl_20 stl_105"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:28.8968em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0327em;"&gt;As per December 31, 2022 Management still judge that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:29.7299em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0354em;"&gt;the sales milestone of EUR 25 million included in Asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:30.5631em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0277em;"&gt;Purchase Agreement is not probable and therefore the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:31.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;present value has not been added to the cost of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:32.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0385em;"&gt;product rights.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3324em;top:10.3531em;"&gt;&lt;span class="stl_602 stl_16 stl_217" style="word-spacing:-0.0309em;"&gt;Significant accounting judgments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.3999em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;Management has made the following accounting judg-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.2331em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0336em;"&gt;ment which significantly affect the amounts recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.0662em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;in the consolidated financial statements:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.344em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6696em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.054em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2746em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.04em;"&gt;rights and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6721em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_380"&gt;intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2696em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:1.0869em;"&gt;Product development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.139em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.034em;"&gt;assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:13.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8015em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_330"&gt;rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0115em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_199" style="word-spacing:-0.029em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3209em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;Software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1777em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9784em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:15.3582em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8571em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;458&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.074em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;733&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;770  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7877em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;100&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.534em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;134&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;371  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7921em;top:15.3582em;z-index:306;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_625"&gt;427&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;226  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1427em;top:16.38em;z-index:327;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;279&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;714  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4421em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;006  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5459em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;691  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2846em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;425&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_588"&gt;411  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4327em;top:17.4019em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9609em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;572&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1702em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9752em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4459em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.424em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0251em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6352em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3821em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6228em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_65"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3715em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5477em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_282"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Amortization as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;545&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;870  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1346em;top:21.0713em;z-index:546;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;400  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;623&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;270  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3509em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1352em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;908  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.214em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;286&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2715em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2915em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7402em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Amortization as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1815em;top:24.1313em;"&gt;&lt;span class="stl_257 stl_16 stl_179"&gt;818&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9884em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0084em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4371em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1771em;top:24.1313em;z-index:699;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6552em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;4,639,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3809em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0177em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_342"&gt;4,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_342"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3709em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:27.3825em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Geographical split of intangible assets – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:28.41em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7696em;top:28.41em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_319"&gt;664  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:29.4319em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3809em;top:29.4319em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Total intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.1557em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;December 31, 2019 the Company acquired the product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:11.8275em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;rights to two commercial products owned by Glax-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:12.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.024em;"&gt;oSmithKline - Rabipur/RabAvert and Encepur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:13.4938em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;The products have been on the market for more than  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:14.3269em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;20 years. There is no need to further develop the prod-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.16em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;ucts. Management assesses that it will require up to 10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;years of clinical development for competitors to bring  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:16.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;a new competing product to the market likewise the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:17.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;production process required to produce these products  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:18.4925em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;is highly complex. Based on these factors Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;assesses that the acquired product rights should be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:20.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;amortized over 20 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;The acquisition price for the two product rights consists  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;of the upfront payment and the present value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;milestone payments included in the Asset Purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Agreement with GlaxoSmithKline. The milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;payments relate to transfer and re-registration of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;marketing authorizations, technology transfer of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;different steps of the production and packaging activi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:27.6575em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ties as well as a milestone payment when all services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;agreed to be rendered has been completed. The Asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Purchase Agreement specifies the above milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;payments for each product. In total EUR 470 million. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Asset Purchase Agreement also includes a sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:31.8232em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;stone of EUR 25 million. The sales milestone is related  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:32.6563em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;to the total revenue of the two products. Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:33.4894em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment deems it unlikely that the sales milestone will  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:34.3225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;be trickered, hence the sales milestone has not been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:35.1557em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;recognized as part of the asset nor the deferred consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:35.9888em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;eration as per December 31, 2021.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Deferred consideration for the acquired product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;are described in note 24.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7133em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;In July 2020, the Company concluded a license and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;collaboration agreement with AdaptVac. The license  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0325em;"&gt;agreement provides Bavarian Nordic the global  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;commercialization rights to a COVID-19 vaccine candi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;date based on AdaptVac’s technology. Under the terms  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the agreement AdaptVac has been responsible for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;running a Phase 1/2 open label, dose-escalation trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;sponsored by Radhould University Medical Center. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Company has assumed the responsibility for the further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.039em;"&gt;clinical development and manufacturing. At commence-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment of the positive Phase 2 trial the Company started  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;capitalization of directly related development cost as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the feasibility of developing a final vaccine and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0278em;"&gt;regulatory approval is considered highly likely, see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;further description under "Significant accounting judge-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_323"&gt;ments".  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;The Company made an upfront payment of EUR 4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;million to AdaptVac in 2020 when the license agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.382em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ment was signed. The upfront payment was capitalized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;and recognized as "Acquired rights and development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0257em;"&gt;in progress". The Company has also committed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;payment of potential future development and sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.7145em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;milestones and tiered royalties. At year-end 2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.5477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Management assessed that those milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;were not probable since no in-human studies had  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;completed, hence milestone payments were not recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.047em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;nized as an asset and a liability as per December 31,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;2020. Based on the positive clinical results during 2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:37.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0259em;"&gt;Management assessed at year-end 2021 that the like-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:38.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;lihood of future regulatory approval of the Company's  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;COVID-19 vaccine was high, hence milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0308em;"&gt;to AdaptVac were expected to become payable. Based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;on current regulatory plans and expectations for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;revenue from sale of the COVID-vacine all sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;stones and part of the development milestones were  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3789em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;assumed probable. At initial recognition in December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.212em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;2021 the net present value of the probable milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;payments was calculated amounting to DKK 596  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8783em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;million, and was recognized as part of the "Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.7114em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;rights and development in progress". A corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5445em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;liability was been recognized as deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_171" style="word-spacing:0.0037em;"&gt;(note 24).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0389em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.0339em;"&gt;Intangible assets in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;Rabipur/RabAvert and Encepur are currently manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;factured by GlaxoSmithKline and the basis of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.5439em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;technology transfer to Bavarian Nordic is an as-is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.377em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;transfer of the current manufacturing process. This  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.2102em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;transfer will be a staged process, starting with pack-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.0433em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;aging then filling and ending with the transfer of bulk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8764em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;manufacturing. The Company will incur material costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.7095em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;in terms of internal labour and consultancy to handle  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.5427em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the technology transfer and gain crucial knowledge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3758em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;about the manufacturing process. These costs will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.2089em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;capitalized as an intangible asset. As per December 31,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.042em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;2022 the capitalized costs amounts to DKK 255.3 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.8752em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;(DKK 125.2 million), recognized as intangible assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.7083em;"&gt;&lt;span class="stl_255 stl_20 stl_78"&gt;progress.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.3752em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;As part of the development plan for ABNCoV2 the filling  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.2083em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;process at Kvistgaard need to be scaled up to handle  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.0414em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;production for commercial launch. Cost related to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.8745em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;scale up activities are recognized as part of intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:37.7077em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;assets in progress with an amount of DKK 14.2 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:38.5408em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.02em;"&gt;(DKK 3.6 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3403em;top:15.4779em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.5247em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Production overheads are measured on the basis of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;actual costs. The basis of the actual costs is reassessed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:18.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;regularly to ensure that they are adjusted for changes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;in the utilization of production capacity, production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;changes and other relevant factors. Biological living  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;material is used, and the measurements and assump-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;tions for the estimates made may be incomplete or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.3566em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;inaccurate, and unexpected events or circumstances  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1897em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;may occur, which may cause the actual outcomes to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0228em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;later deviate from these estimates. It may be necessary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8559em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;to change previous estimates as a result of changes in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6891em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;the assumptions on which the estimates were based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5222em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;or due to new information or subsequent events, for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3553em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;which certainty could not be achieved in the earlier  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1884em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;estimates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8553em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Estimates that are material to the financial reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:30.6884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;are made in the determination of any impairment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5216em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;inventories as a result of 'out-of-specification' products,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.3547em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0397em;"&gt;expiry of products and sales risk.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3403em;top:22.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_217" style="word-spacing:-0.0309em;"&gt;Significant accounting judgments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Management has made the following accounting judg-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;ment which affect the recognition in the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;financial statements:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;Management assesses a high likelyhood of regula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;tory approval of the vaccine, hence assumes that the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;already received milestone payments and the mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;stone payments to be received in the comming year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:30.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;will be repaid in either supply of vaccines or royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;payments.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory>
   <ifrs-full:DisclosureOfRevenueExplanatory contextRef="ctx1" id="fact2185" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_325"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0735em;top:10.2008em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.0753em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Sale of goods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.914em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Revenue from sale of goods is recognized when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7472em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;Bavarian Nordic has transferred control of products sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5803em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;to the buyer and it is probable that Bavarian Nordic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.4134em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;will collect the consideration to which it is entitled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;for transferring the products. Control of the products  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0797em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;is transferred at a point in time, typically on delivery.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.9128em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;The amount of sales to be recognized is based on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7459em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;consideration Bavarian Nordic expects to receive in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.579em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;exchange for its goods. When sales are recognized,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.4122em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Bavarian Nordic also records estimates for a variety of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.2453em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;sales deductions, including product returns as well as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0784em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;rebates and discounts to government agencies, whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.9115em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;salers, health insurance companies, managed health-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7447em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;care organisations and retail customers. Revenue is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.5778em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;measured net of value added tax, duties, etc. collected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;on behalf of a third party.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0778em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Where contracts contain customer acceptance criteria,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.9109em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Bavarian Nordic recognizes sales when the acceptance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.744em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;criteria are satisfied.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;Where absolute amounts are known, the rebates are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.244em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;recognized as other liabilities. Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;are netted against trade receivable balances.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;The pricing mechanisms in the US market and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.5772em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;different kind of rebates are described below.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2372em;"&gt;&lt;span class="stl_599 stl_57 stl_256" style="word-spacing:-0.0362em;"&gt;Pricing mechanisms in the US market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;In the US, sales rebates are paid in connection with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;government and commercial programmes. Key  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;customers in the US include private payers, Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Purchasing Organizations (GPOs) and government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7434em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;payers. GPOs play a role in negotiating price conces-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5765em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;sions with drug manufacturers for the commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.4097em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;channels, and determine which drugs are offered as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.2428em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;preferred options on their drug lists.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.9009em;"&gt;&lt;span class="stl_599 stl_57 stl_510" style="word-spacing:-0.0387em;"&gt;Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.7409em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;Wholesaler charge-backs relate to contractual arrange-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.574em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;ments between Bavarian Nordic and indirect customers  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.4072em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;whereby products are sold at contract prices lower  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.2403em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;than the list price originally charged to wholesalers.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.0734em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;A wholesaler charge-back represents the difference  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.9065em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;between the invoice price to the wholesaler and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.7397em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;indirect customer’s contract price. Accruals are calcu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.5728em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;lated for estimated charge-backs using a combination  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.4059em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;of factors such as historical experience, current whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.239em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;saler inventory levels, contract terms and the value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.0722em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;claims received but not yet processed.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.9028em;"&gt;&lt;span class="stl_599 stl_57 stl_409" style="word-spacing:-0.0324em;"&gt;US Medicaid &amp;amp; Medicare rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7428em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Medicaid &amp;amp; Medicare are government insurance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5759em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programmes. Medicaid and Medicare rebates have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.409em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;been estimated using a combination of historical expe-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2422em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;rience, product and population growth, price increases,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0753em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;and the impact of contracting strategies. The calcula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.9084em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;tion also involves interpretation of relevant regulations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.7415em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;that are subject to changes in interpretative guidance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.5747em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;from government authorities. Bavarian Nordic adjusts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.4078em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;the provision periodically to reflect actual sales perfor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.2409em;"&gt;&lt;span class="stl_255 stl_20 stl_108"&gt;mance.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.579em;"&gt;&lt;span class="stl_599 stl_57 stl_205" style="word-spacing:-0.0351em;"&gt;Other discounts and sales returns  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.419em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Other discounts are provided to wholesalers, hospi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;tals, pharmacies, etc. They are usually linked to sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;volume or provided as cash discounts. Accruals are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;calculated based on historical data and recorded as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;reduction in gross sales at the time the related sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;are recorded. Sales returns are related to damaged or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_412" style="word-spacing:-0.037em;"&gt;expired products.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.079em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Sale of services and licenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.9177em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Furthermore, revenue comprises the fair value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;consideration received or receivable for income derived  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.584em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;from development services where revenue is measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.4171em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;at the expected net sales price.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.084em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Sales of licenses that transfer the rights associated with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.9171em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ownership of intellectual property are recognized at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.7502em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;a point in time when control is transferred. Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5833em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;from development services and licenses that do not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.4165em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;transfer the right of ownership to intellectual property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;are recognized over time in line with the execution and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0827em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;delivery of the work.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5827em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0327em;"&gt;Agreements with commercial partners generally  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.4158em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;include non-refundable upfront license and collabora-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.249em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;tion fees, milestone payments, the receipt of which is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.0821em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;dependent upon the achievement of certain clinical,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.9152em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;regulatory or commercial milestones, as well as royal-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7483em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;ties on product sales of licensed products, if and when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.5815em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;such product sales occur, and revenue from the supply  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.4146em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;of products. For these agreements that include multiple  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2477em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;elements, total contract consideration is attributed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0808em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;separately identifiable components on a reliable basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.914em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;that reasonably reflects the selling prices that might be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7471em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0358em;"&gt;expected to be achieved in stand-alone transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5802em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;provided that each component has value to the partner  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.4133em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;on a stand-alone basis. The allocated consideration is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;recognized as revenue in accordance with the principles  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0796em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;described above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3324em;top:10.5216em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5628em;"&gt;&lt;span class="stl_261 stl_16 stl_256" style="word-spacing:-0.0359em;"&gt;Provisions for sales deductions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.4016em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Sales discounts and rebates are predominantly issued  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2347em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;in the US in connection with the US Federal and State  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0678em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;Government Healthcare programs, namely Medicare  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.9009em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;and Medicaid, and commercial rebates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5678em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;The estimate of sales discounts and rebates is based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.4009em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;a calculation which includes a combination of historical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2341em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;utilization data, combined with expectations in relation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0672em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;to the development in sales and utilization. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.9003em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;more, specific circumstances regarding the different  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7334em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programs are considered. The obligations concerning  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5666em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;sales discounts and rebates are incurred at the time the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3997em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;sale is recorded. However, the actual discount or rebate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2328em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;related to a specific sale may be invoiced later.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8997em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Bavarian Nordic considers the provisions established  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7328em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;for sales discounts and rebates to be reasonable and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5659em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;appropriate based on currently available information.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3991em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;However, the actual amount of discounts and rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2322em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;may differ from the amounts estimated as more  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0653em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;detailed information becomes available.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:11.5597em;"&gt;&lt;span class="stl_261 stl_16 stl_17" style="word-spacing:-0.0409em;"&gt;Partner contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:12.3984em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Whether a component of a multiple element contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:13.2316em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;has value to the partner on a stand-alone basis is based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:14.0647em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;on an assessment of specific facts and circumstances  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:14.8978em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;and is associated with judgement. This applies also to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:15.7309em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;the assessment of whether a license transfers rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:16.5641em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;associated with ownership of an intangible asset.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:17.3972em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Furthermore, allocation of the total consideration of a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:18.2303em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;contract to separately identifiable components requires  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:19.0634em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;considerable estimates and judgement to be made by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:19.8966em;"&gt;&lt;span class="stl_255 stl_20 stl_205"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:21.5634em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;At inception and throughout the life of a contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:22.3966em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;Management is performing an analysis of the agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:23.2297em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;ment with its partners based on available facts and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:24.0628em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;circumstances at each assessment date such as histor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:24.8959em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;ical experience and knowledge from the market to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:25.7291em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;extent obtainable. This includes also an understanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:26.5622em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;of the purpose of the deliverables under the contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:27.3953em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;and the negotiation taken place prior to concluding the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7783em;top:28.2284em;"&gt;&lt;span class="stl_255 stl_20 stl_297"&gt;contract.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_37" style="word-spacing:0.0137em;"&gt;Revenue &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;MVA-BN smallpox vaccine sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9744em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;730&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2432em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;733&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;593  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_31"&gt;Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4907em;top:12.9858em;z-index:749;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;879&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;341  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2788em;top:12.9858em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;505&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;769  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.0077em;"&gt;&lt;span class="stl_255 stl_20 stl_199"&gt;Encepur  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4369em;top:14.0077em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;298&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;736  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2288em;top:14.0077em;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;363&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;054  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0388em;"&gt;Other product sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.45em;top:15.0295em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;496  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2138em;top:15.0295em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;260&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;225  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.0458em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Sale of goods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8238em;top:16.0458em;z-index:840;"&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_546"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274" style="word-spacing:1.216em;"&gt;45 &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;,64&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_317"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.77em;top:17.677em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;83&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.6989em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;Contract work  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7919em;top:18.6989em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;50&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5582em;top:18.6989em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;35&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;234  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.7152em;"&gt;&lt;span class="stl_261 stl_16 stl_472" style="word-spacing:-0.0389em;"&gt;Sale of services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.355em;top:19.7152em;"&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_416"&gt;33,74&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_416"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4232em;top:19.7152em;"&gt;&lt;span class="stl_261 stl_16 stl_445"&gt;35,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:21.3408em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8419em;top:21.3408em;z-index:947;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_239"&gt;,793  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5694em;top:21.3408em;z-index:959;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_605"&gt;97,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;75  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.9664em;"&gt;&lt;span class="stl_261 stl_16 stl_219" style="word-spacing:-0.0278em;"&gt;Total revenue includes:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Fair value adjustment concerning financial instruments entered into to hedge revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7419em;top:23.9939em;z-index:1074;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;072&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_176"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:25.6139em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.0337em;"&gt;Geographic split of revenue:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:26.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4694em;top:26.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;841&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7144em;top:26.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;066&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;800  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4419em;top:27.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;650&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1975em;top:27.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;258&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:28.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;Belgium  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4575em;top:28.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;335&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;399  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2494em;top:28.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_570"&gt;264&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;410  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.707em;"&gt;&lt;span class="stl_255 stl_20 stl_78"&gt;France  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4994em;top:29.707em;z-index:1187;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;268&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;186  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5525em;top:29.707em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;088  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:30.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_344"&gt;Canada  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5125em;top:30.7289em;z-index:1210;"&gt;&lt;span class="stl_268 stl_20 stl_606"&gt;197&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;283  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6119em;top:30.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:31.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;United Kingdom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5194em;top:31.7508em;z-index:1241;"&gt;&lt;span class="stl_268 stl_20 stl_586"&gt;169&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;203  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.595em;top:31.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:32.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;Hong Kong  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4982em;top:32.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;115&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;599  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:32.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:33.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0389em;"&gt;Saudi Arabia  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4488em;top:33.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;100&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;442  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:33.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_350"&gt;Australia  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8407em;top:34.8164em;z-index:1311;"&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;655  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.87em;top:34.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;504  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_83"&gt;Switzerland  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7907em;top:35.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_215"&gt;986  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6469em;top:35.8383em;z-index:1345;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:36.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;Other geographic markets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4257em;top:36.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;304&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;305  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2907em;top:36.8602em;z-index:1387;"&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;228&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;152  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:38.4802em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8419em;top:38.4802em;z-index:1401;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_239"&gt;,793  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5694em;top:38.4802em;z-index:1413;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_605"&gt;97,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;75  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Other product sale for 2022 consist of the following:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:11.8858em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;Sale of Mvabea (Ebola vaccine) to Janssen.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7189em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:12.7189em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Sale of Dukoral and Ixiaro licensed from Valneva  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Sale of Heplisav-B licensed from Dynavax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.052em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;In 2022 revenue achieved on the Danish market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0237em;"&gt;amounted to DKK 19.3 million (DKK 0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.552em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;In 2022 no customer represented more than 10% of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0218em;"&gt;total revenue.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.052em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;In 2021 the following customers represented more than  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;10% of total revenue:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.552em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:23.552em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0316em;"&gt;Biomedical Advanced Research and Development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:24.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;Authority (BARDA), USA, DKK 675.3 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.052em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:26.052em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Janssen Pharmaceutica NV, Belgium, DKK 260.2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.4489em;top:26.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_74"&gt;million.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_37" style="word-spacing:0.0137em;"&gt;Revenue &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Accounting for contract with Biomedical Advanced  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.0464em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Research and Development Authority (BARDA)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;In April 2020, BARDA placed a new order for the manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0389em;"&gt;facturing and supply of JYNNEOS&lt;/span&gt;&lt;sup style="top: -0.2075em;"&gt;&lt;span class="stl_608 stl_20 stl_609"&gt;®&lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;, at a total value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;USD 202 million. The contract expansion covered manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;facturing of 35 bulk drug substance (BDS) batches and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;the supply of up to 1.4 million doses of liquid-frozen  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_233"&gt;JYNNEOS&lt;/span&gt;&lt;sup style="top: -0.2073em;"&gt;&lt;span class="stl_608 stl_20 stl_610"&gt;®&lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0239em;"&gt;. At year-end 2022 only 6 BDS batches remain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:16.8854em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;to be manufactured and invoiced.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:18.5523em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;In June and July 2022, BARDA ordered in total 5,500,000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:19.3854em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;doses of liquid-frozen JYNNEOS&lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_608 stl_20 stl_609"&gt;®&lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;, for delivery in 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:20.2187em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;and 2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:21.8856em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;When BDS batches are invoiced to BARDA the BDS  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:22.7187em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;batches remain in the Company's physical possession  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:23.5518em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;until filling as final product. The filling takes place  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:24.385em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;either at the Company's facility in Kvistgaard or at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:25.2181em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;CMO's (a bill-and-hold arrangement). Revenue is recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:26.0512em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;nized once the BDS are releasable according to contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:26.8843em;"&gt;&lt;span class="stl_255 stl_20 stl_506" style="word-spacing:-0.0377em;"&gt;with BARDA.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:28.5512em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Payment is due within 30 days after invoicing.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:30.2125em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Accounting for license and collaboration agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:31.0456em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;ments with Nuance Pharma  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:31.8843em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;In March 2022, Bavarian Nordic entered into an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:32.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;exclusive license and supply agreement with Nuance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:33.5506em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Pharma, on the development and commercialization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:34.3837em;"&gt;&lt;span class="stl_255 stl_20 stl_165" style="word-spacing:-0.0099em;"&gt;of MVA-BN&lt;/span&gt;&lt;sup style="top: -0.2063em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_102" style="word-spacing:-0.0372em;"&gt;RSV against respiratory syncytial virus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:35.2187em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;(RSV) in adults in Chinese Mainland, Hong Kong, Macau,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:36.0518em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Taiwan, South Korea and certain Southeast Asian  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:36.885em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;countries. The agreement entails clinical development,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:37.7181em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;including a Phase 3 trial to support regulatory approval  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7328em;top:10.2181em;"&gt;&lt;span class="stl_255 stl_20 stl_500" style="word-spacing:-0.0095em;"&gt;of MVA-BN&lt;/span&gt;&lt;sup style="top: -0.2073em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;RSV in China, which will be conducted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;separately from the Company’s own Phase 3 trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;planned for initiation later in the first half of 2022 to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0351em;"&gt;support a U.S. Biologics License Application.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;Under the terms of the agreement, Bavarian Nordic has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;received an upfront payment of USD 12.5 million and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;is eligible to receive future milestone payments of up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;to USD 212.5 million that are triggered upon achieve-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;ment of certain clinical, regulatory, and commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;milestones, in addition to tiered, double-digit royalties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;on future net sales. The received upfront payment has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;been recognized as revenue. The future milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;payments will be recognized as revenue once the mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;stones are achieved.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:23.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Nuance Pharma will assume all costs and responsibility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:24.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;for the clinical development, regulatory filings, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:25.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;commercialization of the vaccine in territories covered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:26.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;by the agreement. Subject to Chinese regulatory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:26.8827em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;authority (National Medical Products Administration,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:27.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;NMPA) approval, Phase 1 and Phase 3 trials are planned  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7326em;top:28.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;for the vaccine approval in China.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_37" style="word-spacing:0.0137em;"&gt;Revenue &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfRevenueExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue contextRef="ctx1" id="fact2204" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0735em;top:10.2008em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.0753em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Sale of goods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.914em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Revenue from sale of goods is recognized when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7472em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;Bavarian Nordic has transferred control of products sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5803em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;to the buyer and it is probable that Bavarian Nordic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.4134em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;will collect the consideration to which it is entitled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;for transferring the products. Control of the products  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0797em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;is transferred at a point in time, typically on delivery.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.9128em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;The amount of sales to be recognized is based on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7459em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;consideration Bavarian Nordic expects to receive in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.579em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;exchange for its goods. When sales are recognized,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.4122em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Bavarian Nordic also records estimates for a variety of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.2453em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;sales deductions, including product returns as well as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0784em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;rebates and discounts to government agencies, whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.9115em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;salers, health insurance companies, managed health-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7447em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;care organisations and retail customers. Revenue is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.5778em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;measured net of value added tax, duties, etc. collected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;on behalf of a third party.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0778em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Where contracts contain customer acceptance criteria,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.9109em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Bavarian Nordic recognizes sales when the acceptance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.744em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;criteria are satisfied.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.4109em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;Where absolute amounts are known, the rebates are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.244em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;recognized as other liabilities. Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;are netted against trade receivable balances.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;The pricing mechanisms in the US market and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.5772em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;different kind of rebates are described below.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2372em;"&gt;&lt;span class="stl_599 stl_57 stl_256" style="word-spacing:-0.0362em;"&gt;Pricing mechanisms in the US market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;In the US, sales rebates are paid in connection with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;government and commercial programmes. Key  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0772em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;customers in the US include private payers, Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.9103em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Purchasing Organizations (GPOs) and government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7434em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;payers. GPOs play a role in negotiating price conces-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5765em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;sions with drug manufacturers for the commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.4097em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;channels, and determine which drugs are offered as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.2428em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;preferred options on their drug lists.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.9009em;"&gt;&lt;span class="stl_599 stl_57 stl_510" style="word-spacing:-0.0387em;"&gt;Wholesaler charge-backs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.7409em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;Wholesaler charge-backs relate to contractual arrange-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.574em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;ments between Bavarian Nordic and indirect customers  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.4072em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;whereby products are sold at contract prices lower  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.2403em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;than the list price originally charged to wholesalers.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.0734em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;A wholesaler charge-back represents the difference  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.9065em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;between the invoice price to the wholesaler and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.7397em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;indirect customer’s contract price. Accruals are calcu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.5728em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;lated for estimated charge-backs using a combination  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.4059em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;of factors such as historical experience, current whole-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.239em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;saler inventory levels, contract terms and the value of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.0722em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;claims received but not yet processed.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.9028em;"&gt;&lt;span class="stl_599 stl_57 stl_409" style="word-spacing:-0.0324em;"&gt;US Medicaid &amp;amp; Medicare rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7428em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Medicaid &amp;amp; Medicare are government insurance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5759em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programmes. Medicaid and Medicare rebates have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.409em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;been estimated using a combination of historical expe-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2422em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;rience, product and population growth, price increases,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0753em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;and the impact of contracting strategies. The calcula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.9084em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;tion also involves interpretation of relevant regulations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.7415em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;that are subject to changes in interpretative guidance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.5747em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;from government authorities. Bavarian Nordic adjusts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.4078em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;the provision periodically to reflect actual sales perfor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.2409em;"&gt;&lt;span class="stl_255 stl_20 stl_108"&gt;mance.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.579em;"&gt;&lt;span class="stl_599 stl_57 stl_205" style="word-spacing:-0.0351em;"&gt;Other discounts and sales returns  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.419em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Other discounts are provided to wholesalers, hospi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;tals, pharmacies, etc. They are usually linked to sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;volume or provided as cash discounts. Accruals are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;calculated based on historical data and recorded as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;reduction in gross sales at the time the related sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;are recorded. Sales returns are related to damaged or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_412" style="word-spacing:-0.037em;"&gt;expired products.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.079em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Sale of services and licenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.9177em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Furthermore, revenue comprises the fair value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;consideration received or receivable for income derived  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.584em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;from development services where revenue is measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.4171em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;at the expected net sales price.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.084em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Sales of licenses that transfer the rights associated with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.9171em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ownership of intellectual property are recognized at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.7502em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;a point in time when control is transferred. Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5833em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;from development services and licenses that do not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.4165em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;transfer the right of ownership to intellectual property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;are recognized over time in line with the execution and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0827em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;delivery of the work.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5827em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0327em;"&gt;Agreements with commercial partners generally  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.4158em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;include non-refundable upfront license and collabora-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.249em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;tion fees, milestone payments, the receipt of which is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.0821em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;dependent upon the achievement of certain clinical,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.9152em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;regulatory or commercial milestones, as well as royal-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7483em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;ties on product sales of licensed products, if and when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.5815em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;such product sales occur, and revenue from the supply  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.4146em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;of products. For these agreements that include multiple  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2477em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;elements, total contract consideration is attributed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0808em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;separately identifiable components on a reliable basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.914em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;that reasonably reflects the selling prices that might be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7471em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0358em;"&gt;expected to be achieved in stand-alone transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5802em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;provided that each component has value to the partner  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.4133em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;on a stand-alone basis. The allocated consideration is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;recognized as revenue in accordance with the principles  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0796em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;described above.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue>
   <ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory contextRef="ctx1" id="fact2212" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.9028em;"&gt;&lt;span class="stl_599 stl_57 stl_409" style="word-spacing:-0.0324em;"&gt;US Medicaid &amp;amp; Medicare rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7428em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Medicaid &amp;amp; Medicare are government insurance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5759em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programmes. Medicaid and Medicare rebates have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.409em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;been estimated using a combination of historical expe-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2422em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;rience, product and population growth, price increases,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0753em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;and the impact of contracting strategies. The calcula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.9084em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0261em;"&gt;tion also involves interpretation of relevant regulations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.7415em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;that are subject to changes in interpretative guidance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.5747em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;from government authorities. Bavarian Nordic adjusts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.4078em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;the provision periodically to reflect actual sales perfor-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.2409em;"&gt;&lt;span class="stl_255 stl_20 stl_108"&gt;mance.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory>
   <ifrs-full:DisclosureOfProvisionsExplanatory contextRef="ctx1" id="fact2213" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3324em;top:10.5216em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5628em;"&gt;&lt;span class="stl_261 stl_16 stl_256" style="word-spacing:-0.0359em;"&gt;Provisions for sales deductions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.4016em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;Sales discounts and rebates are predominantly issued  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2347em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;in the US in connection with the US Federal and State  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0678em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;Government Healthcare programs, namely Medicare  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.9009em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;and Medicaid, and commercial rebates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5678em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;The estimate of sales discounts and rebates is based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.4009em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;a calculation which includes a combination of historical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2341em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;utilization data, combined with expectations in relation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0672em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;to the development in sales and utilization. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.9003em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;more, specific circumstances regarding the different  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7334em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;programs are considered. The obligations concerning  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5666em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;sales discounts and rebates are incurred at the time the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3997em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;sale is recorded. However, the actual discount or rebate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2328em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;related to a specific sale may be invoiced later.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8997em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Bavarian Nordic considers the provisions established  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7328em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;for sales discounts and rebates to be reasonable and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5659em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;appropriate based on currently available information.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3991em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;However, the actual amount of discounts and rebates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2322em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;may differ from the amounts estimated as more  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0653em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;detailed information becomes available.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfProvisionsExplanatory>
   <ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory contextRef="ctx1" id="fact2214" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;MVA-BN smallpox vaccine sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9744em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;730&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2432em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;733&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;593  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_31"&gt;Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4907em;top:12.9858em;z-index:749;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;879&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;341  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2788em;top:12.9858em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;505&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;769  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.0077em;"&gt;&lt;span class="stl_255 stl_20 stl_199"&gt;Encepur  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4369em;top:14.0077em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;298&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;736  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2288em;top:14.0077em;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;363&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;054  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0388em;"&gt;Other product sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.45em;top:15.0295em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;496  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2138em;top:15.0295em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;260&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;225  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.0458em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Sale of goods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8238em;top:16.0458em;z-index:840;"&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_546"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274" style="word-spacing:1.216em;"&gt;45 &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;,64&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_317"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.77em;top:17.677em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;83&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.6989em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;Contract work  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7919em;top:18.6989em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;50&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5582em;top:18.6989em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;35&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;234  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.7152em;"&gt;&lt;span class="stl_261 stl_16 stl_472" style="word-spacing:-0.0389em;"&gt;Sale of services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.355em;top:19.7152em;"&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_416"&gt;33,74&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_416"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4232em;top:19.7152em;"&gt;&lt;span class="stl_261 stl_16 stl_445"&gt;35,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:21.3408em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8419em;top:21.3408em;z-index:947;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_239"&gt;,793  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5694em;top:21.3408em;z-index:959;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_605"&gt;97,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;75  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.9664em;"&gt;&lt;span class="stl_261 stl_16 stl_219" style="word-spacing:-0.0278em;"&gt;Total revenue includes:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Fair value adjustment concerning financial instruments entered into to hedge revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7419em;top:23.9939em;z-index:1074;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;072&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_176"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:25.6139em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.0337em;"&gt;Geographic split of revenue:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:26.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4694em;top:26.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;841&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7144em;top:26.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;066&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;800  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4419em;top:27.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;650&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1975em;top:27.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;258&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:28.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;Belgium  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4575em;top:28.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;335&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;399  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2494em;top:28.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_570"&gt;264&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;410  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.707em;"&gt;&lt;span class="stl_255 stl_20 stl_78"&gt;France  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4994em;top:29.707em;z-index:1187;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;268&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;186  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5525em;top:29.707em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;088  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:30.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_344"&gt;Canada  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5125em;top:30.7289em;z-index:1210;"&gt;&lt;span class="stl_268 stl_20 stl_606"&gt;197&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;283  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6119em;top:30.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:31.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;United Kingdom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5194em;top:31.7508em;z-index:1241;"&gt;&lt;span class="stl_268 stl_20 stl_586"&gt;169&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;203  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.595em;top:31.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:32.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;Hong Kong  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4982em;top:32.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;115&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;599  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:32.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:33.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_510" style="word-spacing:-0.0389em;"&gt;Saudi Arabia  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4488em;top:33.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;100&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;442  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:33.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_350"&gt;Australia  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8407em;top:34.8164em;z-index:1311;"&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;655  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.87em;top:34.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;504  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_83"&gt;Switzerland  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7907em;top:35.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_215"&gt;986  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6469em;top:35.8383em;z-index:1345;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:36.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;Other geographic markets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4257em;top:36.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;304&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;305  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2907em;top:36.8602em;z-index:1387;"&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;228&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;152  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:38.4802em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Revenue  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8419em;top:38.4802em;z-index:1401;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_239"&gt;,793  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5694em;top:38.4802em;z-index:1413;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_605"&gt;97,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;75  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory>
   <ifrs-full:DisclosureOfExpensesExplanatory contextRef="ctx1" id="fact2215" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_132" style="word-spacing:0.0075em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2528em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2471em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2471em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9371em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Cost of goods sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4125em;top:11.9371em;"&gt;&lt;span class="stl_268 stl_20 stl_248"&gt;644&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;683  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2794em;top:11.9371em;z-index:121;"&gt;&lt;span class="stl_268 stl_20 stl_611"&gt;539&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;789  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.959em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;Contract costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8163em;top:12.959em;z-index:143;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;889  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6019em;top:12.959em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;959  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9809em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0365em;"&gt;Other production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5057em;top:13.9809em;"&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;512&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2188em;top:13.9809em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;877  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.0028em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0383em;"&gt;Amortization of product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4638em;top:15.0028em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2432em;top:15.0028em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:16.019em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0354em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7944em;top:16.019em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_438"&gt;,449,53&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_438"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5744em;top:16.019em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_179"&gt;7,56&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_179"&gt;0  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.2221em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;Other production costs amounted to DKK 512.0 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0239em;"&gt;(DKK 492.9 million), of which net write-downs of inven-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;tory amounted to DKK 35.5 million compared to DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.7215em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;171.6 million in 2021. Development in write-downs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.5546em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;further described in note 18.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.2215em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;The bulk manufacturing facility has been shutdown for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.0546em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;a year due to the expansion of the facility for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.8878em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;production of Rabipur/RabAvert and Encepur. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:25.7209em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;shutdown resulted in a limited absorption of indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.554em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;production costs for the first 3 quarters of 2022. In 2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:27.3871em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;other production costs were also impacted by limited  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:28.2203em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;absorption of indirect production costs due to the shut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.0534em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;down in fourth quarter but also due to production of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.8865em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;RSV Phase 3 clinical trial material, which contributed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:30.7196em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;to a low commercial utilization of the manufacturing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.5528em;"&gt;&lt;span class="stl_255 stl_20 stl_215"&gt;capacity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:18.2196em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The product rights to Rabipur/RabAvert and Encepur are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:19.0528em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;amortized over 20 years with an annual amortization of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:19.8859em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;DKK 272.9 million.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:21.3435em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.3903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Production costs consist of costs incurred in gener-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.2234em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;ating the revenue for the year. Costs for raw materials,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.0566em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0363em;"&gt;consumables, production staff and a proportion of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.8897em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;production overheads, including maintenance, amorti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.7228em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;zation, depreciation and impairment of intangible and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.5559em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;tangible assets used in production as well as operation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.3891em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;administration and management of the production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.2222em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;facility are recognized as production costs. Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;of acquired product rights are recognized as production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;costs. In addition, the costs related to excess capacity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.7216em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;and write-down to net realisable value of goods on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.5547em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;stock are recognized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_86" style="word-spacing:0.0018em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;Sales and distribution costs comprise costs incurred for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;the sale and distribution of products sold during the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;year. This includes costs incurred for sales campaigns,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;training and administration of the sales force and for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;direct distribution, marketing and promotion. Also  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;included are salaries and other costs for the sales,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;distribution and marketing functions, loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;expected credit losses, amortization, depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.8706em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;other indirect costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_612" style="word-spacing:0.0089em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0296em;"&gt;Research and development costs incurred this year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9863em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_227"&gt;202&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;981  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3569em;top:11.9088em;z-index:156;"&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;421&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_484"&gt;118  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Of which:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0298em;"&gt;Contract costs recognized as production costs (note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6369em;top:14.5563em;z-index:227;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_425"&gt;889&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_425"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4038em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_542"&gt;959&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_542"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.5725em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0313em;"&gt;Research and development costs recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8288em;top:15.5725em;z-index:299;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1663em;top:15.5725em;z-index:311;"&gt;&lt;span class="stl_261 stl_16 stl_579"&gt;399,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;59  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.2038em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Fair value adjustment concerning financial instruments entered into to hedge research  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.0369em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.79em;top:18.0369em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;201  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1638em;top:18.0369em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.2544em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Under the Group’s accounting policies development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.0875em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;costs are generally expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.9207em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;During the development of ABNCoV2, the Group has,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:22.7538em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;however, started capitalization of directly related  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.5869em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;development cost at commencement of the phase 2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.42em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;studies as – unlike most other development candidates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:25.2532em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;- the feasibility of developing a final vaccine and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.0863em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;regulatory approval is considered likely, because the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.9194em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0251em;"&gt;development of other COVID-19 vaccine candidates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:27.7525em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;based on the same antigen has been successful.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:28.5857em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Furthermore, the Group has ensured significant finance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.4188em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;of the development through the funding obtained from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:30.2519em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;Danish Ministry of Health and a minimum demand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.085em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;agreed in the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.9182em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Health. See further description in note 15.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:33.585em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.032em;"&gt;Research and development costs include expenses for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:34.4182em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;external clinical research organizations, or CRO's, of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:35.2513em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0201em;"&gt;874.9 million (DKK 160.5 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:20.0564em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.1032em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0326em;"&gt;Research and development costs include salaries and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.9363em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;costs directly attributable to the Group’s research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.7694em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;development projects, less government grants. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.6026em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;more, salaries and costs supporting direct research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.4357em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;development, including costs of patents, rent, leasing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.2688em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;and depreciation attributable to laboratories, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.1019em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;external scientific consultancy services, are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.9351em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;under research and development costs. No indirect or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.7682em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;general overhead costs that are not directly attributable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.6013em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;to research and development activities are included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.4344em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the disclosure of research and development expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.2676em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;Research costs are expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:32.7676em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Development costs are generally expensed in the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:33.6007em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;they occur. In line with industry custom, capitaliza-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:34.4338em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;tion of development costs does not begin until it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:35.2669em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;deemed realistic that the product can be completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.1001em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;and marketed and it is highly likely that a marketing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.9332em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;authorization will be received. In addition, there must  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:37.7663em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;be sufficient certainty that the future earnings to the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.0994em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Group will cover not only production costs, direct distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.9326em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;bution and administrative costs, but also the develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:22.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:24.4326em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Contract research and development costs incurred to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:25.2657em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;achieve revenue are included in "Research and devel-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.0988em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;opment costs incurred this year" in the below tabel and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.9319em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;then transferred under "Contract costs recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:27.7651em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;production costs" to be recognized as production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_566" style="word-spacing:0.007em;"&gt;Adminstrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0814em;top:10.1457em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.0258em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Administrative costs include costs of Group Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8589em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;ment, staff functions, administrative personnel, office  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.692em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;costs, rent, short-term lease payments and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5252em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;not relating specifically to production, research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3583em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;development or sales and distribution.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_413" style="word-spacing:0.0113em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Wages and salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4407em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_69"&gt;664&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;791  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2607em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;535&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;670  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7875em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;52&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;635  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6532em;top:12.9307em;z-index:155;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;44&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;114  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;Social security expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8038em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;861  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6025em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;431  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;Other staff expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7607em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;48&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.58em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;510  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Share-based payment, see specification in note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8063em;top:15.9963em;z-index:288;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;284  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:15.9963em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3225em;top:17.0125em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0757em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Staff expenses are distributed as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4663em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;333&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3044em;top:19.6657em;z-index:391;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;259&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;719  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7938em;top:20.6876em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;89&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5807em;top:20.6876em;"&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;727  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;198&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;838  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2575em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;178&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;439  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:22.7313em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:22.7313em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;168&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3207em;top:22.7313em;z-index:521;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:23.7532em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;Capitalized salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8113em;top:23.7532em;z-index:549;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6813em;top:23.7532em;z-index:557;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3219em;top:24.7694em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.075em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:26.4007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Average number of employees converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6444em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_265"&gt;874  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3688em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;734  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:27.4225em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Number of employees as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286" style="word-spacing:0.06em;"&gt;31 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6107em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3963em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.0319em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0324em;"&gt;The Group only has defined contribution plans and pays  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.865em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;regular fixed contributions to independent pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:30.6982em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0344em;"&gt;funds and insurance companies.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;Staff costs include the following costs:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;Remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1477em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9227em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;202  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1583em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;750  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9302em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;950  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Remuneration to Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.047em;top:16.5944em;z-index:1078;"&gt;&lt;span class="stl_261 stl_16 stl_613"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9089em;top:16.5944em;z-index:1084;"&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:18.2201em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:19.2476em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1514em;top:19.2476em;z-index:1115;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;873  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9195em;top:19.2476em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:20.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1102em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;068  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9189em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6383em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;692  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4083em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;678  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:22.3132em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;367  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8914em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:23.335em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8102em;top:23.335em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;485  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9658em;top:23.335em;z-index:1253;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;035  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:24.3513em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;7,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4333em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;4,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.9826em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8458em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.622em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;630  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0044em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.142em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;947  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9039em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;946  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0263em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1395em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;362  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.922em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;237  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9245em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;430  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.0701em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1358em;top:30.0701em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;756  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0402em;top:30.0701em;z-index:1440;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;193  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0919em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0351em;"&gt;Salary and benefits in notice period  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.187em;top:31.0919em;z-index:1483;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;851  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9652em;top:31.0919em;z-index:1490;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;378  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7045em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_38"&gt;33,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4864em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Remuneration to Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.662em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5027em;top:33.7338em;z-index:1573;"&gt;&lt;span class="stl_261 stl_16 stl_548"&gt;56,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Total Management remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6477em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.422em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_77"&gt;63,344  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0313em;"&gt;CEO and President of the Company Paul Chaplin and CFO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0326em;"&gt;Henrik Juuel constitute the Corporate Management in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8301em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0229em;"&gt;the Parent Company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.4969em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0294em;"&gt;COO Russell Thirsk, CPO Anu Kerns, CCO JC May and CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3301em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.029em;"&gt;Laurence De Moerlooze constitute the Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1632em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8244em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0359em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;In March 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0245em;"&gt;12,682 restricted stock units (excl. matching shares)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0258em;"&gt;(8,833 restricted stock units) at a value of DKK 2.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1626em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0287em;"&gt;(DKK 2.0 million) at grant. Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.9957em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0248em;"&gt;was granted 9,896 restricted stock units (excl. matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8288em;"&gt;&lt;span class="stl_255 stl_20 stl_616" style="word-spacing:-0.0232em;"&gt;shares) (7,580 restricted stock units) corresponding to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6619em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0288em;"&gt;a value of DKK 1.6 million (DKK 1.7 million) at grant. In  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0263em;"&gt;April 2022 CEO Paul Chaplin was granted 17,109 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3282em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0287em;"&gt;stock units (excl. matching shares) as a part of the reten-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1613em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0329em;"&gt;tion agreement at a value of DKK 2.7 million. In April  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;2022 COO Russell Thirsk was granted 4,446 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8276em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0254em;"&gt;stock units (excl. matching shares) as a sign-on bonus at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;a value of DKK 0.7 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0327em;"&gt;In April 2022, the members of the Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1607em;"&gt;&lt;span class="stl_255 stl_20 stl_415" style="word-spacing:-0.0225em;"&gt;were granted in total 11,795 restricted stock units (7,127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.9938em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;restricted stock units) corresponding to 50% of their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0275em;"&gt;fixed fee amounting to DKK 1.8 million (DKK 2.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6601em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0332em;"&gt;For further description of restricted stock units see note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.4932em;"&gt;&lt;span class="stl_255 stl_20 stl_242"&gt;30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1544em;"&gt;&lt;span class="stl_261 stl_16 stl_96"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0319em;"&gt;In December 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.025em;"&gt;126,487 warrants (137,030 warrants) with a fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0228em;"&gt;of DKK 9.9 million (DKK 10.4 million). Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0343em;"&gt;Management was granted 122,300 warrants (108,788  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0281em;"&gt;warrants) with a fair value of DKK 9.6 million (DKK 8.3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_614"&gt;million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0268em;"&gt;Fair value calculated based on Black-Scholes, cf. note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;Incentive programs for the Executive Management and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_441" style="word-spacing:-0.0276em;"&gt;other employees are disclosed in note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.9926em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0312em;"&gt;Members of the Executive Management have contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;of employment containing standard terms for members  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0306em;"&gt;of the Executive Management of Danish listed compa-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;nies, including the periods of notice that both parties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;are required to give and competition clauses. If a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;contract of employment of a member of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0292em;"&gt;Management is terminated by the Company without  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0341em;"&gt;misconduct on the part of such member, the member of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6576em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;the Executive Management is entitled to compensation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0315em;"&gt;which, depending on the circumstances, may amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0251em;"&gt;a maximum of 8-18 months' remuneration. In the event  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0297em;"&gt;of a change of control the compensation can amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0289em;"&gt;24 months' remuneration.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_86" style="word-spacing:0.0018em;"&gt;Depreciation, amortization and impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9032em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0382em;"&gt;Depreciation and amortization included in:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4664em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;352&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.237em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_198"&gt;348&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;243  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9427em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;73  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7258em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1258em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;403  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9414em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;718  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.822em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;40&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;217  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.582em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;697  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0368em;"&gt;Depreciation and amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3308em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_419"&gt;399,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;47  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1358em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_615"&gt;7,69&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_615"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0311em;"&gt;Hereof loss from disposed fixed assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2264em;top:18.6438em;z-index:2726;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;175  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.912em;top:18.6438em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:20.2638em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.038em;"&gt;Impairment losses included in:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3983em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4408em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_613"&gt;618  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7389em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0367em;"&gt;Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3902em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3608em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;18  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:23.9226em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The product rights to Rabipur/RabAvert and Encepur are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:24.7557em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;amortized over 20 years with an annual amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:25.5888em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;of DKK 272.9 million. The amortization is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:26.4219em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:23.9219em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;The product rights was acquired from GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:24.755em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;as per December 31, 2019. See further description in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:25.5882em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0204em;"&gt;note 15.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_563" style="word-spacing:0.0029em;"&gt;Fees to auditor appointed at the annual general  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:7.8268em;z-index:53;"&gt;&lt;span class="stl_560 stl_57 stl_514"&gt;meeting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Audit of financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0988em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.955em;top:11.9088em;z-index:131;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;173  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Other assurance services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6532em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;176  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.395em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Tax advisory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6075em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;501  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.375em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;720  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;Other services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.63em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;143  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4132em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;Fees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0163em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;028  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7738em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;66  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;The fee for non-audit services provided to the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.4388em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;by Deloitte Statsautoriseret Revisionspartnerselskab,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.2719em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Denmark, amounted to DKK 0.3 million (DKK 0.6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.105em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0241em;"&gt;million) and consisted of assurance work related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.9382em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;the assistance with compliance reviews, and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.7713em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0345em;"&gt;accounting and tax advisory services.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfExpensesExplanatory>
   <ifrs-full:DisclosureOfCostOfSalesExplanatory contextRef="ctx1" id="fact2237" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_132" style="word-spacing:0.0075em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2528em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2471em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2471em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9371em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Cost of goods sold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4125em;top:11.9371em;"&gt;&lt;span class="stl_268 stl_20 stl_248"&gt;644&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;683  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2794em;top:11.9371em;z-index:121;"&gt;&lt;span class="stl_268 stl_20 stl_611"&gt;539&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;789  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.959em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;Contract costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8163em;top:12.959em;z-index:143;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;889  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6019em;top:12.959em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;959  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9809em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0365em;"&gt;Other production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5057em;top:13.9809em;"&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;512&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2188em;top:13.9809em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;877  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.0028em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0383em;"&gt;Amortization of product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4638em;top:15.0028em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2432em;top:15.0028em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:16.019em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0354em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7944em;top:16.019em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_438"&gt;,449,53&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_438"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5744em;top:16.019em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_179"&gt;7,56&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_179"&gt;0  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.2221em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;Other production costs amounted to DKK 512.0 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0239em;"&gt;(DKK 492.9 million), of which net write-downs of inven-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;tory amounted to DKK 35.5 million compared to DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.7215em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;171.6 million in 2021. Development in write-downs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.5546em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;further described in note 18.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.2215em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;The bulk manufacturing facility has been shutdown for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.0546em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;a year due to the expansion of the facility for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.8878em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;production of Rabipur/RabAvert and Encepur. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:25.7209em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;shutdown resulted in a limited absorption of indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.554em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;production costs for the first 3 quarters of 2022. In 2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:27.3871em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;other production costs were also impacted by limited  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:28.2203em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;absorption of indirect production costs due to the shut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.0534em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;down in fourth quarter but also due to production of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.8865em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;RSV Phase 3 clinical trial material, which contributed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:30.7196em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;to a low commercial utilization of the manufacturing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.5528em;"&gt;&lt;span class="stl_255 stl_20 stl_215"&gt;capacity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:18.2196em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The product rights to Rabipur/RabAvert and Encepur are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:19.0528em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;amortized over 20 years with an annual amortization of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:19.8859em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;DKK 272.9 million.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:21.3435em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.3903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Production costs consist of costs incurred in gener-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.2234em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;ating the revenue for the year. Costs for raw materials,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.0566em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0363em;"&gt;consumables, production staff and a proportion of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.8897em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;production overheads, including maintenance, amorti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.7228em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;zation, depreciation and impairment of intangible and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.5559em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;tangible assets used in production as well as operation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.3891em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;administration and management of the production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.2222em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;facility are recognized as production costs. Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;of acquired product rights are recognized as production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;costs. In addition, the costs related to excess capacity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.7216em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;and write-down to net realisable value of goods on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.5547em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;stock are recognized.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfCostOfSalesExplanatory>
   <bava:DescriptionOfAccountingPolicyForSalesAndDistributionCosts contextRef="ctx1" id="fact2246" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;Sales and distribution costs comprise costs incurred for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;the sale and distribution of products sold during the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;year. This includes costs incurred for sales campaigns,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;training and administration of the sales force and for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;direct distribution, marketing and promotion. Also  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;included are salaries and other costs for the sales,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;distribution and marketing functions, loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;expected credit losses, amortization, depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.8706em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;other indirect costs.  &lt;/span&gt;&lt;/div&gt;</bava:DescriptionOfAccountingPolicyForSalesAndDistributionCosts>
   <ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory contextRef="ctx1" id="fact2241" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:21.3435em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.3903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Production costs consist of costs incurred in gener-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.2234em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;ating the revenue for the year. Costs for raw materials,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.0566em;"&gt;&lt;span class="stl_255 stl_20 stl_474" style="word-spacing:-0.0363em;"&gt;consumables, production staff and a proportion of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.8897em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;production overheads, including maintenance, amorti-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.7228em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;zation, depreciation and impairment of intangible and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.5559em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;tangible assets used in production as well as operation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.3891em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;administration and management of the production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.2222em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;facility are recognized as production costs. Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.0553em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;of acquired product rights are recognized as production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.8884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;costs. In addition, the costs related to excess capacity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.7216em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;and write-down to net realisable value of goods on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.5547em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;stock are recognized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;Sales and distribution costs comprise costs incurred for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;the sale and distribution of products sold during the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;year. This includes costs incurred for sales campaigns,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;training and administration of the sales force and for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;direct distribution, marketing and promotion. Also  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;included are salaries and other costs for the sales,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;distribution and marketing functions, loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;expected credit losses, amortization, depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.8706em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;other indirect costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:20.0564em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.1032em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0326em;"&gt;Research and development costs include salaries and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.9363em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;costs directly attributable to the Group’s research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.7694em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;development projects, less government grants. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.6026em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;more, salaries and costs supporting direct research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.4357em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;development, including costs of patents, rent, leasing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.2688em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;and depreciation attributable to laboratories, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.1019em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;external scientific consultancy services, are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.9351em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;under research and development costs. No indirect or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.7682em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;general overhead costs that are not directly attributable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.6013em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;to research and development activities are included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.4344em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the disclosure of research and development expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.2676em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;Research costs are expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:32.7676em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Development costs are generally expensed in the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:33.6007em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;they occur. In line with industry custom, capitaliza-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:34.4338em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;tion of development costs does not begin until it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:35.2669em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;deemed realistic that the product can be completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.1001em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;and marketed and it is highly likely that a marketing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.9332em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;authorization will be received. In addition, there must  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:37.7663em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;be sufficient certainty that the future earnings to the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.0994em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Group will cover not only production costs, direct distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.9326em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;bution and administrative costs, but also the develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:22.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:24.4326em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Contract research and development costs incurred to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:25.2657em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;achieve revenue are included in "Research and devel-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.0988em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;opment costs incurred this year" in the below tabel and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.9319em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;then transferred under "Contract costs recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:27.7651em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;production costs" to be recognized as production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_566" style="word-spacing:0.007em;"&gt;Adminstrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0814em;top:10.1457em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.0258em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Administrative costs include costs of Group Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8589em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;ment, staff functions, administrative personnel, office  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.692em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;costs, rent, short-term lease payments and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5252em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;not relating specifically to production, research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3583em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;development or sales and distribution.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory>
   <ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory contextRef="ctx1" id="fact2247" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_612" style="word-spacing:0.0089em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0296em;"&gt;Research and development costs incurred this year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9863em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_227"&gt;202&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;981  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3569em;top:11.9088em;z-index:156;"&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;421&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_484"&gt;118  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Of which:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0298em;"&gt;Contract costs recognized as production costs (note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6369em;top:14.5563em;z-index:227;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_425"&gt;889&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_425"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4038em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_542"&gt;959&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_542"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.5725em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0313em;"&gt;Research and development costs recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8288em;top:15.5725em;z-index:299;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1663em;top:15.5725em;z-index:311;"&gt;&lt;span class="stl_261 stl_16 stl_579"&gt;399,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;59  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.2038em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Fair value adjustment concerning financial instruments entered into to hedge research  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.0369em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.79em;top:18.0369em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;201  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1638em;top:18.0369em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.2544em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Under the Group’s accounting policies development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.0875em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;costs are generally expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.9207em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;During the development of ABNCoV2, the Group has,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:22.7538em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;however, started capitalization of directly related  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.5869em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;development cost at commencement of the phase 2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:24.42em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;studies as – unlike most other development candidates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:25.2532em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;- the feasibility of developing a final vaccine and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.0863em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;regulatory approval is considered likely, because the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:26.9194em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0251em;"&gt;development of other COVID-19 vaccine candidates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:27.7525em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;based on the same antigen has been successful.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:28.5857em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Furthermore, the Group has ensured significant finance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:29.4188em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;of the development through the funding obtained from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:30.2519em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;Danish Ministry of Health and a minimum demand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.085em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;agreed in the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:31.9182em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Health. See further description in note 15.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:33.585em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.032em;"&gt;Research and development costs include expenses for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:34.4182em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;external clinical research organizations, or CRO's, of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:35.2513em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0201em;"&gt;874.9 million (DKK 160.5 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:20.0564em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.1032em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0326em;"&gt;Research and development costs include salaries and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.9363em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;costs directly attributable to the Group’s research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.7694em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;development projects, less government grants. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.6026em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;more, salaries and costs supporting direct research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.4357em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;development, including costs of patents, rent, leasing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.2688em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;and depreciation attributable to laboratories, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.1019em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;external scientific consultancy services, are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.9351em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;under research and development costs. No indirect or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.7682em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;general overhead costs that are not directly attributable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.6013em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;to research and development activities are included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.4344em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the disclosure of research and development expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.2676em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;Research costs are expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:32.7676em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Development costs are generally expensed in the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:33.6007em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;they occur. In line with industry custom, capitaliza-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:34.4338em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;tion of development costs does not begin until it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:35.2669em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;deemed realistic that the product can be completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.1001em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;and marketed and it is highly likely that a marketing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.9332em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;authorization will be received. In addition, there must  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:37.7663em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;be sufficient certainty that the future earnings to the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.0994em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Group will cover not only production costs, direct distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.9326em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;bution and administrative costs, but also the develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:22.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:24.4326em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Contract research and development costs incurred to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:25.2657em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;achieve revenue are included in "Research and devel-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.0988em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;opment costs incurred this year" in the below tabel and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.9319em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;then transferred under "Contract costs recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:27.7651em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;production costs" to be recognized as production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7133em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;In July 2020, the Company concluded a license and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;collaboration agreement with AdaptVac. The license  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0325em;"&gt;agreement provides Bavarian Nordic the global  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;commercialization rights to a COVID-19 vaccine candi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;date based on AdaptVac’s technology. Under the terms  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the agreement AdaptVac has been responsible for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;running a Phase 1/2 open label, dose-escalation trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;sponsored by Radhould University Medical Center. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Company has assumed the responsibility for the further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.039em;"&gt;clinical development and manufacturing. At commence-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment of the positive Phase 2 trial the Company started  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;capitalization of directly related development cost as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the feasibility of developing a final vaccine and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0278em;"&gt;regulatory approval is considered highly likely, see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;further description under "Significant accounting judge-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_323"&gt;ments".  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;The Company made an upfront payment of EUR 4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;million to AdaptVac in 2020 when the license agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.382em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ment was signed. The upfront payment was capitalized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;and recognized as "Acquired rights and development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0257em;"&gt;in progress". The Company has also committed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;payment of potential future development and sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.7145em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;milestones and tiered royalties. At year-end 2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.5477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Management assessed that those milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;were not probable since no in-human studies had  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;completed, hence milestone payments were not recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.047em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;nized as an asset and a liability as per December 31,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;2020. Based on the positive clinical results during 2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:37.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0259em;"&gt;Management assessed at year-end 2021 that the like-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:38.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;lihood of future regulatory approval of the Company's  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;COVID-19 vaccine was high, hence milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0308em;"&gt;to AdaptVac were expected to become payable. Based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;on current regulatory plans and expectations for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;revenue from sale of the COVID-vacine all sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;stones and part of the development milestones were  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3789em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;assumed probable. At initial recognition in December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.212em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;2021 the net present value of the probable milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;payments was calculated amounting to DKK 596  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8783em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;million, and was recognized as part of the "Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.7114em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;rights and development in progress". A corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5445em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;liability was been recognized as deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_171" style="word-spacing:0.0037em;"&gt;(note 24).  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory>
   <ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory contextRef="ctx1" id="fact2258" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_566" style="word-spacing:0.007em;"&gt;Adminstrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0814em;top:10.1457em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.0258em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Administrative costs include costs of Group Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8589em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;ment, staff functions, administrative personnel, office  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.692em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;costs, rent, short-term lease payments and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5252em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;not relating specifically to production, research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3583em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;development or sales and distribution.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory contextRef="ctx1" id="fact2254" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:20.0564em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.1032em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0326em;"&gt;Research and development costs include salaries and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.9363em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;costs directly attributable to the Group’s research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.7694em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;development projects, less government grants. Further-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.6026em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;more, salaries and costs supporting direct research and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:24.4357em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;development, including costs of patents, rent, leasing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.2688em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;and depreciation attributable to laboratories, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.1019em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;external scientific consultancy services, are recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.9351em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;under research and development costs. No indirect or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.7682em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;general overhead costs that are not directly attributable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.6013em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;to research and development activities are included in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.4344em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the disclosure of research and development expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.2676em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;recognized in the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:31.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;Research costs are expensed in the year they occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:32.7676em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Development costs are generally expensed in the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:33.6007em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;they occur. In line with industry custom, capitaliza-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:34.4338em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;tion of development costs does not begin until it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:35.2669em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;deemed realistic that the product can be completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.1001em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;and marketed and it is highly likely that a marketing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:36.9332em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;authorization will be received. In addition, there must  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:37.7663em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;be sufficient certainty that the future earnings to the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.0994em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Group will cover not only production costs, direct distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:21.9326em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;bution and administrative costs, but also the develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:22.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:24.4326em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Contract research and development costs incurred to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:25.2657em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;achieve revenue are included in "Research and devel-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.0988em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;opment costs incurred this year" in the below tabel and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:26.9319em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;then transferred under "Contract costs recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7404em;top:27.7651em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;production costs" to be recognized as production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.7274em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5662em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0247em;"&gt;Under the Group’s accounting policies and in accordance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.3993em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0335em;"&gt;with common industry practice, development costs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.2324em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0307em;"&gt;generally expensed in the year they occur. During the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.0656em;"&gt;&lt;span class="stl_255 stl_20 stl_604" style="word-spacing:-0.0254em;"&gt;development of ABNCoV2, the Group has, however,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.8987em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;started capitalization of directly related development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.7318em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;cost at commencement of the Phase 2 and 3 studies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5649em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;as – unlike most other development candidates - the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.3981em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0307em;"&gt;feasibility of developing a final vaccine and obtain regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.2312em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.0269em;"&gt;latory approval is considered highly likely. The Phase 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.0643em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0288em;"&gt;and Phase 2 clinical trial showed positive results in 2021-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.8974em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;22, further supported by positive six-month follow-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.7306em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0321em;"&gt;analysis for the Phase 2 clinical trial in October 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.5637em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0312em;"&gt;The follow-up analysis demonstrated that six months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.3968em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;post the booster vaccination with ABNCoV2, the neutral-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.2299em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;ization antibody titers against Wuhan and the Omicron  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0631em;"&gt;&lt;span class="stl_255 stl_20 stl_453" style="word-spacing:-0.0281em;"&gt;variant remained high and at levels associated with a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_166" style="word-spacing:-0.0286em;"&gt;greater than 90% efficacy. The Group initiated the global  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0312em;"&gt;Phase 3 clinical trial in September 2022 and initial results  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_207" style="word-spacing:-0.0256em;"&gt;are expected to be ready in mid-2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;In 2021 the Group ensured significant finance of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.7293em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0341em;"&gt;development through the funding obtained from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;Danish Ministry of Health and a minimum demand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.3956em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0322em;"&gt;agreed in the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_441"&gt;Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.8956em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0269em;"&gt;In the winter of 2022/2023, we have seen a high  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_326" style="word-spacing:-0.0281em;"&gt;number of COVID-19 infections. It is evident though, that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0287em;"&gt;booster vaccinations have been necessary to control the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;pandemic. Management assesses that the booster vacci-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.228em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.027em;"&gt;nations will continue to be required, at least for vulner-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0328em;"&gt;able groups as is the case for example with the flu  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0285em;"&gt;market, where annual booster vaccinations are given.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0299em;"&gt;Hence, with the development of ABNCoV2 as a universal  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0301em;"&gt;booster vaccine with a better value proposition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0295em;"&gt;compared to the already approved vaccines, Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0331em;"&gt;ment expects that the Company can take a reasonable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_323" style="word-spacing:-0.025em;"&gt;share of the future COVID-19 vaccine market, initially  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.893em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0274em;"&gt;targeting governments, but over time moving towards a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0284em;"&gt;more traditional market for private vaccinations.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory>
   <ifrs-full:DisclosureOfEmployeeBenefitsExplanatory contextRef="ctx1" id="fact2259" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_413" style="word-spacing:0.0113em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Wages and salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4407em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_69"&gt;664&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;791  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2607em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;535&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;670  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7875em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;52&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;635  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6532em;top:12.9307em;z-index:155;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;44&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;114  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;Social security expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8038em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;861  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6025em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;431  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;Other staff expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7607em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;48&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.58em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;510  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Share-based payment, see specification in note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8063em;top:15.9963em;z-index:288;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;284  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:15.9963em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3225em;top:17.0125em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0757em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Staff expenses are distributed as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4663em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;333&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3044em;top:19.6657em;z-index:391;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;259&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;719  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7938em;top:20.6876em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;89&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5807em;top:20.6876em;"&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;727  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;198&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;838  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2575em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;178&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;439  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:22.7313em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:22.7313em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;168&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3207em;top:22.7313em;z-index:521;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:23.7532em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;Capitalized salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8113em;top:23.7532em;z-index:549;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6813em;top:23.7532em;z-index:557;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3219em;top:24.7694em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.075em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:26.4007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Average number of employees converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6444em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_265"&gt;874  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3688em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;734  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:27.4225em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Number of employees as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286" style="word-spacing:0.06em;"&gt;31 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6107em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3963em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.0319em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0324em;"&gt;The Group only has defined contribution plans and pays  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.865em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;regular fixed contributions to independent pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:30.6982em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0344em;"&gt;funds and insurance companies.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;Staff costs include the following costs:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;Remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1477em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9227em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;202  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1583em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;750  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9302em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;950  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Remuneration to Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.047em;top:16.5944em;z-index:1078;"&gt;&lt;span class="stl_261 stl_16 stl_613"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9089em;top:16.5944em;z-index:1084;"&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:18.2201em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:19.2476em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1514em;top:19.2476em;z-index:1115;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;873  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9195em;top:19.2476em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:20.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1102em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;068  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9189em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6383em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;692  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4083em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;678  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:22.3132em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;367  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8914em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:23.335em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8102em;top:23.335em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;485  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9658em;top:23.335em;z-index:1253;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;035  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:24.3513em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;7,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4333em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;4,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.9826em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8458em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.622em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;630  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0044em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.142em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;947  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9039em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;946  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0263em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1395em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;362  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.922em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;237  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9245em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;430  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.0701em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1358em;top:30.0701em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;756  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0402em;top:30.0701em;z-index:1440;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;193  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0919em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0351em;"&gt;Salary and benefits in notice period  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.187em;top:31.0919em;z-index:1483;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;851  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9652em;top:31.0919em;z-index:1490;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;378  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7045em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_38"&gt;33,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4864em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Remuneration to Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.662em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5027em;top:33.7338em;z-index:1573;"&gt;&lt;span class="stl_261 stl_16 stl_548"&gt;56,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Total Management remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6477em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.422em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_77"&gt;63,344  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0313em;"&gt;CEO and President of the Company Paul Chaplin and CFO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0326em;"&gt;Henrik Juuel constitute the Corporate Management in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8301em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0229em;"&gt;the Parent Company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.4969em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0294em;"&gt;COO Russell Thirsk, CPO Anu Kerns, CCO JC May and CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3301em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.029em;"&gt;Laurence De Moerlooze constitute the Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1632em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8244em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0359em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;In March 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0245em;"&gt;12,682 restricted stock units (excl. matching shares)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0258em;"&gt;(8,833 restricted stock units) at a value of DKK 2.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1626em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0287em;"&gt;(DKK 2.0 million) at grant. Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.9957em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0248em;"&gt;was granted 9,896 restricted stock units (excl. matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8288em;"&gt;&lt;span class="stl_255 stl_20 stl_616" style="word-spacing:-0.0232em;"&gt;shares) (7,580 restricted stock units) corresponding to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6619em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0288em;"&gt;a value of DKK 1.6 million (DKK 1.7 million) at grant. In  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0263em;"&gt;April 2022 CEO Paul Chaplin was granted 17,109 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3282em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0287em;"&gt;stock units (excl. matching shares) as a part of the reten-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1613em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0329em;"&gt;tion agreement at a value of DKK 2.7 million. In April  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;2022 COO Russell Thirsk was granted 4,446 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8276em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0254em;"&gt;stock units (excl. matching shares) as a sign-on bonus at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;a value of DKK 0.7 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0327em;"&gt;In April 2022, the members of the Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1607em;"&gt;&lt;span class="stl_255 stl_20 stl_415" style="word-spacing:-0.0225em;"&gt;were granted in total 11,795 restricted stock units (7,127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.9938em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;restricted stock units) corresponding to 50% of their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0275em;"&gt;fixed fee amounting to DKK 1.8 million (DKK 2.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6601em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0332em;"&gt;For further description of restricted stock units see note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.4932em;"&gt;&lt;span class="stl_255 stl_20 stl_242"&gt;30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1544em;"&gt;&lt;span class="stl_261 stl_16 stl_96"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0319em;"&gt;In December 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.025em;"&gt;126,487 warrants (137,030 warrants) with a fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0228em;"&gt;of DKK 9.9 million (DKK 10.4 million). Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0343em;"&gt;Management was granted 122,300 warrants (108,788  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0281em;"&gt;warrants) with a fair value of DKK 9.6 million (DKK 8.3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_614"&gt;million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0268em;"&gt;Fair value calculated based on Black-Scholes, cf. note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;Incentive programs for the Executive Management and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_441" style="word-spacing:-0.0276em;"&gt;other employees are disclosed in note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.9926em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0312em;"&gt;Members of the Executive Management have contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;of employment containing standard terms for members  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0306em;"&gt;of the Executive Management of Danish listed compa-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;nies, including the periods of notice that both parties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;are required to give and competition clauses. If a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;contract of employment of a member of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0292em;"&gt;Management is terminated by the Company without  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0341em;"&gt;misconduct on the part of such member, the member of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6576em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;the Executive Management is entitled to compensation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0315em;"&gt;which, depending on the circumstances, may amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0251em;"&gt;a maximum of 8-18 months' remuneration. In the event  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0297em;"&gt;of a change of control the compensation can amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0289em;"&gt;24 months' remuneration.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_413" style="word-spacing:0.0112em;"&gt;Staff costs &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfEmployeeBenefitsExplanatory>
   <ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory contextRef="ctx1" id="fact2264" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_413" style="word-spacing:0.0113em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Wages and salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4407em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_69"&gt;664&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;791  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2607em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;535&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;670  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7875em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;52&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;635  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6532em;top:12.9307em;z-index:155;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;44&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;114  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;Social security expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8038em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;861  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6025em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;431  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;Other staff expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7607em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;48&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.58em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;510  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Share-based payment, see specification in note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8063em;top:15.9963em;z-index:288;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;284  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:15.9963em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3225em;top:17.0125em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0757em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Staff expenses are distributed as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4663em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;333&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3044em;top:19.6657em;z-index:391;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;259&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;719  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7938em;top:20.6876em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;89&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5807em;top:20.6876em;"&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;727  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;198&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;838  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2575em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;178&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;439  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:22.7313em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:22.7313em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;168&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3207em;top:22.7313em;z-index:521;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:23.7532em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;Capitalized salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8113em;top:23.7532em;z-index:549;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6813em;top:23.7532em;z-index:557;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3219em;top:24.7694em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.075em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:26.4007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Average number of employees converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6444em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_265"&gt;874  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3688em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;734  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:27.4225em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Number of employees as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286" style="word-spacing:0.06em;"&gt;31 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6107em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3963em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.0319em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0324em;"&gt;The Group only has defined contribution plans and pays  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.865em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;regular fixed contributions to independent pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:30.6982em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0344em;"&gt;funds and insurance companies.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;Staff costs include the following costs:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;Remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1477em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9227em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;202  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1583em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;750  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9302em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;950  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Remuneration to Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.047em;top:16.5944em;z-index:1078;"&gt;&lt;span class="stl_261 stl_16 stl_613"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9089em;top:16.5944em;z-index:1084;"&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:18.2201em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:19.2476em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1514em;top:19.2476em;z-index:1115;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;873  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9195em;top:19.2476em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:20.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1102em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;068  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9189em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6383em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;692  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4083em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;678  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:22.3132em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;367  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8914em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:23.335em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8102em;top:23.335em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;485  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9658em;top:23.335em;z-index:1253;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;035  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:24.3513em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;7,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4333em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;4,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.9826em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8458em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.622em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;630  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0044em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.142em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;947  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9039em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;946  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0263em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1395em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;362  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.922em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;237  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9245em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;430  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.0701em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1358em;top:30.0701em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;756  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0402em;top:30.0701em;z-index:1440;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;193  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0919em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0351em;"&gt;Salary and benefits in notice period  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.187em;top:31.0919em;z-index:1483;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;851  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9652em;top:31.0919em;z-index:1490;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;378  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7045em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_38"&gt;33,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4864em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Remuneration to Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.662em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5027em;top:33.7338em;z-index:1573;"&gt;&lt;span class="stl_261 stl_16 stl_548"&gt;56,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Total Management remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6477em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.422em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_77"&gt;63,344  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0313em;"&gt;CEO and President of the Company Paul Chaplin and CFO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0326em;"&gt;Henrik Juuel constitute the Corporate Management in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8301em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0229em;"&gt;the Parent Company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.4969em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0294em;"&gt;COO Russell Thirsk, CPO Anu Kerns, CCO JC May and CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3301em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.029em;"&gt;Laurence De Moerlooze constitute the Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1632em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8244em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0359em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;In March 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0245em;"&gt;12,682 restricted stock units (excl. matching shares)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0258em;"&gt;(8,833 restricted stock units) at a value of DKK 2.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1626em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0287em;"&gt;(DKK 2.0 million) at grant. Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.9957em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0248em;"&gt;was granted 9,896 restricted stock units (excl. matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8288em;"&gt;&lt;span class="stl_255 stl_20 stl_616" style="word-spacing:-0.0232em;"&gt;shares) (7,580 restricted stock units) corresponding to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6619em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0288em;"&gt;a value of DKK 1.6 million (DKK 1.7 million) at grant. In  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0263em;"&gt;April 2022 CEO Paul Chaplin was granted 17,109 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3282em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0287em;"&gt;stock units (excl. matching shares) as a part of the reten-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1613em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0329em;"&gt;tion agreement at a value of DKK 2.7 million. In April  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;2022 COO Russell Thirsk was granted 4,446 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8276em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0254em;"&gt;stock units (excl. matching shares) as a sign-on bonus at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;a value of DKK 0.7 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0327em;"&gt;In April 2022, the members of the Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1607em;"&gt;&lt;span class="stl_255 stl_20 stl_415" style="word-spacing:-0.0225em;"&gt;were granted in total 11,795 restricted stock units (7,127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.9938em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;restricted stock units) corresponding to 50% of their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0275em;"&gt;fixed fee amounting to DKK 1.8 million (DKK 2.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6601em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0332em;"&gt;For further description of restricted stock units see note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.4932em;"&gt;&lt;span class="stl_255 stl_20 stl_242"&gt;30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1544em;"&gt;&lt;span class="stl_261 stl_16 stl_96"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0319em;"&gt;In December 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.025em;"&gt;126,487 warrants (137,030 warrants) with a fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0228em;"&gt;of DKK 9.9 million (DKK 10.4 million). Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0343em;"&gt;Management was granted 122,300 warrants (108,788  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0281em;"&gt;warrants) with a fair value of DKK 9.6 million (DKK 8.3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_614"&gt;million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0268em;"&gt;Fair value calculated based on Black-Scholes, cf. note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;Incentive programs for the Executive Management and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_441" style="word-spacing:-0.0276em;"&gt;other employees are disclosed in note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.9926em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0312em;"&gt;Members of the Executive Management have contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;of employment containing standard terms for members  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0306em;"&gt;of the Executive Management of Danish listed compa-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;nies, including the periods of notice that both parties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;are required to give and competition clauses. If a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;contract of employment of a member of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0292em;"&gt;Management is terminated by the Company without  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0341em;"&gt;misconduct on the part of such member, the member of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6576em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;the Executive Management is entitled to compensation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0315em;"&gt;which, depending on the circumstances, may amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0251em;"&gt;a maximum of 8-18 months' remuneration. In the event  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0297em;"&gt;of a change of control the compensation can amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0289em;"&gt;24 months' remuneration.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory>
   <ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory contextRef="ctx1" id="fact2268" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_413" style="word-spacing:0.0113em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Wages and salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4407em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_69"&gt;664&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;791  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2607em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;535&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;670  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7875em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;52&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;635  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6532em;top:12.9307em;z-index:155;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;44&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;114  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;Social security expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8038em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;861  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6025em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;431  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;Other staff expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7607em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;48&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.58em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;510  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Share-based payment, see specification in note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8063em;top:15.9963em;z-index:288;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;284  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6157em;top:15.9963em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3225em;top:17.0125em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0757em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0346em;"&gt;Staff expenses are distributed as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4663em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;333&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3044em;top:19.6657em;z-index:391;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;259&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;719  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7938em;top:20.6876em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;89&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5807em;top:20.6876em;"&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;727  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;198&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;838  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2575em;top:21.7094em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;178&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;439  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:22.7313em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4507em;top:22.7313em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;168&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3207em;top:22.7313em;z-index:521;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:23.7532em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0347em;"&gt;Capitalized salaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8113em;top:23.7532em;z-index:549;"&gt;&lt;span class="stl_268 stl_20 stl_312"&gt;49&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6813em;top:23.7532em;z-index:557;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Staff costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3219em;top:24.7694em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;39,944  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.075em;top:24.7694em;"&gt;&lt;span class="stl_261 stl_16 stl_172"&gt;693,377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:26.4007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Average number of employees converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6444em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_265"&gt;874  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3688em;top:26.4007em;"&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;734  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:27.4225em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Number of employees as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286" style="word-spacing:0.06em;"&gt;31 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;converted to full-time  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6107em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;975  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3963em;top:27.4225em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.0319em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0324em;"&gt;The Group only has defined contribution plans and pays  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:29.865em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;regular fixed contributions to independent pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:30.6982em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0344em;"&gt;funds and insurance companies.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfDefinedBenefitPlansExplanatory>
   <ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory contextRef="ctx1" id="fact2269" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;Staff costs include the following costs:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5288em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;Remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1477em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9227em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;202  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1583em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;750  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9302em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;950  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Remuneration to Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.047em;top:16.5944em;z-index:1078;"&gt;&lt;span class="stl_261 stl_16 stl_613"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9089em;top:16.5944em;z-index:1084;"&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:18.2201em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:19.2476em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1514em;top:19.2476em;z-index:1115;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;873  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9195em;top:19.2476em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:20.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1102em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;068  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9189em;top:20.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6383em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;692  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4083em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;678  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:22.3132em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;367  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.8914em;top:22.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;048  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7414em;top:23.335em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8102em;top:23.335em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;485  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9658em;top:23.335em;z-index:1253;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;035  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:24.3513em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6883em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;7,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4333em;top:24.3513em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;4,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.9826em;"&gt;&lt;span class="stl_255 stl_20 stl_365"&gt;Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8458em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;527  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.622em;top:25.9826em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;630  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0044em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;Paid bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.142em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;947  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9039em;top:27.0044em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;946  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0263em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Other employee benefits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1395em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;362  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.922em;top:28.0263em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;237  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Contribution based pension  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1402em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;472  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9245em;top:29.0482em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;430  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.0701em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1358em;top:30.0701em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;756  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0402em;top:30.0701em;z-index:1440;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;193  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0919em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0351em;"&gt;Salary and benefits in notice period  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.187em;top:31.0919em;z-index:1483;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;851  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9652em;top:31.0919em;z-index:1490;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;378  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7045em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_38"&gt;33,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4864em;top:32.1082em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Remuneration to Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.662em;top:33.7338em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5027em;top:33.7338em;z-index:1573;"&gt;&lt;span class="stl_261 stl_16 stl_548"&gt;56,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Total Management remuneration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6477em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.422em;top:35.3594em;"&gt;&lt;span class="stl_261 stl_16 stl_77"&gt;63,344  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0313em;"&gt;CEO and President of the Company Paul Chaplin and CFO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0326em;"&gt;Henrik Juuel constitute the Corporate Management in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8301em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0229em;"&gt;the Parent Company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.4969em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0294em;"&gt;COO Russell Thirsk, CPO Anu Kerns, CCO JC May and CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3301em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.029em;"&gt;Laurence De Moerlooze constitute the Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.1632em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;Management.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8244em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0359em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;In March 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0245em;"&gt;12,682 restricted stock units (excl. matching shares)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0258em;"&gt;(8,833 restricted stock units) at a value of DKK 2.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.1626em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0287em;"&gt;(DKK 2.0 million) at grant. Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.9957em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0248em;"&gt;was granted 9,896 restricted stock units (excl. matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8288em;"&gt;&lt;span class="stl_255 stl_20 stl_616" style="word-spacing:-0.0232em;"&gt;shares) (7,580 restricted stock units) corresponding to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.6619em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0288em;"&gt;a value of DKK 1.6 million (DKK 1.7 million) at grant. In  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.4951em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0263em;"&gt;April 2022 CEO Paul Chaplin was granted 17,109 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3282em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0287em;"&gt;stock units (excl. matching shares) as a part of the reten-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.1613em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0329em;"&gt;tion agreement at a value of DKK 2.7 million. In April  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;2022 COO Russell Thirsk was granted 4,446 restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.8276em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0254em;"&gt;stock units (excl. matching shares) as a sign-on bonus at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0319em;"&gt;a value of DKK 0.7 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.3276em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0327em;"&gt;In April 2022, the members of the Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.1607em;"&gt;&lt;span class="stl_255 stl_20 stl_415" style="word-spacing:-0.0225em;"&gt;were granted in total 11,795 restricted stock units (7,127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.9938em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;restricted stock units) corresponding to 50% of their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0275em;"&gt;fixed fee amounting to DKK 1.8 million (DKK 2.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.6601em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0332em;"&gt;For further description of restricted stock units see note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.4932em;"&gt;&lt;span class="stl_255 stl_20 stl_242"&gt;30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.1544em;"&gt;&lt;span class="stl_261 stl_16 stl_96"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0319em;"&gt;In December 2022 Corporate Management was granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.025em;"&gt;126,487 warrants (137,030 warrants) with a fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0228em;"&gt;of DKK 9.9 million (DKK 10.4 million). Other Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0343em;"&gt;Management was granted 122,300 warrants (108,788  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0281em;"&gt;warrants) with a fair value of DKK 9.6 million (DKK 8.3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_614"&gt;million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0268em;"&gt;Fair value calculated based on Black-Scholes, cf. note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.4926em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;Incentive programs for the Executive Management and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_441" style="word-spacing:-0.0276em;"&gt;other employees are disclosed in note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.9926em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0312em;"&gt;Members of the Executive Management have contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;of employment containing standard terms for members  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0306em;"&gt;of the Executive Management of Danish listed compa-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0318em;"&gt;nies, including the periods of notice that both parties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0284em;"&gt;are required to give and competition clauses. If a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0304em;"&gt;contract of employment of a member of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0292em;"&gt;Management is terminated by the Company without  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0341em;"&gt;misconduct on the part of such member, the member of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.6576em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0315em;"&gt;the Executive Management is entitled to compensation,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0315em;"&gt;which, depending on the circumstances, may amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0251em;"&gt;a maximum of 8-18 months' remuneration. In the event  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0297em;"&gt;of a change of control the compensation can amount to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0289em;"&gt;24 months' remuneration.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory>
   <ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory contextRef="ctx1" id="fact2272" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_445" style="word-spacing:0.0033em;"&gt;Note 9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_86" style="word-spacing:0.0018em;"&gt;Depreciation, amortization and impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9032em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0382em;"&gt;Depreciation and amortization included in:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4664em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;352&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.237em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_198"&gt;348&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;243  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Sales and distribution costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9427em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;73  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7258em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1258em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;403  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9414em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;718  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Administrative costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.822em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;40&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;217  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.582em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;697  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0368em;"&gt;Depreciation and amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3308em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_419"&gt;399,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;47  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1358em;top:17.0125em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_615"&gt;7,69&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_615"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0311em;"&gt;Hereof loss from disposed fixed assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2264em;top:18.6438em;z-index:2726;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;175  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.912em;top:18.6438em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;259  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:20.2638em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.038em;"&gt;Impairment losses included in:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Production costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3983em;top:21.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4408em;top:21.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_613"&gt;618  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7389em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0367em;"&gt;Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3902em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3608em;top:22.3076em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;18  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:23.9226em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The product rights to Rabipur/RabAvert and Encepur are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:24.7557em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;amortized over 20 years with an annual amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:25.5888em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;of DKK 272.9 million. The amortization is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:26.4219em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:23.9219em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;The product rights was acquired from GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:24.755em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;as per December 31, 2019. See further description in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7464em;top:25.5882em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0204em;"&gt;note 15.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.344em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6696em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.054em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2746em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.04em;"&gt;rights and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6721em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_380"&gt;intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2696em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:1.0869em;"&gt;Product development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.139em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.034em;"&gt;assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:13.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8015em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_330"&gt;rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0115em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_199" style="word-spacing:-0.029em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3209em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;Software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1777em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9784em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:15.3582em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8571em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;458&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.074em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;733&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;770  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7877em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;100&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.534em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;134&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;371  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7921em;top:15.3582em;z-index:306;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_625"&gt;427&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;226  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1427em;top:16.38em;z-index:327;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;279&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;714  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4421em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;006  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5459em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;691  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2846em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;425&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_588"&gt;411  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4327em;top:17.4019em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9609em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;572&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1702em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9752em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4459em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.424em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0251em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6352em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3821em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6228em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_65"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3715em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5477em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_282"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Amortization as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;545&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;870  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1346em;top:21.0713em;z-index:546;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;400  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;623&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;270  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3509em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1352em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;908  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.214em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;286&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2715em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2915em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7402em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Amortization as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1815em;top:24.1313em;"&gt;&lt;span class="stl_257 stl_16 stl_179"&gt;818&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9884em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0084em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4371em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1771em;top:24.1313em;z-index:699;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6552em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;4,639,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3809em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0177em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_342"&gt;4,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_342"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3709em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:27.3825em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Geographical split of intangible assets – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:28.41em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7696em;top:28.41em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_319"&gt;664  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:29.4319em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3809em;top:29.4319em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Total intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory>
   <ifrs-full:DisclosureOfAuditorsRemunerationExplanatory contextRef="ctx1" id="fact2276" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_563" style="word-spacing:0.0029em;"&gt;Fees to auditor appointed at the annual general  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:7.8268em;z-index:53;"&gt;&lt;span class="stl_560 stl_57 stl_514"&gt;meeting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Audit of financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0988em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.955em;top:11.9088em;z-index:131;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;173  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Other assurance services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6532em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;176  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.395em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Tax advisory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6075em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;501  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.375em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;720  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;Other services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.63em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;143  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4132em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;Fees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0163em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;028  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7738em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;66  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;The fee for non-audit services provided to the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.4388em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;by Deloitte Statsautoriseret Revisionspartnerselskab,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.2719em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Denmark, amounted to DKK 0.3 million (DKK 0.6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.105em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.0241em;"&gt;million) and consisted of assurance work related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.9382em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;the assistance with compliance reviews, and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.7713em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0345em;"&gt;accounting and tax advisory services.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfAuditorsRemunerationExplanatory>
   <ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory contextRef="ctx1" id="fact2277" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;Financial income from bank and deposit contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Interest income from financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Financial income from securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.847em;top:14.5563em;z-index:755;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6258em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;045  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Adjustment of deferred consideration due to change in estimated timing of payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.777em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;54&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;390  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6545em;top:15.5782em;z-index:861;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3989em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9164em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;677  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Net foreign exchange gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1283em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9045em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.0369em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6639em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;33  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory>
   <ifrs-full:DisclosureOfFinanceIncomeExplanatory contextRef="ctx1" id="fact2278" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;Financial income from bank and deposit contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Interest income from financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Financial income from securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.847em;top:14.5563em;z-index:755;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6258em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;045  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Adjustment of deferred consideration due to change in estimated timing of payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.777em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;54&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;390  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6545em;top:15.5782em;z-index:861;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3989em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9164em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;677  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Net foreign exchange gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1283em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9045em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.0369em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6639em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;33  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFinanceIncomeExplanatory>
   <ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory contextRef="ctx1" id="fact2279" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;Financial income from bank and deposit contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Interest income from financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Financial income from securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.847em;top:14.5563em;z-index:755;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6258em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;045  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Adjustment of deferred consideration due to change in estimated timing of payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.777em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;54&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;390  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6545em;top:15.5782em;z-index:861;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3989em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9164em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;677  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Net foreign exchange gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1283em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9045em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.0369em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6639em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;33  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;Interest income is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;at the amounts relating to the financial year. Financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;income also includes net positive value adjustments of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;financial instruments and securities, adjustment of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;net present value of provisions and net currency gains.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory>
   <ifrs-full:DisclosureOfInterestIncomeExplanatory contextRef="ctx1" id="fact2283" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;Financial income from bank and deposit contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Interest income from financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Financial income from securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.847em;top:14.5563em;z-index:755;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6258em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;045  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Adjustment of deferred consideration due to change in estimated timing of payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.777em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;54&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;390  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6545em;top:15.5782em;z-index:861;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3989em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9164em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;677  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Net foreign exchange gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1283em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9045em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.0369em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6639em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;33  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;Interest income is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;at the amounts relating to the financial year. Financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;income also includes net positive value adjustments of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;financial instruments and securities, adjustment of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;net present value of provisions and net currency gains.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfInterestIncomeExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory contextRef="ctx1" id="fact2285" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0022em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;Financial income from bank and deposit contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Interest income from financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.9583em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9295em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Financial income from securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.847em;top:14.5563em;z-index:755;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6258em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;045  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Adjustment of deferred consideration due to change in estimated timing of payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.777em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;54&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;390  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6545em;top:15.5782em;z-index:861;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3989em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9164em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;677  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Net foreign exchange gains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1283em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9045em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.0369em;"&gt;Financial income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6639em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;33  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;Interest income is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;at the amounts relating to the financial year. Financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;income also includes net positive value adjustments of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;financial instruments and securities, adjustment of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;net present value of provisions and net currency gains.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory contextRef="ctx1" id="fact2289" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;Interest income is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;at the amounts relating to the financial year. Financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;income also includes net positive value adjustments of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;financial instruments and securities, adjustment of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;net present value of provisions and net currency gains.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory>
   <ifrs-full:DisclosureOfFinanceCostExplanatory contextRef="ctx1" id="fact2291" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFinanceCostExplanatory>
   <ifrs-full:DisclosureOfBorrowingsExplanatory contextRef="ctx1" id="fact2292" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_50" style="word-spacing:0.011em;"&gt;Note 26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0045em;"&gt;Debt to credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:12.7083em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_635" style="word-spacing:-0.0387em;"&gt;Mortgage &lt;/span&gt;&lt;sup style="top: -0.2076em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7309em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;922  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4228em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;283  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.149em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;725  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5778em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6659em;top:14.7581em;z-index:218;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.704em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.839em;top:14.7581em;z-index:235;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7744em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4071em;top:15.7744em;z-index:250;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_325"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3071em;top:15.7744em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0334em;top:15.7744em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.584em;top:15.7744em;z-index:269;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_124"&gt;122&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,59&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_124"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:18.0031em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:19.0307em;"&gt;&lt;span class="stl_255 stl_20 stl_635" style="word-spacing:-0.0387em;"&gt;Mortgage &lt;/span&gt;&lt;sup style="top: -0.2071em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7844em;top:19.0316em;z-index:294;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;178  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.425em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8294em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;223  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6275em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:20.0535em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0356em;"&gt;European Investment Bank (loan in DKK) &lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.1118em;top:20.0537em;z-index:367;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7036em;top:20.0537em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.428em;top:20.0537em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2849em;top:20.0537em;z-index:382;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7136em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0211em;top:21.0756em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7036em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.428em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1949em;top:21.0756em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:22.0919em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9018em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_597"&gt;74,373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3087em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_237"&gt;,673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6943em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_200"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0786em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_43"&gt;93,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.5797em;"&gt;&lt;span class="stl_251 stl_20 stl_59" style="word-spacing:-0.0415em;"&gt;1) Floating interest – swapped to fixed interest of 0.9625% – expiry 2031  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3992em;"&gt;&lt;span class="stl_251 stl_20 stl_138" style="word-spacing:-0.0427em;"&gt;2) Fixed interest of 3.532% - bullet loan repaid in October 2022  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.0551em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The fair value of the debt to credit institutions amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.8883em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;to DKK 1,122.6 million (DKK 893.5 million). The fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.7214em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;value of mortgage debt is based on the market value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.5545em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the underlying bonds set by the bank (level 2),  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.3876em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;whereas the fair value of the security lending is based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.2208em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;on a discounted cash analysis flow of future payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.0539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;of interest and principal by applying a market based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.887em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0191em;"&gt;discount rate (level 2).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.5539em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The tables below detail changes in the Group's liabil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.387em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ities arising from financing activities, both cash and  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.0539em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.034em;"&gt;non-cash changes. Liabilities arising from financing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.887em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;activities are those for which cash flows were, or future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:27.7201em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;cash flows will be, classified in the Group's consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:28.5533em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;statement of cash flow as cash flows from financing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:29.3864em;"&gt;&lt;span class="stl_255 stl_20 stl_140"&gt;activities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Cash flow from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9877em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_620"&gt;January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6227em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9708em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_653"&gt;Non-cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4833em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_345"&gt;December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8152em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.122em;top:11.8095em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.817em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5414em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9552em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:13.4939em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:14.5214em;"&gt;&lt;span class="stl_255 stl_20 stl_635"&gt;Mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4795em;top:14.5214em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3145em;top:14.5214em;z-index:1527;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;144&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:14.5214em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6039em;top:14.5214em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0337em;"&gt;European Investment Bank (loan in DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1377em;top:15.5433em;z-index:1585;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6539em;top:15.5433em;z-index:1595;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;195&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1783em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:16.5652em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.047em;top:16.5652em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8133em;top:16.5652em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;603&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:16.5652em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8645em;top:16.5652em;z-index:1665;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.587em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1289em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7676em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;400&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1795em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;909  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2289em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6089em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4233em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9745em;top:18.6089em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;981&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_356"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8602em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;489  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6089em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.6252em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Total liabilities from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4633em;top:19.6252em;z-index:1834;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;,593  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6751em;top:19.6252em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_654"&gt;7,34&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_654"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7564em;top:19.6252em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;9,39&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6245em;top:19.6252em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;,759,33&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_11"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9876em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_620"&gt;January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6226em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9708em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_653"&gt;Non-cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4833em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_345"&gt;December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7401em;top:22.3733em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1395em;top:22.3677em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.817em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5414em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9726em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:24.052em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:25.0795em;"&gt;&lt;span class="stl_255 stl_20 stl_635"&gt;Mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4189em;top:25.0795em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;247  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3295em;top:25.0795em;z-index:1954;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;173&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4533em;top:25.0795em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.652em;top:25.0795em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7389em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0337em;"&gt;European Investment Bank (loan in DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1364em;top:26.1014em;z-index:2012;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7283em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4526em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3095em;top:26.1014em;z-index:2027;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.0039em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7708em;top:27.1233em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4533em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2202em;top:27.1233em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:28.1452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.0051em;top:28.1452em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7976em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7195em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3026em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7401em;top:29.167em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4414em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;74&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;623  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9758em;top:29.167em;z-index:2182;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;507&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_237"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8651em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;697  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5964em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Total liabilities from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9289em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_74"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;65  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6358em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;63&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6995em;top:30.1833em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6358em;top:30.1833em;z-index:2264;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;,593  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:32.0612em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.108em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;Loans are measured at the time of borrowing at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9411em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;value less any transaction costs. Subsequently, debt is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.7742em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;measured at amortized cost. This means that the differ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6074em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;ence between the proceeds of the loan and the amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.4405em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;to be repaid is recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.2736em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;the term of the loan as a financial expense using the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.1067em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;effective interest method.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfBorrowingsExplanatory>
   <ifrs-full:DisclosureOfInterestExpenseExplanatory contextRef="ctx1" id="fact2299" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfInterestExpenseExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory contextRef="ctx1" id="fact2301" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory>
   <ifrs-full:DisclosureOfBorrowingCostsExplanatory contextRef="ctx1" id="fact2303" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_445" style="word-spacing:0.0033em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Interest expenses on debt  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Interest expenses on financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7825em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;640  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.5563em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;Fair value adjustments on securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4657em;top:14.5563em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;301  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5975em;top:14.5563em;z-index:243;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;056  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Unwinding of the discount related to deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.48em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;049  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:15.5782em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;573  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;Currency adjustment deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;Net loss on derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8775em;top:17.6219em;z-index:468;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;776  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1625em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Financial expenses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3194em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_408"&gt;339,363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1982em;top:18.6382em;z-index:503;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_618"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_618"&gt;6  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfBorrowingCostsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory contextRef="ctx1" id="fact2305" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:20.5135em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5603em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;Interest expenses are recognized in the income state-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;ment at the amounts relating to the financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.2266em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Financial expenses also include adjustment of net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.0597em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;present value of the deferred consideration, cf. note 24,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8928em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;negative value adjustments of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.726em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;and securities and net currency losses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory>
   <ifrs-full:DisclosureOfIncomeTaxExplanatory contextRef="ctx1" id="fact2306" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 13  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_452" style="word-spacing:0.0178em;"&gt;Tax for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1815em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9784em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9032em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0296em;"&gt;Tax recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;Current tax on profit for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7959em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;738  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8865em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;923  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Adjustments to current tax for previous years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9327em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;33  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8902em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;422  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Current tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6596em;top:14.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;5,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.419em;top:14.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,345  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;Deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3659em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1452em;top:16.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.2201em;"&gt;&lt;span class="stl_261 stl_16 stl_106" style="word-spacing:-0.0299em;"&gt;Tax for the year recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6596em;top:18.2201em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;5,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.419em;top:18.2201em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,345  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.8457em;"&gt;&lt;span class="stl_261 stl_16 stl_90" style="word-spacing:-0.0316em;"&gt;Tax on income for the year is explained as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:20.8732em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;Income before company tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3452em;top:20.8732em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;331&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_619"&gt;611&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_619"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0402em;top:20.8732em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_364"&gt;454&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;430&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_239"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:21.895em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;Calculated tax (&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;%) on income before company tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5515em;top:21.895em;"&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;72&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;954&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_310"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.394em;top:21.895em;z-index:2652;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;99&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;975&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_432"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:23.5151em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0284em;"&gt;Tax effect on:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:24.5425em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Different tax percentage in foreign subsidiaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5846em;top:24.5425em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3834em;top:24.5425em;"&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;168  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.5644em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Non-recognized deferred tax asset on current year losses in foreign subsidiaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.959em;top:25.5644em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;953&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.559em;top:25.5644em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;072  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.5863em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;Income ()/expenses that are not taxable/deductible for tax purposes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9252em;top:26.5863em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;443&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8921em;top:26.5863em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;249  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Special tax credit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.579em;top:27.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;946&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3765em;top:27.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;898&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_514"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.63em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;Change in unrealized intra-group profits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5596em;top:28.63em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_79"&gt;099&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_79"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5384em;top:28.63em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;258  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.6519em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Change in non-recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4615em;top:29.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;166&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;561  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5965em;top:29.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;63&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;762  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;Adjustments to previous years non-recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3727em;top:30.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7234em;top:30.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_596"&gt;713&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_596"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:31.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Adjustments to current tax for previous years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9321em;top:31.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;33  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8896em;top:31.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;422  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:32.7119em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Tax on income for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.659em;top:32.7119em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;5,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4184em;top:32.7119em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,345  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.3375em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;Tax recognized in other comprehensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.365em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;Tax on change in fair value of financial instruments entered into to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.1982em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;hedge future cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8182em;"&gt;&lt;span class="stl_261 stl_16 stl_217" style="word-spacing:-0.0307em;"&gt;Tax recognized in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.8457em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0244em;"&gt;Tax on share based payment  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Tax on income is an expense of DKK 15.8 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;10.3 million), corresponding to an effective nega-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.83em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0219em;"&gt;tive tax rate of negative 4.8% (negative 2.3%). The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0232em;"&gt;parent company’s taxable income for 2022 is zero. Tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;expensed in 2022 relates mainly to Bavarian Nordic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0368em;"&gt;GmbH and Bavarian Nordic, Inc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;'Income()/expenses that are not taxable/deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8294em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;for tax purposes' primarily relates to the 30% step  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.6625em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0327em;"&gt;up deduction on research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.4957em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;according to Section 8B of the Danish Tax Assessment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3288em;"&gt;&lt;span class="stl_255 stl_20 stl_488"&gt;Act.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfIncomeTaxExplanatory>
   <ifrs-full:DisclosureOfDeferredTaxesExplanatory contextRef="ctx1" id="fact2308" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.1638em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Tax on income is an expense of DKK 15.8 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;10.3 million), corresponding to an effective nega-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.83em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0219em;"&gt;tive tax rate of negative 4.8% (negative 2.3%). The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.6632em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0232em;"&gt;parent company’s taxable income for 2022 is zero. Tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.4963em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;expensed in 2022 relates mainly to Bavarian Nordic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3294em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0368em;"&gt;GmbH and Bavarian Nordic, Inc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;'Income()/expenses that are not taxable/deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8294em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;for tax purposes' primarily relates to the 30% step  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.6625em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0327em;"&gt;up deduction on research and development costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.4957em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;according to Section 8B of the Danish Tax Assessment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3288em;"&gt;&lt;span class="stl_255 stl_20 stl_488"&gt;Act.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.9163em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.5294em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;Adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0881em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:15.49em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6513em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_122" style="word-spacing:-0.0287em;"&gt;to previous&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5763em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:0.5758em;"&gt;Recognized December&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:12.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.0075em;top:12.9733em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.635em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.4056em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_328"&gt;statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2931em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_544" style="word-spacing:-0.0453em;"&gt;in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9613em;top:12.9733em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_505" style="word-spacing:-0.0375em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.4606em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_284"&gt;421&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_284"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6888em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5738em;top:14.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.665em;top:14.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5394em;top:14.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;62&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;881  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;Acquired rights and development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.2em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6881em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.7125em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;659&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_402"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.665em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6894em;top:16.5183em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_542"&gt;659&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_542"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:17.5402em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;Property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5769em;top:17.5402em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;60&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.4763em;top:17.5402em;z-index:1577;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5544em;top:17.5402em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;440  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.665em;top:17.5402em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6194em;top:17.5402em;z-index:1596;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;88&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;124  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Right-of-use assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4388em;top:18.562em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;370  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5525em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;83&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:18.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3756em;top:18.562em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;287  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7156em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Development projects for sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.5844em;top:19.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1775em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:19.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5369em;top:19.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Unrealized intra-group profits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.2007em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.8744em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;364&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5625em;top:20.6058em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;099  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3694em;top:20.6058em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_342"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_342"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:21.6277em;"&gt;&lt;span class="stl_255 stl_20 stl_199"&gt;Receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7619em;top:21.6277em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;37  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:21.6277em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4132em;top:21.6277em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;154  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:21.6277em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3994em;top:21.6277em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7156em;top:22.6495em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4213em;top:22.6495em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;297  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.69em;top:22.6495em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1781em;top:22.6495em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.2681em;top:22.6495em;z-index:1823;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;314&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7431em;top:22.6495em;z-index:1831;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;017&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_156"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7156em;top:23.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.6525em;top:23.6714em;z-index:1858;"&gt;&lt;span class="stl_268 stl_20 stl_622"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;994  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6894em;top:23.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.9138em;top:23.6714em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;282  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.23em;top:23.6714em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;871&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_605"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5957em;top:23.6714em;z-index:1884;"&gt;&lt;span class="stl_268 stl_20 stl_622"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;405  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:24.6933em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Tax losses carried forward  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.3325em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;361&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.0638em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;66&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5944em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6656em;top:24.6933em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2313em;top:24.6933em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;470&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.715em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Not recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0881em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_570"&gt;472&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;739&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.8975em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;663&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_432"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0969em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;166&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;561&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1581em;top:25.7152em;z-index:2008;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;185  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0469em;top:25.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;650&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;778&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Recognized deferred tax assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.1925em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6807em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1688em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6569em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.145em;top:26.7314em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7227em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.6421em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.2965em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_233" style="word-spacing:0.913em;"&gt;, in&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.696em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;the income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.3665em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:0.9526em;"&gt;Recognized December&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.523em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.979em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;in the income  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.523em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8315em;top:12.9182em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.9596em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_328"&gt;statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.0834em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_544" style="word-spacing:-0.0453em;"&gt;in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0046em;top:12.9182em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_505" style="word-spacing:-0.0375em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1996em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;94&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;360&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.1515em;top:14.6082em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;83&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;939  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4546em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.439em;top:14.6082em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_284"&gt;421&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_284"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Other intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2215em;top:15.63em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;377  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.724em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;377&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_234"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4546em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.179em;top:15.63em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6519em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;Property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.3852em;top:16.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;38&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;342  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.1821em;top:16.6519em;z-index:320;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;158  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:16.6519em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5546em;top:16.6519em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;60&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:17.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Right-of-use assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2246em;top:17.6738em;"&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4246em;top:17.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:17.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4165em;top:17.6738em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;370  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Development projects for sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.389em;top:18.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7302em;top:18.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4546em;top:18.6957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5621em;top:18.6957em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;32&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Accrued project costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.0802em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_621"&gt;181&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_621"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.9734em;top:19.7175em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;181  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1784em;top:19.7175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:20.7394em;"&gt;&lt;span class="stl_255 stl_20 stl_199"&gt;Receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5759em;top:20.7394em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.3034em;top:20.7394em;"&gt;&lt;span class="stl_268 stl_20 stl_335"&gt;19  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4534em;top:20.7394em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.7384em;top:20.7394em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;37  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.739em;top:21.7613em;"&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;Provisions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.489em;top:21.7613em;z-index:500;"&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.0334em;top:21.7613em;z-index:509;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_480"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;930&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_174"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4534em;top:21.7613em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1777em;top:21.7613em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.739em;top:22.7832em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.2527em;top:22.7832em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;178  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.729em;top:22.7832em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7265em;top:22.7832em;"&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;119  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3977em;top:22.7832em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;297  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:23.805em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4296em;top:23.805em;"&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;397  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.4646em;top:23.805em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;726  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1927em;top:23.805em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;871  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6296em;top:23.805em;z-index:603;"&gt;&lt;span class="stl_268 stl_20 stl_622"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;994  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:24.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0304em;"&gt;Tax losses carried forward  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0533em;top:24.8269em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;362&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;209  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7996em;top:24.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_311"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_611"&gt;693&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_611"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.454em;top:24.8269em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3102em;top:24.8269em;"&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;361&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Not recognized tax asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.864em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;729&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9602em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;94&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.9915em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;990&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0659em;top:25.8488em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_570"&gt;472&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;739&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Recognized deferred tax assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.9977em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7221em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4465em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1709em;top:26.865em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:29.522em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;Deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:30.3608em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Recognized deferred tax assets relate to temporary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:31.1939em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;differences between the tax base and accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:32.027em;"&gt;&lt;span class="stl_255 stl_20 stl_372" style="word-spacing:-0.0385em;"&gt;carrying amount and tax losses carried forward.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:33.6939em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0355em;"&gt;Deferred tax assets arising from temporary deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:34.527em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;differences and tax losses carried forward are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:35.3602em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;nized to the extent they are expected to be offset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:36.1933em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;against future taxable income.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:30.3602em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Recognized tax losses carried forward relate to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:31.1933em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Bavarian Nordic A/S and the two Danish subsidiaries  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:32.0264em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Aktieselskabet af 1. juni 2011 I and Aktieselskabet af 1.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:32.8595em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;juni 2011 II.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:34.5264em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;The tax value of non-recognized tax losses carried  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:35.3595em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;forward in Bavarian Nordic A/S and the two Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:36.1927em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;subsidiaries amounts to DKK 470.4 million (DKK 361.5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:37.0258em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;million), whereas the tax value of non-recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:37.8589em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;temporary deductible differences amounts to DKK 180.4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:30.3857em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;million (DKK 111.2 million). Tax rate used for Danish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:31.2188em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;entities is 22%.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:32.8857em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;The Company's right to use the tax losses carried  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:33.7188em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0324em;"&gt;forward is not time-limited.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:35.3857em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Change in non-recognized deferred tax asset also  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:36.2188em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;includes deferred tax on intercompany transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7396em;top:37.0519em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;between Bavarian Nordic A/S and Bavarian Nordic, Inc.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:30.385em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;and Bavarian Nordic Switzerland AG under the Distri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:31.2182em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;bution Agreements for sale of Encepur and Rabipur/  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:32.0513em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;RabAvert in US and Switzerland, DKK 25.1 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7477em;top:32.8844em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;30.3 million).  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfDeferredTaxesExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory contextRef="ctx1" id="fact2319" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.1623em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Deferred tax is measured using the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.9954em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0346em;"&gt;liability method on all temporary differences between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8285em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;accounting values and tax values. Deferred tax liabili-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.6617em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;ties arising from temporary tax differences are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.4948em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;nized in the balance sheet as a liability.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.1617em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Deferred tax assets arising from temporary deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.9948em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;differences and tax losses carried forward are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8279em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;nized when it is probable that they can be realized by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.661em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;offsetting them against taxable temporary differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.4942em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;or future taxable profits. At each balance sheet date,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3273em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;it is assessed whether it is probable that there will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.1604em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;sufficient future taxable income for the deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.9935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;asset to be utilized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.6604em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;Deferred income tax is provided on temporary taxable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.4935em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;differences arising on investments in subsidiaries,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.3266em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;unless the parent company is able to control the timing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.1598em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;when the deferred tax is to be realized and it is likely  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.9929em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;that the deferred tax will not be realized within the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.826em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;foreseeable future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.4929em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Deferred tax is calculated at the tax rates applicable on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.326em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the balance sheet date for the income years in which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.1591em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;the tax asset is expected to be utilized.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory contextRef="ctx1" id="fact2315" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:21.2561em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3029em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;Income tax for the year comprises current tax and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.136em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;deferred tax for the year. The part relating to the profit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.9692em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;for the year is recognized in the income statement, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8023em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;the part attributable to items in the comprehensive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6354em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;income is recognized in the comprehensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1354em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;The tax effect of costs that have been recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;directly in equity is recognized in equity under the rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;vant items.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;Current tax receivable is recognized in the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3017em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;sheet under current asset.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Current tax payable is recognized in the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;under current liabilities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.1623em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Deferred tax is measured using the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.9954em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0346em;"&gt;liability method on all temporary differences between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8285em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;accounting values and tax values. Deferred tax liabili-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.6617em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;ties arising from temporary tax differences are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.4948em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;nized in the balance sheet as a liability.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.1617em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Deferred tax assets arising from temporary deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.9948em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;differences and tax losses carried forward are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8279em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;nized when it is probable that they can be realized by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.661em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;offsetting them against taxable temporary differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.4942em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;or future taxable profits. At each balance sheet date,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3273em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;it is assessed whether it is probable that there will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.1604em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;sufficient future taxable income for the deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.9935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;asset to be utilized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.6604em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;Deferred income tax is provided on temporary taxable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.4935em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;differences arising on investments in subsidiaries,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.3266em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;unless the parent company is able to control the timing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.1598em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;when the deferred tax is to be realized and it is likely  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.9929em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;that the deferred tax will not be realized within the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.826em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;foreseeable future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.4929em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Deferred tax is calculated at the tax rates applicable on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.326em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the balance sheet date for the income years in which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.1591em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;the tax asset is expected to be utilized.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory contextRef="ctx1" id="fact2317" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:21.2561em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3029em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;Income tax for the year comprises current tax and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.136em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;deferred tax for the year. The part relating to the profit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.9692em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;for the year is recognized in the income statement, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8023em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;the part attributable to items in the comprehensive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6354em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;income is recognized in the comprehensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1354em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;The tax effect of costs that have been recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;directly in equity is recognized in equity under the rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;vant items.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.4685em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;Current tax receivable is recognized in the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3017em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;sheet under current asset.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9685em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Current tax payable is recognized in the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8017em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;under current liabilities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.1623em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Deferred tax is measured using the balance sheet  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.9954em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0346em;"&gt;liability method on all temporary differences between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8285em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;accounting values and tax values. Deferred tax liabili-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.6617em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;ties arising from temporary tax differences are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.4948em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;nized in the balance sheet as a liability.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.1617em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Deferred tax assets arising from temporary deductible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.9948em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;differences and tax losses carried forward are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8279em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;nized when it is probable that they can be realized by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.661em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;offsetting them against taxable temporary differences  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.4942em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;or future taxable profits. At each balance sheet date,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3273em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;it is assessed whether it is probable that there will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.1604em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;sufficient future taxable income for the deferred tax  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.9935em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;asset to be utilized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.6604em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;Deferred income tax is provided on temporary taxable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.4935em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;differences arising on investments in subsidiaries,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.3266em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;unless the parent company is able to control the timing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.1598em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;when the deferred tax is to be realized and it is likely  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.9929em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;that the deferred tax will not be realized within the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.826em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;foreseeable future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.4929em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;Deferred tax is calculated at the tax rates applicable on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.326em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the balance sheet date for the income years in which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.1591em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;the tax asset is expected to be utilized.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory>
   <ifrs-full:DisclosureOfEarningsPerShareExplanatory contextRef="ctx1" id="fact2320" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_50" style="word-spacing:0.011em;"&gt;Note 14  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_566" style="word-spacing:0.0069em;"&gt;Earnings per share (EPS)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0247em;"&gt;Net result for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3em;top:11.9088em;z-index:128;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_592"&gt;347&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;382&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_52"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0225em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;464&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_364"&gt;775&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_364"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Earnings per share of DKK &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6132em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4132em;top:12.9307em;z-index:180;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_287"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_296"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Diluted earnings per share of DKK &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6132em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4132em;top:13.9525em;z-index:228;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_287"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_296"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.5782em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;The weighted average number of ordinary shares for the purpose of diluted earning  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.4113em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;per share reconciles to the weighted average number of ordinary shares used in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.2444em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;calculation of basic earnings per share as follows:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.87em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Weighted average number of ordinary shares (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7757em;top:18.87em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;548  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5907em;top:18.87em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;63&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.8919em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;Weighted average number of treasury shares (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.44em;top:19.8919em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;129&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.21em;top:19.8919em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;109&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:20.9082em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0355em;"&gt;Weighted average number of outstanding ordinary shares used in the calculation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:21.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0323em;"&gt;of basic earnings per share (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6857em;top:21.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_71"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.48em;top:21.7413em;z-index:707;"&gt;&lt;span class="stl_261 stl_16 stl_587"&gt;63,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:22.7688em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Average dilutive effect of outstanding warrants under incentive schemes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:22.7688em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:22.7688em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.785em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0355em;"&gt;Weighted average number of outstanding ordinary shares used in the calculation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:24.6182em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;of diluted earnings per share (thousand units)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.685em;top:24.6182em;"&gt;&lt;span class="stl_261 stl_16 stl_71"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4794em;top:24.6182em;z-index:904;"&gt;&lt;span class="stl_261 stl_16 stl_587"&gt;63,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:26.2494em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Outstanding warrants that may have an effect on the calculation of diluted earnings  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.0825em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;per share in the future.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:28.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_227"&gt;2022&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-programs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.02em;top:28.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;013&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;923  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:28.7082em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.73em;"&gt;&lt;span class="stl_268 stl_20 stl_262"&gt;2021&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5025em;top:29.73em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;655&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;774  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2257em;top:29.73em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;706&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;469  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:30.7519em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;2020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;-programs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1032em;top:30.7519em;z-index:1093;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_358"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;109  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8082em;top:30.7519em;z-index:1104;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;207&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:31.7738em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;2019&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4913em;top:31.7738em;z-index:1125;"&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;599&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;493  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2282em;top:31.7738em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;984  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.7957em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;2018&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4738em;top:32.7957em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2488em;top:32.7957em;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;515&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;684  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:33.8175em;"&gt;&lt;span class="stl_268 stl_20 stl_624"&gt;2017&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-programs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:33.8175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2069em;top:33.8175em;"&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;223&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;683  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.8394em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;2016&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;-program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:34.8394em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6107em;top:34.8394em;z-index:1212;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.8557em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Outstanding warrants, cf. note 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.745em;top:35.8557em;"&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;3,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_220" style="word-spacing:1.1599em;"&gt;7 3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfEarningsPerShareExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory contextRef="ctx1" id="fact2321" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Earnings per share is calculated as the profit or loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;for the year compared to the weighted average of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;issued shares in the financial year. The basis for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;calculation of diluted earnings per share is the weight-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;ed-average number of ordinary shares in the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;year adjusted for the dilutive effects of warrants.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory contextRef="ctx1" id="fact2322" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0021em;"&gt;Intangible assets  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9858em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0292em;"&gt;Intangible assets are measured at historic cost less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;accumulated amortization and impairment losses. Cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0298em;"&gt;of acquired product rights are measured at cash consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.029em;"&gt;eration and present value of any deferred payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0346em;"&gt;for those rights. Furthermore costs of acquired product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0337em;"&gt;rights include transaction costs that are directly attribut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;able to the acqusition.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;Internal development projects that meet the require-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;ments for recognition as intangible assets are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;at direct cost relating to the development projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0297em;"&gt;Amortization is provided on a straight-line basis over the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0305em;"&gt;useful economic lives of the assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0305em;"&gt;The useful lives of acquired product rights are estimated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_41" style="word-spacing:-0.0276em;"&gt;to be 20 years and software is estimated to be 3-5 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0337em;"&gt;Amortization of acquired product rights is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory>
   <ifrs-full:DisclosureOfIntangibleAssetsExplanatory contextRef="ctx1" id="fact2324" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0021em;"&gt;Intangible assets  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9858em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0292em;"&gt;Intangible assets are measured at historic cost less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;accumulated amortization and impairment losses. Cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0298em;"&gt;of acquired product rights are measured at cash consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.029em;"&gt;eration and present value of any deferred payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0346em;"&gt;for those rights. Furthermore costs of acquired product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0337em;"&gt;rights include transaction costs that are directly attribut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;able to the acqusition.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;Internal development projects that meet the require-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;ments for recognition as intangible assets are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;at direct cost relating to the development projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0297em;"&gt;Amortization is provided on a straight-line basis over the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0305em;"&gt;useful economic lives of the assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0305em;"&gt;The useful lives of acquired product rights are estimated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_41" style="word-spacing:-0.0276em;"&gt;to be 20 years and software is estimated to be 3-5 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0337em;"&gt;Amortization of acquired product rights is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.6987em;"&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;The carrying amounts of intangible assets carried at cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_351" style="word-spacing:-0.0265em;"&gt;or amortized cost are tested at least annually to deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0303em;"&gt;mine whether there are indications of any impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;in excess of that expressed in normal amortization. If  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0265em;"&gt;that is the case, the asset is written down to the recov-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0342em;"&gt;erable amount, which is the higher of its fair value less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;costs to sell and its value in use. Impairment losses on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0326em;"&gt;intangible assets are recognized under the same line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;item as amortization of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8693em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0306em;"&gt;For development projects in progress, the recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.7024em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;amount is assessed annually, regardless of whether any  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:39.5356em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;indications of impairment have been found.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3141em;top:10.3531em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:11.3943em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:12.2331em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0356em;"&gt;When determining the amortization period for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:13.0662em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;acquired product rights, Management need to make  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:13.8993em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;an assessment of expected useful economic life. In the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:14.7324em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;assessment Management take among other things the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:15.5656em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;following components into consideration: The maturity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:16.3987em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0353em;"&gt;of the products acquired, development in the market the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:17.2318em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.031em;"&gt;acquired products are targeting, the current competitors,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:18.0649em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0332em;"&gt;clinical development of new competing products and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:18.8981em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0343em;"&gt;entry barriers to the market due to advanced production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:19.7312em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0313em;"&gt;technology. Straight-line amortization reflects the use  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:20.5643em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;and impairment of the product rights.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:22.2312em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0319em;"&gt;Management continuously updates the valuation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:23.0643em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0365em;"&gt;model used when acquiring the product rights from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:23.8974em;"&gt;&lt;span class="stl_255 stl_20 stl_360" style="word-spacing:-0.0318em;"&gt;GlaxoSmithKline to assess the value creation expected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:24.7306em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;from the acquisition. The latest update of the valuation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:25.5637em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0299em;"&gt;model shows a value above the net present value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:26.3968em;"&gt;&lt;span class="stl_255 stl_20 stl_220" style="word-spacing:-0.0272em;"&gt;purchase price, hence there is no indications of impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:27.2299em;"&gt;&lt;span class="stl_255 stl_20 stl_105"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:28.8968em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0327em;"&gt;As per December 31, 2022 Management still judge that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:29.7299em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0354em;"&gt;the sales milestone of EUR 25 million included in Asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:30.5631em;"&gt;&lt;span class="stl_255 stl_20 stl_473" style="word-spacing:-0.0277em;"&gt;Purchase Agreement is not probable and therefore the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:31.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;present value has not been added to the cost of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7219em;top:32.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0385em;"&gt;product rights.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3324em;top:10.3531em;"&gt;&lt;span class="stl_602 stl_16 stl_217" style="word-spacing:-0.0309em;"&gt;Significant accounting judgments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.3999em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;Management has made the following accounting judg-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.2331em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0336em;"&gt;ment which significantly affect the amounts recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.0662em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;in the consolidated financial statements:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.7274em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5662em;"&gt;&lt;span class="stl_255 stl_20 stl_421" style="word-spacing:-0.0247em;"&gt;Under the Group’s accounting policies and in accordance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.3993em;"&gt;&lt;span class="stl_255 stl_20 stl_221" style="word-spacing:-0.0335em;"&gt;with common industry practice, development costs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.2324em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0307em;"&gt;generally expensed in the year they occur. During the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.0656em;"&gt;&lt;span class="stl_255 stl_20 stl_604" style="word-spacing:-0.0254em;"&gt;development of ABNCoV2, the Group has, however,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.8987em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;started capitalization of directly related development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.7318em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;cost at commencement of the Phase 2 and 3 studies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.5649em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0291em;"&gt;as – unlike most other development candidates - the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.3981em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0307em;"&gt;feasibility of developing a final vaccine and obtain regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.2312em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.0269em;"&gt;latory approval is considered highly likely. The Phase 1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.0643em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0288em;"&gt;and Phase 2 clinical trial showed positive results in 2021-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.8974em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;22, further supported by positive six-month follow-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.7306em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0321em;"&gt;analysis for the Phase 2 clinical trial in October 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.5637em;"&gt;&lt;span class="stl_255 stl_20 stl_182" style="word-spacing:-0.0312em;"&gt;The follow-up analysis demonstrated that six months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.3968em;"&gt;&lt;span class="stl_255 stl_20 stl_105" style="word-spacing:-0.0324em;"&gt;post the booster vaccination with ABNCoV2, the neutral-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.2299em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;ization antibody titers against Wuhan and the Omicron  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.0631em;"&gt;&lt;span class="stl_255 stl_20 stl_453" style="word-spacing:-0.0281em;"&gt;variant remained high and at levels associated with a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_166" style="word-spacing:-0.0286em;"&gt;greater than 90% efficacy. The Group initiated the global  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0312em;"&gt;Phase 3 clinical trial in September 2022 and initial results  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_207" style="word-spacing:-0.0256em;"&gt;are expected to be ready in mid-2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.8962em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;In 2021 the Group ensured significant finance of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.7293em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0341em;"&gt;development through the funding obtained from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;Danish Ministry of Health and a minimum demand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.3956em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0322em;"&gt;agreed in the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_441"&gt;Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.8956em;"&gt;&lt;span class="stl_255 stl_20 stl_88" style="word-spacing:-0.0269em;"&gt;In the winter of 2022/2023, we have seen a high  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_326" style="word-spacing:-0.0281em;"&gt;number of COVID-19 infections. It is evident though, that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_499" style="word-spacing:-0.0287em;"&gt;booster vaccinations have been necessary to control the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;pandemic. Management assesses that the booster vacci-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:22.228em;"&gt;&lt;span class="stl_255 stl_20 stl_331" style="word-spacing:-0.027em;"&gt;nations will continue to be required, at least for vulner-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0328em;"&gt;able groups as is the case for example with the flu  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0285em;"&gt;market, where annual booster vaccinations are given.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0299em;"&gt;Hence, with the development of ABNCoV2 as a universal  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0301em;"&gt;booster vaccine with a better value proposition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0295em;"&gt;compared to the already approved vaccines, Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_235" style="word-spacing:-0.0331em;"&gt;ment expects that the Company can take a reasonable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_323" style="word-spacing:-0.025em;"&gt;share of the future COVID-19 vaccine market, initially  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.893em;"&gt;&lt;span class="stl_255 stl_20 stl_247" style="word-spacing:-0.0274em;"&gt;targeting governments, but over time moving towards a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_77" style="word-spacing:-0.0284em;"&gt;more traditional market for private vaccinations.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.344em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6696em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.054em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2746em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.04em;"&gt;rights and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6721em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_380"&gt;intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2696em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:1.0869em;"&gt;Product development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.139em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.034em;"&gt;assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7246em;top:13.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8015em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_330"&gt;rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0115em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_199" style="word-spacing:-0.029em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3209em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;Software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1777em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9784em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:15.3582em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8571em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;458&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.074em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;733&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;770  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7877em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;100&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.534em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;134&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;371  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7921em;top:15.3582em;z-index:306;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_625"&gt;427&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;226  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1427em;top:16.38em;z-index:327;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;279&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;714  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4421em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;006  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5459em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;691  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2846em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;425&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_588"&gt;411  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.4327em;top:17.4019em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9609em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;572&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1702em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9971em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9752em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4459em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.424em;top:18.4238em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;131  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0251em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6352em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3821em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6228em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_65"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3715em;top:19.44em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5477em;top:19.44em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_282"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Amortization as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;545&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;870  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1346em;top:21.0713em;z-index:546;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;400  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:21.0713em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2477em;top:21.0713em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;623&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;270  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3509em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1352em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;908  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:22.0932em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.214em;top:22.0932em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;286&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2715em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9959em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2915em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4446em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7402em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7227em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Amortization as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1815em;top:24.1313em;"&gt;&lt;span class="stl_257 stl_16 stl_179"&gt;818&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9884em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0084em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4371em;top:24.1313em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1771em;top:24.1313em;z-index:699;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6552em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;4,639,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3809em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;3,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0177em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_342"&gt;4,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_342"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3709em;top:25.7569em;"&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_626"&gt;74,49&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_626"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:25.7569em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:27.3825em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Geographical split of intangible assets – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:28.41em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7696em;top:28.41em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_319"&gt;664  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:29.4319em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3809em;top:29.4319em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7221em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Total intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5465em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;5,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,637  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.1557em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.9944em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;December 31, 2019 the Company acquired the product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:11.8275em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;rights to two commercial products owned by Glax-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:12.6607em;"&gt;&lt;span class="stl_255 stl_20 stl_134" style="word-spacing:-0.024em;"&gt;oSmithKline - Rabipur/RabAvert and Encepur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:13.4938em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;The products have been on the market for more than  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:14.3269em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;20 years. There is no need to further develop the prod-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.16em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;ucts. Management assesses that it will require up to 10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.9932em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;years of clinical development for competitors to bring  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:16.8263em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;a new competing product to the market likewise the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:17.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;production process required to produce these products  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:18.4925em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0349em;"&gt;is highly complex. Based on these factors Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:19.3257em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;assesses that the acquired product rights should be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:20.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;amortized over 20 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:21.8257em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;The acquisition price for the two product rights consists  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:22.6588em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;of the upfront payment and the present value of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:23.4919em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;milestone payments included in the Asset Purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:24.325em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Agreement with GlaxoSmithKline. The milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.1582em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;payments relate to transfer and re-registration of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.9913em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;marketing authorizations, technology transfer of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:26.8244em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;different steps of the production and packaging activi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:27.6575em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ties as well as a milestone payment when all services  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:28.4907em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;agreed to be rendered has been completed. The Asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:29.3238em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Purchase Agreement specifies the above milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.1569em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;payments for each product. In total EUR 470 million. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.99em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Asset Purchase Agreement also includes a sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:31.8232em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;stone of EUR 25 million. The sales milestone is related  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:32.6563em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;to the total revenue of the two products. Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:33.4894em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment deems it unlikely that the sales milestone will  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:34.3225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;be trickered, hence the sales milestone has not been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:35.1557em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;recognized as part of the asset nor the deferred consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:35.9888em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;eration as per December 31, 2021.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0016em;"&gt;Intangible assets &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Deferred consideration for the acquired product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;are described in note 24.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7133em;"&gt;&lt;span class="stl_261 stl_16 stl_328" style="word-spacing:-0.0318em;"&gt;Acquired rights and development in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;In July 2020, the Company concluded a license and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;collaboration agreement with AdaptVac. The license  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0325em;"&gt;agreement provides Bavarian Nordic the global  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;commercialization rights to a COVID-19 vaccine candi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;date based on AdaptVac’s technology. Under the terms  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the agreement AdaptVac has been responsible for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;running a Phase 1/2 open label, dose-escalation trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;sponsored by Radhould University Medical Center. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Company has assumed the responsibility for the further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.039em;"&gt;clinical development and manufacturing. At commence-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;ment of the positive Phase 2 trial the Company started  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;capitalization of directly related development cost as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the feasibility of developing a final vaccine and obtain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0278em;"&gt;regulatory approval is considered highly likely, see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;further description under "Significant accounting judge-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_323"&gt;ments".  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;The Company made an upfront payment of EUR 4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;million to AdaptVac in 2020 when the license agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.382em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ment was signed. The upfront payment was capitalized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;and recognized as "Acquired rights and development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0257em;"&gt;in progress". The Company has also committed to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;payment of potential future development and sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.7145em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;milestones and tiered royalties. At year-end 2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.5477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Management assessed that those milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;were not probable since no in-human studies had  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;completed, hence milestone payments were not recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.047em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;nized as an asset and a liability as per December 31,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;2020. Based on the positive clinical results during 2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:37.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0259em;"&gt;Management assessed at year-end 2021 that the like-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:38.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;lihood of future regulatory approval of the Company's  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:10.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;COVID-19 vaccine was high, hence milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0308em;"&gt;to AdaptVac were expected to become payable. Based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;on current regulatory plans and expectations for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;revenue from sale of the COVID-vacine all sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;stones and part of the development milestones were  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.3789em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;assumed probable. At initial recognition in December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.212em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;2021 the net present value of the probable milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.0452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;payments was calculated amounting to DKK 596  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.8783em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;million, and was recognized as part of the "Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.7114em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;rights and development in progress". A corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.5445em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;liability was been recognized as deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_171" style="word-spacing:0.0037em;"&gt;(note 24).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.0389em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.0339em;"&gt;Intangible assets in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;Rabipur/RabAvert and Encepur are currently manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;factured by GlaxoSmithKline and the basis of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.5439em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;technology transfer to Bavarian Nordic is an as-is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.377em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;transfer of the current manufacturing process. This  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.2102em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;transfer will be a staged process, starting with pack-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.0433em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;aging then filling and ending with the transfer of bulk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.8764em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;manufacturing. The Company will incur material costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.7095em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;in terms of internal labour and consultancy to handle  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.5427em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the technology transfer and gain crucial knowledge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.3758em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;about the manufacturing process. These costs will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.2089em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;capitalized as an intangible asset. As per December 31,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.042em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;2022 the capitalized costs amounts to DKK 255.3 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.8752em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;(DKK 125.2 million), recognized as intangible assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.7083em;"&gt;&lt;span class="stl_255 stl_20 stl_78"&gt;progress.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.3752em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;As part of the development plan for ABNCoV2 the filling  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.2083em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;process at Kvistgaard need to be scaled up to handle  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.0414em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;production for commercial launch. Cost related to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.8745em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;scale up activities are recognized as part of intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:37.7077em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;assets in progress with an amount of DKK 14.2 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:38.5408em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.02em;"&gt;(DKK 3.6 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0016em;"&gt;Intangible assets &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3527em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6695em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_73"&gt;Acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0533em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2745em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.04em;"&gt;rights and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6714em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_380"&gt;intangible  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2695em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:1.0869em;"&gt;Product development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1383em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_74" style="word-spacing:-0.034em;"&gt;assets in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:13.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.8014em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_330"&gt;rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0108em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_199" style="word-spacing:-0.029em;"&gt;in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.3202em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;Software  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.177em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9777em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7233em;top:15.3582em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8564em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;458&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;700  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4477em;top:15.3582em;z-index:299;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;29&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1589em;top:15.3582em;z-index:307;"&gt;&lt;span class="stl_268 stl_20 stl_627"&gt;87&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.8883em;top:15.3582em;z-index:315;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7595em;top:15.3582em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;633&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;643  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7239em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:16.38em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0958em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;703&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;957  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9695em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;145  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9002em;top:16.38em;z-index:360;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;96&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2302em;top:16.38em;"&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;800&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;262  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7239em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2727em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.997em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1564em;top:17.4019em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;921  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.712em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;921&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1708em;top:17.4019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Transfer to/from property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2733em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9977em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.722em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4964em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;559&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_561"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2208em;top:18.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;559&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_561"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2733em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9976em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.262em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;280&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4464em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7108em;top:19.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;280&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7245em;top:20.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2733em;top:20.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9976em;top:20.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2926em;top:20.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6783em;top:20.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;148  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4033em;top:20.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;160  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:21.4838em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0251em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.637em;top:21.4838em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9158em;top:21.4838em;"&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;733,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6245em;top:21.4838em;"&gt;&lt;span class="stl_257 stl_16 stl_300"&gt;100&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3639em;top:21.4838em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_126"&gt;34,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_126"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5689em;top:21.4838em;z-index:612;"&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;6,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_613"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_242"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_242"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Amortization as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3533em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1695em;top:23.115em;z-index:665;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;69&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:23.115em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2226em;top:23.115em;"&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;342&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;891  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:24.1369em;"&gt;&lt;span class="stl_255 stl_20 stl_330"&gt;Amortization  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3533em;top:24.1369em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;272&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;935  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:24.1369em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1408em;top:24.1369em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;681  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:24.1369em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2733em;top:24.1369em;"&gt;&lt;span class="stl_268 stl_20 stl_604"&gt;286&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_341"&gt;616  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2739em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2414em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;257&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_166"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6901em;top:25.1588em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;257&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_166"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2739em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9983em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2777em;top:26.1807em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.447em;top:26.1807em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7264em;top:26.1807em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Amortization as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1801em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;545,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9908em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9908em;top:27.1969em;z-index:842;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4395em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0964em;top:27.1969em;"&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_271"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6464em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9158em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;733,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_308"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9758em;top:28.8225em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3639em;top:28.8225em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_126"&gt;34,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_126"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5476em;top:28.8225em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_150"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;3,956  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:30.4482em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Geographical split of intangible assets – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:31.4757em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.762em;top:31.4757em;"&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;802&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:32.4975em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.0564em;top:32.4975em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:33.5194em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9608em;top:33.5194em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;618  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7251em;top:34.5357em;"&gt;&lt;span class="stl_261 stl_16 stl_410" style="word-spacing:-0.0327em;"&gt;Total intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5476em;top:34.5357em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_150"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;3,956  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:10.2157em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;Other intable assets in progress relates to IT invest-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:11.0488em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;ments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:12.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;Other intangible assets in progress include investments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:13.5488em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;in software.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 15  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_428" style="word-spacing:0.0016em;"&gt;Intangible assets &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfIntangibleAssetsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory contextRef="ctx1" id="fact2343" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9858em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_450" style="word-spacing:-0.0292em;"&gt;Intangible assets are measured at historic cost less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.0339em;"&gt;accumulated amortization and impairment losses. Cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0298em;"&gt;of acquired product rights are measured at cash consid-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.029em;"&gt;eration and present value of any deferred payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0346em;"&gt;for those rights. Furthermore costs of acquired product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_181" style="word-spacing:-0.0337em;"&gt;rights include transaction costs that are directly attribut-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0299em;"&gt;able to the acqusition.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;Internal development projects that meet the require-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_99" style="word-spacing:-0.0314em;"&gt;ments for recognition as intangible assets are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_383" style="word-spacing:-0.0294em;"&gt;at direct cost relating to the development projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_420" style="word-spacing:-0.0297em;"&gt;Amortization is provided on a straight-line basis over the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_213" style="word-spacing:-0.0305em;"&gt;useful economic lives of the assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0305em;"&gt;The useful lives of acquired product rights are estimated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_41" style="word-spacing:-0.0276em;"&gt;to be 20 years and software is estimated to be 3-5 years.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0337em;"&gt;Amortization of acquired product rights is recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.0374em;"&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0348em;"&gt;part of cost of goods sold under production costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.6987em;"&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;The carrying amounts of intangible assets carried at cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_351" style="word-spacing:-0.0265em;"&gt;or amortized cost are tested at least annually to deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0303em;"&gt;mine whether there are indications of any impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;in excess of that expressed in normal amortization. If  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0265em;"&gt;that is the case, the asset is written down to the recov-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0342em;"&gt;erable amount, which is the higher of its fair value less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;costs to sell and its value in use. Impairment losses on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0326em;"&gt;intangible assets are recognized under the same line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;item as amortization of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8693em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0306em;"&gt;For development projects in progress, the recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.7024em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;amount is assessed annually, regardless of whether any  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:39.5356em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;indications of impairment have been found.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory contextRef="ctx1" id="fact2346" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.6987em;"&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;The carrying amounts of intangible assets carried at cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_351" style="word-spacing:-0.0265em;"&gt;or amortized cost are tested at least annually to deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0303em;"&gt;mine whether there are indications of any impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;in excess of that expressed in normal amortization. If  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0265em;"&gt;that is the case, the asset is written down to the recov-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0342em;"&gt;erable amount, which is the higher of its fair value less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;costs to sell and its value in use. Impairment losses on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0326em;"&gt;intangible assets are recognized under the same line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;item as amortization of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8693em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0306em;"&gt;For development projects in progress, the recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.7024em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;amount is assessed annually, regardless of whether any  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:39.5356em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;indications of impairment have been found.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7193em;"&gt;&lt;span class="stl_599 stl_57 stl_380"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;The carrying amounts of property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;carried at cost or amortized cost are tested annually to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;determine whether there are indications of any impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ment in excess of that expressed in normal deprecia-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;tion. If that is the case, the asset is written down to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0335em;"&gt;recoverable amount, which is the higher of its fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.558em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;less costs to sell and its value in use. Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;on property, plant and equipment are recognized under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the same line item as depreciation of the assets.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory>
   <ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory contextRef="ctx1" id="fact2349" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.6987em;"&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0353em;"&gt;The carrying amounts of intangible assets carried at cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_351" style="word-spacing:-0.0265em;"&gt;or amortized cost are tested at least annually to deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_204" style="word-spacing:-0.0303em;"&gt;mine whether there are indications of any impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_203" style="word-spacing:-0.0315em;"&gt;in excess of that expressed in normal amortization. If  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_343" style="word-spacing:-0.0265em;"&gt;that is the case, the asset is written down to the recov-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_82" style="word-spacing:-0.0342em;"&gt;erable amount, which is the higher of its fair value less  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0329em;"&gt;costs to sell and its value in use. Impairment losses on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_202" style="word-spacing:-0.0326em;"&gt;intangible assets are recognized under the same line  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0319em;"&gt;item as amortization of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.8693em;"&gt;&lt;span class="stl_255 stl_20 stl_234" style="word-spacing:-0.0306em;"&gt;For development projects in progress, the recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:38.7024em;"&gt;&lt;span class="stl_255 stl_20 stl_246" style="word-spacing:-0.0289em;"&gt;amount is assessed annually, regardless of whether any  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:39.5356em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0308em;"&gt;indications of impairment have been found.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7193em;"&gt;&lt;span class="stl_599 stl_57 stl_380"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;The carrying amounts of property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;carried at cost or amortized cost are tested annually to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;determine whether there are indications of any impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ment in excess of that expressed in normal deprecia-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;tion. If that is the case, the asset is written down to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0335em;"&gt;recoverable amount, which is the higher of its fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.558em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;less costs to sell and its value in use. Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;on property, plant and equipment are recognized under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the same line item as depreciation of the assets.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory>
   <ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory contextRef="ctx1" id="fact2352" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 16  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0046em;"&gt;Property, plant and equipment  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;Property, plant and equipment include land and build-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;ings, production equipment, leasehold improvements,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0369em;"&gt;office and IT equipment and laboratory equipment and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;is measured at cost less accumulated depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;Cost includes the costs directly attributable to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;purchase of the asset, until the asset is ready for use.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;For assets constructed by the Group cost includes mate-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;rials, components, third-party suppliers and labour.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Borrowing costs directly attributable to the construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;of property, plant and equipment are included in cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;Other borrowing costs are recognized in the income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Depreciation is charged over the expected economic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.728em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;lives of the assets, and the depreciation methods,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;expected lives and residual values are reassessed indi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;vidually for the assets at the end of each financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Assets are depreciated on a straightline basis over their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;estimated useful lives as follows:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Buildings  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.885em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;10–20 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_376"&gt;Installations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2682em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;5–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Leasehold improvements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0769em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.021em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Office and IT equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4932em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_449" style="word-spacing:-0.0407em;"&gt;3–5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_472" style="word-spacing:-0.0389em;"&gt;Laboratory equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2319em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;5–10 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0368em;"&gt;Production equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2688em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;3–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Management reviews the estimated useful lives of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;material property, plant and equipment at the end of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0226em;"&gt;each financial year.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7193em;"&gt;&lt;span class="stl_599 stl_57 stl_380"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;The carrying amounts of property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;carried at cost or amortized cost are tested annually to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;determine whether there are indications of any impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ment in excess of that expressed in normal deprecia-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;tion. If that is the case, the asset is written down to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0335em;"&gt;recoverable amount, which is the higher of its fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.558em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;less costs to sell and its value in use. Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;on property, plant and equipment are recognized under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the same line item as depreciation of the assets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9818em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3299em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.443em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;fixtures and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9055em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0375em;"&gt;fittings, other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1424em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_138" style="word-spacing:-0.0428em;"&gt;Land and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5699em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_463"&gt;Leasehold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.458em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1824em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0367em;"&gt;plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9237em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_59" style="word-spacing:-0.0413em;"&gt;Assets under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:14.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0668em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:0.9976em;"&gt;buildings improvement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1399em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_461"&gt;machinery  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7612em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0656em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9799em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7255em;top:16.1082em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.603em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_202"&gt;546&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;771  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6437em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0749em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;424&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;291  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8924em;top:16.1082em;z-index:378;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;312&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;179  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5393em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;578&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;707  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7187em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_248"&gt;884&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;236  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7255em;top:17.13em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9693em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;768  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0849em;top:17.13em;z-index:422;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4124em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8081em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;146&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;421  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4999em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;885  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2706em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;361&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7249em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5868em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;238&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;004  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7174em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;802  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4262em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;919  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9199em;top:18.1519em;z-index:499;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;167&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;745  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3774em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;491&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_605"&gt;470&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_605"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1718em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7256em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5499em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2743em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.5481em;top:19.1738em;z-index:535;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;864&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_100"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7706em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;428&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_239"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4474em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.4131em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;292&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7256em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5499em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2743em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9987em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9962em;top:20.1957em;"&gt;&lt;span class="stl_268 stl_20 stl_339"&gt;119  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3331em;top:20.1957em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;8&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4156em;top:20.1957em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0249em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4318em;top:21.2119em;"&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_72"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_221"&gt;,543  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5312em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;37  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9287em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_492"&gt;4,369  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6449em;top:21.2119em;"&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;36  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4256em;top:21.2119em;z-index:659;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_337"&gt;96,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5612em;top:21.2119em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_342"&gt;35,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:22.8432em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Depreciation and impairment losses as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6331em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_364"&gt;200&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;818  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.6731em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;277  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.1931em;top:22.8432em;z-index:748;"&gt;&lt;span class="stl_268 stl_20 stl_628"&gt;169&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;761  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1418em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;88&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;712  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4493em;top:22.8432em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2481em;top:22.8432em;"&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;471&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;568  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7268em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_111"&gt;Depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9937em;top:23.865em;z-index:788;"&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;587  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0781em;top:23.865em;z-index:795;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;196  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4468em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;061  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1087em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;360  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4487em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5437em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;88&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;204  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7268em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5512em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2756em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.6124em;top:24.8869em;z-index:845;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;198&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_12"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.7631em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;301&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_336"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4487em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7087em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;499&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5506em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9912em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_629"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9993em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2856em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;70  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4481em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7368em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7262em;top:26.925em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Depreciation and impairment losses as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4299em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_166"&gt;228&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5468em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_570"&gt;5,47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_570"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9287em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6712em;top:26.925em;"&gt;&lt;span class="stl_257 stl_16 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_75"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4412em;top:26.925em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1012em;top:26.925em;"&gt;&lt;span class="stl_261 stl_16 stl_276"&gt;55&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,34&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7268em;top:28.5507em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5218em;top:28.5507em;z-index:1035;"&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;63&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5643em;top:28.5507em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;4,765  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9912em;top:28.5507em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_548"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_573"&gt;,745  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7525em;top:28.5507em;z-index:1055;"&gt;&lt;span class="stl_261 stl_16 stl_548"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_312"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.4268em;top:28.5507em;z-index:1062;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_337"&gt;96,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5406em;top:28.5507em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_75"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;3,973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:30.1763em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Geographical split of property, plant and equipment – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_514"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:31.2038em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7712em;top:31.2038em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;626&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:32.2257em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5431em;top:32.2257em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;56&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;564  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:33.2475em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3843em;top:33.2475em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;463  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:34.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_215"&gt;Switzerland  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3906em;top:34.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;273  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7274em;top:35.2857em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0328em;"&gt;Total property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5406em;top:35.2857em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_75"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;3,973  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:10.2157em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;The expansion of the drug substance facility for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:11.0488em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;production of Rabipur/RabAvert and Encepur completed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:11.8819em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;end of 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:13.5488em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;The Company has not incurred any borrowing costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:14.3819em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;directly attributable to the construction of the fill finish  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:15.215em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;manufacturing facility, hence no borrowing costs have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:16.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;been capitalized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:17.715em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Mortgage loans of DKK 18.9 million are secured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:18.5482em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;mortgages totaling DKK 50.0 million on the property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:19.3813em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0239em;"&gt;Bøgeskovvej 9/Hejreskovvej 10A, Kvistgaard. In addi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:20.2144em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;tion, as of December 31, 2022, mortgage deeds for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:21.0475em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;total of DKK 75.0 million have been issued. The carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:21.8807em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;amount of assets mortgaged in security of mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:22.7138em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;loans is DKK 951.8 million (land and buildings: DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7512em;top:23.5469em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;630.1 million; plant and machinery: DKK 321.7 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 16  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0046em;"&gt;Property, plant and equipment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9905em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3298em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_319"&gt;Other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.443em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;fixtures and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9055em;top:12.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0375em;"&gt;fittings, other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1423em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_138" style="word-spacing:-0.0428em;"&gt;Land and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5698em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_463"&gt;Leasehold  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.458em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;Plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1823em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0367em;"&gt;plant and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.9236em;top:13.6682em;"&gt;&lt;span class="stl_261 stl_16 stl_59" style="word-spacing:-0.0413em;"&gt;Assets under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:14.4238em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0667em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:0.9976em;"&gt;buildings improvement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1398em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_461"&gt;machinery  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7611em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0655em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_446"&gt;construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9798em;top:14.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7255em;top:16.1082em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;Costs as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.5905em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_96"&gt;548&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;291  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.673em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;14&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;404  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0886em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;485&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.8186em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_425"&gt;294&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;418  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5311em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;213&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;309  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.758em;top:16.1082em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;555&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:17.13em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3055em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;516  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5023em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;597  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.7755em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;717  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1698em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;871  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5323em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;461&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;867  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2048em;top:17.13em;"&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;482&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;568  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_202"&gt;Transfer  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3217em;top:18.1519em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_302"&gt;911  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0848em;top:18.1519em;z-index:487;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;811  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4742em;top:18.1519em;z-index:495;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;155  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.5505em;top:18.1519em;z-index:502;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;148  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7111em;top:18.1519em;z-index:511;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;025&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1717em;top:18.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;Transfer from intangible assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5498em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2742em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9986em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.723em;top:19.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.6823em;top:19.1738em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;559  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4067em;top:19.1738em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;559  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7248em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.7842em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_429"&gt;946&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_429"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3405em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_631"&gt;518&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_631"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9223em;top:20.1957em;z-index:601;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_594"&gt;139&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_471"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_471"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.263em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;369&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_174"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4467em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0673em;top:20.1957em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;438&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7248em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2655em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_629"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9761em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9979em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.0048em;top:21.2175em;"&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1423em;top:21.2175em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4148em;top:21.2175em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7248em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_75" style="word-spacing:-0.0249em;"&gt;Cost as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4417em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_632"&gt;546,77&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_632"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5073em;top:22.2338em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8986em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_280"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7217em;top:22.2338em;z-index:724;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_335"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;79  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3786em;top:22.2338em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5067em;top:22.2338em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;88&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;36  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;Depreciation and impairment losses as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6436em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;182&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;059  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.7092em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;691  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0448em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_317"&gt;280&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;360  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2061em;top:23.865em;z-index:827;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;71&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;180  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4467em;top:23.865em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2004em;top:23.865em;"&gt;&lt;span class="stl_268 stl_20 stl_32"&gt;544&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;290  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_111"&gt;Depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9617em;top:24.8869em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;695  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0573em;top:24.8869em;z-index:866;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;104  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.4361em;top:24.8869em;z-index:874;"&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;572  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1304em;top:24.8869em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:24.8869em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5973em;top:24.8869em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;75&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;791  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5486em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2729em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2273em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;278  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.9292em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:25.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4336em;top:25.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_613"&gt;618  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1073em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;936&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3398em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_631"&gt;518&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_631"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8873em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;138&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;449&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.2411em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;300&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_124"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:26.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1304em;top:26.9307em;z-index:988;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_584"&gt;149&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;203&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5486em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.273em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.9973em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2636em;top:27.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;72  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4461em;top:27.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7123em;top:27.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;72  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:28.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_376" style="word-spacing:-0.0322em;"&gt;Depreciation and impairment losses as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4686em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_364"&gt;200&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_327"&gt;818  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5273em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_277"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;77  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0092em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_633"&gt;69,76&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_633"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9986em;top:28.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_215"&gt;88&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_278"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4386em;top:28.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.0811em;top:28.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_324"&gt;47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_69"&gt;,56&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_69"&gt;8  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7242em;top:30.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Carrying amount as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4711em;top:30.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;345,953  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.5917em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_634"&gt;011  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8861em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_88"&gt;54,53&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_88"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6117em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_33"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;3,467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3779em;top:30.5944em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5429em;top:30.5944em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_248"&gt;,66&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_248"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:32.22em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Geographical split of property, plant and equipment – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:33.2475em;"&gt;&lt;span class="stl_255 stl_20 stl_372"&gt;Denmark  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7879em;top:33.2475em;z-index:1261;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;369&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:34.2694em;"&gt;&lt;span class="stl_255 stl_20 stl_347"&gt;Germany  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.603em;top:34.2694em;"&gt;&lt;span class="stl_268 stl_20 stl_302"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:35.2913em;"&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;USA  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3792em;top:35.2913em;"&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;577  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:36.3132em;"&gt;&lt;span class="stl_255 stl_20 stl_215"&gt;Switzerland  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4061em;top:36.3132em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;320  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7236em;top:37.3294em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0328em;"&gt;Total property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5429em;top:37.3294em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_248"&gt;,66&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_248"&gt;8  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:10.215em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0347em;"&gt;Assets under construction relates mainly the ongoing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:11.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;expansion of the drug substance facility for future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:11.8813em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;production of Rabipur/RabAvert and Encepur (DKK 479  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:12.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_383"&gt;million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:14.3813em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;The fill and finish manufacturing facility completed in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:15.2144em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;2021 and the depreciation of the fill and finish building  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:16.0475em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;and equipment commenced.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:17.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;Mortgage loans of DKK 21.1 million are secured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:18.5475em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;mortgages totaling DKK 50.0 million on the property  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:19.3807em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0239em;"&gt;Bøgeskovvej 9/Hejreskovvej 10A, Kvistgaard. In addi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:20.2138em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;tion, as of December 31, 2021, mortgage deeds for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:21.0469em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;total of DKK 75.0 million have been issued. The carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:21.88em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0375em;"&gt;amount of assets mortgaged in security of mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:22.7132em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0351em;"&gt;loans is DKK 600.5 million (land and buildings: DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7473em;top:23.5463em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;346.0 million; plant and machinery: DKK 254.5 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 16  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0046em;"&gt;Property, plant and equipment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_565"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory contextRef="ctx1" id="fact2364" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;Property, plant and equipment include land and build-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;ings, production equipment, leasehold improvements,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0369em;"&gt;office and IT equipment and laboratory equipment and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;is measured at cost less accumulated depreciation and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.5624em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;Cost includes the costs directly attributable to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;purchase of the asset, until the asset is ready for use.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;For assets constructed by the Group cost includes mate-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;rials, components, third-party suppliers and labour.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Borrowing costs directly attributable to the construction  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;of property, plant and equipment are included in cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;Other borrowing costs are recognized in the income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_107"&gt;statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Depreciation is charged over the expected economic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.728em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;lives of the assets, and the depreciation methods,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;expected lives and residual values are reassessed indi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;vidually for the assets at the end of each financial year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Assets are depreciated on a straightline basis over their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:29.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;estimated useful lives as follows:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Buildings  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.885em;top:11.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;10–20 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_376"&gt;Installations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2682em;top:12.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;5–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Leasehold improvements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.0769em;top:13.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.021em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Office and IT equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.4932em;top:14.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_449" style="word-spacing:-0.0407em;"&gt;3–5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7332em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_472" style="word-spacing:-0.0389em;"&gt;Laboratory equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2319em;top:14.893em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;5–10 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_58" style="word-spacing:-0.0368em;"&gt;Production equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2688em;top:15.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0243em;"&gt;3–15 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Management reviews the estimated useful lives of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;material property, plant and equipment at the end of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.0226em;"&gt;each financial year.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.7193em;"&gt;&lt;span class="stl_599 stl_57 stl_380"&gt;Impairment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:21.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;The carrying amounts of property, plant and equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;carried at cost or amortized cost are tested annually to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;determine whether there are indications of any impair-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;ment in excess of that expressed in normal deprecia-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;tion. If that is the case, the asset is written down to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0335em;"&gt;recoverable amount, which is the higher of its fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.558em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;less costs to sell and its value in use. Impairment losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;on property, plant and equipment are recognized under  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:28.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the same line item as depreciation of the assets.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory>
   <ifrs-full:DisclosureOfLeasesExplanatory contextRef="ctx1" id="fact2367" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_566" style="word-spacing:0.007em;"&gt;Note 17  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_171"&gt;Right-of-use-assets  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5881em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.705em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_134"&gt;Rent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9237em;top:11.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;Car  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:12.1738em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0387em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_635"&gt;facility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7175em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:0.7661em;"&gt;leasing Equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9712em;top:12.1682em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:13.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;Right-of-use assets as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2412em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;73&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4031em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_613"&gt;742  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1468em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;075  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:13.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;75&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:14.88em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0718em;top:14.88em;"&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3406em;top:14.88em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;671  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3831em;top:14.88em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9062em;top:14.88em;z-index:284;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;588  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:15.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;Modifications  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.575em;top:15.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;326  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8112em;top:15.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_215"&gt;986  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3831em;top:15.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9175em;top:15.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;312  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7243em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_316"&gt;Disposals  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3843em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;412&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_587"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6037em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3831em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7225em;top:16.9238em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;412&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_587"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7237em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_69"&gt;Depreciations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0987em;top:17.9457em;z-index:372;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1425em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;050&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4031em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3618em;top:17.9457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;025&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_47"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7237em;top:18.9675em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Reversal depreciations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.025em;top:18.9675em;"&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;909  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.6031em;top:18.9675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:18.9675em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3631em;top:18.9675em;"&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;909  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7231em;top:19.9894em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0925em;top:19.9894em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;176  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.16em;top:19.9894em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;43  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0981em;top:19.9894em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_629"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_629"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4094em;top:19.9894em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0305em;"&gt;Right-of-use assets as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0619em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_72"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;,467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2144em;top:21.0057em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_317"&gt;,39&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_317"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5781em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_335"&gt;574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.47em;top:21.0057em;"&gt;&lt;span class="stl_261 stl_16 stl_356"&gt;67,433  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.595em;top:22.9982em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7031em;top:24.1976em;"&gt;&lt;span class="stl_261 stl_16 stl_134"&gt;Rent  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9218em;top:24.1976em;"&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;Car  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.9532em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0368em;top:24.9476em;"&gt;&lt;span class="stl_261 stl_16 stl_635"&gt;facility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7156em;top:24.9476em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:0.7661em;"&gt;leasing Equipment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9694em;top:24.9476em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:26.6375em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;Right-of-use assets as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2344em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;931  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3525em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;312  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6319em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;744  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5862em;top:26.6375em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;71&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;987  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:27.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_279"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8225em;top:27.6594em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8231em;top:27.6594em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;902  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6169em;top:27.6594em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;768  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9206em;top:27.6594em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;670  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:28.6813em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;Modifications  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2162em;top:28.6813em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;036  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.9637em;top:28.6813em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_172"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9294em;top:28.6813em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;38  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5625em;top:28.6813em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;028  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_69"&gt;Depreciations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0825em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_315"&gt;071&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_315"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1481em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;480&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_274"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4294em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3856em;top:29.7032em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;026&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:30.725em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Exchange rate adjustments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0606em;top:30.725em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;130  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.1487em;top:30.725em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;54  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:30.725em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3887em;top:30.725em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:31.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;Right-of-use assets as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0968em;top:31.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;73,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_282"&gt;02&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2768em;top:31.7413em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_636"&gt;,74&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_636"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.02em;top:31.7413em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;75  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4156em;top:31.7413em;"&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;75,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;43  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:33.7394em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.19em;top:33.7338em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9868em;top:33.7338em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:35.4182em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0379em;"&gt;Amounts included in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:36.4457em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Interest expense leases  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1006em;top:36.4457em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;888  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9412em;top:36.4457em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;976  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7218em;top:37.4675em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;Depreciation recognized on right-of-use assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.79em;top:37.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5887em;top:37.4675em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7212em;top:38.4894em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Cost recognized for short term leases (less than &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_302" style="word-spacing:0.074em;"&gt;12 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;months)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6106em;top:38.4894em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;267  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3868em;top:38.4894em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;427  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;The right-of-use assets comprise the initial measure-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;ment of the corresponding lease liability. Right-of-use  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;assets are subsequently measured at cost less accumu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;lated depreciation and impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3718em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;All operating leases with a lease term of more than 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2049em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;months are recognized on the balance sheet as right-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0381em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;of-use-assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;For leases with a lease term of less than 12 months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the lease payments are recognized as an operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;expense on a straight-line basis over the term of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_134"&gt;lease.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;The right-of-use-assets are measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;value of all future lease payments. When assessing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;lease term, any extension or termination options are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;included in the assessment. The options are included  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;in determining the lease term, if exercise is reason-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ably certain. When determining the discount rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;used to calculate the net present value of future lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;payments, an incremental country specific borrowing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;rate is used, based on a government bond plus the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0245em;"&gt;Group’s credit margin, ranging from 2.5% to 3.0%. A  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;single discount rate is used for a portfolio of lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.0356em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;assets with reasonable similar characteristics. Initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.8687em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;direct costs are not included in measurement of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7018em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;right-of-use-assets. Non-lease components are not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;separated from lease components.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.2018em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Impact from change in lease terms, lease payments or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.0349em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;modification of the lease contract is further described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.8681em;z-index:2496;"&gt;&lt;span class="stl_255 stl_20 stl_455" style="word-spacing:-0.0027em;"&gt;in note 27.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Right-of-use assets are depreciated over the shorter  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.3681em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;period of lease term and useful life of the underlying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.2012em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;asset. The depreciation starts at the commencement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.0343em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;date of the lease. IAS 36 is applied to determine  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.8674em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;whether a right-of-use asset is impaired and any iden-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.7006em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;tified impariment losses are accounted for as described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.5337em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;in note 15.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_378" style="word-spacing:0.005em;"&gt;Note 27  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_655" style="word-spacing:0.0043em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1921em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.989em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;Non-current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7815em;top:11.9639em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;834  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.609em;top:11.9639em;z-index:78;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_94"&gt;Current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7809em;top:12.9858em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5759em;top:12.9858em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;266  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.002em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0349em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6771em;top:14.002em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4415em;top:14.002em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_286"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_286"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:17.1723em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:17.1723em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:17.1723em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.9279em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:17.9223em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:17.9223em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:17.9223em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:17.9223em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:19.6067em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:20.6342em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3765em;top:20.6342em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1015em;top:20.6342em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;834  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:20.6342em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5827em;top:20.6342em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2115em;top:21.6504em;"&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68"&gt;4,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.9552em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;45,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;34  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4209em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4465em;top:21.6504em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.8792em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.9067em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3921em;top:24.9067em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;266  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1496em;top:24.9067em;z-index:325;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:24.9067em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5709em;top:24.9067em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.2552em;top:25.9229em;"&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;66  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0071em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_186"&gt;57,547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4209em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4315em;top:25.9229em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_286"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_286"&gt;3  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The lease liability is initially measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;value of the future lease payments (see further in note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;17), discounted by using an incremental country specific  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;borrowing rate ranging from 2.5% to 3.0% applying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;only a single discount rate for a portfolio of lease assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;with reasonable similar characteristics.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;The lease liability is subsequently measured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;increasing the carrying amount to reflect interest on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the lease liability using the effective interest method  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;and by reducing the carrying amount to reflect the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.728em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;lease payments made.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;The lease liability is remeasured and corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0251em;"&gt;adjustments are made to the related right-of-use-asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;whenever:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The lease term has changed, in which case the lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:12.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;liability is remeasured by discounting the revised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:13.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;lease payments using a revised discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;The lease payments change due to changes in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:15.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;an index or rate, in which case the lease liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:16.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;is remeasured by discounting the revised lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:17.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;payments using an unchanged discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;A lease contract is modified and the lease modifi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;cation is not accounted for as a seperate lease, in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:20.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;which case the lease liability is remeasured based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:21.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the lease term of the modified lease by discounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:22.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;the revised lease payments using a revised discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:23.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;rate at the effective date of the modification.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfLeasesExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory contextRef="ctx1" id="fact2376" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.1588em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.2056em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;The right-of-use assets comprise the initial measure-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.0387em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;ment of the corresponding lease liability. Right-of-use  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.8718em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;assets are subsequently measured at cost less accumu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;lated depreciation and impairment losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.3718em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;All operating leases with a lease term of more than 12  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.2049em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;months are recognized on the balance sheet as right-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.0381em;"&gt;&lt;span class="stl_255 stl_20 stl_75"&gt;of-use-assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.7049em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;For leases with a lease term of less than 12 months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.5381em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the lease payments are recognized as an operating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.3712em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;expense on a straight-line basis over the term of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.2043em;"&gt;&lt;span class="stl_255 stl_20 stl_134"&gt;lease.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.8712em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;The right-of-use-assets are measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.7043em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;value of all future lease payments. When assessing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.5374em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;lease term, any extension or termination options are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.3706em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;included in the assessment. The options are included  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.2037em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;in determining the lease term, if exercise is reason-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.0368em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ably certain. When determining the discount rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.8699em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;used to calculate the net present value of future lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.7031em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;payments, an incremental country specific borrowing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.5362em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;rate is used, based on a government bond plus the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.3693em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0245em;"&gt;Group’s credit margin, ranging from 2.5% to 3.0%. A  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.2024em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;single discount rate is used for a portfolio of lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.0356em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;assets with reasonable similar characteristics. Initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.8687em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;direct costs are not included in measurement of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.7018em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;right-of-use-assets. Non-lease components are not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;separated from lease components.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.2018em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Impact from change in lease terms, lease payments or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.0349em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0339em;"&gt;modification of the lease contract is further described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.8681em;z-index:2496;"&gt;&lt;span class="stl_255 stl_20 stl_455" style="word-spacing:-0.0027em;"&gt;in note 27.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.5349em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Right-of-use assets are depreciated over the shorter  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.3681em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;period of lease term and useful life of the underlying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.2012em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;asset. The depreciation starts at the commencement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.0343em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;date of the lease. IAS 36 is applied to determine  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.8674em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;whether a right-of-use asset is impaired and any iden-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.7006em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;tified impariment losses are accounted for as described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.5337em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;in note 15.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;The lease liability is initially measured at the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;value of the future lease payments (see further in note  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;17), discounted by using an incremental country specific  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;borrowing rate ranging from 2.5% to 3.0% applying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;only a single discount rate for a portfolio of lease assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;with reasonable similar characteristics.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3955em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;The lease liability is subsequently measured by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.2287em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;increasing the carrying amount to reflect interest on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0618em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the lease liability using the effective interest method  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8949em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;and by reducing the carrying amount to reflect the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.728em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;lease payments made.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;The lease liability is remeasured and corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.228em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0251em;"&gt;adjustments are made to the related right-of-use-asset  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;whenever:  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:11.5612em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The lease term has changed, in which case the lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:12.3943em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;liability is remeasured by discounting the revised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:13.2274em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;lease payments using a revised discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:14.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;The lease payments change due to changes in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:15.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;an index or rate, in which case the lease liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:16.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;is remeasured by discounting the revised lease  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:17.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;payments using an unchanged discount rate.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;•&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;A lease contract is modified and the lease modifi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:19.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;cation is not accounted for as a seperate lease, in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:20.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;which case the lease liability is remeasured based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:21.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;the lease term of the modified lease by discounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:22.393em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;the revised lease payments using a revised discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.457em;top:23.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;rate at the effective date of the modification.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory>
   <ifrs-full:DisclosureOfInventoriesExplanatory contextRef="ctx1" id="fact2380" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_298" style="word-spacing:0.002em;"&gt;Note 18  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_176"&gt;Inventories  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;Raw materials and supply materials  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4757em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;206&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;211  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5732em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;80&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;243  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;Work in progress  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5369em;top:12.9307em;z-index:146;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;641&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;183  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5869em;top:12.9307em;z-index:154;"&gt;&lt;span class="stl_268 stl_20 stl_637"&gt;79&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;904  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0365em;"&gt;Manufactured goods and commodities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4332em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_383"&gt;234&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;097  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2363em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;837  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Write-down on inventory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;162&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_592"&gt;419&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_592"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0932em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;172&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_573"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_248"&gt;Inventories  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3375em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_524"&gt;9,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0525em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_222"&gt;80&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;43  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Write-down on inventory as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3144em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;172&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;941&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_573"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3725em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;63&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;537&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_124"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;Write-down for the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6663em;top:18.6438em;z-index:364;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_621"&gt;101&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_621"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0969em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;171&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;643&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_259"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Use of write-down  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7982em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;031  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5544em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;62&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;239  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Reversal of write-down  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7882em;top:20.6876em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;592  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1644em;top:20.6876em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:21.7038em;"&gt;&lt;span class="stl_261 stl_16 stl_350" style="word-spacing:-0.0311em;"&gt;Write-down on inventory as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_350" style="word-spacing:-0.0311em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1332em;top:21.7038em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_295"&gt;9)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9038em;top:21.7038em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_335"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_542"&gt;,94&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:23.3351em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;Cost of goods sold amounts to, cf. note &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4132em;top:23.3351em;"&gt;&lt;span class="stl_268 stl_20 stl_248"&gt;644&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;683  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.28em;top:23.3351em;z-index:552;"&gt;&lt;span class="stl_268 stl_20 stl_611"&gt;539&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;789  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:10.2169em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;The inventory of Encepur and Rabipur/RabAvert prod-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.0501em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;ucts amounted to DKK 577.9 million (DKK 305.4 million)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.8832em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;as per December 31, 2022 incl. write-down.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:13.5501em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Write-down for the year amounted to DKK 78.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.3832em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;and mainly relates to Encepur products which have  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.2163em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;been challenged with delays at CMO's. The delays led  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.0494em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;to issues with seasonality and too low shelf life.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.7163em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Use of write-down in 2022 of DKK 46 million relates to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.5494em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;scrap of old Encepur batches fully written down last  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:19.3826em;"&gt;&lt;span class="stl_255 stl_20 stl_125"&gt;year.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.0494em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Reversal of write-down of DKK 42.6 million mainly  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.8826em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;relates to Rabipur/RabAvert products since actual sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;exceeded expected sales for the year.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:24.6446em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6914em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;Inventories except for raw materials are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5245em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;at the lower of cost using the weighted average cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3576em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;formula method less write-downs for obsolescence and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1907em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;net realisable value. Raw materials are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0239em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;cost based on the FIFO method. For raw materials, cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.857em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;is determined as direct acquisition costs incurred. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.6901em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;cost of finished goods produced in-house and work in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5232em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;progress includes raw materials, consumables, filling  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3564em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;cost, QC testing and direct payroll costs plus indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.1895em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;costs of production.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8564em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Indirect costs of production include indirect materials  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6895em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;and labour as well as maintenance of and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.5226em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;on the machinery used in production processes, factory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3557em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0351em;"&gt;buildings and equipment used and cost of production  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;administration and management. The net realisable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;value is the estimated sales price in the ordinary course  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8826em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;of business less relevant sales costs determined on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;basis of marketability, obsolescence and changes in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;expected sales price.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3403em;top:15.4779em;"&gt;&lt;span class="stl_602 stl_16 stl_248" style="word-spacing:-0.0285em;"&gt;Significant accounting estimates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.5247em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Production overheads are measured on the basis of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;actual costs. The basis of the actual costs is reassessed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:18.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;regularly to ensure that they are adjusted for changes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;in the utilization of production capacity, production  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;changes and other relevant factors. Biological living  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;material is used, and the measurements and assump-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;tions for the estimates made may be incomplete or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.3566em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;inaccurate, and unexpected events or circumstances  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1897em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;may occur, which may cause the actual outcomes to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0228em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;later deviate from these estimates. It may be necessary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8559em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;to change previous estimates as a result of changes in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6891em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;the assumptions on which the estimates were based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5222em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;or due to new information or subsequent events, for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3553em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;which certainty could not be achieved in the earlier  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1884em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;estimates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8553em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Estimates that are material to the financial reporting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:30.6884em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;are made in the determination of any impairment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5216em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;inventories as a result of 'out-of-specification' products,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.3547em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0397em;"&gt;expiry of products and sales risk.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfInventoriesExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories contextRef="ctx1" id="fact2386" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:24.6446em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.6914em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0233em;"&gt;Inventories except for raw materials are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5245em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;at the lower of cost using the weighted average cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3576em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;formula method less write-downs for obsolescence and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.1907em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;net realisable value. Raw materials are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0239em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;cost based on the FIFO method. For raw materials, cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.857em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;is determined as direct acquisition costs incurred. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.6901em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;cost of finished goods produced in-house and work in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5232em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;progress includes raw materials, consumables, filling  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3564em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;cost, QC testing and direct payroll costs plus indirect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.1895em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;costs of production.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8564em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Indirect costs of production include indirect materials  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6895em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;and labour as well as maintenance of and depreciation  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.5226em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;on the machinery used in production processes, factory  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3557em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0351em;"&gt;buildings and equipment used and cost of production  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;administration and management. The net realisable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;value is the estimated sales price in the ordinary course  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8826em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;of business less relevant sales costs determined on the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7157em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;basis of marketability, obsolescence and changes in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;expected sales price.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories>
   <ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory contextRef="ctx1" id="fact2388" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_432" style="word-spacing:0.0085em;"&gt;Note 19  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_240" style="word-spacing:0.0137em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;Trade receivables from smallpox vaccine sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4863em;top:11.9088em;z-index:162;"&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;329&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;897  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5832em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Trade receivables from Encepur and Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5388em;top:12.9307em;z-index:230;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;167&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2288em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;162&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;546  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Trade receivables from other product sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3844em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3219em;top:13.9525em;z-index:292;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;731  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Trade receivables from contract work  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8163em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9675em;top:14.9744em;z-index:343;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;129  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3625em;top:15.9907em;z-index:368;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.09em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4782em;top:17.9832em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2632em;top:19.1825em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Gross  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3707em;top:19.1825em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4325em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3919em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_198"&gt;Loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9907em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6882em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5732em;top:20.6825em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:1.0358em;"&gt;amount allowance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1313em;top:20.6825em;"&gt;&lt;span class="stl_261 stl_16 stl_572"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.3669em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.3944em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Not past due date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7432em;top:23.3944em;z-index:479;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;484&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;110  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:23.3944em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3019em;top:23.3944em;z-index:490;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;484&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;110  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.4163em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0488em;top:24.4163em;z-index:518;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.425em;top:24.4163em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;823&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_156"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5919em;top:24.4163em;"&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;38&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;612  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:25.4382em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;6 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_90"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8388em;top:25.4382em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;470  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7407em;top:25.4382em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_222"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3769em;top:25.4382em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;423  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7213em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5338em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.335em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_71"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1388em;top:26.4544em;z-index:602;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4838em;top:28.4469em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2607em;top:29.6463em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Gross  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3682em;top:29.6463em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.43em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3894em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_198"&gt;Loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9882em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:31.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5707em;top:31.1463em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:1.0358em;"&gt;amount allowance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1288em;top:31.1463em;"&gt;&lt;span class="stl_261 stl_16 stl_572"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7207em;top:32.8307em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7207em;top:33.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Not past due date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7em;top:33.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;374&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;583  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3794em;top:33.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2588em;top:33.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;374&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;583  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.88em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3407em;top:34.88em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;936  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4438em;top:34.88em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_582"&gt;139&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_582"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9013em;top:34.88em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;797  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8313em;top:35.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;271  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7132em;top:35.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3819em;top:35.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5244em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_455"&gt;,79&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_455"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3375em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;66)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.085em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:10.2094em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0345em;"&gt;Credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Bavarian Nordic’s customers are predominantly public  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.8813em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;authorities and renowned wholesalers and therefore  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:12.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;the credit risk is very low. There are overdue receiv-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:13.5475em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;ables as of December 31, 2022 DKK 40 million (DKK 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:14.3807em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;million). As of December 31, 2022 a loss allowance of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:15.2138em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;DKK 870 thousand (DKK 166 thousand) has been recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:16.0469em;"&gt;&lt;span class="stl_255 stl_20 stl_109"&gt;nized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:17.7138em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Group has applied the simplified approach to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:18.5469em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;measure the expected credit loss and a lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:19.38em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;expected loss allowance for all trade receivables.The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:20.2132em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;allowance is an estimate based on shared credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.0463em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;characteristics and the days past due. At the time of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.8794em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;revenue recognition, Bavarian Nordic assesses the full  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:22.7125em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;lifetime expected credit losses. In addition, undue and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:23.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;due receivables are analyzed in an ongoing process.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:24.3788em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Based on the credit assessment, receivables analysis,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:25.2119em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;historical experience and industry experience, it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.045em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;estimated whether the receivables are recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.8782em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;or write-downs are needed. Bavarian Nordic monitor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:27.7113em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the credit exposure on all customers, both new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:28.5444em;"&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;existing.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:30.2113em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Bavarian Nordic recognizes a loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.0444em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;expected credit losses and writes off trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.8775em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;when there is information indicating that the debtor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:32.7107em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;is in severe financial difficulty and there is no realistic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;prospect of recovery.&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.716em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Subsequent recovery of amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:34.3769em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;previously written down is credited against sales and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:35.21em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;distribution costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:10.21em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;The payment conditions for the customers, including  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.0432em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;credit periods and any payment of interest in case of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.8763em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;non-payment, vary, but are always based on industry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:12.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;practice in the relevant market. The weighted average  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:13.5425em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;credit period is approximately 60 days for the sales of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:14.3757em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Encepur and Rabipur/RabAvert.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:16.0425em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The table details the risk profile for trade receivables.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:17.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0348em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;equal to the nominal value, net of impairment based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5241em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;on expected credit losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Write-downs are calculated using the ‘full lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;expected credit losses’ method, whereby the likelihood  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;of non-fulfilment throughout the lifetime of the finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;cial instrument is taken into consideration. A provision  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;account is used for this purpose.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_294" style="word-spacing:0.006em;"&gt;Note 20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_431" style="word-spacing:0.0064em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Deposits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1088em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;086  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8932em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;778  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_32" style="word-spacing:-0.0226em;"&gt;Receivable VAT and duties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3832em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.575em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;55&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;973  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Derivative financial instruments at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8025em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;894  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4088em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Interest receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8307em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;369  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5894em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;353  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6219em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_247"&gt;,349  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4419em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.6163em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Classified as:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.6438em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Non-current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1094em;top:18.6438em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;086  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8938em;top:18.6438em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;778  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:19.6657em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0275em;"&gt;Current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7932em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;43&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;263  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5825em;top:19.6657em;"&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;66&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;517  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.6819em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6219em;top:20.6819em;"&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_247"&gt;,349  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4419em;top:20.6819em;"&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:22.5578em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.6046em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.4377em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2708em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;equal to the nominal value, net of impairment, to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.1039em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;counter the loss after an individual assessment of risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.9371em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;of loss.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory>
   <ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory contextRef="ctx1" id="fact2396" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_432" style="word-spacing:0.0085em;"&gt;Note 19  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_240" style="word-spacing:0.0137em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;Trade receivables from smallpox vaccine sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4863em;top:11.9088em;z-index:162;"&gt;&lt;span class="stl_268 stl_20 stl_340"&gt;329&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;897  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5832em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Trade receivables from Encepur and Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5388em;top:12.9307em;z-index:230;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;167&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2288em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_174"&gt;162&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;546  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7257em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Trade receivables from other product sale  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3844em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3219em;top:13.9525em;z-index:292;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;731  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Trade receivables from contract work  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8163em;top:14.9744em;"&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;25&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9675em;top:14.9744em;z-index:343;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;129  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3625em;top:15.9907em;z-index:368;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.09em;top:15.9907em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4782em;top:17.9832em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2632em;top:19.1825em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Gross  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3707em;top:19.1825em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.4325em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3919em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_198"&gt;Loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9907em;top:19.9325em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.6882em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5732em;top:20.6825em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:1.0358em;"&gt;amount allowance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1313em;top:20.6825em;"&gt;&lt;span class="stl_261 stl_16 stl_572"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.3669em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.3944em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Not past due date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7432em;top:23.3944em;z-index:479;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;484&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;110  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:23.3944em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3019em;top:23.3944em;z-index:490;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;484&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_311"&gt;110  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.4163em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0488em;top:24.4163em;z-index:518;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.425em;top:24.4163em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;823&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_156"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5919em;top:24.4163em;"&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;38&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;612  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:25.4382em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;6 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_90"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8388em;top:25.4382em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;470  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7407em;top:25.4382em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_222"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3769em;top:25.4382em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;423  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7213em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5338em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.335em;top:26.4544em;"&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_71"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1388em;top:26.4544em;z-index:602;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4838em;top:28.4469em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2607em;top:29.6463em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Gross  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3682em;top:29.6463em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.43em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3894em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_198"&gt;Loss  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9882em;top:30.3963em;"&gt;&lt;span class="stl_261 stl_16 stl_365"&gt;carrying  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:31.1519em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5707em;top:31.1463em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:1.0358em;"&gt;amount allowance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1288em;top:31.1463em;"&gt;&lt;span class="stl_261 stl_16 stl_572"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7207em;top:32.8307em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7207em;top:33.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Not past due date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7em;top:33.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;374&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;583  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3794em;top:33.8582em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2588em;top:33.8582em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;374&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;583  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:34.88em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3407em;top:34.88em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;936  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4438em;top:34.88em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_582"&gt;139&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_582"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9013em;top:34.88em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;797  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:35.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;Overdue by &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_341"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;3 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_463"&gt;months  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8313em;top:35.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;271  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7132em;top:35.9019em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;27&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3819em;top:35.9019em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.72em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0283em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.5244em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_455"&gt;,79&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_455"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3375em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;66)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.085em;top:36.9182em;"&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_70"&gt;81&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:10.2094em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0345em;"&gt;Credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Bavarian Nordic’s customers are predominantly public  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.8813em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;authorities and renowned wholesalers and therefore  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:12.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;the credit risk is very low. There are overdue receiv-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:13.5475em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;ables as of December 31, 2022 DKK 40 million (DKK 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:14.3807em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;million). As of December 31, 2022 a loss allowance of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:15.2138em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;DKK 870 thousand (DKK 166 thousand) has been recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:16.0469em;"&gt;&lt;span class="stl_255 stl_20 stl_109"&gt;nized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:17.7138em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Group has applied the simplified approach to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:18.5469em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;measure the expected credit loss and a lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:19.38em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;expected loss allowance for all trade receivables.The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:20.2132em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;allowance is an estimate based on shared credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.0463em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;characteristics and the days past due. At the time of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.8794em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;revenue recognition, Bavarian Nordic assesses the full  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:22.7125em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;lifetime expected credit losses. In addition, undue and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:23.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;due receivables are analyzed in an ongoing process.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:24.3788em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Based on the credit assessment, receivables analysis,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:25.2119em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;historical experience and industry experience, it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.045em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;estimated whether the receivables are recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.8782em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;or write-downs are needed. Bavarian Nordic monitor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:27.7113em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the credit exposure on all customers, both new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:28.5444em;"&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;existing.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:30.2113em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Bavarian Nordic recognizes a loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.0444em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;expected credit losses and writes off trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.8775em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;when there is information indicating that the debtor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:32.7107em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;is in severe financial difficulty and there is no realistic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;prospect of recovery.&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.716em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Subsequent recovery of amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:34.3769em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;previously written down is credited against sales and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:35.21em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;distribution costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:10.21em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;The payment conditions for the customers, including  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.0432em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;credit periods and any payment of interest in case of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.8763em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;non-payment, vary, but are always based on industry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:12.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;practice in the relevant market. The weighted average  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:13.5425em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;credit period is approximately 60 days for the sales of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:14.3757em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Encepur and Rabipur/RabAvert.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:16.0425em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The table details the risk profile for trade receivables.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:17.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0348em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;equal to the nominal value, net of impairment based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5241em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;on expected credit losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Write-downs are calculated using the ‘full lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;expected credit losses’ method, whereby the likelihood  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;of non-fulfilment throughout the lifetime of the finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;cial instrument is taken into consideration. A provision  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;account is used for this purpose.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory>
   <ifrs-full:DisclosureOfCreditRiskExplanatory contextRef="ctx1" id="fact2402" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:10.2094em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0345em;"&gt;Credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.0482em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Bavarian Nordic’s customers are predominantly public  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:11.8813em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;authorities and renowned wholesalers and therefore  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:12.7144em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;the credit risk is very low. There are overdue receiv-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:13.5475em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;ables as of December 31, 2022 DKK 40 million (DKK 7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:14.3807em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;million). As of December 31, 2022 a loss allowance of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:15.2138em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;DKK 870 thousand (DKK 166 thousand) has been recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:16.0469em;"&gt;&lt;span class="stl_255 stl_20 stl_109"&gt;nized.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:17.7138em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Group has applied the simplified approach to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:18.5469em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;measure the expected credit loss and a lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:19.38em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;expected loss allowance for all trade receivables.The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:20.2132em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;allowance is an estimate based on shared credit risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.0463em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;characteristics and the days past due. At the time of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:21.8794em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;revenue recognition, Bavarian Nordic assesses the full  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:22.7125em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;lifetime expected credit losses. In addition, undue and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:23.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;due receivables are analyzed in an ongoing process.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:24.3788em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Based on the credit assessment, receivables analysis,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:25.2119em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;historical experience and industry experience, it is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.045em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;estimated whether the receivables are recoverable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:26.8782em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;or write-downs are needed. Bavarian Nordic monitor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:27.7113em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the credit exposure on all customers, both new and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:28.5444em;"&gt;&lt;span class="stl_255 stl_20 stl_60"&gt;existing.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:30.2113em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Bavarian Nordic recognizes a loss allowance for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.0444em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;expected credit losses and writes off trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:31.8775em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;when there is information indicating that the debtor  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:32.7107em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;is in severe financial difficulty and there is no realistic  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;prospect of recovery.&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.716em;top:33.5438em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;Subsequent recovery of amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:34.3769em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;previously written down is credited against sales and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7357em;top:35.21em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;distribution costs.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:10.21em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;The payment conditions for the customers, including  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.0432em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;credit periods and any payment of interest in case of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:11.8763em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;non-payment, vary, but are always based on industry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:12.7094em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;practice in the relevant market. The weighted average  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:13.5425em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;credit period is approximately 60 days for the sales of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:14.3757em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0253em;"&gt;Encepur and Rabipur/RabAvert.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7438em;top:16.0425em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The table details the risk profile for trade receivables.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.5452em;"&gt;&lt;span class="stl_261 stl_16 stl_510" style="word-spacing:-0.0389em;"&gt;Credit risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;The primary credit risk relates to trade receivables.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.217em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;The Company assesses the expected credit losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;also considering changes in the macro environment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;that might impose an increased risk of losses. This is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;compared to the previous model where indications  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of credit losses were needed for the Company to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;recognize an expected loss. The Group´s customers are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;predominantly public authorities and renowned phar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;maceutical companies and wholesalers, and the credit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.882em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0259em;"&gt;risk on the Group's receivables is therefore considered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;to be very low. A loss allowance of DKK 870 thou-  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:10.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;sand (DKK 166 thousand) has been recognized as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:11.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0208em;"&gt;December 31, 2022, cf. note 19.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:12.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;To manage credit risk regarding financial counterpar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:13.5483em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ties, Bavarian Nordic only enters into derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:14.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;cial contracts and money market deposits with financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:15.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;counterparties possessing a satisfactory long-term  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:16.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;credit rating from at least two out of the three selected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:16.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;ratings agencies: Standard and Poor’s, Moody’s and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:17.7139em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;Fitch.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:19.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;Cash and cash equivalents are not deemed to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:20.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;subject to any special credit risk as they are deposited  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:21.047em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;with Nordea. The bond portfolio is invested in either  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:21.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;Danish government bonds, Danish mortgage bonds or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:22.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;bonds issued by Danish banks with high ratings.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfCreditRiskExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory contextRef="ctx1" id="fact2407" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:17.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:19.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0348em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;equal to the nominal value, net of impairment based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5241em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;on expected credit losses.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Write-downs are calculated using the ‘full lifetime  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;expected credit losses’ method, whereby the likelihood  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;of non-fulfilment throughout the lifetime of the finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;cial instrument is taken into consideration. A provision  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;account is used for this purpose.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:22.5578em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.6046em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;Receivables are measured at initial recognition at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.4377em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;value and subsequently at amortized value usually  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.2708em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;equal to the nominal value, net of impairment, to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.1039em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;counter the loss after an individual assessment of risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.9371em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;of loss.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory>
   <ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory contextRef="ctx1" id="fact2409" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_125" style="word-spacing:0.0005em;"&gt;Note 21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_419"&gt;Prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2077em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0045em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Prepayments to CMO's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.5027em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;351&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;322  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.292em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_337"&gt;135&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;750  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Other prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8983em;top:12.9307em;z-index:716;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6352em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.9469em;"&gt;&lt;span class="stl_261 stl_16 stl_409"&gt;Prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3345em;top:13.9469em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;36&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;,47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_125"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1433em;top:13.9469em;z-index:750;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_340"&gt;47,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5725em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Classified as:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.6em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;Non-current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.5289em;top:16.6em;z-index:789;"&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;207&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;537  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5564em;top:16.6em;"&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;38&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;385  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:17.6219em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Current assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.5064em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;153&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;934  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2252em;top:17.6219em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;840  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_409"&gt;Prepayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3352em;top:18.6382em;"&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;36&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;,47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_125"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.1439em;top:18.6382em;z-index:855;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_340"&gt;47,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;5  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:20.2532em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Scale-up activities to prepare for future production of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:21.0863em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;drug substance for commercial launch of ABNCoV2 is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:21.9194em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;taking place at the CMO who also produced the Phase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:22.7526em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;3 clincial trial materials. Costs related to the scale-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:23.5857em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;activities are recognized as prepayments and will be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:24.4188em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;recognized as inventory in concurrence with future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:25.2519em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;purchase of products from the CMO. As per December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:26.085em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;31, 2022 DKK 192.6 million (DKK 21.8 million) has been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:26.9182em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;recognized as non-current prepayments.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:28.585em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0359em;"&gt;As part of the scale-up activity future commercial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:29.4182em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;batches have been produced. Since the ABNCoV2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:30.2513em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0253em;"&gt;product is not yet approved the costs for this produc-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:31.0844em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;tion, DKK 131.7 million, have been recognized as current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:31.9175em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;prepayments. Will be reclassified to inventory once  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:32.7507em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;product approval is obtained.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:34.4176em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;Part of the technology transfer of the production and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:35.2507em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;packaging activities for Encepur and Rabipur/RabAvert  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:36.0838em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;takes place at CMO's (filing of Encepur, labelling and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:36.9169em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;packing). Costs related to the technology transfer activ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:37.75em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;ities are recognized as prepayments when costs incur  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:20.25em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;and then recognized as inventory in concurrence with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:21.0832em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0344em;"&gt;purchase of production services from the CMO's. As per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:21.9163em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;December 31, 2022 DKK 14.9 million (DKK 16.6 million)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7489em;top:22.7494em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;has been recognized as non-current prepayments.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:24.6802em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.727em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Prepayments recognized under assets include costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5601em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;paid in respect of subsequent financial years, including  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3933em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;project costs incurred that relate to revenue of subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.2264em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;quent years. Prepayments are measured at cost.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory>
   <ifrs-full:DisclosureOfOtherLiabilitiesExplanatory contextRef="ctx1" id="fact2413" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_364" style="word-spacing:-0.0055em;"&gt;Note 22  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_385" style="word-spacing:-0.0021em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1113em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9257em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;351  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9063em;top:12.9307em;z-index:156;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;102  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5957em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Payable salaries, holiday accrual etc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.53em;top:13.9525em;z-index:211;"&gt;&lt;span class="stl_268 stl_20 stl_606"&gt;107&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;952  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5525em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;491  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;Gross to net deduction accrual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8382em;top:14.9744em;z-index:257;"&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;679  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6857em;top:14.9744em;z-index:265;"&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;134  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other accrued costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7975em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;319  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.645em;top:15.9963em;z-index:300;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0237em;"&gt;Payable VAT and duties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8294em;top:17.0182em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;215  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1638em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.0344em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0384em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3332em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_640"&gt;57,569  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0907em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_364"&gt;,994  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;For a further description of financial instruments see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.9551em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;note 23. The phantom share programs are described in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.7882em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0188em;"&gt;note 30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:19.9101em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:20.9569em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Derivative financial instruments and liability relating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.79em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;to phantom shares are measured at fair value. For  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.6231em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;further details regarding measurement of fair value for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.4563em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;phantom shares see note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.1231em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;Other financial liabilities are measured at initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.9563em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;recognition at fair value less any transaction costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.7894em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Subsequent other financial liabilities are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.6225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost using the effective interest method,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.4556em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;whereby the difference between proceeds and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.2888em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;nominal value is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;as a financial expense over the period. Amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.955em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;usually equal to the nominal value.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfOtherLiabilitiesExplanatory>
   <ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory contextRef="ctx1" id="fact2416" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_364" style="word-spacing:-0.0055em;"&gt;Note 22  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_385" style="word-spacing:-0.0021em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1113em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9257em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;351  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9063em;top:12.9307em;z-index:156;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;102  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5957em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Payable salaries, holiday accrual etc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.53em;top:13.9525em;z-index:211;"&gt;&lt;span class="stl_268 stl_20 stl_606"&gt;107&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;952  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5525em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;491  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;Gross to net deduction accrual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8382em;top:14.9744em;z-index:257;"&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;679  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6857em;top:14.9744em;z-index:265;"&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;134  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other accrued costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7975em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;319  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.645em;top:15.9963em;z-index:300;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0237em;"&gt;Payable VAT and duties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8294em;top:17.0182em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;215  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1638em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.0344em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0384em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3332em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_640"&gt;57,569  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0907em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_364"&gt;,994  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;For a further description of financial instruments see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.9551em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;note 23. The phantom share programs are described in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.7882em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0188em;"&gt;note 30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:19.9101em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:20.9569em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Derivative financial instruments and liability relating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.79em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;to phantom shares are measured at fair value. For  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.6231em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;further details regarding measurement of fair value for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.4563em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;phantom shares see note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.1231em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;Other financial liabilities are measured at initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.9563em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;recognition at fair value less any transaction costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.7894em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Subsequent other financial liabilities are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.6225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost using the effective interest method,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.4556em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;whereby the difference between proceeds and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.2888em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;nominal value is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;as a financial expense over the period. Amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.955em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;usually equal to the nominal value.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory>
   <ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory contextRef="ctx1" id="fact2419" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_364" style="word-spacing:-0.0055em;"&gt;Note 22  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_385" style="word-spacing:-0.0021em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;Financial instruments at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1113em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9257em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;351  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9063em;top:12.9307em;z-index:156;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;102  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5957em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Payable salaries, holiday accrual etc.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.53em;top:13.9525em;z-index:211;"&gt;&lt;span class="stl_268 stl_20 stl_606"&gt;107&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;952  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5525em;top:13.9525em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;491  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.9744em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;Gross to net deduction accrual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8382em;top:14.9744em;z-index:257;"&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;97&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;679  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6857em;top:14.9744em;z-index:265;"&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;134  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.9963em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other accrued costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7975em;top:15.9963em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;319  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.645em;top:15.9963em;z-index:300;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;20&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0237em;"&gt;Payable VAT and duties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8294em;top:17.0182em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;215  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1638em;top:17.0182em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:18.0344em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0384em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.3332em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_640"&gt;57,569  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0907em;top:18.0344em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_364"&gt;,994  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;For a further description of financial instruments see  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:20.9551em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;note 23. The phantom share programs are described in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:21.7882em;"&gt;&lt;span class="stl_255 stl_20 stl_185" style="word-spacing:-0.0188em;"&gt;note 30.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0041em;top:19.9101em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:20.9569em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Derivative financial instruments and liability relating  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.79em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;to phantom shares are measured at fair value. For  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.6231em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;further details regarding measurement of fair value for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:23.4563em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;phantom shares see note 30.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.1231em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;Other financial liabilities are measured at initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:25.9563em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;recognition at fair value less any transaction costs.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:26.7894em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Subsequent other financial liabilities are measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:27.6225em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost using the effective interest method,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:28.4556em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;whereby the difference between proceeds and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:29.2888em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;nominal value is recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.1219em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;as a financial expense over the period. Amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:30.955em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;usually equal to the nominal value.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory>
   <ifrs-full:DisclosureOfFinancialInstrumentsExplanatory contextRef="ctx1" id="fact2422" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8563em;"&gt;&lt;span class="stl_261 stl_16 stl_256" style="word-spacing:-0.0362em;"&gt;Categories of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.53em;top:12.7657em;z-index:196;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;523&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;145  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2638em;top:12.7657em;"&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;381&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;624  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.6694em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8125em;top:13.6694em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;455  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6419em;top:13.6694em;z-index:238;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;71&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;104  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:14.5732em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Cash and cash equivalents  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4582em;top:14.5732em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;575&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;407  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2557em;top:14.5732em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;591&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;820  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.4713em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8532em;top:15.4713em;z-index:325;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:1.175em;"&gt;7 &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_122"&gt;44,54&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_122"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.8663em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0194em;top:16.8663em;z-index:354;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;184&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7682em;top:16.8663em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;626&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;261  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:17.77em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Transferred securities that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9907em;top:17.77em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2188em;top:17.77em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.5069em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;(repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:19.5069em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4069em;top:19.5069em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:20.405em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.805em;top:20.405em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.585em;top:20.405em;z-index:615;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:21.8em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;Derivative financial instruments to hedge future cash flows (exchange rate)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.795em;top:21.8em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:21.8em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.7038em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Derivative financial instruments to hedge future cash flows (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1257em;top:22.7038em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:22.7038em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0382em;"&gt;Financial assets used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.66em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1538em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9938em;top:24.9969em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;612&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;093  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8225em;top:24.9969em;z-index:870;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;146&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;757  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:25.9007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Debt to credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8069em;top:25.9007em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2569em;top:25.9007em;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;393&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:26.8044em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0682em;top:26.8044em;z-index:961;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2038em;top:26.8044em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.7082em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4325em;top:27.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2857em;top:27.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:28.6119em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8125em;top:28.6119em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5794em;top:28.6119em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.5157em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4594em;top:29.5157em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2957em;top:29.5157em;"&gt;&lt;span class="stl_268 stl_20 stl_342"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:30.4194em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5075em;top:30.4194em;z-index:1118;"&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;238&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;165  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2532em;top:30.4194em;"&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;125&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;726  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:31.3175em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0352em;"&gt;Financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8038em;top:31.3175em;"&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_300"&gt;5,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292" style="word-spacing:1.203em;"&gt;18 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;4,66&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:32.7125em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:33.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;(repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.11em;top:33.5457em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:33.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.4494em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.905em;top:34.4494em;z-index:1338;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;102  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5944em;top:34.4494em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.3475em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6682em;top:35.3475em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4575em;top:35.3475em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_285"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:36.7425em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;Derivative financial instruments to hedge future cash flows (exchange rate)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3813em;top:36.7425em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3594em;top:36.7425em;"&gt;&lt;span class="stl_268 stl_20 stl_346"&gt;646  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:37.6463em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Derivative financial instruments to hedge future cash flows (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3807em;top:37.6463em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3894em;top:37.6463em;"&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;705  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:38.5444em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0385em;"&gt;Financial liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3732em;top:38.5444em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8em;top:38.5444em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;1  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.7187em;"&gt;&lt;span class="stl_261 stl_16 stl_407"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.5574em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Securities consist of listed bonds, which are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.3905em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;at fair value on initial recognition and as of the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.2237em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;sheet date. The Group’s portfolio of securities is treated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0568em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;as "financial items at fair value through profit or loss",  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.8899em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0344em;"&gt;as the portfolio is accounted for and valued on the basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.723em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;of the fair value in compliance with the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;investment policy.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.223em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Both realized and unrealized value adjustments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.0562em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;recognized in the income statement under financials.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.7174em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.0401em;"&gt;Policy for managing financial risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Through its operations, investments and financing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.3893em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Group is exposed to fluctuations in exchange rates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.2224em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;interest rates. These risks are managed centrally in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.0555em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Parent Company, which manages the Group´s liquidity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.8887em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Group pursues a treasury policy approved by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.7218em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Board of Directors. The policy operates with a low risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.5549em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;profile, so that exchange rate risks, interest rate risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.388em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;and credit risks arise only in commercial relations. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.2212em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Group therefore does not undertake any active specula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.0543em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;tion in financial risk.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.7212em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;The Group´s capital structure is regularly assessed by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.5543em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;the Board of Directors relative to the Group´s cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:37.3874em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;position and cash flow budgets.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.5802em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Market risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.419em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;The pharmaceutical market is characterized by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;aim of authorities to reduce or cap healthcare costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;in general. Market changes such as price reductions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;and launch of competing generic products may have a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;considerable impact on the earnings potential of phar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;maceuticals. As a pharmaceutical production company  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0357em;"&gt;Bavarian Nordic will be exposed to risks from instability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.2508em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;in the supply chain, where lack of, or delays in, certain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.084em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;materials may impact the companys ability to deliver  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.9171em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;and hence the companys profitability. The Company is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.7502em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;highly dependent on a stable IT environment and risks,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.5833em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0374em;"&gt;incl. cyberattacks, may impact the profibaility of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.4165em;"&gt;&lt;span class="stl_255 stl_20 stl_420"&gt;Company.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.0777em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0285em;"&gt;Interest rate risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.9165em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;It is the Group's policy to hedge interest rate risks on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.7496em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;loans whenever it is deemed that interest payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.5827em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;can be hedged at a satisfactory level relative to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.4158em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;related costs. Hedging will then consist of interest rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.249em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;swaps that convert floating rate loans to fixed rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.0821em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;loans. Management determines the economic relation-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.9152em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;ship between the hedged item and the hedging instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.7483em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;ment to ensure a high hedge effectiveness. The interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.5815em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;rate risk involved in placing cash funds and investing in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.4146em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;securities is managed on the basis of duration.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.0758em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0379em;"&gt;Exchange rate risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.9146em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;The Group’s exchange rate exposure is primarily to USD  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:35.7477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;and EUR. The exchange rate exposure to USD is hedged  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.5808em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;to the greatest possible extent by matching incoming  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.414em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;and outgoing payments denominated in USD, looking  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:11.5808em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;at maximum one year ahead. Regular assessments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:12.414em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;made of whether the remaining net position should  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:13.2471em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.037em;"&gt;be hedged by currency forward contracts or currency  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:14.0802em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;option contracts.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:15.7471em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;The exposure to EUR is not hedged as management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:16.5802em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;believes that fluctuations in EUR are limited due to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:17.4133em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;the Danish fixed-rate policy which is expected to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:18.2465em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;maintained. Thus the fluctuations in EUR do not have a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:19.0796em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;significant impact on financial performance.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:20.7465em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;The table shows the net effect it would have had on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:21.5796em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;equity and profit for the year if the year-end exchange  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:22.4127em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;rates of USD, EUR and CHF had been 15%, 1% or 5%,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:23.2458em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;respectively, higher than the actual exchange rates. A  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:24.079em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;corresponding decrease in the actual exchange rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:24.9121em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;would have had an opposite (positive/negative) effect  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7271em;top:25.7452em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;on net result and equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.5101em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.0359em;"&gt;Exchange rate risks on recognized financial assets and liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.3158em;top:11.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.1045em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;and cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.0189em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_510"&gt;equivalents,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.3877em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;Net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.9058em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.8502em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:0.9856em;"&gt;securities Receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.332em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_474"&gt;Liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.0345em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_140"&gt;position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5845em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.612em;"&gt;&lt;span class="stl_255 stl_20 stl_344"&gt;EUR  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.4889em;top:16.612em;"&gt;&lt;span class="stl_268 stl_20 stl_425"&gt;294&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.8445em;top:16.612em;z-index:2504;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;355&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;193  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3564em;top:16.612em;z-index:2512;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;156&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_455"&gt;284&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_455"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4995em;top:16.612em;"&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;506&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;884&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.6339em;"&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;USD  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.5627em;top:17.6339em;z-index:2540;"&gt;&lt;span class="stl_268 stl_20 stl_295"&gt;237&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7308em;top:17.6339em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;148&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;254  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.807em;top:17.6339em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;156&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;497&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_168"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2452em;top:17.6339em;"&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;228&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;783  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6558em;"&gt;&lt;span class="stl_255 stl_20 stl_466"&gt;CHF  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2302em;top:18.6558em;z-index:2578;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;175  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4183em;top:18.6558em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;692  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1802em;top:18.6558em;z-index:2594;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_571"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;532&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.352em;top:18.6558em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;665&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:20.2758em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:21.3033em;"&gt;&lt;span class="stl_255 stl_20 stl_344"&gt;EUR  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.6208em;top:21.3033em;z-index:2619;"&gt;&lt;span class="stl_268 stl_20 stl_576"&gt;107&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;199  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7758em;top:21.3033em;"&gt;&lt;span class="stl_268 stl_20 stl_337"&gt;193&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;837  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3402em;top:21.3033em;"&gt;&lt;span class="stl_255 stl_20 stl_298"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;416&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_176"&gt;438&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_176"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6758em;top:21.3033em;z-index:2648;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;115&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;402&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_45"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:22.3251em;"&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;USD  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.797em;top:22.3251em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;481  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.7483em;top:22.3251em;"&gt;&lt;span class="stl_268 stl_20 stl_227"&gt;205&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;224  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8789em;top:22.3251em;z-index:2682;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_643"&gt;319&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_623"&gt;201&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_623"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4045em;top:22.3251em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;496&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:23.347em;"&gt;&lt;span class="stl_255 stl_20 stl_466"&gt;CHF  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.172em;top:23.347em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;216  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.4327em;top:23.347em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;471  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1195em;top:23.347em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;28&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;375&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3677em;top:23.347em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;688&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:25.5701em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0351em;"&gt;Sensitivity analysis on exchange rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.1508em;top:26.7101em;"&gt;&lt;span class="stl_261 stl_16 stl_356" style="word-spacing:-0.034em;"&gt;Likely change&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.704em;top:26.7101em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:0.6074em;"&gt;Hypothetical Hypothetical  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.3808em;top:27.4601em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0348em;"&gt;in exchange  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.3252em;top:27.4601em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0383em;"&gt;change in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.577em;top:27.4601em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0383em;"&gt;change in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7283em;top:28.2101em;"&gt;&lt;span class="stl_261 stl_16 stl_32"&gt;rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.2733em;top:28.2101em;"&gt;&lt;span class="stl_261 stl_16 stl_553"&gt;equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6095em;top:28.2101em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;net result  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:28.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8945em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.922em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Change if higher USD-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7214em;top:30.922em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_273"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3339em;top:30.922em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;75&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;638  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5758em;top:30.922em;"&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;56&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;962  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Change if higher EUR-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0489em;top:31.9439em;"&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.0902em;top:31.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;207&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_274"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4314em;top:31.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;911&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.9658em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Change if higher CHF-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.032em;top:32.9658em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.9608em;top:32.9658em;"&gt;&lt;span class="stl_255 stl_20 stl_292"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;583&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7264em;top:32.9658em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;004&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.5858em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6133em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Change if higher USD-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7214em;top:35.6133em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_273"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.3314em;top:35.6133em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;724  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6252em;top:35.6133em;"&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;921  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7408em;top:36.6351em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Change if higher EUR-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0496em;top:36.6351em;"&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1183em;top:36.6351em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;28&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;638&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_43"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4464em;top:36.6351em;z-index:3156;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;165&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.657em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Change if higher CHF-rate than actual rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0321em;top:37.657em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.1608em;top:37.657em;"&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;140  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.1921em;top:37.657em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;235&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.5802em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Derivative financial instruments not designated as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.4133em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;hedge accounting  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;Currency forward contracts and currency option  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;contracts which are not designated as hedge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;accounting are classified as financial assets/liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;measured at fair value with value adjustments recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;nized through the income statement.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.2515em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;There were no open currency contracts as of December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.0846em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;31, 2022 or as per December 31, 2021 not designated as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.9177em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;hedge accounting.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.579em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0355em;"&gt;Hedging of expected future cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;The Company has concluded currency forward contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.2508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;of USD 75 million to hedge net cash position during  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.084em;"&gt;&lt;span class="stl_255 stl_20 stl_201"&gt;2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;In 2016 the Company refinanced the old mortgage loans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.584em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;(fixed rate) and obtained a new mortgage loan with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.4171em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;floating rate. The Company also concluded an interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.2502em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;rate swap to convert the floating rate loan to a fixed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.0833em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;rate loan. The interest rate swap has the same maturity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.9165em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;date and nominal amount as the mortgage loan to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.7496em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;secure high effectiveness of the hedge.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.5101em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.0361em;"&gt;Cash flow hedge – forward currency contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5754em;top:11.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0773em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_454"&gt;Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0579em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2192em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6148em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5136em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0306em;"&gt;recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8435em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0473em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.260em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;other compre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:14.6558em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5673em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0352em;"&gt;Forward price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8198em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0302em;"&gt;agreed rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6542em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.606em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_95" style="word-spacing:-0.0338em;"&gt;hensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:16.3345em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:17.362em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Forward currency contracts (USD/DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5854em;top:17.362em;z-index:1589;"&gt;&lt;span class="stl_268 stl_20 stl_644"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285" style="word-spacing:0.086em;"&gt;19 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;- &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_644"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;29  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0779em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;543&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;454  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3848em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3454em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;671  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2467em;top:18.3783em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_277"&gt;02&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_277"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2067em;top:18.3783em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,67&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_294"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:20.0039em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Forward currency contracts (USD/DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7848em;top:21.0314em;z-index:1671;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;538  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9879em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9486em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9048em;top:22.0476em;"&gt;&lt;span class="stl_261 stl_16 stl_418"&gt;(646)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8654em;top:22.0476em;"&gt;&lt;span class="stl_261 stl_16 stl_418"&gt;(646)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:24.2764em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0305em;"&gt;Cash flow hedge – interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5736em;top:25.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0754em;top:26.1664em;"&gt;&lt;span class="stl_261 stl_16 stl_454"&gt;Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0561em;top:26.1664em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2173em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6129em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5117em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0306em;"&gt;recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8417em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0454em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.258em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;other compre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:28.422em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8179em;top:28.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0302em;"&gt;agreed rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6523em;top:28.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.606em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_95" style="word-spacing:-0.0338em;"&gt;hensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:30.1008em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:31.1226em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0283em;"&gt;Interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:32.1501em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;DKK – fixed rate &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;9625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;% p.a. (expiry &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;2031&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5429em;top:32.1501em;z-index:1914;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;192  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7136em;top:32.1501em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6936em;top:32.1501em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5917em;top:33.1664em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5729em;top:33.1664em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_12"&gt;,574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:34.792em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:35.8139em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0283em;"&gt;Interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:36.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;DKK – fixed rate &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;9625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;% p.a. (expiry &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;2031&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4473em;top:36.8414em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9861em;top:36.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1511em;top:36.8414em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;709  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9011em;top:37.8576em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;(7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;5)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0879em;top:37.8576em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;9  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:10.4458em;"&gt;&lt;span class="stl_261 stl_16 stl_462" style="word-spacing:-0.0434em;"&gt;Cash risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:11.2846em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;The Group´s bank deposits are placed in deposit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:12.1177em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;accounts without restrictions. The Group's cash and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:12.9508em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;cash equivalents totaled DKK 575.4 million as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:13.784em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;December 31, 2022 (DKK 591.8 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:15.4508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;The Group's fixed rate bond portfolio expires as shown  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7377em;top:16.284em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;below. Amounts are stated excluding interest.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.029em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.209em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9065em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0296em;"&gt;Fair value as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7003em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_217" style="word-spacing:1.0723em;"&gt;Effective Fair&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.280em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0353em;"&gt;value as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8709em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_297"&gt;Effective  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:12.2289em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4903em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9672em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6609em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0257em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0257em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1378em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:13.9077em;"&gt;&lt;span class="stl_261 stl_16 stl_138" style="word-spacing:-0.0427em;"&gt;Bond portfolio  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:14.9352em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;2 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6309em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;226&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8853em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8047em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;201&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;688  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8134em;top:14.9352em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:15.957em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;5 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1022em;top:15.957em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;898  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8728em;top:15.957em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8859em;top:15.957em;z-index:273;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_636"&gt;118&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8934em;top:15.957em;z-index:284;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:16.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;After &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;5 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.109em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;550&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8859em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2584em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_32"&gt;804&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;803  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.059em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:17.9952em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.4553em;top:17.9952em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_646"&gt;69,75&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_646"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7615em;top:17.9952em;"&gt;&lt;span class="stl_261 stl_16 stl_212"&gt;3.5%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.654em;top:17.9952em;z-index:342;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.934em;top:17.9952em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;.&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_91"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;%  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:19.6102em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Fluctuations in interest rate levels affect the Group's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:20.4433em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;bond portfolio. An change in the interest rate level by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:21.2764em;"&gt;&lt;span class="stl_255 stl_20 stl_80" style="word-spacing:-0.0235em;"&gt;1 percentage point relative to the interest rate level on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:22.1095em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;the balance sheet date would have had an impact of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:22.9427em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;DKK 73.3 million on the Group´s net result and equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:23.7758em;"&gt;&lt;span class="stl_255 stl_20 stl_31" style="word-spacing:-0.0203em;"&gt;(DKK 46.9 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Maturity of financial liabilities (including interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6982em;top:11.1189em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0457em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.075em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9594em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.0739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4175em;top:13.0683em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214" style="word-spacing:1.1127em;"&gt;year &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;and 5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5769em;top:13.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9713em;top:13.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.7583em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0315em;"&gt;Deferred consideration &lt;/span&gt;&lt;sup style="top: -0.208em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0825em;top:14.7584em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_596"&gt;297&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;460  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3406em;top:14.7584em;z-index:307;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;506&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4388em;top:14.7584em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7494em;top:14.7584em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;803&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;561  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.7803em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6656em;top:15.7803em;z-index:347;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1456em;top:15.7803em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;355  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1988em;top:15.7803em;z-index:366;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;423  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8313em;top:15.7803em;z-index:373;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;122&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;781  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:16.8021em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0326em;"&gt;Prepayment and loan from Government &lt;/span&gt;&lt;sup style="top: -0.2077em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9897em;top:16.8026em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8797em;top:16.8026em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;519&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;932  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8516em;top:16.8026em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;503  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2429em;top:16.8026em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;590&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:17.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3879em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1129em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;834  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:17.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5941em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0679em;top:18.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7154em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4397em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.241em;top:18.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0747em;top:19.8682em;"&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2479em;top:19.8682em;"&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.038em;"&gt;Non-derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.3422em;top:20.8845em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_209"&gt;96,653  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0654em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;082&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7535em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_564"&gt;79,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5122em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_172"&gt;801  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7079em;top:22.877em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0466em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.076em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9604em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:24.832em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4185em;top:24.8264em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214" style="word-spacing:1.1127em;"&gt;year &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;and 5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5779em;top:24.8264em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9722em;top:24.8264em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:26.5164em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0323em;"&gt;Deferred consideration &lt;/span&gt;&lt;sup style="top: -0.2067em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0915em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;594&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;912  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2777em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;803&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;523  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4384em;top:26.5178em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7446em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;398&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:27.5396em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0784em;top:27.5396em;z-index:781;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;88&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;689  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5365em;top:27.5396em;z-index:786;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;106  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.839em;top:27.5396em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;409  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2615em;top:27.5396em;z-index:799;"&gt;&lt;span class="stl_268 stl_20 stl_647"&gt;907&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;204  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:28.5615em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0323em;"&gt;Prepayment and loan from Government &lt;/span&gt;&lt;sup style="top: -0.2076em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9897em;top:28.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.846em;top:28.562em;z-index:845;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4385em;top:28.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2947em;top:28.562em;z-index:853;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7241em;top:29.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4022em;top:29.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;266  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1597em;top:29.5839em;z-index:882;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4385em;top:29.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.581em;top:29.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.1241em;top:30.6057em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_648"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2972em;top:30.6057em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_648"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0954em;top:31.6276em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;032  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2685em;top:31.6276em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;032  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0385em;"&gt;Non-derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4285em;top:32.6439em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0641em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_81"&gt;34,36&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_81"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6947em;top:32.6439em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5147em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_247"&gt;4,966,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;79  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;Derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1547em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7072em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4316em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3279em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.7578em;"&gt;&lt;span class="stl_251 stl_20 stl_112" style="word-spacing:-0.0438em;"&gt;1) Further explained in note 24.&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.016em;top:35.7578em;"&gt;&lt;span class="stl_251 stl_20 stl_525" style="word-spacing:-0.0462em;"&gt;2) Further explained in note 25.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;With respect to the Group´s debt to credit institutions, a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;change in the applicable interest rate by 1 percentage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;point would have had an impact on the Group's net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;result and equity of DKK 0.2 million (DKK 4.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;The European Investment Bank loan obtained in 2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;was fully repaid in October 2022 (DKK 372.2 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;During 2022 the Company entered into further repo  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;loan contracts (security lending) and increased the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;position to DKK 1,104 million (DKK 500 million). Further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;described below.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Debt to credit institutions also include a mortgage loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;of DKK 18.9 million (DKK 21.1 million), further described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0217em;"&gt;in note 26.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The Group has a credit facility of DKK 20 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;20 million) at Nordea. As of December 31, 2022, DKK 0.2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;million (DKK 0.2 million) of the credit facility is utilized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;for bank guarantees.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.5452em;"&gt;&lt;span class="stl_261 stl_16 stl_510" style="word-spacing:-0.0389em;"&gt;Credit risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;The primary credit risk relates to trade receivables.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.217em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;The Company assesses the expected credit losses  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;also considering changes in the macro environment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;that might impose an increased risk of losses. This is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;compared to the previous model where indications  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of credit losses were needed for the Company to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;recognize an expected loss. The Group´s customers are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;predominantly public authorities and renowned phar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;maceutical companies and wholesalers, and the credit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.882em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0259em;"&gt;risk on the Group's receivables is therefore considered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;to be very low. A loss allowance of DKK 870 thou-  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:10.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;sand (DKK 166 thousand) has been recognized as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:11.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_218" style="word-spacing:-0.0208em;"&gt;December 31, 2022, cf. note 19.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:12.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;To manage credit risk regarding financial counterpar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:13.5483em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;ties, Bavarian Nordic only enters into derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:14.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;cial contracts and money market deposits with financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:15.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;counterparties possessing a satisfactory long-term  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:16.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;credit rating from at least two out of the three selected  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:16.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;ratings agencies: Standard and Poor’s, Moody’s and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:17.7139em;"&gt;&lt;span class="stl_255 stl_20 stl_91"&gt;Fitch.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:19.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;Cash and cash equivalents are not deemed to be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:20.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;subject to any special credit risk as they are deposited  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:21.047em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;with Nordea. The bond portfolio is invested in either  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:21.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;Danish government bonds, Danish mortgage bonds or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:22.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;bonds issued by Danish banks with high ratings.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:24.3745em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Optimization of capital structure  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:25.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Management regularly assesses whether the Group´s  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:26.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;capital structure best serves the interests of the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:26.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;and its shareholders. The overall goal is to ensure that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:27.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.037em;"&gt;the Group has a capital structure which supports its  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:28.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;long-term strategy and growth target.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:30.207em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:31.0402em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:31.8789em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;In 2022 the Company entered into transactions that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:32.712em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;transfer ownership of securities to a counterparty,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:33.5452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;while the Company retains the risks associated with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:34.3783em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;the holding of the securities. As the Company retains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:35.2114em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;all risks, the securities remain in the balance sheet, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:36.0445em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the transactions are accounted for as loans received  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:36.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;against collateral (repo transactions and security  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:37.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;lending). The transactions involve selling the securities  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;to be repurchased at a fixed price at a later date. Coun-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;terparties are entitled to sell the securities or deposit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;them as collateral for loans.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:11.3739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6723em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.351em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:12.9289em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0361em;"&gt;Carrying amount of transferred securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4723em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5823em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Carrying amount of associated liabilities (security lending)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.381em;top:13.8445em;z-index:1049;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_650"&gt;661&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_650"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.381em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;000&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0349em;"&gt;Net position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9692em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,745)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9223em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;,466)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:16.5227em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Fair value hierarchy for financial instruments measured at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0173em;top:16.5227em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:17.7277em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3967em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0579em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3335em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8435em;top:19.2827em;z-index:1203;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8642em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1667em;top:19.2827em;z-index:1217;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7329em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.626em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8567em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9485em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2767em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9379em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6067em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2679em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1942em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1411em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8023em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4111em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0723em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2086em;top:25.7714em;z-index:1666;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8698em;top:25.7714em;z-index:1675;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9398em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6011em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0248em;top:28.4495em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:29.6545em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3954em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0567em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3323em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8767em;top:31.2095em;z-index:1805;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8623em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1998em;top:31.2095em;z-index:1815;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1079em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7692em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:33.0352em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6404em;top:33.0352em;z-index:1956;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0404em;top:33.0352em;z-index:1968;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:1.142em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3073em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9686em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2004em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0711em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7323em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1923em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9111em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5723em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:10.2127em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0301em;"&gt;Securities (level 1)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:11.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;The portfolio of publicly traded government bonds,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:11.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;publicly traded mortgage bonds and bank bonds is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:12.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;valued at listed prices and price quotas.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:14.3789em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Derivative financial instruments (level 2)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Currency forward contracts, currency option contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;and currency swap contracts are valued according to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;generally accepted valuation methods based on rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0354em;"&gt;vant observable swap curves and exchange rates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Liability relating to phantom shares is determined using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;the Black-Scholes. The valuation is based on observable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;share price, interest rates and volatility rates.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFinancialInstrumentsExplanatory>
   <ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory contextRef="ctx1" id="fact2446" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 23  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_429" style="word-spacing:-0.0006em;"&gt;Financial risks and financial instruments  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.8563em;"&gt;&lt;span class="stl_261 stl_16 stl_256" style="word-spacing:-0.0362em;"&gt;Categories of financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.7657em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Trade receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.53em;top:12.7657em;z-index:196;"&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;523&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;145  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2638em;top:12.7657em;"&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;381&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;624  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.6694em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;Other receivables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8125em;top:13.6694em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;455  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6419em;top:13.6694em;z-index:238;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;71&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;104  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:14.5732em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0356em;"&gt;Cash and cash equivalents  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4582em;top:14.5732em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;575&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;407  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2557em;top:14.5732em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;591&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;820  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:15.4713em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8532em;top:15.4713em;z-index:325;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:1.175em;"&gt;7 &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_122"&gt;44,54&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_122"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:16.8663em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0194em;top:16.8663em;z-index:354;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;184&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;843  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7682em;top:16.8663em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;626&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;261  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:17.77em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Transferred securities that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9907em;top:17.77em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2188em;top:17.77em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.6738em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.5069em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;(repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3819em;top:19.5069em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4069em;top:19.5069em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:20.405em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.805em;top:20.405em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.585em;top:20.405em;z-index:615;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:21.8em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;Derivative financial instruments to hedge future cash flows (exchange rate)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.795em;top:21.8em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:21.8em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.7038em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Derivative financial instruments to hedge future cash flows (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1257em;top:22.7038em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:22.7038em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_113" style="word-spacing:-0.0382em;"&gt;Financial assets used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.66em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1538em;top:23.6019em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:24.9969em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;Deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.9938em;top:24.9969em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;612&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;093  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8225em;top:24.9969em;z-index:870;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;146&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;757  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:25.9007em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Debt to credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8069em;top:25.9007em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2569em;top:25.9007em;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;393&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:26.8044em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0682em;top:26.8044em;z-index:961;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2038em;top:26.8044em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:27.7082em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4325em;top:27.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2857em;top:27.7082em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:28.6119em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8125em;top:28.6119em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5794em;top:28.6119em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:29.5157em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.4594em;top:29.5157em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2957em;top:29.5157em;"&gt;&lt;span class="stl_268 stl_20 stl_342"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:30.4194em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5075em;top:30.4194em;z-index:1118;"&gt;&lt;span class="stl_268 stl_20 stl_234"&gt;238&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;165  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2532em;top:30.4194em;"&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;125&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;726  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:31.3175em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0352em;"&gt;Financial liabilities measured at amortized cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8038em;top:31.3175em;"&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;5,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_300"&gt;5,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292" style="word-spacing:1.203em;"&gt;18 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_101"&gt;4,66&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_326"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:32.7125em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Derivative financial instruments at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:33.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0238em;"&gt;(repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.11em;top:33.5457em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;302  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1619em;top:33.5457em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:34.4494em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.905em;top:34.4494em;z-index:1338;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;102  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5944em;top:34.4494em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;917  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:35.3475em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6682em;top:35.3475em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4575em;top:35.3475em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_285"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7225em;top:36.7425em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;Derivative financial instruments to hedge future cash flows (exchange rate)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3813em;top:36.7425em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3594em;top:36.7425em;"&gt;&lt;span class="stl_268 stl_20 stl_346"&gt;646  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:37.6463em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Derivative financial instruments to hedge future cash flows (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3807em;top:37.6463em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3894em;top:37.6463em;"&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;705  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7219em;top:38.5444em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0385em;"&gt;Financial liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3732em;top:38.5444em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8em;top:38.5444em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;1  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5574em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;On initial recognition, derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;are measured at the fair value on the settlement date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Directly attributable costs related to the purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;or issuance of the individual financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;(transaction costs) are added to the fair value on initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;recognition, unless the financial asset or the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;liability is measured at fair value with recognition of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;fair value adjustments in the income statement. Subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0263em;"&gt;quently, they are measured at fair value at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;sheet date based on the official exchange rates, market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;interest rates and other market data such as volatility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;adjusted for the special characteristics of each instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Changes in the fair value of derivative financial instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;ments designated as and qualifying for recognition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;as effective hedges of future transactions (cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0262em;"&gt;hedges) are recognized as comprehensive income.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.393em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;The ineffective portion is recognized immediately in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the income statement. When the hedged transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;are realized, cumulative changes are recognized in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;z-index:2782;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0333em;"&gt;income statement together with the hedged transa&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;c&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;tion or in respect of a non-financial item as part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;cost of the transactions in question.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;For derivative financial instruments that do not qualify  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;for hedge accounting, changes in fair value are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;nized as financials in the income statement as they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_415"&gt;occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Company has designated certain derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;cial instruments as cash flow hedges as defined under  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.558em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;IFRS 9 "Financial Instruments". Hedge accounting is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;classified as a cash flow hedge when the hedges of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;a particular risk is associated with the cash flows of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.0574em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;highly probable forecast transactions.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory contextRef="ctx1" id="fact2450" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5574em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;On initial recognition, derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;are measured at the fair value on the settlement date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Directly attributable costs related to the purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;or issuance of the individual financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;(transaction costs) are added to the fair value on initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;recognition, unless the financial asset or the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;liability is measured at fair value with recognition of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;fair value adjustments in the income statement. Subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0263em;"&gt;quently, they are measured at fair value at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;sheet date based on the official exchange rates, market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;interest rates and other market data such as volatility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;adjusted for the special characteristics of each instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Changes in the fair value of derivative financial instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;ments designated as and qualifying for recognition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;as effective hedges of future transactions (cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0262em;"&gt;hedges) are recognized as comprehensive income.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.393em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;The ineffective portion is recognized immediately in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the income statement. When the hedged transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;are realized, cumulative changes are recognized in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;z-index:2782;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0333em;"&gt;income statement together with the hedged transa&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;c&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;tion or in respect of a non-financial item as part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;cost of the transactions in question.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;For derivative financial instruments that do not qualify  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;for hedge accounting, changes in fair value are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;nized as financials in the income statement as they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_415"&gt;occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Company has designated certain derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;cial instruments as cash flow hedges as defined under  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.558em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;IFRS 9 "Financial Instruments". Hedge accounting is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;classified as a cash flow hedge when the hedges of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;a particular risk is associated with the cash flows of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.0574em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;highly probable forecast transactions.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory contextRef="ctx1" id="fact2452" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.5574em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;On initial recognition, derivative financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;are measured at the fair value on the settlement date.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Directly attributable costs related to the purchase  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;or issuance of the individual financial instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;(transaction costs) are added to the fair value on initial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;recognition, unless the financial asset or the financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;liability is measured at fair value with recognition of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;fair value adjustments in the income statement. Subse-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0263em;"&gt;quently, they are measured at fair value at the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;sheet date based on the official exchange rates, market  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;interest rates and other market data such as volatility  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;adjusted for the special characteristics of each instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;ment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0605em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;Changes in the fair value of derivative financial instru-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.8937em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;ments designated as and qualifying for recognition  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7268em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;as effective hedges of future transactions (cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5599em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0262em;"&gt;hedges) are recognized as comprehensive income.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.393em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;The ineffective portion is recognized immediately in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.2262em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;the income statement. When the hedged transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0268em;"&gt;are realized, cumulative changes are recognized in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;z-index:2782;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0333em;"&gt;income statement together with the hedged transa&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;c&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;tion or in respect of a non-financial item as part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0345em;"&gt;cost of the transactions in question.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2255em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;For derivative financial instruments that do not qualify  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.0587em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;for hedge accounting, changes in fair value are recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8918em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;nized as financials in the income statement as they  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.7249em;"&gt;&lt;span class="stl_255 stl_20 stl_415"&gt;occur.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Company has designated certain derivative finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;cial instruments as cash flow hedges as defined under  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.558em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;IFRS 9 "Financial Instruments". Hedge accounting is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.3912em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;classified as a cash flow hedge when the hedges of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.2243em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;a particular risk is associated with the cash flows of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.0574em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;highly probable forecast transactions.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory>
   <ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory contextRef="ctx1" id="fact2454" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.7187em;"&gt;&lt;span class="stl_261 stl_16 stl_407"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.5574em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Securities consist of listed bonds, which are measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.3905em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;at fair value on initial recognition and as of the balance  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.2237em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;sheet date. The Group’s portfolio of securities is treated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.0568em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;as "financial items at fair value through profit or loss",  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.8899em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0344em;"&gt;as the portfolio is accounted for and valued on the basis  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.723em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0313em;"&gt;of the fair value in compliance with the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0257em;"&gt;investment policy.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:23.223em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Both realized and unrealized value adjustments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:24.0562em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;recognized in the income statement under financials.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFinancialAssetsHeldForTradingExplanatory>
   <ifrs-full:DisclosureOfFinancialRiskManagementExplanatory contextRef="ctx1" id="fact2455" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.7174em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.0401em;"&gt;Policy for managing financial risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Through its operations, investments and financing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.3893em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Group is exposed to fluctuations in exchange rates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.2224em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;interest rates. These risks are managed centrally in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.0555em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Parent Company, which manages the Group´s liquidity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.8887em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Group pursues a treasury policy approved by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.7218em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Board of Directors. The policy operates with a low risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.5549em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;profile, so that exchange rate risks, interest rate risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.388em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;and credit risks arise only in commercial relations. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.2212em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Group therefore does not undertake any active specula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.0543em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;tion in financial risk.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.7212em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;The Group´s capital structure is regularly assessed by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.5543em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;the Board of Directors relative to the Group´s cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:37.3874em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;position and cash flow budgets.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFinancialRiskManagementExplanatory>
   <ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory contextRef="ctx1" id="fact2456" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:25.7174em;"&gt;&lt;span class="stl_261 stl_16 stl_114" style="word-spacing:-0.0401em;"&gt;Policy for managing financial risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:26.5562em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;Through its operations, investments and financing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:27.3893em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;Group is exposed to fluctuations in exchange rates and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:28.2224em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;interest rates. These risks are managed centrally in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.0555em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0241em;"&gt;Parent Company, which manages the Group´s liquidity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:29.8887em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The Group pursues a treasury policy approved by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:30.7218em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Board of Directors. The policy operates with a low risk  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:31.5549em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;profile, so that exchange rate risks, interest rate risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:32.388em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;and credit risks arise only in commercial relations. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:33.2212em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Group therefore does not undertake any active specula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:34.0543em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;tion in financial risk.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:35.7212em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;The Group´s capital structure is regularly assessed by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:36.5543em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;the Board of Directors relative to the Group´s cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:37.3874em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;position and cash flow budgets.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory>
   <ifrs-full:DisclosureOfMarketRiskExplanatory contextRef="ctx1" id="fact2457" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.5802em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Market risks  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.419em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;The pharmaceutical market is characterized by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.2521em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;aim of authorities to reduce or cap healthcare costs  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.0852em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;in general. Market changes such as price reductions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.9183em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;and launch of competing generic products may have a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7515em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;considerable impact on the earnings potential of phar-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.5846em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;maceuticals. As a pharmaceutical production company  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0357em;"&gt;Bavarian Nordic will be exposed to risks from instability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.2508em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;in the supply chain, where lack of, or delays in, certain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.084em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;materials may impact the companys ability to deliver  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.9171em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;and hence the companys profitability. The Company is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.7502em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;highly dependent on a stable IT environment and risks,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.5833em;"&gt;&lt;span class="stl_255 stl_20 stl_404" style="word-spacing:-0.0374em;"&gt;incl. cyberattacks, may impact the profibaility of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.4165em;"&gt;&lt;span class="stl_255 stl_20 stl_420"&gt;Company.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0347em;"&gt;Maturity of financial liabilities (including interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6982em;top:11.1189em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0457em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.075em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9594em;top:12.3183em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.0739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4175em;top:13.0683em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214" style="word-spacing:1.1127em;"&gt;year &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;and 5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5769em;top:13.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9713em;top:13.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.7583em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0315em;"&gt;Deferred consideration &lt;/span&gt;&lt;sup style="top: -0.208em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0825em;top:14.7584em;z-index:296;"&gt;&lt;span class="stl_268 stl_20 stl_596"&gt;297&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;460  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3406em;top:14.7584em;z-index:307;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;506&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;101  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4388em;top:14.7584em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7494em;top:14.7584em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;803&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;561  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:15.7803em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6656em;top:15.7803em;z-index:347;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1456em;top:15.7803em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;355  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.1988em;top:15.7803em;z-index:366;"&gt;&lt;span class="stl_268 stl_20 stl_580"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;423  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8313em;top:15.7803em;z-index:373;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_514"&gt;122&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;781  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.725em;top:16.8021em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0326em;"&gt;Prepayment and loan from Government &lt;/span&gt;&lt;sup style="top: -0.2077em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9897em;top:16.8026em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8797em;top:16.8026em;z-index:427;"&gt;&lt;span class="stl_268 stl_20 stl_338"&gt;519&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;932  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8516em;top:16.8026em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;503  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2429em;top:16.8026em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;590&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:17.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.3879em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;24&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1129em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;45&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;834  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:17.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5941em;top:17.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0679em;top:18.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7154em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4397em;top:18.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.241em;top:18.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;605&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;928  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0747em;top:19.8682em;"&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:19.8682em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2479em;top:19.8682em;"&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;265&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;775  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.038em;"&gt;Non-derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.3422em;top:20.8845em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_209"&gt;96,653  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0654em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_378"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;082&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7535em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_564"&gt;79,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5122em;top:20.8845em;"&gt;&lt;span class="stl_261 stl_16 stl_130"&gt;5,45&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_172"&gt;801  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7079em;top:22.877em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0466em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.076em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9604em;top:24.0764em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0373em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:24.832em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4185em;top:24.8264em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214" style="word-spacing:1.1127em;"&gt;year &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;and 5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5779em;top:24.8264em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9722em;top:24.8264em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7254em;top:26.5164em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0323em;"&gt;Deferred consideration &lt;/span&gt;&lt;sup style="top: -0.2067em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0915em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;594&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;912  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2777em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;803&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;523  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4384em;top:26.5178em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7446em;top:26.5178em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;398&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;435  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:27.5396em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0784em;top:27.5396em;z-index:781;"&gt;&lt;span class="stl_268 stl_20 stl_75"&gt;88&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_332"&gt;689  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5365em;top:27.5396em;z-index:786;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;9&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;106  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.839em;top:27.5396em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;409  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2615em;top:27.5396em;z-index:799;"&gt;&lt;span class="stl_268 stl_20 stl_647"&gt;907&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;204  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.724em;top:28.5615em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0323em;"&gt;Prepayment and loan from Government &lt;/span&gt;&lt;sup style="top: -0.2076em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9897em;top:28.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.846em;top:28.562em;z-index:845;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4385em;top:28.562em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2947em;top:28.562em;z-index:853;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;184  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7241em;top:29.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4022em;top:29.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;266  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.1597em;top:29.5839em;z-index:882;"&gt;&lt;span class="stl_268 stl_20 stl_545"&gt;57&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;547  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4385em;top:29.5839em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.581em;top:29.5839em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Trade payables  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.1241em;top:30.6057em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_648"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:30.6057em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2972em;top:30.6057em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;263&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_648"&gt;611  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;Other liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0954em;top:31.6276em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;032  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7147em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4391em;top:31.6276em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2685em;top:31.6276em;"&gt;&lt;span class="stl_268 stl_20 stl_408"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;032  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_372" style="word-spacing:-0.0385em;"&gt;Non-derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4285em;top:32.6439em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_564"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_563"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;10  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0641em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_81"&gt;34,36&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_81"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6947em;top:32.6439em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_199"&gt;,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5147em;top:32.6439em;"&gt;&lt;span class="stl_261 stl_16 stl_247"&gt;4,966,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;79  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;Derivative financial liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1547em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7072em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4316em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3279em;top:34.2695em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.7578em;"&gt;&lt;span class="stl_251 stl_20 stl_112" style="word-spacing:-0.0438em;"&gt;1) Further explained in note 24.&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:12.016em;top:35.7578em;"&gt;&lt;span class="stl_251 stl_20 stl_525" style="word-spacing:-0.0462em;"&gt;2) Further explained in note 25.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;With respect to the Group´s debt to credit institutions, a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;change in the applicable interest rate by 1 percentage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;point would have had an impact on the Group's net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;result and equity of DKK 0.2 million (DKK 4.0 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0329em;"&gt;The European Investment Bank loan obtained in 2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;was fully repaid in October 2022 (DKK 372.2 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;During 2022 the Company entered into further repo  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;loan contracts (security lending) and increased the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;position to DKK 1,104 million (DKK 500 million). Further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;described below.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Debt to credit institutions also include a mortgage loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;of DKK 18.9 million (DKK 21.1 million), further described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_34" style="word-spacing:-0.0217em;"&gt;in note 26.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The Group has a credit facility of DKK 20 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;20 million) at Nordea. As of December 31, 2022, DKK 0.2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;million (DKK 0.2 million) of the credit facility is utilized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;for bank guarantees.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfMarketRiskExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory contextRef="ctx1" id="fact2460" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.579em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0355em;"&gt;Hedging of expected future cash flows  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.4177em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0353em;"&gt;The Company has concluded currency forward contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.2508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;of USD 75 million to hedge net cash position during  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.084em;"&gt;&lt;span class="stl_255 stl_20 stl_201"&gt;2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;In 2016 the Company refinanced the old mortgage loans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.584em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;(fixed rate) and obtained a new mortgage loan with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.4171em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;floating rate. The Company also concluded an interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.2502em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;rate swap to convert the floating rate loan to a fixed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.0833em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;rate loan. The interest rate swap has the same maturity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.9165em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0337em;"&gt;date and nominal amount as the mortgage loan to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.7496em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;secure high effectiveness of the hedge.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.5101em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.0361em;"&gt;Cash flow hedge – forward currency contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5754em;top:11.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0773em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_454"&gt;Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0579em;top:12.4001em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2192em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6148em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5136em;top:13.1501em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0306em;"&gt;recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8435em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0473em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.260em;top:13.9001em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;other compre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:14.6558em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5673em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_345" style="word-spacing:-0.0352em;"&gt;Forward price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8198em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0302em;"&gt;agreed rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6542em;top:14.6501em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.606em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_95" style="word-spacing:-0.0338em;"&gt;hensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:16.3345em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:17.362em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Forward currency contracts (USD/DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5854em;top:17.362em;z-index:1589;"&gt;&lt;span class="stl_268 stl_20 stl_644"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285" style="word-spacing:0.086em;"&gt;19 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;- &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_644"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;29  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0779em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;543&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;454  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3848em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.3454em;top:17.362em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;671  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2467em;top:18.3783em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_277"&gt;02&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_277"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2067em;top:18.3783em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_294"&gt;,67&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_294"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:20.0039em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Forward currency contracts (USD/DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7848em;top:21.0314em;z-index:1671;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;538  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9879em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9486em;top:21.0314em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9048em;top:22.0476em;"&gt;&lt;span class="stl_261 stl_16 stl_418"&gt;(646)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8654em;top:22.0476em;"&gt;&lt;span class="stl_261 stl_16 stl_418"&gt;(646)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:24.2764em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0305em;"&gt;Cash flow hedge – interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5736em;top:25.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.0754em;top:26.1664em;"&gt;&lt;span class="stl_261 stl_16 stl_454"&gt;Contract  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.0561em;top:26.1664em;"&gt;&lt;span class="stl_261 stl_16 stl_506"&gt;adjustment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2173em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_102"&gt;amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.6129em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0303em;"&gt;Fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.5117em;top:26.9164em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0306em;"&gt;recognized in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8417em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0364em;"&gt;based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.0454em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.258em;top:27.6664em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;other compre-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:28.422em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8179em;top:28.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0302em;"&gt;agreed rates  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.6523em;top:28.4164em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.606em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_95" style="word-spacing:-0.0338em;"&gt;hensive income  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:30.1008em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:31.1226em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0283em;"&gt;Interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:32.1501em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;DKK – fixed rate &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;9625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;% p.a. (expiry &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;2031&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5429em;top:32.1501em;z-index:1914;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;192  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7136em;top:32.1501em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6936em;top:32.1501em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5917em;top:33.1664em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5729em;top:33.1664em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_12"&gt;,574  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:34.792em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:35.8139em;"&gt;&lt;span class="stl_261 stl_16 stl_107" style="word-spacing:-0.0283em;"&gt;Interest rate swap  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7286em;top:36.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;DKK – fixed rate &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;9625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;% p.a. (expiry &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;2031&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4473em;top:36.8414em;"&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;332  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9861em;top:36.8414em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.1511em;top:36.8414em;"&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;709  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.9011em;top:37.8576em;"&gt;&lt;span class="stl_261 stl_16 stl_566"&gt;(7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;5)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0879em;top:37.8576em;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;9  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:11.3739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6723em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.351em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:12.9289em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0361em;"&gt;Carrying amount of transferred securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4723em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5823em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Carrying amount of associated liabilities (security lending)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.381em;top:13.8445em;z-index:1049;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_650"&gt;661&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_650"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.381em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;000&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0349em;"&gt;Net position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9692em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,745)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9223em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;,466)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:16.5227em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Fair value hierarchy for financial instruments measured at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0173em;top:16.5227em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:17.7277em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3967em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0579em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3335em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8435em;top:19.2827em;z-index:1203;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8642em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1667em;top:19.2827em;z-index:1217;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7329em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.626em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8567em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9485em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2767em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9379em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6067em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2679em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1942em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1411em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8023em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4111em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0723em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2086em;top:25.7714em;z-index:1666;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8698em;top:25.7714em;z-index:1675;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9398em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6011em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0248em;top:28.4495em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:29.6545em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3954em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0567em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3323em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8767em;top:31.2095em;z-index:1805;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8623em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1998em;top:31.2095em;z-index:1815;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1079em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7692em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:33.0352em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6404em;top:33.0352em;z-index:1956;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0404em;top:33.0352em;z-index:1968;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:1.142em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3073em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9686em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2004em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0711em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7323em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1923em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9111em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5723em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:14.3789em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Derivative financial instruments (level 2)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Currency forward contracts, currency option contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;and currency swap contracts are valued according to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;generally accepted valuation methods based on rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0354em;"&gt;vant observable swap curves and exchange rates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Liability relating to phantom shares is determined using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;the Black-Scholes. The valuation is based on observable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;share price, interest rates and volatility rates.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsAndHedgingExplanatory>
   <ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory contextRef="ctx1" id="fact2464" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.029em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.209em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.9065em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0296em;"&gt;Fair value as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7003em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_217" style="word-spacing:1.0723em;"&gt;Effective Fair&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.280em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_140" style="word-spacing:-0.0353em;"&gt;value as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.8709em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_297"&gt;Effective  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7247em;top:12.2289em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.4903em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.9672em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6609em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0257em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0257em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1378em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:13.9077em;"&gt;&lt;span class="stl_261 stl_16 stl_138" style="word-spacing:-0.0427em;"&gt;Bond portfolio  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7234em;top:14.9352em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_426"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;2 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.6309em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;226&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;652  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8853em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8047em;top:14.9352em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;201&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;688  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8134em;top:14.9352em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:15.957em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;Within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;5 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.1022em;top:15.957em;"&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;492&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;898  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8728em;top:15.957em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_280"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.8859em;top:15.957em;z-index:273;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_636"&gt;118&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;304  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8934em;top:15.957em;z-index:284;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:16.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;After &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;5 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_200"&gt;years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.109em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;550&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8859em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.2584em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_32"&gt;804&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;803  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.059em;top:16.9789em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7228em;top:17.9952em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.4553em;top:17.9952em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_646"&gt;69,75&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_646"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7615em;top:17.9952em;"&gt;&lt;span class="stl_261 stl_16 stl_212"&gt;3.5%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.654em;top:17.9952em;z-index:342;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.934em;top:17.9952em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;.&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_91"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;%  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory>
   <ifrs-full:DisclosureOfCollateralExplanatory contextRef="ctx1" id="fact2465" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:30.207em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:31.0402em;"&gt;&lt;span class="stl_261 stl_16 stl_68" style="word-spacing:-0.0307em;"&gt;that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:31.8789em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;In 2022 the Company entered into transactions that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:32.712em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;transfer ownership of securities to a counterparty,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:33.5452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;while the Company retains the risks associated with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:34.3783em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;the holding of the securities. As the Company retains  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:35.2114em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;all risks, the securities remain in the balance sheet, and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:36.0445em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;the transactions are accounted for as loans received  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:36.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;against collateral (repo transactions and security  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7533em;top:37.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;lending). The transactions involve selling the securities  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;to be repurchased at a fixed price at a later date. Coun-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;terparties are entitled to sell the securities or deposit  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;them as collateral for loans.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:11.3739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6723em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.351em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:12.9289em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0361em;"&gt;Carrying amount of transferred securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4723em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5823em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Carrying amount of associated liabilities (security lending)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.381em;top:13.8445em;z-index:1049;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_650"&gt;661&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_650"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.381em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;000&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0349em;"&gt;Net position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9692em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,745)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9223em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;,466)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:16.5227em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Fair value hierarchy for financial instruments measured at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0173em;top:16.5227em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:17.7277em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3967em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0579em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3335em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8435em;top:19.2827em;z-index:1203;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8642em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1667em;top:19.2827em;z-index:1217;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7329em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.626em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8567em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9485em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2767em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9379em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6067em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2679em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1942em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1411em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8023em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4111em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0723em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2086em;top:25.7714em;z-index:1666;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8698em;top:25.7714em;z-index:1675;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9398em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6011em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0248em;top:28.4495em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:29.6545em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3954em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0567em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3323em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8767em;top:31.2095em;z-index:1805;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8623em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1998em;top:31.2095em;z-index:1815;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1079em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7692em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:33.0352em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6404em;top:33.0352em;z-index:1956;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0404em;top:33.0352em;z-index:1968;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:1.142em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3073em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9686em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2004em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0711em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7323em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1923em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9111em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5723em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:10.2127em;"&gt;&lt;span class="stl_261 stl_16 stl_73" style="word-spacing:-0.0301em;"&gt;Securities (level 1)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:11.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;The portfolio of publicly traded government bonds,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:11.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0376em;"&gt;publicly traded mortgage bonds and bank bonds is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:12.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;valued at listed prices and price quotas.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:14.3789em;"&gt;&lt;span class="stl_261 stl_16 stl_267" style="word-spacing:-0.0341em;"&gt;Derivative financial instruments (level 2)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Currency forward contracts, currency option contracts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;and currency swap contracts are valued according to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;generally accepted valuation methods based on rele-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_297" style="word-spacing:-0.0354em;"&gt;vant observable swap curves and exchange rates.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;Liability relating to phantom shares is determined using  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;the Black-Scholes. The valuation is based on observable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7428em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0252em;"&gt;share price, interest rates and volatility rates.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfCollateralExplanatory>
   <ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory contextRef="ctx1" id="fact2470" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_347" style="word-spacing:-0.0315em;"&gt;Transferred financial assets that are not derecognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:11.3739em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6723em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.351em;top:11.3683em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:12.9289em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0361em;"&gt;Carrying amount of transferred securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4723em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;084&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;916  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5823em;top:12.9289em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;498&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;534  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Carrying amount of associated liabilities (security lending)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.381em;top:13.8445em;z-index:1049;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_650"&gt;661&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_650"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.381em;top:13.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;000&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_60" style="word-spacing:-0.0349em;"&gt;Net position  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9692em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_184"&gt;18&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;,745)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9223em;top:14.7545em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;,466)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:16.5227em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Fair value hierarchy for financial instruments measured at fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0173em;top:16.5227em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:17.7277em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3967em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0579em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3335em;top:17.722em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8435em;top:19.2827em;z-index:1203;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8642em;top:19.2827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1667em;top:19.2827em;z-index:1217;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;269&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7329em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.626em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8567em;top:20.1927em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9485em;top:20.1927em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_641"&gt;69,759  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:21.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2767em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9379em;top:21.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7323em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2023em;top:22.527em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.6067em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.2679em;top:22.527em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;869  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1942em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1411em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8023em;top:23.437em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4111em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.0723em;top:24.8558em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;302&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7317em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2017em;top:25.7714em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2086em;top:25.7714em;z-index:1666;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.8698em;top:25.7714em;z-index:1675;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_593"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_581"&gt;102&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_581"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9398em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6011em;top:26.6814em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;4)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0248em;top:28.4495em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:29.6545em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3954em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0567em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;Level &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85" style="word-spacing:-0.018em;"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3323em;top:29.6489em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_256"&gt;Securities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.8767em;top:31.2095em;z-index:1805;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8623em;top:31.2095em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1998em;top:31.2095em;z-index:1815;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_561"&gt;124&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Derivative financial instruments at fair value (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:32.1252em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.1079em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7692em;top:32.1252em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;191  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:33.0352em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Financial assets measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.6404em;top:33.0352em;z-index:1956;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_308"&gt;4,795  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0404em;top:33.0352em;z-index:1968;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:1.142em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_324"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;4,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Derivative financial instruments to hedge future cash flow (currency)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:34.4539em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;646&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Derivative financial instruments to hedge future cash flow (interest)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2011em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8786em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5398em;top:35.3695em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;705&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7311em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Financial assets/liabilities used as hedging instruments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1936em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.3073em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9686em;top:36.2795em;"&gt;&lt;span class="stl_261 stl_16 stl_275"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,35&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7304em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;Liability relating to phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2004em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0711em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7323em;top:37.6983em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;917&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7298em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0349em;"&gt;Financial liabilities measured at fair value through the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1923em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9111em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5723em;top:38.6083em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_106"&gt;7)  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory>
   <ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory contextRef="ctx1" id="fact2471" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_26" style="word-spacing:0.016em;"&gt;Note 24  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_43" style="word-spacing:0.0066em;"&gt;Deferred consideration  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:12.7083em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Deferred consideration, product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.979em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2946em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;638  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7434em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;638  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.7577em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Deferred consideration, license agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.094em;top:14.7577em;z-index:2992;"&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;287&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;436  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7902em;top:14.7577em;"&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;304&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_249"&gt;019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:14.7577em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2559em;top:14.7577em;"&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;591&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;455  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.914em;top:15.7739em;"&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_402"&gt;7,436  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0646em;top:15.7739em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_65"&gt;4,657  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4202em;top:15.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.5346em;top:15.7739em;"&gt;&lt;span class="stl_257 stl_16 stl_127"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_280"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;93  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:18.0027em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:19.0302em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Deferred consideration, product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0765em;top:19.0302em;z-index:3094;"&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;57&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;667  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2777em;top:19.0302em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;972&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;862  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:19.0302em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7234em;top:19.0302em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_47"&gt;550&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;529  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:20.052em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;Deferred consideration, license agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.979em;top:20.052em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7559em;top:20.052em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;596&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;228  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:20.052em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2046em;top:20.052em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;596&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_85"&gt;228  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:21.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9152em;top:21.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_53"&gt;577,667  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.0746em;top:21.0683em;"&gt;&lt;span class="stl_257 stl_16 stl_127"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_419"&gt;,569,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_74"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_74"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4202em;top:21.0683em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.599em;top:21.0683em;z-index:3205;"&gt;&lt;span class="stl_261 stl_16 stl_339"&gt;3,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_651"&gt;46,757  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.6777em;"&gt;&lt;span class="stl_261 stl_16 stl_506" style="word-spacing:-0.0378em;"&gt;Product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.5164em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;The Asset Purchase Agreement with GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3495em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;includes milestone payments relating to transfer and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.1827em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;registration of marketing authorizations, technology  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;transfer of different steps of the production and pack-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.8489em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;aging activities as well as a milestone payment when  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.682em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;all services agreed to be rendered by GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.5152em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;has been completed. In total EUR 470 million. During  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.3483em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;2022 two milestone payments of a total of EUR 80  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.1814em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;million was paid. The payments are presented as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.0145em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;cash flow from investment activities in the cash flow  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.8477em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0317em;"&gt;statement. The majority of the remaining milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:32.6808em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;payments are expected to be payable in 2024. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.5139em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;completion milestone is expected to be payable begin-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.347em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;ning of 2025.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.0139em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;The Asset Purchase Agreement with GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:36.847em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.0361em;"&gt;also includes a sales milestone of EUR 25 million. As per  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:22.6802em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;December 31, 2022 Management does not judge the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:23.5133em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;sales milestone to be probable and therefore the sales  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:24.3464em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;milestone has not been recognized as either part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:25.1795em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0294em;"&gt;product rights (note 15) nor the deferred consideration.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The carrying amount are measured using a discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:27.6795em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0246em;"&gt;rate of 4% per annum. The discount rate was deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:28.5127em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;mined at intial recognition based on an interest rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:29.3458em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;on a similar loan of the same size and maturity as the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:30.1789em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;contingent milestone payments and the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:31.012em;"&gt;&lt;span class="stl_255 stl_20 stl_214" style="word-spacing:-0.0234em;"&gt;credit rating as of December 31, 2019.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:32.6789em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;The fair value of the deferred consideration as per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:33.512em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;December 31, 2022 amounts to DKK 1,937 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:34.3452em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;2,564 million), measured using the updated discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:35.1783em;"&gt;&lt;span class="stl_255 stl_20 stl_76" style="word-spacing:-0.0199em;"&gt;rate of 6.7% (3.7%). The discount rate has been deter-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:36.0114em;"&gt;&lt;span class="stl_255 stl_20 stl_412" style="word-spacing:-0.038em;"&gt;mined based on the same components as described  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:36.8445em;"&gt;&lt;span class="stl_255 stl_20 stl_235"&gt;above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0327em;"&gt;License agreement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;Under the terms of the license and collaboration agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;ment concluded with AdaptVac July 2020, the Company  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;is committed to payment of potential future develop-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;ment and sales milestones and tiered royalties.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;In December 2021, the Company announced positive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;topline results from the Phase 2 clinical trial. These  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;results was confirmed by the six-month follow-up  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;analysis in October 2022, showing that the strong  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;booster responses are maintained after six months post  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;vaccination at levels associated with a high degree of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0281em;"&gt;efficacy. In September 2022, the Company initiated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;the Phase 3 clinical trial. The read-out are expected in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;beginning of 2023. Based on the positive clinical results  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.8827em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Management assesses that the likelyhood of future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;regulatory approval of the Company's COVID-19 vaccine  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;is high, hence milestone payments to AdaptVac are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.382em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;expected to become payable. Based on current regu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;latory plans and expectations for future revenue from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.035em;"&gt;sale of the COVID-vacine all sales milestones and part  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;of the development milestones are assumed probable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.7145em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;and recognized as deferred consideration.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The carrying amount are measured using a discount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;rate of 3.7% per annum. The discount rate has been  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0283em;"&gt;determined at intial recognition based on an interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;rate on a similar loan of the same size and maturity as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.7139em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;the contingent milestone payments and the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.547em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;credit rating as of December 31, 2021.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;The fair value of the deferred consideration as per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.047em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;December 31, 2022 amounts to DKK 553 million (DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0248em;"&gt;596 million), measured using the updated discount rate  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2133em;"&gt;&lt;span class="stl_255 stl_20 stl_42" style="word-spacing:-0.0242em;"&gt;of 6.7% (3.7%). The discount rate has been determined  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0464em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0355em;"&gt;based on the same components as described above.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Royalties payable under the license and collaboration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;agreement with AdaptVac will be expensed in concur-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.3795em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;rence with future sales, hence not assessed and recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:15.2127em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;nized as a liability as of December 31, 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8795em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;The cash flow from payment of deferred consideration  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0291em;"&gt;will be recognized as cash flow from investment activ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_217"&gt;ities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:20.4779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5247em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Deferred consideration including contingent milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;payments is recognized when its payment is probable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;and it can be measured reliably and is at initial recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;nition measured at fair value which equals present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;value of future deferred payments. Subsequently, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;deferred consideration is measured at amortized cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;This means that the difference between the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3566em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;value of the consideration and the nominal amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1897em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;due is recognized in the income statement as a finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.0228em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;cial expense over the period until expected payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8559em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;date using the effective interest method.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5228em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;The expected phasing of future payments and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.3559em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;probability of contingent payments are assessed on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:33.1891em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;each reporting date and the impact is recognized as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:34.0222em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;financial item.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory contextRef="ctx1" id="fact2478" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.0198em;top:20.4779em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.5247em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Deferred consideration including contingent milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;payments is recognized when its payment is probable  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:23.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;and it can be measured reliably and is at initial recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;nition measured at fair value which equals present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;value of future deferred payments. Subsequently, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;deferred consideration is measured at amortized cost.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;This means that the difference between the present  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3566em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;value of the consideration and the nominal amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1897em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;due is recognized in the income statement as a finan-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.0228em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;cial expense over the period until expected payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8559em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;date using the effective interest method.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5228em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;The expected phasing of future payments and the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:32.3559em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;probability of contingent payments are assessed on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:33.1891em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;each reporting date and the impact is recognized as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:34.0222em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;financial item.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForContingentLiabilitiesAndContingentAssetsExplanatory>
   <ifrs-full:DisclosureOfGovernmentGrantsExplanatory contextRef="ctx1" id="fact2479" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_222" style="word-spacing:-0.005em;"&gt;Note 25  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_438" style="word-spacing:0.0092em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:12.7083em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.979em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.7534em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4277em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2021em;top:13.7358em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9715em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.5884em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;566,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4202em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0371em;top:14.752em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;566,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.9808em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9796em;top:18.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8284em;top:18.0083em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:18.0083em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2771em;top:18.0083em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.0245em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.9727em;top:19.0245em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.6602em;top:19.0245em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_575"&gt;11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4215em;top:19.0245em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.109em;top:19.0245em;"&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_575"&gt;11  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:20.6339em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Agreement with Danish Ministry of Health  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:21.4727em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;In August 2021, the Company entered a funding agree-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:22.3058em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;ment with the Danish Ministry of Health to further  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:23.1389em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;advance the development of ABNCoV2.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:24.8058em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The agreement is valued at up to DKK 800 million and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;aims to support the completion of the development  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:26.472em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;towards licensure of ABNCoV2 as a booster vaccine.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:28.1389em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Under the agreement, Bavarian Nordic is entitled to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:28.972em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;an upfront payment of DKK 80 million, in addition to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:29.8052em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;payments of up to DKK 720 million, which are contin-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:30.6383em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;gent upon reaching a number of predefined milestones  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:31.4714em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;including among others Phase 3 development mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:32.3045em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;stones and milestones related to upscaling of manu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:33.1377em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;facturing for commercial production of the vaccine.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:33.9708em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;As per December 31, 2022 the Company has received  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:20.6377em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the upfront payment of DKK 80 million and&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.634em;top:20.6377em;"&gt;&lt;span class="stl_255 stl_20 stl_409"&gt;milestone  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:21.4708em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0339em;"&gt;payments amounting to DKK 480 million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:23.1377em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The Danish Ministry of Health could be entitled to an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:23.9708em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;additional, capped royalty payment if the sales reach a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:24.8039em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;certain threshold above the sales volume for the ordi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:25.637em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0336em;"&gt;nary royalty payment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:27.3039em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;Based on current sales forecasts this additional royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:28.137em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;payment is not deemed likely and therefore not recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:28.9702em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;nized. If the payment becomes current it will be recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:29.8033em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;nized as a financial expense as the additional royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:30.6364em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;payment is seen as an extra interest payment.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:32.3033em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The cap for the additional royalty payment is a fixed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7227em;top:33.1364em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;amount, calculated as a percentage of the loan amount.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government consists of an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;upfront payment and additional milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;from the Danish Ministry of Health to support the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;completion of the development of ABNCoV2, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Company’s COVID-19 vaccine candidate. The additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;payments are contingent upon reaching of a number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;predefined development milestones. All payments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;potentially subject to repayment, however only upon  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;successful marketing authorization of the vaccine by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;the European Commission. Half of the repayments shall  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;be paid by delivery of vaccines to the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Health whereas the remaining part of the repayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;can be settled in either royalty payments from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;sale of the vaccine to other customers or by delivery of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;further vaccines. Royalty payments are only triggered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;upon reaching a certain volume in sales. Upon approval  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.893em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the vaccine the repayment obligation is adjusted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;by inflation. The Company considers it probably that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;approval will be obtained and the received payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;will be repaid to the&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.516em;top:27.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Danish Ministry of Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;The repayment obligation is accounted for as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;prepayment in respect of the part that shall be repaid  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;by delivery of vaccines whereas the part that can  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;be repaid either by delivery of further vaccines or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;by royalty payments is accounted for as a financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;liability. Initially the payments from the Danish Ministry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.058em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;of Health is measured at the amount received that is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8912em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;considered equal to the fair value of the obligation to  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2137em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;repay the amount to the Danish Ministry of Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0468em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Since the split between supply of vaccines and royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8799em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;payments is unknown at this stage Management has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.713em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;decided to recognize the received milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5462em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;under one common line item "Prepayment and loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.3793em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;from Government".  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.0462em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Subsequent the financial liability part is measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8793em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost. The prepayment part is accounted for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7124em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;as a prepayment under IFRS 15. The interest rate used  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5455em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;that is implicit in the transaction is based on an assess-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3787em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;ment of the company’s incremental borrowing rate. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2118em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;amortizations and the implicit interest are presented as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0449em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.037em;"&gt;amortization expenses under financial expenses.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.3403em;top:22.9779em;"&gt;&lt;span class="stl_602 stl_16 stl_217" style="word-spacing:-0.0309em;"&gt;Significant accounting judgments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.0247em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;Management has made the following accounting judg-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.8578em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;ment which affect the recognition in the consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.6909em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;financial statements:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3578em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0313em;"&gt;Management assesses a high likelyhood of regula-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:28.1909em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;tory approval of the vaccine, hence assumes that the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.0241em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;already received milestone payments and the mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.8572em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;stone payments to be received in the comming year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:30.6903em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;will be repaid in either supply of vaccines or royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:31.5234em;"&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;payments.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfGovernmentGrantsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants contextRef="ctx1" id="fact2486" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:10.5162em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.563em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government consists of an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:12.3962em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;upfront payment and additional milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:13.2293em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;from the Danish Ministry of Health to support the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.0624em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;completion of the development of ABNCoV2, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:14.8955em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;Company’s COVID-19 vaccine candidate. The additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.7287em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;payments are contingent upon reaching of a number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:16.5618em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;predefined development milestones. All payments are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:17.3949em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;potentially subject to repayment, however only upon  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.228em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;successful marketing authorization of the vaccine by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.0612em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;the European Commission. Half of the repayments shall  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.8943em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;be paid by delivery of vaccines to the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:20.7274em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;Health whereas the remaining part of the repayments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:21.5605em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;can be settled in either royalty payments from the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:22.3937em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;sale of the vaccine to other customers or by delivery of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:23.2268em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;further vaccines. Royalty payments are only triggered  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.0599em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.0331em;"&gt;upon reaching a certain volume in sales. Upon approval  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:24.893em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the vaccine the repayment obligation is adjusted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:25.7262em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;by inflation. The Company considers it probably that  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:26.5593em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;approval will be obtained and the received payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;will be repaid to the&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.516em;top:27.3924em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;Danish Ministry of Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.0593em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.027em;"&gt;The repayment obligation is accounted for as a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:29.8924em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;prepayment in respect of the part that shall be repaid  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:30.7255em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;by delivery of vaccines whereas the part that can  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:31.5587em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;be repaid either by delivery of further vaccines or  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:32.3918em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;by royalty payments is accounted for as a financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.2249em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;liability. Initially the payments from the Danish Ministry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.058em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;of Health is measured at the amount received that is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.8912em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;considered equal to the fair value of the obligation to  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:10.2137em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;repay the amount to the Danish Ministry of Health.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.0468em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Since the split between supply of vaccines and royalty  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:11.8799em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;payments is unknown at this stage Management has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:12.713em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.03em;"&gt;decided to recognize the received milestone payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:13.5462em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0319em;"&gt;under one common line item "Prepayment and loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:14.3793em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0231em;"&gt;from Government".  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.0462em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;Subsequent the financial liability part is measured at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:16.8793em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0305em;"&gt;amortized cost. The prepayment part is accounted for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:17.7124em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;as a prepayment under IFRS 15. The interest rate used  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:18.5455em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;that is implicit in the transaction is based on an assess-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:19.3787em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;ment of the company’s incremental borrowing rate. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:20.2118em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;amortizations and the implicit interest are presented as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7483em;top:21.0449em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.037em;"&gt;amortization expenses under financial expenses.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForGovernmentGrants>
   <ifrs-full:DisclosureOfDebtSecuritiesExplanatory contextRef="ctx1" id="fact2488" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_50" style="word-spacing:0.011em;"&gt;Note 26  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_300" style="word-spacing:0.0045em;"&gt;Debt to credit institutions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.0352em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_380" style="word-spacing:-0.0403em;"&gt;Due within&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.064em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_344" style="word-spacing:-0.036em;"&gt;Due between  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.9484em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0377em;"&gt;Due after  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.0295em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.4071em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_214"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.3602em;top:11.0239em;"&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.018em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_263" style="word-spacing:-0.0304em;"&gt;and 5 year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5659em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_129" style="word-spacing:-0.0255em;"&gt;5 years  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:12.7083em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.7358em;"&gt;&lt;span class="stl_255 stl_20 stl_635" style="word-spacing:-0.0387em;"&gt;Mortgage &lt;/span&gt;&lt;sup style="top: -0.2076em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7309em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;922  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.4228em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;283  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.149em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;725  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5778em;top:13.7363em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6659em;top:14.7581em;z-index:218;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.704em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4284em;top:14.7581em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.839em;top:14.7581em;z-index:235;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.7744em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.4071em;top:15.7744em;z-index:250;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_325"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3071em;top:15.7744em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.0334em;top:15.7744em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.584em;top:15.7744em;z-index:269;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_124"&gt;122&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_124"&gt;,59&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_124"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:18.0031em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:19.0307em;"&gt;&lt;span class="stl_255 stl_20 stl_635" style="word-spacing:-0.0387em;"&gt;Mortgage &lt;/span&gt;&lt;sup style="top: -0.2071em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.7844em;top:19.0316em;z-index:294;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;178  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.425em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.8294em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;10&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;223  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6275em;top:19.0316em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:20.0535em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0356em;"&gt;European Investment Bank (loan in DKK) &lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.1118em;top:20.0537em;z-index:367;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7036em;top:20.0537em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.428em;top:20.0537em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2849em;top:20.0537em;z-index:382;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7136em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:20.0211em;top:21.0756em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7036em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.428em;top:21.0756em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.1949em;top:21.0756em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:22.0919em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.9018em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_597"&gt;74,373  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.3087em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_237"&gt;,673  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6943em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_565"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_200"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0786em;top:22.0919em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_43"&gt;93,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_303"&gt;69  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.5797em;"&gt;&lt;span class="stl_251 stl_20 stl_59" style="word-spacing:-0.0415em;"&gt;1) Floating interest – swapped to fixed interest of 0.9625% – expiry 2031  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3992em;"&gt;&lt;span class="stl_251 stl_20 stl_138" style="word-spacing:-0.0427em;"&gt;2) Fixed interest of 3.532% - bullet loan repaid in October 2022  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.0551em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The fair value of the debt to credit institutions amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.8883em;"&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;to DKK 1,122.6 million (DKK 893.5 million). The fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.7214em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0326em;"&gt;value of mortgage debt is based on the market value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.5545em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0287em;"&gt;of the underlying bonds set by the bank (level 2),  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.3876em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;whereas the fair value of the security lending is based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.2208em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;on a discounted cash analysis flow of future payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.0539em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;of interest and principal by applying a market based  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:31.887em;"&gt;&lt;span class="stl_255 stl_20 stl_110" style="word-spacing:-0.0191em;"&gt;discount rate (level 2).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:33.5539em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The tables below detail changes in the Group's liabil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:34.387em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ities arising from financing activities, both cash and  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.0539em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.034em;"&gt;non-cash changes. Liabilities arising from financing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:26.887em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;activities are those for which cash flows were, or future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:27.7201em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;cash flows will be, classified in the Group's consolidated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:28.5533em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;statement of cash flow as cash flows from financing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7221em;top:29.3864em;"&gt;&lt;span class="stl_255 stl_20 stl_140"&gt;activities.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0358em;"&gt;Cash flow from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9877em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_620"&gt;January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6227em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9708em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_653"&gt;Non-cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4833em;top:11.0595em;"&gt;&lt;span class="stl_261 stl_16 stl_345"&gt;December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:11.8152em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.122em;top:11.8095em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.817em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5414em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9552em;top:11.8095em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:13.4939em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:14.5214em;"&gt;&lt;span class="stl_255 stl_20 stl_635"&gt;Mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4795em;top:14.5214em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3145em;top:14.5214em;z-index:1527;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;144&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:14.5214em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6039em;top:14.5214em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;18&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_563"&gt;930  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0337em;"&gt;European Investment Bank (loan in DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1377em;top:15.5433em;z-index:1585;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6539em;top:15.5433em;z-index:1595;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;195&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_11"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1783em;top:15.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:16.5652em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.047em;top:16.5652em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.8133em;top:16.5652em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;603&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4539em;top:16.5652em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.8645em;top:16.5652em;z-index:1665;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_260"&gt;103&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:17.587em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1289em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7676em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;400&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.1795em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_333"&gt;909  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2289em;top:17.587em;"&gt;&lt;span class="stl_268 stl_20 stl_72"&gt;566&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;420  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:18.6089em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4233em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9745em;top:18.6089em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_356"&gt;981&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_356"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8602em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;13&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;489  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6089em;top:18.6089em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;70&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;321  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:19.6252em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Total liabilities from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.4633em;top:19.6252em;z-index:1834;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;,593  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6751em;top:19.6252em;"&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_654"&gt;7,34&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_654"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.7564em;top:19.6252em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;9,39&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6245em;top:19.6252em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_11"&gt;,759,33&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_11"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9876em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_620"&gt;January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.6226em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;Cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.9708em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_653"&gt;Non-cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.4833em;top:21.6177em;"&gt;&lt;span class="stl_261 stl_16 stl_345"&gt;December  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7401em;top:22.3733em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1395em;top:22.3677em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:57.817em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.5414em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;movement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.9726em;top:22.3677em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:24.052em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:25.0795em;"&gt;&lt;span class="stl_255 stl_20 stl_635"&gt;Mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4189em;top:25.0795em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;247  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:59.3295em;top:25.0795em;z-index:1954;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_548"&gt;173&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_548"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4533em;top:25.0795em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.652em;top:25.0795em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;21&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7389em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0337em;"&gt;European Investment Bank (loan in DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.1364em;top:26.1014em;z-index:2012;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.7283em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4526em;top:26.1014em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3095em;top:26.1014em;z-index:2027;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;372&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;195  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7383em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Security lending (repo transactions)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.0039em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7708em;top:27.1233em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4533em;top:27.1233em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2202em;top:27.1233em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;500&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:28.1452em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Prepayment and loan from Government  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.0051em;top:28.1452em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.7976em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;000  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7195em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.3026em;top:28.1452em;"&gt;&lt;span class="stl_268 stl_20 stl_51"&gt;160&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_585"&gt;511  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7401em;top:29.167em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;Lease liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:54.4414em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;74&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;623  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.9758em;top:29.167em;z-index:2182;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;507&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_237"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.8651em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;23&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;697  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5964em;top:29.167em;"&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;78&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;813  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7395em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0344em;"&gt;Total liabilities from financing activities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.9289em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;47&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_48"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_74"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;65  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:58.6358em;top:30.1833em;"&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;63&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_298"&gt;,3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:63.6995em;top:30.1833em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;208  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:67.6358em;top:30.1833em;z-index:2264;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;,593  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfDebtSecuritiesExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory contextRef="ctx1" id="fact2492" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.0119em;top:32.0612em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.108em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0283em;"&gt;Loans are measured at the time of borrowing at fair  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:33.9411em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;value less any transaction costs. Subsequently, debt is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:34.7742em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;measured at amortized cost. This means that the differ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:35.6074em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;ence between the proceeds of the loan and the amount  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:36.4405em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;to be repaid is recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:37.2736em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;the term of the loan as a financial expense using the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:38.1067em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;effective interest method.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory>
   <ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory contextRef="ctx1" id="fact2493" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_43" style="word-spacing:0.0065em;"&gt;Note 28  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_408" style="word-spacing:0.011em;"&gt;Prepayment from customers  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1919em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9888em;top:10.2188em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:10.2244em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.9088em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Prepayment from customers as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7907em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;904  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5963em;top:11.9088em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;74&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;347  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Prepayments received during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3825em;top:12.9307em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5632em;top:12.9307em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;33&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;850  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;Recognized as revenue during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6057em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;904&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4032em;top:13.9525em;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;91&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;293&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_309"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7238em;top:14.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_217" style="word-spacing:-0.0308em;"&gt;Prepayment from customers as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_217" style="word-spacing:-0.0308em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.375em;top:14.9688em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4282em;top:14.9688em;"&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;6,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;4  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:17.0563em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The HPV license and collaboration agreement with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:17.8894em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Janssen regarding production of Master Seed Virus has  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:18.7225em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;been terminated and therefore the upfront payment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:19.5557em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;DKK 16.9 million (USD 2.5 million) has been recognized  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:20.3888em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0255em;"&gt;as revenue in 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7232em;top:22.0557em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;The recognition of revenue is described in note 3.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:23.9829em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.0296em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0297em;"&gt;Prepayments are recognized under liabilities and will  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.8628em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;be recognized in the income statement as the delivery  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.6959em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;of paid products takes place.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory>
   <ifrs-full:DisclosureOfRelatedPartyExplanatory contextRef="ctx1" id="fact2496" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_300" style="word-spacing:0.0045em;"&gt;Note 29  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_86" style="word-spacing:0.0013em;"&gt;Related party transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:10.1634em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;The Group Management and Board of Directors of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:10.9965em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Bavarian Nordic A/S are considered related parties.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:12.6634em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;Besides the remuneration of the Board of Directors and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:13.4965em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the Executive Management, cf. note 8, and the share-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:14.3296em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;based payments, cf. note 30, there are no transactions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:15.1628em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;with related parties.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:16.8296em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;Transactions with subsidiaries are eliminated in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:17.6628em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;consolidated financial statements, in accordance with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.74em;top:18.4959em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;the accounting policies.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfRelatedPartyExplanatory>
   <ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory contextRef="ctx1" id="fact2497" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.2722em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.3189em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Share-based incentive plans in which employees can  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.1521em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;only opt to buy shares in the Company (warrants) are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9852em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;measured at the equity instruments’ fair value at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.8183em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;grant date and recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.6514em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;over the vesting period. The balancing item is recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.4846em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;nized directly in equity. The fair value on the date of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.3177em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;grant is determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.9846em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Cash-based incentive programs in which employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.8177em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;can have the difference between the agreed exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;cise price and the actual share price settled in cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.4839em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;(phantom shares) are measured at fair value at the date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.3171em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;of grant and recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.1502em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;the period when the final right of cash-settlement is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.9833em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;obtained. Granted rights are subsequently re-measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;on each balance sheet date and upon final settlement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.6496em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;and any changes in the fair value of the programs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;recognized in the income statement. The balancing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;item is recognized under other liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.9827em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The fair value of the cash-based incentive programs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.8158em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Restricted stock units are measured at fair value at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;grant date. Based on the achieved cash bonus for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.1489em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;members of the Executive Management, subject to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.9821em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Board of Directors’ decision on the portion that should  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.8152em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;be converted to restricted stock units, the number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.6483em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;restricted stock units are calculated by dividing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.4814em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;allocated cash bonus amount by the share price of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Company at grant date. As the cash bonus has already  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;been accrued and expensed in the income statement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.1477em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;the grant of restricted stock units has no additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.9808em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;impact on the income statement. The accrued liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.8139em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;for the converted cash bonus is reclassified to equity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.6471em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares are measured at the same fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.4802em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;as the initial restricted stock units and expensed over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.3133em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the three year vesting period. The balancing item is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.1464em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;recognized directly in equity. Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.9796em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;granted as sign-on bonus for members of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.8127em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Management and restricted stock units granted to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.6458em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Board of Directors are expensed at grant date with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.4789em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;balancing item recognized directly in equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.1402em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.033em;"&gt;Incentive plans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;In order to motivate and retain key employees and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.8121em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;encourage the achievement of common goals for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.6452em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;employees, management and shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.4783em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;Company has established incentive plans by way of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.3114em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;warrant programs and restricted stock units programs,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.1446em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;the latter only for members of the Executive Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.9777em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;ment and Board of Directors.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.6446em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Furthermore, the Company has established three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.4777em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;phantom share programs for all employees of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.3108em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Group except for Executive Management and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.1439em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;employees receiving warrants.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.8052em;"&gt;&lt;span class="stl_261 stl_16 stl_140"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.6439em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Board of Directors has been granting warrants to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.4771em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;the Company´s management and selected employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;of the Company and its subsidiaries.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;The warrants are granted in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.1433em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;authorizations given to the Board of Directors by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.9764em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;shareholders. The Board of Directors has fixed the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:13.8096em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;terms of and the size of the grants of warrants, taking  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.6427em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;into account authorizations from the shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.4758em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;Group's guidelines for incentive pay, an assessment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.3089em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;expectations of the recipient´s work efforts and contri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.1421em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;bution to the Group´s growth, as well as the need to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.9752em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;motivate and retain the recipient. Grant takes place on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.8083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;the date of establishment of the program. Exercise of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:19.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;warrants is by default subject to continuing employ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:20.4746em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ment with the Group. The warrants granted are subject  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.3077em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;to the provisions of the Danish Public Companies Act  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.1408em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;regarding termination of employees prior to their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.9739em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;exercise of warrants in the case of recipients who are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:23.8071em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0377em;"&gt;subject to the act.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.2659em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.124em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.7334em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.038em;"&gt;Can be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9852em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_215"&gt;Average  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.4552em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.3134em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.350em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0282em;"&gt;exercised as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.9915em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_78"&gt;exercise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0312em;"&gt;Warrant overview – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.0796em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7909em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_256"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.584em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_410"&gt;Exercised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3827em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;Annulled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4371em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_129"&gt;Terminated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.9202em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.8809em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.1452em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_90" style="word-spacing:-0.0315em;"&gt;price (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_11"&gt;2016  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0659em;top:13.4639em;z-index:318;"&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;661  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3415em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0659em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7902em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7727em;top:13.4639em;z-index:334;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_526"&gt;7&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_650"&gt;661&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_650"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4752em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4359em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3734em;top:13.4639em;"&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;206  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0367em;"&gt;July &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0596em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_583"&gt;074  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7559em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_323"&gt;34&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;074&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_314"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4759em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3684em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7134em;top:15.5077em;z-index:413;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;189&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;609  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4321em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;60&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3552em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;526&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4215em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;188&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;023&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4759em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3871em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.7034em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_299"&gt;515&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;684  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3415em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.9434em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_79"&gt;266&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;923&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_402"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.349em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;053&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5665em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.5271em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4046em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6834em;top:17.5514em;"&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;625&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;984  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.014em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;26&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;491&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_286"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5152em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.584em;top:17.5514em;z-index:568;"&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;599&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;493  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:17.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.4109em;top:17.5514em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_462" style="word-spacing:-0.0433em;"&gt;January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:18.0359em;top:18.5733em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5152em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.894em;top:18.5733em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:18.5733em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3971em;top:18.5733em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.299em;top:19.5952em;z-index:644;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_596"&gt;176&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;964  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9852em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;64&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_300"&gt;894&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_300"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5152em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1827em;top:19.5952em;z-index:673;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;112&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;070  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:19.5952em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.389em;top:19.5952em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:17.6815em;top:20.617em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;706&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;469  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.3421em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0078em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_313"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;50&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;695&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5959em;top:20.617em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;655&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_296"&gt;774  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:20.617em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3928em;top:20.617em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;353  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_346" style="word-spacing:-0.041em;"&gt;April &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6178em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7453em;top:21.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;81&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;872  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.879em;top:21.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;81&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;872  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:21.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3928em;top:21.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;190  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:19.6178em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.4434em;top:22.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;932&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;051  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.0665em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.7909em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5153em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5771em;top:22.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_239"&gt;932&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_325"&gt;051  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.4365em;top:22.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1084em;top:22.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;225&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_134"&gt;/&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;271  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.954em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7665em;top:23.677em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_548"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7509em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_294"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;66,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_335"&gt;3)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5446em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;,659)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2302em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_353"&gt;99,75&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.8384em;top:23.677em;"&gt;&lt;span class="stl_261 stl_16 stl_514"&gt;3,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3534em;top:23.677em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_231"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;08  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.2365em;top:26.0159em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.8196em;top:26.0159em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7471em;top:26.0171em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;Recognized costs in 2022 DKK 42.9 million compared to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4259em;top:26.7659em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.009em;top:26.7659em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7471em;top:26.8503em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0341em;"&gt;DKK 31.3 million in 2021.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0312em;"&gt;Warrant overview – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0503em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7615em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_256"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5546em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_410"&gt;Exercised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3534em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;Annulled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4078em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_129"&gt;Terminated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.1203em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_128"&gt;Transferred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.6159em;top:27.5159em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.684em;top:29.2059em;"&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;743&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_350"&gt;346  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3896em;top:29.2059em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;126&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;487  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0371em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7615em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4196em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;143&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_542"&gt;901&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_542"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2103em;top:29.2059em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2578em;top:29.2059em;"&gt;&lt;span class="stl_268 stl_20 stl_237"&gt;725&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;932  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7559em;top:30.2278em;z-index:1206;"&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;418&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4065em;top:30.2278em;"&gt;&lt;span class="stl_268 stl_20 stl_258"&gt;185&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;457  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.0365em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7609em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4853em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1771em;top:30.2278em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_584"&gt;174&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_336"&gt;070&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_336"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2703em;top:30.2278em;z-index:1243;"&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;429&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_172"&gt;550  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Other employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.1528em;top:31.2496em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;880&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4209em;top:31.2496em;"&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;701&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;979  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9634em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;145&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;833&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7071em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;151&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;659&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7128em;top:31.2496em;"&gt;&lt;span class="stl_255 stl_20 stl_585"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;65&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;579&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.1871em;top:31.2496em;z-index:1317;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_658"&gt;237&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;144&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_282"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8396em;top:31.2496em;z-index:1328;"&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_212"&gt;982&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;Resigned employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.7284em;top:32.2715em;"&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;314&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_571"&gt;612  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.3121em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0346em;top:32.2715em;z-index:1368;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;121&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;150&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_12"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7609em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6978em;top:32.2715em;"&gt;&lt;span class="stl_255 stl_20 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;90&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_258"&gt;278&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_258"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.3621em;top:32.2715em;"&gt;&lt;span class="stl_268 stl_20 stl_306"&gt;411&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_485"&gt;214  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.264em;top:32.2715em;"&gt;&lt;span class="stl_268 stl_20 stl_630"&gt;514&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;398  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.924em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7365em;top:33.2878em;"&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_548"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;3,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7209em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_150"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_294"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_250"&gt;66,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_335"&gt;3)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5146em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;,659)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.2003em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_353"&gt;99,75&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2021em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.5328em;top:33.2878em;"&gt;&lt;span class="stl_261 stl_16 stl_210"&gt;3,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_110"&gt;00&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_110"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:34.9134em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0293em;"&gt;Weighted average exercise price (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.7715em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_485"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_485"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4696em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;53  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2115em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9146em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.639em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.2021em;top:34.9134em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3346em;top:34.9134em;"&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:35.9353em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0282em;"&gt;Weighted average share price at exercise (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1953em;top:35.9353em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;47  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:37.5665em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Number of warrants which can be exercised as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2609em;top:37.5665em;"&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;240&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;708  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:38.5884em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0249em;"&gt;at a weighted average exercise price of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.414em;top:38.5884em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.1896em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7727em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.379em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.9621em;top:11.0239em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0312em;"&gt;Warrant overview – &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0034em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_620" style="word-spacing:-0.049em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7146em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_256"&gt;Additions  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5077em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_410"&gt;Exercised  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3065em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;Annulled  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.3609em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_129"&gt;Terminated  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.0734em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128"&gt;Transferred  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.569em;top:11.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6496em;top:13.4639em;z-index:255;"&gt;&lt;span class="stl_268 stl_20 stl_573"&gt;439&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;402  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.419em;top:13.4639em;z-index:264;"&gt;&lt;span class="stl_268 stl_20 stl_660"&gt;137&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;030  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.9896em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.714em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4384em;top:13.4639em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2702em;top:13.4639em;"&gt;&lt;span class="stl_268 stl_20 stl_43"&gt;166&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;914  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.219em;top:13.4639em;"&gt;&lt;span class="stl_268 stl_20 stl_587"&gt;743&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_350"&gt;346  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0334em;"&gt;Other Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6102em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;723&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_231"&gt;326  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.339em;top:14.4858em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;108&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_246"&gt;788  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.2302em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;709&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_52"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.714em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.4384em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.0384em;top:14.4858em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_79"&gt;382&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_522"&gt;242&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_522"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2909em;top:14.4858em;z-index:369;"&gt;&lt;span class="stl_268 stl_20 stl_70"&gt;418&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;Other employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.0865em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;062&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;360  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.3515em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;470&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_65"&gt;438  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.9484em;top:15.5077em;z-index:414;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_562"&gt;327&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_315"&gt;617&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_315"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6171em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_636"&gt;241&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;960&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6596em;top:15.5077em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;14&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_343"&gt;725&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_343"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.454em;top:15.5077em;z-index:442;"&gt;&lt;span class="stl_255 stl_20 stl_311"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;133&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.6877em;top:15.5077em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;880&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;363  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;Resigned employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:22.6846em;top:16.5295em;z-index:480;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;167&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;901  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.264em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.904em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_337"&gt;135&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_52"&gt;275&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_52"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7127em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.004em;top:16.5295em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;475&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:46.2434em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_310"&gt;283&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;461  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.2634em;top:16.5295em;"&gt;&lt;span class="stl_268 stl_20 stl_12"&gt;314&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_571"&gt;612  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.909em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_170"&gt;3,39&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.1809em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_45"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_304"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_326"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;56  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6984em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;(494,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_639"&gt;01&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_639"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4159em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_237"&gt;,96&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.4959em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_331"&gt;6,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;200&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1527em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.4571em;top:17.5458em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;3,356,4&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:19.1714em;"&gt;&lt;span class="stl_261 stl_16 stl_87" style="word-spacing:-0.0293em;"&gt;Weighted average exercise price (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6984em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;188  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.4159em;top:19.1714em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1734em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_340"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_340"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.8852em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;94  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.584em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_331"&gt;20&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_331"&gt;6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.1527em;top:19.1714em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3046em;top:19.1714em;"&gt;&lt;span class="stl_257 stl_16 stl_485"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_485"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:20.1933em;"&gt;&lt;span class="stl_261 stl_16 stl_216" style="word-spacing:-0.0282em;"&gt;Weighted average share price at exercise (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1565em;top:20.1933em;"&gt;&lt;span class="stl_261 stl_16 stl_313"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:21.8245em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Number of warrants which can be exercised as of December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_305"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.1852em;top:21.8245em;"&gt;&lt;span class="stl_268 stl_20 stl_156"&gt;301&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;344  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:22.8464em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0249em;"&gt;at a weighted average exercise price of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.3565em;top:22.8464em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;242  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.1786em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5634em;top:25.1786em;"&gt;&lt;span class="stl_261 stl_16 stl_133" style="word-spacing:-0.002em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_262" style="word-spacing:1.1093em;"&gt;2018 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133" style="word-spacing:-0.002em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_260"&gt;201&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_260"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.0484em;top:25.1786em;"&gt;&lt;span class="stl_261 stl_16 stl_488" style="word-spacing:-0.0427em;"&gt;Jan. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_259" style="word-spacing:1.0787em;"&gt;2020 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_455" style="word-spacing:-0.0027em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_52" style="word-spacing:1.0923em;"&gt;2020 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_133" style="word-spacing:-0.002em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_258" style="word-spacing:1.2457em;"&gt;2021 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_72" style="word-spacing:-0.022em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151" style="word-spacing:0.552em;"&gt;2022 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_488" style="word-spacing:-0.0427em;"&gt;Dec. &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445" style="word-spacing:0.0222em;"&gt;2022 &lt;/span&gt;&lt;sup style="top: -0.2081em;"&gt;&lt;span class="stl_266 stl_16 stl_340"&gt;3)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.8688em;"&gt;&lt;span class="stl_255 stl_20 stl_103" style="word-spacing:-0.0237em;"&gt;Average share price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.6352em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_314"&gt;159&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2652em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;154&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;05  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9452em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_589"&gt;171&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.6052em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;179&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;84  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2777em;top:26.8688em;z-index:1048;"&gt;&lt;span class="stl_268 stl_20 stl_265"&gt;307&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9352em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_302"&gt;171&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;35  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5752em;top:26.8688em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;224&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.8907em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0245em;"&gt;Average exercise price at grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.629em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_579"&gt;179&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;60  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2596em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;185&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;40  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.979em;top:27.8907em;z-index:1119;"&gt;&lt;span class="stl_268 stl_20 stl_662"&gt;197&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.5584em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_492"&gt;206&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;82  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.2421em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_179"&gt;353&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_412"&gt;06  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.9921em;top:27.8907em;z-index:1143;"&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;190&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;11  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.579em;top:27.8907em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;270&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_26"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;91  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:28.9126em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;Average exercise price at grant - Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.5759em;top:28.9126em;"&gt;&lt;span class="stl_268 stl_20 stl_445"&gt;224&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;70  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:29.9344em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0261em;"&gt;Average exercise price determined at date of rights issue March &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18" style="word-spacing:0em;"&gt;, &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.5996em;top:29.9344em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;142&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_114"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.2471em;top:29.9344em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;146&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_344"&gt;60  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.9296em;top:29.9344em;"&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;155&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;80  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:30.9563em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.031em;"&gt;Applied volatility rate &lt;/span&gt;&lt;sup style="top: -0.2072em;"&gt;&lt;span class="stl_476 stl_20 stl_292"&gt;2&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_292"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.7165em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;53&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3621em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;52&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_307"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.0433em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_184"&gt;53&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.7215em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.3846em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0133em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.7071em;top:30.9573em;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_307"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7133em;top:31.9791em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.5908em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.2521em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:37.9133em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5746em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.2358em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.8971em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.5583em;top:31.9791em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1777em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.839em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.5002em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1615em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.8227em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.484em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:53.1452em;top:33.001em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.4971em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;43&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_158"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.1521em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;69&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_271"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8189em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;65&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_378"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:40.4702em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;66&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_130"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.1314em;top:34.0229em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_127"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;53&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_566"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:48.0089em;top:34.0229em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_106"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;39&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_331"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:51.6827em;top:34.0229em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;04&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_242"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:35.0448em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0252em;"&gt;Fair value per share at grant &lt;/span&gt;&lt;sup style="top: -0.2072em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7329em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;52  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3985em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;45  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.0573em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;53  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.731em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_292"&gt;41  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.4029em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_334"&gt;76  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.0467em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;47  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.6885em;top:35.0457em;"&gt;&lt;span class="stl_268 stl_20 stl_253"&gt;64  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7141em;top:36.0676em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0274em;"&gt;Fair value per share at grant - Executive Management &lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:52.7043em;top:36.0678em;"&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;78  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.9372em;"&gt;&lt;span class="stl_251 stl_20 stl_590" style="word-spacing:-0.0412em;"&gt;1) Fair value of each warrant at grant date applying the Black-Scholes  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.254em;top:26.5207em;"&gt;&lt;span class="stl_251 stl_20 stl_661"&gt;model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:27.3402em;"&gt;&lt;span class="stl_251 stl_20 stl_252" style="word-spacing:-0.0446em;"&gt;2) The applied volatility is based on the historical volatility of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2945em;top:27.9237em;"&gt;&lt;span class="stl_251 stl_20 stl_63" style="word-spacing:-0.0436em;"&gt;the Bavarian Nordic share, except for programs issued since  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2945em;top:28.5072em;"&gt;&lt;span class="stl_251 stl_20 stl_462" style="word-spacing:-0.0434em;"&gt;November 2020 where the volatility is based on the volatility for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.2945em;top:29.0907em;"&gt;&lt;span class="stl_251 stl_20 stl_253" style="word-spacing:-0.044em;"&gt;a peer group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:29.9102em;"&gt;&lt;span class="stl_251 stl_20 stl_21" style="word-spacing:-0.0424em;"&gt;3) The December 2022 program has two set of exercise conditions.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:30.4937em;"&gt;&lt;span class="stl_251 stl_20 stl_253" style="word-spacing:-0.0439em;"&gt;Executive Management can subscribe future shares at a exercise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:31.0772em;"&gt;&lt;span class="stl_251 stl_20 stl_138" style="word-spacing:-0.0428em;"&gt;price of DKK 224.70 per share equivalent to the market price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:31.6607em;"&gt;&lt;span class="stl_251 stl_20 stl_63" style="word-spacing:-0.0436em;"&gt;of Bavarian Nordic's shares at the time of grant. Vesting of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:32.2442em;"&gt;&lt;span class="stl_251 stl_20 stl_527" style="word-spacing:-0.047em;"&gt;warrants is subject to prior fulfilment of KPI's as determined by  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:32.8277em;"&gt;&lt;span class="stl_251 stl_20 stl_525" style="word-spacing:-0.0462em;"&gt;the Board of Directors. Other employees can subscribe future  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:33.4112em;"&gt;&lt;span class="stl_251 stl_20 stl_380" style="word-spacing:-0.0402em;"&gt;shares at a exercise price of DKK 270.91 per share, determined as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:33.9947em;"&gt;&lt;span class="stl_251 stl_20 stl_472" style="word-spacing:-0.0391em;"&gt;the average market price (closing price) of the Company's shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:34.5782em;"&gt;&lt;span class="stl_251 stl_20 stl_461" style="word-spacing:-0.0448em;"&gt;on Nasdaq Copenhagen over a period of 15 business days prior to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:56.29em;top:35.1617em;"&gt;&lt;span class="stl_251 stl_20 stl_544" style="word-spacing:-0.0454em;"&gt;grant plus 15%.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0351em;"&gt;Exercise periods  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0627em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_58" style="word-spacing:-0.0369em;"&gt;Can be exercised wholly or partly in a period of &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_275"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0324em;"&gt;4 days commencing from the day of publication of:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0627em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5115em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;1 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;2 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.409em;top:11.9639em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;3 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0627em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5115em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;1 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9602em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;2 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.409em;top:12.797em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;3 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_346" style="word-spacing:-0.041em;"&gt;April &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0621em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;2 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5109em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;3 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9596em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4084em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;1 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0621em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;2 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5109em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;3 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9596em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259"&gt;2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4084em;top:14.652em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0287em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_408" style="word-spacing:0.0373em;"&gt;1 2027  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0615em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5102em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;1 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.959em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;2 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4077em;top:15.6739em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;3 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0615em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5102em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;1 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.959em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;2 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4077em;top:16.507em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_259" style="word-spacing:0.0387em;"&gt;3 2026  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0609em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5096em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;1 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9584em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;2 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4071em;top:17.5289em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;3 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0609em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5096em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;1 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9584em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;2 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4071em;top:18.362em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298" style="word-spacing:0.028em;"&gt;3 2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_462" style="word-spacing:-0.0433em;"&gt;January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0602em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.509em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;1 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9577em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4065em;top:19.3839em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;3 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0602em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.509em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;1 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9577em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;2 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4065em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;3 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7109em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0596em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5084em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;1 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9571em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4059em;top:21.2389em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;3 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.0596em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5084em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;1 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9571em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;2 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4059em;top:22.072em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402" style="word-spacing:0.0467em;"&gt;3 2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7102em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;November &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.059em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5077em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;1 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9565em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;2 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4052em;top:23.0939em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;3 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:16.059em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_330" style="word-spacing:-0.0396em;"&gt;Annual Report &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.5077em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;1 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9565em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.4052em;top:23.927em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Interim Report Q&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;3 2023  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_350" style="word-spacing:-0.0309em;"&gt;Phantom shares  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;In 2018, the Company established a three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;phantom share program for all employees of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Group except for management and other employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;receiving warrants. The employees receive up to four  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;phantom shares per month free of charge during the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;period from January 1, 2019 to December 31, 2021.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Each employee who is a full-time employee during  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0265em;"&gt;the entire term of the plan will be eligible to receive a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;maximum of 144 phantom shares. Following the rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;issues in March 2020 the monthly grant increased to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;five phantom shares for the remaining grant period and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;the maximum increased to 183 phantom shares. The  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;program exercised in January 2022.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;In 2019, the Company established a three-year phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:23.5495em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0335em;"&gt;share program for all employees of the Group except for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3827em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.032em;"&gt;management and other employees receiving warrants.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:25.2158em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;The employees receive up to four phantom shares per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.0489em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0353em;"&gt;month free of charge during the period from January  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:26.882em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0273em;"&gt;1, 2020 to December 31, 2022. Each employee who is a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:27.7152em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;full-time employee during the entire term of the plan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:28.5483em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;will be eligible to receive a maximum of 144 phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:29.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;shares. Following the rights issues in March 2020 the  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:10.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;monthly grant increased to five phantom shares for the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:11.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;remaining grant period and the maximum increased to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:11.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;183 phantom shares.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:12.7139em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;The program will exercise in January 2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:14.3808em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0271em;"&gt;In 2020, the Company established a three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:15.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;phantom share program for all employees of the Group  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:16.047em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0272em;"&gt;except for management and other employees receiving  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:16.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;warrants. The employees receive up to five phantom  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:17.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;shares per month free of charge during the period from  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:18.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;January 1, 2021 to December 31, 2023. Each employee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:19.3795em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;who is a full-time employee during the entire term of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:20.2127em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;the plan will be eligible to receive a maximum of 180  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:21.0458em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;phantom shares.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:22.7127em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;Grants are made on a monthly basis during the life of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:23.5458em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;the programs as long as the employee is employed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:24.3789em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;with the Group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:26.0458em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;On expiry of the programs, the employees may exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:26.8789em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;cise the phantom shares granted to them and thus be  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:27.712em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;entitled to a cash bonus calculated on the basis of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:28.5452em;"&gt;&lt;span class="stl_255 stl_20 stl_94" style="word-spacing:-0.0244em;"&gt;increase in the price of the Company´s shares. The exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7252em;top:29.3783em;"&gt;&lt;span class="stl_255 stl_20 stl_78" style="word-spacing:-0.0271em;"&gt;cise is conditional on the price of the Company´s shares  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:10.2114em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;being at least DKK 5 higher than the exercise price at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:11.0445em;"&gt;&lt;span class="stl_255 stl_20 stl_81" style="word-spacing:-0.0249em;"&gt;the time of exercise.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:12.7114em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;On expiry of the programs, former employees are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:13.5445em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;entitled to settlement of the phantom shares granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7365em;top:14.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0315em;"&gt;during their term of employment.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.5101em;"&gt;&lt;span class="stl_257 stl_16 stl_402"&gt;2021&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_663"&gt;-&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_227"&gt;202&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;3 phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9051em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1896em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9865em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;Outstanding as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8271em;top:13.5895em;z-index:148;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1609em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Granted during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8784em;top:14.6114em;z-index:182;"&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;136  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6065em;top:14.6114em;z-index:190;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_205"&gt;996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:15.6276em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;Outstanding phantom shares as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.754em;top:15.6276em;z-index:236;"&gt;&lt;span class="stl_261 stl_16 stl_664"&gt;79,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4646em;top:15.6276em;"&gt;&lt;span class="stl_261 stl_16 stl_186"&gt;37,996  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:17.2533em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Liability in DKK thousand as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0159em;top:17.2533em;"&gt;&lt;span class="stl_261 stl_16 stl_176"&gt;3,73&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_176"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.7646em;top:17.2533em;"&gt;&lt;span class="stl_261 stl_16 stl_492"&gt;3,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:18.8789em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:19.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Share price December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6321em;top:19.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4002em;top:19.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:20.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;Average share exercise price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6127em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;203  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3921em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_158"&gt;203  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:21.9501em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Expected volatility rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.4102em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_566"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.1827em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:22.972em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8071em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.5652em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3821em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1615em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9209em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_294"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;46&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8096em;top:25.0158em;z-index:536;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_607"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_607"&gt;%  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:26.6251em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The expected volatility is based on the volatility for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:27.4583em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;peer group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:29.1251em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Phantom shares granted in 2022 provided an expense  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:29.9583em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0267em;"&gt;of DKK 1.9 million, whereas the revaluation of previ-  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:26.6251em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;ously granted phantom shares provided an income of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:27.4583em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;DKK 1.8 million, total net expense of DKK 0.1 million  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:28.2914em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0225em;"&gt;(net expense 2021: DKK 3.6 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7284em;top:29.9583em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The liability is included in other liabilities, cf. note 22.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.735em;top:10.5101em;"&gt;&lt;span class="stl_257 stl_16 stl_242"&gt;2020&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_663"&gt;-&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_445" style="word-spacing:0.0213em;"&gt;2022 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.735em;top:11.9051em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.4281em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.225em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9962em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_259"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;Outstanding as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.9887em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_127"&gt;68&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;873  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8237em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;30&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_324"&gt;921  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1787em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;Granted during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.0587em;top:14.6114em;"&gt;&lt;span class="stl_268 stl_20 stl_524"&gt;41&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;627  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.8649em;top:14.6114em;z-index:1094;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_271"&gt;952  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.6062em;top:14.6114em;z-index:1102;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;29&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Adjustment following rights issue March &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.62em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3993em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.9187em;top:15.6333em;"&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_242"&gt;367  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:16.6495em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;Outstanding phantom shares as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:60.5537em;top:16.6495em;"&gt;&lt;span class="stl_257 stl_16 stl_631"&gt;110&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_33"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;00  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.6262em;top:16.6495em;"&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;73  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.4699em;top:16.6495em;"&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_26"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_291"&gt;21  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:18.2751em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Liability in DKK thousand as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.2862em;top:18.2751em;"&gt;&lt;span class="stl_261 stl_16 stl_273"&gt;7,37&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_273"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.9899em;top:18.2751em;"&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_134"&gt;,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_329"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.7806em;top:18.2751em;"&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_91"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;64  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:19.9008em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7349em;top:20.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Share price December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8693em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6374em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4174em;top:20.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;187  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7343em;top:21.9501em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;Average share exercise price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.8687em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.6481em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.4274em;top:21.9501em;"&gt;&lt;span class="stl_268 stl_20 stl_313"&gt;147  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:22.972em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Expected volatility rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:61.6462em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_566"&gt;47&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_566"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.4187em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.1812em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;40&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.6187em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.8231em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.5812em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.6187em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:66.3981em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:70.1774em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:62.6187em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.7243em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_277"&gt;02&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_277"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.5649em;top:26.0376em;z-index:1541;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;%  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:27.647em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;The expected volatility is based on the volatility for a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:28.4801em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;peer group.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:30.147em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;The 2020-2022 program will exercise in January 2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:30.9801em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;if the average share price for the period January 2 -  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:31.8133em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;January 13, 2023 will exceed the exercise price of DKK  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:32.6464em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;146.70. Otherwise the program will expire without  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7337em;top:33.4795em;"&gt;&lt;span class="stl_255 stl_20 stl_34"&gt;exercise.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:27.6464em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Phantom shares granted in 2022 provided an expense  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:28.4795em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;of DKK 2.8 million, whereas the revaluation of previ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:29.3126em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;ously granted phantom shares provided an income of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:30.1458em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;DKK 4.0 million, total net income of DKK 1.2 million (net  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:30.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.0259em;"&gt;expense 2021: DKK 6.7 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7468em;top:32.6458em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The liability is included in other liabilities, cf. note 22.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.5101em;"&gt;&lt;span class="stl_257 stl_16 stl_595"&gt;201&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_301"&gt;9-&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_542" style="word-spacing:0.0393em;"&gt;2021 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0329em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.9051em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.6277em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.4246em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1959em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_259"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9877em;top:11.8995em;"&gt;&lt;span class="stl_257 stl_16 stl_260"&gt;201&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_260"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;Outstanding as of January &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_446" style="word-spacing:-0.0393em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.2296em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_308"&gt;92&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;531  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0077em;top:13.5895em;"&gt;&lt;span class="stl_268 stl_20 stl_465"&gt;55&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_76"&gt;095  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8559em;top:13.5895em;z-index:209;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1577em;top:13.5895em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0323em;"&gt;Granted during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.819em;top:14.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0521em;top:14.6114em;z-index:246;"&gt;&lt;span class="stl_268 stl_20 stl_574"&gt;37&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;436  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.819em;top:14.6114em;z-index:254;"&gt;&lt;span class="stl_268 stl_20 stl_269"&gt;29&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_48"&gt;437  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.6352em;top:14.6114em;z-index:262;"&gt;&lt;span class="stl_268 stl_20 stl_575"&gt;19&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;213  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;Adjustment following rights issue March &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8184em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5978em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.0996em;top:15.6333em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;445  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1565em;top:15.6333em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Exercised during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.0077em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;85&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_247"&gt;367&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_247"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5977em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3771em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1565em;top:16.6551em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0338em;"&gt;Expired during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:23.4521em;top:17.677em;z-index:396;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;164&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_45"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5971em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3765em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1559em;top:17.677em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;Outstanding phantom shares as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_332" style="word-spacing:-0.0331em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8096em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8702em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_26"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;,53&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6434em;top:18.6933em;"&gt;&lt;span class="stl_261 stl_16 stl_432"&gt;55,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;95  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4903em;top:18.6933em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_296"&gt;9,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_292"&gt;21&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:20.3189em;"&gt;&lt;span class="stl_261 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;Liability in DKK thousand as of December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_297" style="word-spacing:-0.0356em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.8096em;top:20.3189em;"&gt;&lt;span class="stl_261 stl_16 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8965em;top:20.3189em;"&gt;&lt;span class="stl_257 stl_16 stl_341"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_238"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9896em;top:20.3189em;"&gt;&lt;span class="stl_257 stl_16 stl_134"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_151"&gt;,9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2915em;top:20.3189em;"&gt;&lt;span class="stl_257 stl_16 stl_329"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_412"&gt;64  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:21.9445em;"&gt;&lt;span class="stl_261 stl_16 stl_463" style="word-spacing:-0.0332em;"&gt;Specification of parameters for Black-Scholes model  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:22.972em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Share price December &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_286"&gt;31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8353em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;269  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6153em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_301"&gt;187  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.4059em;top:22.972em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;171  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:23.9939em;"&gt;&lt;span class="stl_255 stl_20 stl_33" style="word-spacing:-0.023em;"&gt;Average share exercise price  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.8403em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6196em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;142  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.3871em;top:23.9939em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;180  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:25.0158em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0342em;"&gt;Expected volatility rate  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.6171em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.3796em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;40&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_329"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.2115em;top:25.0158em;"&gt;&lt;span class="stl_268 stl_20 stl_665"&gt;51&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_665"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;Expected life (years)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5965em;top:26.0376em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8009em;top:26.0376em;"&gt;&lt;span class="stl_268 stl_20 stl_285"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.559em;top:26.0376em;"&gt;&lt;span class="stl_268 stl_20 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_303"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_407" style="word-spacing:-0.0366em;"&gt;Expected dividend per share  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5965em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.3759em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.1553em;top:27.0595em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7115em;top:28.0814em;"&gt;&lt;span class="stl_255 stl_20 stl_85" style="word-spacing:-0.0179em;"&gt;Risk-free interest rate p.a.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.5965em;top:28.0814em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.7665em;top:28.0814em;z-index:780;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;15&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_273"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5434em;top:28.0814em;z-index:786;"&gt;&lt;span class="stl_255 stl_20 stl_426"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;0&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_283"&gt;.&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_71"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;%  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:29.6908em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;The expected volatility for 2020 and 2021 is based on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:29.6901em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0265em;"&gt;Revaluation of granted phantom shares and reversal of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:30.5239em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;the volatility for a peer group, whereas the volatility for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:30.5233em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0267em;"&gt;not exercised phantom shares provided a net income of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:31.357em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;2019 is based on the historic volatility of the Company.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:31.3564em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;DKK 3.6 million (net expense 2021: DKK 8.7 million).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:33.0239em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;The 2019-2021 program exercised in January 2022 at a  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7253em;top:33.0233em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;The liability is included in other liabilities, cf. note 22.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:33.857em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0225em;"&gt;share price of DKK 241.61.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.0379em;"&gt;Outstanding restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2627em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8877em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0059em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2259em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_332"&gt;Granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8565em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_376"&gt;Released  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0771em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.332em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Value at grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2752em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_666" style="word-spacing:-0.0432em;"&gt;as of January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.542em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.062em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.684em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3034em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_93" style="word-spacing:-0.0291em;"&gt;date (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7571em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_78" style="word-spacing:-0.0271em;"&gt;Vesting date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.6577em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3571em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.704em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2784em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6253em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_200"&gt;22&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;578  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4415em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7184em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3578em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7478em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.279em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.669em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_33"&gt;288  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4421em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_565"&gt;163  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.719em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0266em;"&gt;CEO retention plan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3584em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.8484em;top:17.7289em;z-index:534;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;109  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2796em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.7696em;top:17.7289em;z-index:545;"&gt;&lt;span class="stl_268 stl_20 stl_567"&gt;17&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;109  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4371em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8165em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7152em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0257em;"&gt;Matching shares - CEO retention plan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3584em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0415em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2796em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9628em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4365em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8159em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Sign-on bonus COO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3578em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0234em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.279em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9446em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_472"&gt;446  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4428em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;165  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8152em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;Matching shares - sign-on COO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3571em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.024em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;223  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2784em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9452em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;223  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4421em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;165  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8146em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8077em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6896em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4034em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7352em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.084em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9659em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_378"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4027em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7346em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8027em;top:23.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2765em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6846em;top:23.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4246em;top:23.8602em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7152em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0734em;top:24.882em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2765em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9552em;top:24.882em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4246em;top:24.882em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7152em;top:24.882em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Sign-on bonus CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0971em;top:25.9039em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2765em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.979em;top:25.9039em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4452em;top:25.9039em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.759em;top:25.9039em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Matching shares - sign-on CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0871em;top:26.9258em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.969em;top:26.9258em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4459em;top:26.9258em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7596em;top:26.9258em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7652em;top:27.9477em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;080  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.5065em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_285"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_124"&gt;080&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_124"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2377em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4296em;top:27.9477em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7127em;top:27.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares - bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0984em;top:28.9695em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8371em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_295"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;039&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_595"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2377em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4296em;top:28.9695em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7127em;top:28.9695em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:29.9858em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0351em;"&gt;Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6402em;top:29.9858em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6259em;top:29.9858em;z-index:1307;"&gt;&lt;span class="stl_261 stl_16 stl_291"&gt;66,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_295"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;9&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4027em;top:29.9858em;z-index:1313;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_571"&gt;4,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_338"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_295"&gt;9)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1596em;top:29.9858em;"&gt;&lt;span class="stl_257 stl_16 stl_542"&gt;120&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;97  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:31.6114em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3559em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.7527em;top:32.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.674em;top:32.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_326"&gt;467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4434em;top:32.6389em;"&gt;&lt;span class="stl_268 stl_20 stl_543"&gt;153  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.814em;top:32.6389em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;2025  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2102em;top:33.6608em;z-index:1398;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0921em;top:33.6608em;z-index:1411;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4146em;top:33.6608em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;273  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8321em;top:33.6608em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2496em;top:34.6827em;z-index:1442;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1315em;top:34.6827em;z-index:1455;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4302em;top:34.6827em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;190  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8684em;top:34.6827em;"&gt;&lt;span class="stl_255 stl_20 stl_114" style="word-spacing:-0.04em;"&gt;Jun. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7471em;top:35.7045em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3159em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.4884em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;340&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2371em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.434em;top:35.7045em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;138  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8096em;top:35.7045em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:36.7208em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0323em;"&gt;Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.619em;top:36.7208em;"&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;6,57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6071em;top:36.7208em;"&gt;&lt;span class="stl_257 stl_16 stl_312"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_234"&gt;,467  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3209em;top:36.7208em;"&gt;&lt;span class="stl_261 stl_16 stl_270"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_288"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_201"&gt;,34&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_305"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5177em;top:36.7208em;"&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_282"&gt;5,7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_307"&gt;5  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7121em;top:37.7427em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.2665em;top:37.7427em;"&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_222"&gt;4,796  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5984em;top:37.7427em;z-index:1578;"&gt;&lt;span class="stl_261 stl_16 stl_253"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_166"&gt;,665  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.309em;top:37.7427em;"&gt;&lt;span class="stl_261 stl_16 stl_125"&gt;(36,459)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1546em;top:37.7427em;"&gt;&lt;span class="stl_257 stl_16 stl_265"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_343"&gt;46,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_133"&gt;002  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:10.2083em;"&gt;&lt;span class="stl_261 stl_16 stl_62" style="word-spacing:-0.0359em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:11.047em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;In March 2021, the Board of Directors decided to post-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:11.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;pone the payment of half of the achieved cash bonus  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:12.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;for members of the Other Executive Management for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:13.5464em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;3 years, converting the postponed bonus of DKK 3.6  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:14.3795em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;million into 16,413 unconditional restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:15.2127em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;using the share price of the Company at grant date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:16.0458em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0309em;"&gt;(DKK 222). The Board of Directors decided to grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:16.8789em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0333em;"&gt;additional restricted stock units free of charge on expiry  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:17.712em;"&gt;&lt;span class="stl_255 stl_20 stl_201" style="word-spacing:-0.0265em;"&gt;of a 3 years period (so-called ""matching shares"")  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:18.5452em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;upon the recipient still being employed in March 2024.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:19.3783em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;One matching share is granted for each two acquired  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:20.2114em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.034em;"&gt;restricted stock units. The maximum number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:21.0445em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;matching shares is 8,207. The initial granted restricted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:21.8777em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;stock units and the potential matching shares total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:22.7108em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0211em;"&gt;24,620 shares.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:24.3777em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;At the annual general meeting in April 2021, the Board  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:25.2108em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;of Directors were granted a total of 7,127 unconditional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:26.0439em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;restricted stock units corresponding to 50% of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:26.877em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;annual fixed fee of DKK 2.0 million (excl. committee  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:27.7102em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0278em;"&gt;fee). The restricted stock units will be delivered after 3  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:28.5433em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.0249em;"&gt;years in April 2024.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:30.2102em;"&gt;&lt;span class="stl_255 stl_20 stl_108" style="word-spacing:-0.0232em;"&gt;In May/June 2021, the Company bought back 31,747 of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:31.0433em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;its own shares to meet the obligation to deliver up to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:31.8764em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;31,747 shares to the members of the Executive Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7459em;top:32.7095em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;ment and the Board of Directors in March/April 2024.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2739em;"&gt;&lt;span class="stl_261 stl_16 stl_412" style="word-spacing:-0.0379em;"&gt;Outstanding restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2715em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.8877em;top:11.4733em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:25.0059em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_21"&gt;Outstanding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.2259em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_332"&gt;Granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.8565em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_376"&gt;Released  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0771em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_215" style="word-spacing:-0.027em;"&gt;as of&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:44.332em;top:12.2233em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.032em;"&gt;Value at grant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:24.2752em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_666" style="word-spacing:-0.0432em;"&gt;as of January &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_18" style="word-spacing:0.542em;"&gt;1 &lt;/span&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year&lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:29.062em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_333" style="word-spacing:-0.037em;"&gt;during the year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.684em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;December 3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_128" style="word-spacing:-0.0258em;"&gt;1  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:45.3034em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_93" style="word-spacing:-0.0291em;"&gt;date (DKK)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:49.7571em;top:12.9733em;"&gt;&lt;span class="stl_261 stl_16 stl_78" style="word-spacing:-0.0271em;"&gt;Vesting date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.6577em;"&gt;&lt;span class="stl_261 stl_16 stl_84" style="word-spacing:-0.0347em;"&gt;Executive Management:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3571em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.769em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2784em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6903em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_327"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;413  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.404em;top:15.6852em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7359em;top:15.6852em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3565em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0452em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9665em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;207  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4034em;top:16.707em;"&gt;&lt;span class="stl_268 stl_20 stl_74"&gt;222  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7352em;top:16.707em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0277em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.8034em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6852em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;003  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4252em;top:17.7289em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7159em;top:17.7289em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0292em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.074em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9559em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_303"&gt;5&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_199"&gt;500  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4252em;top:18.7508em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;240  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7159em;top:18.7508em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_113" style="word-spacing:-0.0382em;"&gt;Sign-on bonus CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0977em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3165em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2771em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9796em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;651  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4459em;top:19.7727em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7596em;top:19.7727em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7127em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;Matching shares – sign-on CMO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0877em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9696em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;325  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4465em;top:20.7945em;"&gt;&lt;span class="stl_268 stl_20 stl_273"&gt;149  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7602em;top:20.7945em;"&gt;&lt;span class="stl_255 stl_20 stl_72" style="word-spacing:-0.022em;"&gt;May &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7659em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;080  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6477em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_276"&gt;16&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;080  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4302em;top:21.8164em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7134em;top:21.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.099em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3171em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2777em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.9809em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4302em;top:22.8383em;"&gt;&lt;span class="stl_268 stl_20 stl_50"&gt;144  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7134em;top:22.8383em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7134em;top:23.8602em;"&gt;&lt;span class="stl_255 stl_20 stl_333" style="word-spacing:-0.0374em;"&gt;Sign-on bonus CFO &lt;/span&gt;&lt;sup style="top: -0.2058em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0799em;top:23.8625em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;554  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.318em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8137em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_288"&gt;554&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_288"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2393em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4362em;top:23.8625em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7043em;top:23.8625em;"&gt;&lt;span class="stl_255 stl_20 stl_514" style="word-spacing:0.0027em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7143em;top:24.8843em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0286em;"&gt;Matching shares – sign-on CFO &lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_476 stl_20 stl_311"&gt;1&lt;/span&gt;&lt;span class="stl_608 stl_20 stl_311"&gt;)  &lt;/span&gt;&lt;/sup&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0725em;top:24.8846em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;277  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7938em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_293"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_221"&gt;277&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_221"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4363em;top:24.8846em;"&gt;&lt;span class="stl_268 stl_20 stl_278"&gt;156  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7044em;top:24.8846em;"&gt;&lt;span class="stl_255 stl_20 stl_514" style="word-spacing:0.0027em;"&gt;Nov. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;Conversion of cash bonus for &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0794em;top:25.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_106"&gt;734  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8132em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_71"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;734&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_168"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4238em;top:25.9064em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7319em;top:25.9064em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares – bonus &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_309"&gt;2017  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0651em;top:26.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_329"&gt;366  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.8057em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_338"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;4&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;366&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4238em;top:26.9283em;"&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;244  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.7319em;top:26.9283em;"&gt;&lt;span class="stl_255 stl_20 stl_79" style="word-spacing:-0.0087em;"&gt;Mar. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_205" style="word-spacing:-0.0351em;"&gt;Executive Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.6494em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_402"&gt;79,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;9  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.5801em;top:27.9446em;"&gt;&lt;span class="stl_257 stl_16 stl_238"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_425"&gt;4,6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;20  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.3594em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_133"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_100"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_640"&gt;5,93&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5244em;top:27.9446em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_296"&gt;218  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7151em;top:29.5702em;"&gt;&lt;span class="stl_261 stl_16 stl_279" style="word-spacing:-0.0311em;"&gt;Board of Directors:  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7151em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:28.3582em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.1732em;top:30.5977em;z-index:1072;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2794em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.0944em;top:30.5977em;z-index:1078;"&gt;&lt;span class="stl_268 stl_20 stl_121"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_121"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_291"&gt;127  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4169em;top:30.5977em;"&gt;&lt;span class="stl_268 stl_20 stl_100"&gt;273  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8344em;top:30.5977em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_402"&gt;2024  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7151em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_432"&gt;2020  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.2519em;top:31.6196em;z-index:1103;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3188em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2794em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:42.1338em;top:31.6196em;z-index:1110;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_322"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_549"&gt;111  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4326em;top:31.6196em;"&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;190  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8707em;top:31.6196em;"&gt;&lt;span class="stl_255 stl_20 stl_114" style="word-spacing:-0.04em;"&gt;Jun. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;2023  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_595"&gt;2019  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7494em;top:32.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.2788em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.6313em;top:32.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_282"&gt;12&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_91"&gt;340  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4363em;top:32.6414em;"&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;138  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8119em;top:32.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_344" style="word-spacing:-0.036em;"&gt;Fee &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;2018  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:27.0619em;top:33.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_233"&gt;666  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:33.3182em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.7951em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_304"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_130"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_133"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_166"&gt;666&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_166"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:43.2394em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:47.4501em;top:33.6633em;"&gt;&lt;span class="stl_268 stl_20 stl_272"&gt;175  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:50.8288em;top:33.6633em;"&gt;&lt;span class="stl_255 stl_20 stl_100" style="word-spacing:-0.014em;"&gt;Apr. &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7138em;top:34.6796em;"&gt;&lt;span class="stl_261 stl_16 stl_409" style="word-spacing:-0.0323em;"&gt;Board of Directors  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.7082em;top:34.6796em;z-index:1212;"&gt;&lt;span class="stl_257 stl_16 stl_130"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_334"&gt;11&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_334"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.0401em;top:34.6796em;z-index:1217;"&gt;&lt;span class="stl_261 stl_16 stl_568"&gt;7,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_09"&gt;12&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;7  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.6595em;top:34.6796em;"&gt;&lt;span class="stl_261 stl_16 stl_305"&gt;(&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_76"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_570"&gt;,666)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.5032em;top:34.6796em;"&gt;&lt;span class="stl_257 stl_16 stl_158"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_274"&gt;6,57&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_274"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7144em;top:35.7014em;"&gt;&lt;span class="stl_261 stl_16 stl_100"&gt;Total  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:26.3013em;top:35.7014em;"&gt;&lt;span class="stl_257 stl_16 stl_45"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;7,646  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6588em;top:35.7014em;"&gt;&lt;span class="stl_261 stl_16 stl_292"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_313"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_304"&gt;,747  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:36.2788em;top:35.7014em;"&gt;&lt;span class="stl_261 stl_16 stl_220"&gt;(34,597)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:41.1507em;top:35.7014em;"&gt;&lt;span class="stl_257 stl_16 stl_563"&gt;10&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_222"&gt;4,796  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:37.1909em;"&gt;&lt;span class="stl_251 stl_20 stl_462" style="word-spacing:-0.0434em;"&gt;1) At vesting 6,400 shares were transferred to CFO Henrik Juuel, the remaining 6,431 restricted stock units were converted to a cash bonus of DKK 2.0 million.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The grant of the initial restricted stock units to the Exec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;utive Management (22,578 shares) had no impact on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;the income statement for 2022, as the corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;cash bonus (DKK 3.7 million) was accrued in 2021,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0358em;"&gt;though the amount has been reclassified from "Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;and wages" to "Share-based payment" in the staff cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0209em;"&gt;note (note 8). The obligation related to the matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;shares amount to DKK 1.8 million measured at the same  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;fair value as the initial restricted stock units (DKK 163).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;The obligation will be expensed over the three year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;vesting period.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:20.217em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0324em;"&gt;During 2022, DKK 9.2 million has been expensed and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.0502em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.028em;"&gt;recognized as share-based payment related to Execu-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:21.8833em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;tive Management, this includes the expensing of CEO  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:22.7164em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;retention plan and sign-on bonus to COO.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:24.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The grant of restricted stock units to the Board of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:25.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_215" style="word-spacing:-0.0269em;"&gt;Directors (11,467 shares - DKK 1.8 million) were fully  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:26.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_256" style="word-spacing:-0.0362em;"&gt;expensed at grant.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_172" style="word-spacing:-0.001em;"&gt;Note 30  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_656" style="word-spacing:0.0061em;"&gt;Share-based payment &lt;/span&gt;&lt;span class="stl_600 stl_36 stl_370"&gt;(continued)  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_316" style="word-spacing:-0.0328em;"&gt;Total share-based payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;Below a specification of all share-based payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;expensed in 2022 and 2021. The amounts reconcile to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_75" style="word-spacing:-0.025em;"&gt;note 8.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:14.2791em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.1921em;top:14.2735em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.989em;top:14.2735em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:15.9635em;"&gt;&lt;span class="stl_255 stl_20 stl_345"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8027em;top:15.9635em;"&gt;&lt;span class="stl_268 stl_20 stl_222"&gt;42&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_45"&gt;937  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.5921em;top:15.9635em;"&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;31&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_294"&gt;265  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:16.9853em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8446em;top:16.9853em;"&gt;&lt;span class="stl_268 stl_20 stl_293"&gt;11&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_280"&gt;039  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9715em;top:16.9853em;z-index:336;"&gt;&lt;span class="stl_268 stl_20 stl_322"&gt;7&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_76"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_639"&gt;319  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:18.0016em;"&gt;&lt;span class="stl_261 stl_16 stl_407" style="word-spacing:-0.0366em;"&gt;Share-based payment recognized directly in equity  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6859em;top:18.0016em;"&gt;&lt;span class="stl_261 stl_16 stl_09"&gt;53,976  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.3921em;top:18.0016em;"&gt;&lt;span class="stl_261 stl_16 stl_85"&gt;3&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_85"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_127"&gt;,5&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:19.6328em;"&gt;&lt;span class="stl_268 stl_20 stl_262"&gt;2021&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_125" style="word-spacing:0.0267em;"&gt;2023 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:31.6302em;top:19.6328em;"&gt;&lt;span class="stl_268 stl_20 stl_564"&gt;143  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8834em;top:19.6328em;"&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_134"&gt;589  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:20.6547em;"&gt;&lt;span class="stl_268 stl_20 stl_168"&gt;2020&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_133" style="word-spacing:0.024em;"&gt;2022 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.929em;top:20.6547em;"&gt;&lt;span class="stl_255 stl_20 stl_265"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_72"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_150"&gt;234&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_150"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.9359em;top:20.6547em;"&gt;&lt;span class="stl_268 stl_20 stl_298"&gt;6&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_281"&gt;740  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:21.6766em;"&gt;&lt;span class="stl_268 stl_20 stl_395"&gt;2019&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_645"&gt;-&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_26" style="word-spacing:0.042em;"&gt;2021 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;phantom share program  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.9315em;top:21.6766em;"&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;3&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_09"&gt;601&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_09"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.8934em;top:21.6766em;"&gt;&lt;span class="stl_268 stl_20 stl_238"&gt;8&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_291"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_331"&gt;739  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:22.6928em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Share-based payment recognized as a liability (change during the year)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.8084em;top:22.6928em;"&gt;&lt;span class="stl_261 stl_16 stl_48"&gt;(4,69&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_285"&gt;2&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_285"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4553em;top:22.6928em;"&gt;&lt;span class="stl_257 stl_16 stl_270"&gt;1&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_524"&gt;9,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_74"&gt;0&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_344"&gt;6&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_344"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.714em;top:24.3185em;"&gt;&lt;span class="stl_261 stl_16 stl_329" style="word-spacing:-0.0321em;"&gt;Total share-based payment expensed, cf. note &lt;/span&gt;&lt;span class="stl_257 stl_16 stl_329" style="word-spacing:-0.0321em;"&gt;8  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6646em;top:24.3185em;"&gt;&lt;span class="stl_261 stl_16 stl_561"&gt;49,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_200"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4778em;top:24.3185em;"&gt;&lt;span class="stl_261 stl_16 stl_667"&gt;57,65&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_667"&gt;2  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:25.9497em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;Restricted stock units converted to cash bonus at exercise  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:32.384em;top:25.9497em;"&gt;&lt;span class="stl_255 stl_20 stl_18"&gt;-&lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:35.174em;top:25.9497em;"&gt;&lt;span class="stl_255 stl_20 stl_238"&gt;(&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_151"&gt;795&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_151"&gt;)  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7146em;top:27.5697em;"&gt;&lt;span class="stl_261 stl_16 stl_474" style="word-spacing:-0.0363em;"&gt;Non-cash adjustment in cash flow statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:30.6653em;top:27.5697em;"&gt;&lt;span class="stl_261 stl_16 stl_561"&gt;49,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_200"&gt;28&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_200"&gt;4  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:34.4134em;top:27.5697em;"&gt;&lt;span class="stl_261 stl_16 stl_76"&gt;56,&lt;/span&gt;&lt;span class="stl_257 stl_16 stl_307"&gt;8&lt;/span&gt;&lt;span class="stl_261 stl_16 stl_158"&gt;57  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory contextRef="ctx1" id="fact2532" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:5.9962em;top:10.2722em;"&gt;&lt;span class="stl_602 stl_16 stl_216" style="word-spacing:-0.0281em;"&gt;Accounting policies  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:11.3189em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Share-based incentive plans in which employees can  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.1521em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0264em;"&gt;only opt to buy shares in the Company (warrants) are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:12.9852em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;measured at the equity instruments’ fair value at the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:13.8183em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;grant date and recognized in the income statement  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:14.6514em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;over the vesting period. The balancing item is recog-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:15.4846em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;nized directly in equity. The fair value on the date of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:16.3177em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;grant is determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:17.9846em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0305em;"&gt;Cash-based incentive programs in which employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:18.8177em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0265em;"&gt;can have the difference between the agreed exer-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:19.6508em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;cise price and the actual share price settled in cash  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:20.4839em;"&gt;&lt;span class="stl_255 stl_20 stl_198" style="word-spacing:-0.0247em;"&gt;(phantom shares) are measured at fair value at the date  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:21.3171em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0274em;"&gt;of grant and recognized in the income statement over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.1502em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;the period when the final right of cash-settlement is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:22.9833em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0321em;"&gt;obtained. Granted rights are subsequently re-measured  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:23.8164em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;on each balance sheet date and upon final settlement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:24.6496em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0329em;"&gt;and any changes in the fair value of the programs are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:25.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;recognized in the income statement. The balancing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:26.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;item is recognized under other liabilities.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:27.9827em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;The fair value of the cash-based incentive programs is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:28.8158em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;determined using the Black-Scholes model.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:30.4827em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;Restricted stock units are measured at fair value at  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:31.3158em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;grant date. Based on the achieved cash bonus for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.1489em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;members of the Executive Management, subject to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:32.9821em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;Board of Directors’ decision on the portion that should  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:33.8152em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;be converted to restricted stock units, the number of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:34.6483em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;restricted stock units are calculated by dividing the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:35.4814em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;allocated cash bonus amount by the share price of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7244em;top:36.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;Company at grant date. As the cash bonus has already  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:11.3146em;"&gt;&lt;span class="stl_255 stl_20 stl_89" style="word-spacing:-0.0343em;"&gt;been accrued and expensed in the income statement,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.1477em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;the grant of restricted stock units has no additional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:12.9808em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;impact on the income statement. The accrued liability  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:13.8139em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;for the converted cash bonus is reclassified to equity.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:14.6471em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;Matching shares are measured at the same fair value  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:15.4802em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;as the initial restricted stock units and expensed over  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:16.3133em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the three year vesting period. The balancing item is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.1464em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;recognized directly in equity. Restricted stock units  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:17.9796em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;granted as sign-on bonus for members of the Executive  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:18.8127em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;Management and restricted stock units granted to the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:19.6458em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0298em;"&gt;Board of Directors are expensed at grant date with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:20.4789em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;balancing item recognized directly in equity.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.1402em;"&gt;&lt;span class="stl_261 stl_16 stl_332" style="word-spacing:-0.033em;"&gt;Incentive plans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:22.9789em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0256em;"&gt;In order to motivate and retain key employees and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:23.8121em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;encourage the achievement of common goals for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:24.6452em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;employees, management and shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:25.4783em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;Company has established incentive plans by way of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:26.3114em;"&gt;&lt;span class="stl_255 stl_20 stl_84" style="word-spacing:-0.0346em;"&gt;warrant programs and restricted stock units programs,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.1446em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;the latter only for members of the Executive Manage-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:27.9777em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;ment and Board of Directors.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:29.6446em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Furthermore, the Company has established three-year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:30.4777em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;phantom share programs for all employees of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:31.3108em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;Group except for Executive Management and other  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:32.1439em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0317em;"&gt;employees receiving warrants.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.8052em;"&gt;&lt;span class="stl_261 stl_16 stl_140"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.6439em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Board of Directors has been granting warrants to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.4771em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;the Company´s management and selected employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;of the Company and its subsidiaries.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;The warrants are granted in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.1433em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;authorizations given to the Board of Directors by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.9764em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;shareholders. The Board of Directors has fixed the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:13.8096em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;terms of and the size of the grants of warrants, taking  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.6427em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;into account authorizations from the shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.4758em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;Group's guidelines for incentive pay, an assessment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.3089em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;expectations of the recipient´s work efforts and contri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.1421em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;bution to the Group´s growth, as well as the need to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.9752em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;motivate and retain the recipient. Grant takes place on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.8083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;the date of establishment of the program. Exercise of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:19.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;warrants is by default subject to continuing employ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:20.4746em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ment with the Group. The warrants granted are subject  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.3077em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;to the provisions of the Danish Public Companies Act  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.1408em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;regarding termination of employees prior to their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.9739em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;exercise of warrants in the case of recipients who are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:23.8071em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0377em;"&gt;subject to the act.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory>
   <ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory contextRef="ctx1" id="fact2537" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:33.8052em;"&gt;&lt;span class="stl_261 stl_16 stl_140"&gt;Warrants  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:34.6439em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0327em;"&gt;The Board of Directors has been granting warrants to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:35.4771em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;the Company´s management and selected employees  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.7325em;top:36.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.032em;"&gt;of the Company and its subsidiaries.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:11.3102em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;The warrants are granted in accordance with the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.1433em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;authorizations given to the Board of Directors by the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:12.9764em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;shareholders. The Board of Directors has fixed the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:13.8096em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0321em;"&gt;terms of and the size of the grants of warrants, taking  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:14.6427em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;into account authorizations from the shareholders, the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:15.4758em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0254em;"&gt;Group's guidelines for incentive pay, an assessment of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:16.3089em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0327em;"&gt;expectations of the recipient´s work efforts and contri-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.1421em;"&gt;&lt;span class="stl_255 stl_20 stl_98" style="word-spacing:-0.0263em;"&gt;bution to the Group´s growth, as well as the need to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:17.9752em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0279em;"&gt;motivate and retain the recipient. Grant takes place on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:18.8083em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;the date of establishment of the program. Exercise of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:19.6414em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0316em;"&gt;warrants is by default subject to continuing employ-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:20.4746em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;ment with the Group. The warrants granted are subject  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:21.3077em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;to the provisions of the Danish Public Companies Act  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.1408em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0286em;"&gt;regarding termination of employees prior to their  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:22.9739em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;exercise of warrants in the case of recipients who are  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7407em;top:23.8071em;"&gt;&lt;span class="stl_255 stl_20 stl_572" style="word-spacing:-0.0377em;"&gt;subject to the act.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory>
   <ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory contextRef="ctx1" id="fact2539" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;The grant of the initial restricted stock units to the Exec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;utive Management (22,578 shares) had no impact on  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;the income statement for 2022, as the corresponding  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0276em;"&gt;cash bonus (DKK 3.7 million) was accrued in 2021,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_62" style="word-spacing:-0.0358em;"&gt;though the amount has been reclassified from "Salary  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;and wages" to "Share-based payment" in the staff cost  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_200" style="word-spacing:-0.0209em;"&gt;note (note 8). The obligation related to the matching  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;shares amount to DKK 1.8 million measured at the same  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;fair value as the initial restricted stock units (DKK 163).  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;The obligation will be expensed over the three year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.748em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;vesting period.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory>
   <ifrs-full:DisclosureOfContingentLiabilitiesExplanatory contextRef="ctx1" id="fact2540" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_414" style="word-spacing:0.0035em;"&gt;Note 31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:6.8268em;"&gt;&lt;span class="stl_560 stl_57 stl_514" style="word-spacing:0.0025em;"&gt;Contingent liabilities and other contractual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:8.1602em;z-index:92;"&gt;&lt;span class="stl_560 stl_57 stl_14"&gt;obligations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.735em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2106em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0075em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:11.9583em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Collaborative agreements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Contractual obligations with research (CRO) and manufacturing (CMO) partners for long-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;term research projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3606em;top:14.8408em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;– Due within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;1 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4737em;top:14.8408em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;260&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;082  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2837em;top:14.8408em;"&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;131&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;865  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:16.4445em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Sales milestone to GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:17.2833em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;The Asset Purchase Agreement with GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:18.1164em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;regarding the acquisition of the product rights to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:18.9495em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Rabipur/RabAvert and Encepur includes a sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:19.7827em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;stone of EUR 25 million. As per December 31, 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:20.6158em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Management does not judge the sales milestone to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:21.4489em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;be probable and therefore the sales milestone has not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:22.282em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;been recognized as either part of the product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:23.1152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;(note 15) nor the deferred consideration for product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:23.9483em;"&gt;&lt;span class="stl_255 stl_20 stl_604" style="word-spacing:-0.0135em;"&gt;rights (note 24).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:25.6095em;"&gt;&lt;span class="stl_261 stl_16 stl_397" style="word-spacing:-0.0335em;"&gt;License and collaboration agreement AdaptVac  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:26.4483em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Under the license and collaboration agreement with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:27.2814em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;AdaptVac the Company has an obligation of payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:28.1145em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;of potential future development and sales milestones  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:28.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;and tiered royalties. Based on current regulatory plans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:29.7808em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;and expectations for future sale of the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:30.6139em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;COVID-19 vaccine all sales milestones and part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:31.447em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;development milestones are deemed probable as per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:32.2802em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;December 31, 2022 and the net present value of those  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:33.1133em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;future milestone payments have been recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:33.9464em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0324em;"&gt;deferrred consideration, see further description in note  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:16.4464em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;24. The remaining developement milestones related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:17.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;filing for approval in further countries are not deemed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:18.1127em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;likely and therefore not recognized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:19.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Agreement with Danish Ministry of Health  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:20.6127em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Under the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:21.4458em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Health to fund the development of ABNCoV2 the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:22.2789em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Company has an obligation of payment of an additional,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:23.112em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;capped royalty payment if the sales reach a certain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:23.9452em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;threshold. Based on current sales forecasts this addi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:24.7783em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;tional royalty payment is not deemed likely and there-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:25.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;fore not recognized. If the payment becomes current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:26.4445em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;it will be recognized as a financial expense as the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:27.2777em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;additional royalty payment is seen as an extra interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:28.1108em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;payment. The cap for the additional royalty payment is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:28.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;a fixed amount, calculated as a percentage of the loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:29.777em;"&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;amount.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;License agreements National Cancer Institute  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;The Group has license agreements with the National  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Cancer Institute (NCI) and Public Health Service (PHS) in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the U.S. for PROSTVAC, CV301 and BN-Brachyury, respec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;tively. The agreements include contingent liabilities for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the Group to pay performance-based royalties, if and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;when certain milestone events are achieved. Further,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the agreements include potential contingent liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;for the Group to pay additional sublicensing royalties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;on the fair market value of consideration received, if  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;and when the Group grants such sublicenses. Payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:19.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;considered remote are not included in the amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:20.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_235"&gt;above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:10.2108em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Company mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:11.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The Company has by letter of indemnity granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:11.8827em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Nordea a floating charge on unsecured claims arising  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:12.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;from the sale of goods and services and stocks of raw  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:13.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;materials, intermediate products and finished products,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:14.382em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;DKK 150 million (DKK 150 million). The floating charge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:15.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;secures the operating credit line of DKK 20 million and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:16.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;the line for trading in financial instruments, DKK 50  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:16.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0251em;"&gt;million (DKK 50 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:18.5427em;"&gt;&lt;span class="stl_261 stl_16 stl_60"&gt;Lawsuits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:19.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Based on management's assessment the Group is not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:20.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;involved in any lawsuits or arbitration cases which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:21.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;could have a material impact on the Group's financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:21.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;position or results of operations.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfContingentLiabilitiesExplanatory>
   <ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory contextRef="ctx1" id="fact2548" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_414" style="word-spacing:0.0035em;"&gt;Note 31  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:6.8268em;"&gt;&lt;span class="stl_560 stl_57 stl_514" style="word-spacing:0.0025em;"&gt;Contingent liabilities and other contractual  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7454em;top:8.1602em;z-index:92;"&gt;&lt;span class="stl_560 stl_57 stl_14"&gt;obligations  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.735em;top:10.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_379" style="word-spacing:-0.0398em;"&gt;DKK thousand  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:65.2106em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_151"&gt;2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:69.0075em;top:10.2739em;"&gt;&lt;span class="stl_257 stl_16 stl_258"&gt;2021  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:11.9583em;"&gt;&lt;span class="stl_261 stl_16 stl_454" style="word-spacing:-0.0338em;"&gt;Collaborative agreements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:12.9858em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.0293em;"&gt;Contractual obligations with research (CRO) and manufacturing (CMO) partners for long-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:13.8189em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0288em;"&gt;term research projects.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:39.3606em;top:14.8408em;"&gt;&lt;span class="stl_255 stl_20 stl_140" style="word-spacing:-0.0354em;"&gt;– Due within &lt;/span&gt;&lt;span class="stl_268 stl_20 stl_18" style="word-spacing:0.026em;"&gt;1 &lt;/span&gt;&lt;span class="stl_255 stl_20 stl_326"&gt;year  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:64.4737em;top:14.8408em;"&gt;&lt;span class="stl_268 stl_20 stl_125"&gt;260&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_48"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_250"&gt;082  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:68.2837em;top:14.8408em;"&gt;&lt;span class="stl_268 stl_20 stl_304"&gt;131&lt;/span&gt;&lt;span class="stl_255 stl_20 stl_85"&gt;,&lt;/span&gt;&lt;span class="stl_268 stl_20 stl_110"&gt;865  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:16.4445em;"&gt;&lt;span class="stl_261 stl_16 stl_404" style="word-spacing:-0.0374em;"&gt;Sales milestone to GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:17.2833em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;The Asset Purchase Agreement with GlaxoSmithKline  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:18.1164em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0306em;"&gt;regarding the acquisition of the product rights to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:18.9495em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0293em;"&gt;Rabipur/RabAvert and Encepur includes a sales mile-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:19.7827em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;stone of EUR 25 million. As per December 31, 2022  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:20.6158em;"&gt;&lt;span class="stl_255 stl_20 stl_141" style="word-spacing:-0.0335em;"&gt;Management does not judge the sales milestone to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:21.4489em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;be probable and therefore the sales milestone has not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:22.282em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;been recognized as either part of the product rights  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:23.1152em;"&gt;&lt;span class="stl_255 stl_20 stl_91" style="word-spacing:-0.0281em;"&gt;(note 15) nor the deferred consideration for product  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:23.9483em;"&gt;&lt;span class="stl_255 stl_20 stl_604" style="word-spacing:-0.0135em;"&gt;rights (note 24).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:25.6095em;"&gt;&lt;span class="stl_261 stl_16 stl_397" style="word-spacing:-0.0335em;"&gt;License and collaboration agreement AdaptVac  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:26.4483em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;Under the license and collaboration agreement with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:27.2814em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0291em;"&gt;AdaptVac the Company has an obligation of payment  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:28.1145em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0295em;"&gt;of potential future development and sales milestones  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:28.9477em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;and tiered royalties. Based on current regulatory plans  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:29.7808em;"&gt;&lt;span class="stl_255 stl_20 stl_345" style="word-spacing:-0.0352em;"&gt;and expectations for future sale of the Company's  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:30.6139em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;COVID-19 vaccine all sales milestones and part of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:31.447em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;development milestones are deemed probable as per  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:32.2802em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;December 31, 2022 and the net present value of those  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:33.1133em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;future milestone payments have been recognized as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7356em;top:33.9464em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0324em;"&gt;deferrred consideration, see further description in note  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:16.4464em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;24. The remaining developement milestones related to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:17.2795em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0325em;"&gt;filing for approval in further countries are not deemed  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:18.1127em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;likely and therefore not recognized.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:19.7739em;"&gt;&lt;span class="stl_261 stl_16 stl_572" style="word-spacing:-0.0376em;"&gt;Agreement with Danish Ministry of Health  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:20.6127em;"&gt;&lt;span class="stl_255 stl_20 stl_316" style="word-spacing:-0.0328em;"&gt;Under the agreement with the Danish Ministry of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:21.4458em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;Health to fund the development of ABNCoV2 the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:22.2789em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0299em;"&gt;Company has an obligation of payment of an additional,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:23.112em;"&gt;&lt;span class="stl_255 stl_20 stl_347" style="word-spacing:-0.0314em;"&gt;capped royalty payment if the sales reach a certain  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:23.9452em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0332em;"&gt;threshold. Based on current sales forecasts this addi-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:24.7783em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;tional royalty payment is not deemed likely and there-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:25.6114em;"&gt;&lt;span class="stl_255 stl_20 stl_93" style="word-spacing:-0.029em;"&gt;fore not recognized. If the payment becomes current  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:26.4445em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0309em;"&gt;it will be recognized as a financial expense as the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:27.2777em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0303em;"&gt;additional royalty payment is seen as an extra interest  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:28.1108em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;payment. The cap for the additional royalty payment is  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:28.9439em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0299em;"&gt;a fixed amount, calculated as a percentage of the loan  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7487em;top:29.777em;"&gt;&lt;span class="stl_255 stl_20 stl_412"&gt;amount.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:10.2133em;"&gt;&lt;span class="stl_261 stl_16 stl_89" style="word-spacing:-0.0343em;"&gt;License agreements National Cancer Institute  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_68" style="word-spacing:-0.0307em;"&gt;The Group has license agreements with the National  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0279em;"&gt;Cancer Institute (NCI) and Public Health Service (PHS) in  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0303em;"&gt;the U.S. for PROSTVAC, CV301 and BN-Brachyury, respec-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.0289em;"&gt;tively. The agreements include contingent liabilities for  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:14.3845em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;the Group to pay performance-based royalties, if and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:15.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_69" style="word-spacing:-0.0294em;"&gt;when certain milestone events are achieved. Further,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:16.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0302em;"&gt;the agreements include potential contingent liabilities  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:16.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0284em;"&gt;for the Group to pay additional sublicensing royalties  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:17.717em;"&gt;&lt;span class="stl_255 stl_20 stl_219" style="word-spacing:-0.0277em;"&gt;on the fair market value of consideration received, if  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:18.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_410" style="word-spacing:-0.0325em;"&gt;and when the Group grants such sublicenses. Payments  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:19.3833em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0311em;"&gt;considered remote are not included in the amounts  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:4.7039em;top:20.2164em;"&gt;&lt;span class="stl_255 stl_20 stl_235"&gt;above.  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:10.2108em;"&gt;&lt;span class="stl_261 stl_16 stl_102" style="word-spacing:-0.0372em;"&gt;Company mortgage  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:11.0495em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.031em;"&gt;The Company has by letter of indemnity granted  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:11.8827em;"&gt;&lt;span class="stl_255 stl_20 stl_90" style="word-spacing:-0.0315em;"&gt;Nordea a floating charge on unsecured claims arising  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:12.7158em;"&gt;&lt;span class="stl_255 stl_20 stl_267" style="word-spacing:-0.0343em;"&gt;from the sale of goods and services and stocks of raw  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:13.5489em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0331em;"&gt;materials, intermediate products and finished products,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:14.382em;"&gt;&lt;span class="stl_255 stl_20 stl_199" style="word-spacing:-0.029em;"&gt;DKK 150 million (DKK 150 million). The floating charge  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:15.2152em;"&gt;&lt;span class="stl_255 stl_20 stl_329" style="word-spacing:-0.0319em;"&gt;secures the operating credit line of DKK 20 million and  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:16.0483em;"&gt;&lt;span class="stl_255 stl_20 stl_60" style="word-spacing:-0.0348em;"&gt;the line for trading in financial instruments, DKK 50  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:16.8814em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0251em;"&gt;million (DKK 50 million).  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:18.5427em;"&gt;&lt;span class="stl_261 stl_16 stl_60"&gt;Lawsuits  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:19.3814em;"&gt;&lt;span class="stl_255 stl_20 stl_279" style="word-spacing:-0.0312em;"&gt;Based on management's assessment the Group is not  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:20.2145em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;involved in any lawsuits or arbitration cases which  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:21.0477em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;could have a material impact on the Group's financial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:21.717em;top:21.8808em;"&gt;&lt;span class="stl_255 stl_20 stl_376" style="word-spacing:-0.0322em;"&gt;position or results of operations.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory>
   <ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory contextRef="ctx1" id="fact2556" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:5.6417em;"&gt;&lt;span class="stl_598 stl_36 stl_432" style="word-spacing:0.0085em;"&gt;Note 32  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:6.6602em;"&gt;&lt;span class="stl_560 stl_57 stl_164" style="word-spacing:0.0058em;"&gt;Significant events after the balance sheet date  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:10.2139em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;On February 15, 2023, the Company announced an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:11.047em;"&gt;&lt;span class="stl_255 stl_20 stl_397" style="word-spacing:-0.0335em;"&gt;update on its late-stage pipeline programs. The anal-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:11.8802em;"&gt;&lt;span class="stl_255 stl_20 stl_216" style="word-spacing:-0.0282em;"&gt;ysis of data from the completed Phase 3 trial of the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7295em;top:12.7133em;"&gt;&lt;span class="stl_255 stl_20 stl_67" style="word-spacing:-0.0253em;"&gt;RSV vaccine candidate, MVA-BN&lt;/span&gt;&lt;sup style="top: -0.2025em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_223" style="word-spacing:-0.0227em;"&gt;RSV, is progressing  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:13.552em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;according to plan and topline results from the study  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:14.3852em;"&gt;&lt;span class="stl_255 stl_20 stl_127" style="word-spacing:-0.026em;"&gt;are still anticipated in mid-2023. In the Phase 3 trial  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_40" style="word-spacing:-0.0262em;"&gt;of the COVID-19 booster vaccine candidate, ABNCoV2,  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_409" style="word-spacing:-0.0323em;"&gt;the recruitment of subjects ≥65 years of age is taking  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_454" style="word-spacing:-0.0337em;"&gt;longer than anticipated, pushing the expected comple-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0295em;"&gt;tion of enrollment into the second quarter of 2023 with  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_129" style="word-spacing:-0.0255em;"&gt;topline results now anticipated around mid-2023.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:20.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_74" style="word-spacing:-0.0341em;"&gt;On February 15, 2023, the Company announced an  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:21.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_122" style="word-spacing:-0.0289em;"&gt;agreement with Emergent BioSolutions Inc. to acquire  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7299em;top:21.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_101" style="word-spacing:-0.0273em;"&gt;two marketed travel vaccines, Vivotif&lt;/span&gt;&lt;sup style="top: -0.2065em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_128" style="word-spacing:-0.0258em;"&gt;for the preven-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:22.7187em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0308em;"&gt;tion of typhoid fever and Vaxchora&lt;/span&gt;&lt;sup style="top: -0.2079em;"&gt;&lt;span class="stl_608 stl_20 stl_18" style="word-spacing:0.1974em;"&gt;® &lt;/span&gt;&lt;/sup&gt;&lt;span class="stl_255 stl_20 stl_205" style="word-spacing:-0.0349em;"&gt;against cholera as  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:23.552em;"&gt;&lt;span class="stl_255 stl_20 stl_83" style="word-spacing:-0.0269em;"&gt;well as a Phase 3 vaccine candidate for the prevention  &lt;/span&gt;&lt;/div&gt;&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:10.2189em;"&gt;&lt;span class="stl_255 stl_20 stl_73" style="word-spacing:-0.0301em;"&gt;of Chikungunya virus for a total consideration of up to  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:11.052em;"&gt;&lt;span class="stl_255 stl_20 stl_350" style="word-spacing:-0.0311em;"&gt;USD 380 million, including USD 270 million in an upfront  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:11.8852em;"&gt;&lt;span class="stl_255 stl_20 stl_111" style="word-spacing:-0.0297em;"&gt;payment and up to USD 110 million in future conditional  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:12.7183em;"&gt;&lt;span class="stl_255 stl_20 stl_332" style="word-spacing:-0.033em;"&gt;milestone payments. The acquisition also includes facil-  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:13.5514em;"&gt;&lt;span class="stl_255 stl_20 stl_109" style="word-spacing:-0.0275em;"&gt;ities and key personnel related to the acquired assets.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:15.2183em;"&gt;&lt;span class="stl_255 stl_20 stl_463" style="word-spacing:-0.0333em;"&gt;On February 20, 2023, The Company announced  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:16.0514em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;successful completion of a directed issue and private  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:16.8845em;"&gt;&lt;span class="stl_255 stl_20 stl_92" style="word-spacing:-0.0223em;"&gt;placement of 7,046,839 new shares at an offer price of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:17.7177em;"&gt;&lt;span class="stl_255 stl_20 stl_106" style="word-spacing:-0.0301em;"&gt;DKK 233 per share, raising gross proceeds of DKK 1,642  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:18.5508em;"&gt;&lt;span class="stl_255 stl_20 stl_454"&gt;million.  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:20.2177em;"&gt;&lt;span class="stl_255 stl_20 stl_96" style="word-spacing:-0.0255em;"&gt;Except as noted above, there have been no significant  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:21.0508em;"&gt;&lt;span class="stl_255 stl_20 stl_107" style="word-spacing:-0.0285em;"&gt;events between December 31, 2022 and the date of  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:21.8839em;"&gt;&lt;span class="stl_255 stl_20 stl_87" style="word-spacing:-0.0296em;"&gt;approval of these financial statements that would  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:22.717em;"&gt;&lt;span class="stl_255 stl_20 stl_217" style="word-spacing:-0.0307em;"&gt;require a change to or additional disclosure in the  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:55.7427em;top:23.5502em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;financial statements.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory>
   <ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory contextRef="ctx1" id="fact2559" xml:lang="en">&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:27.6102em;"&gt;&lt;span class="stl_598 stl_36 stl_414" style="word-spacing:0.0035em;"&gt;Note 33  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7402em;top:28.6287em;"&gt;&lt;span class="stl_560 stl_57 stl_294" style="word-spacing:0.006em;"&gt;Approval of the consolidated financial statements  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:32.1852em;"&gt;&lt;span class="stl_255 stl_20 stl_248" style="word-spacing:-0.0285em;"&gt;The consolidated financial statements were approved  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:33.0183em;"&gt;&lt;span class="stl_255 stl_20 stl_328" style="word-spacing:-0.0318em;"&gt;by the Board of Directors and Corporate Management  &lt;/span&gt;&lt;/div&gt;
					&lt;div xmlns="http://www.w3.org/1999/xhtml" class="stl_01" style="left:38.7296em;top:33.8514em;"&gt;&lt;span class="stl_255 stl_20 stl_263" style="word-spacing:-0.0304em;"&gt;and authorized for issue on March 2, 2023.  &lt;/span&gt;&lt;/div&gt;</ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory>
   <ifrs-full:NameOfParentEntity contextRef="ctx1" id="fact1056" xml:lang="en">Bavarian Nordic A/S</ifrs-full:NameOfParentEntity>
   <ifrs-full:NameOfUltimateParentOfGroup contextRef="ctx1" id="fact1057" xml:lang="en">Bavarian Nordic A/S</ifrs-full:NameOfUltimateParentOfGroup>
   <ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification contextRef="ctx1" id="fact1058" xml:lang="en">Bavarian Nordic A/S</ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification>
   <ifrs-full:AddressOfRegisteredOfficeOfEntity contextRef="ctx1" id="fact1059" xml:lang="en">Philip Heymans Alle 3 DK-2900 Hellerup</ifrs-full:AddressOfRegisteredOfficeOfEntity>
   <ifrs-full:DomicileOfEntity contextRef="ctx1" id="fact1061" xml:lang="en">Denmark</ifrs-full:DomicileOfEntity>
   <ifrs-full:CountryOfIncorporation contextRef="ctx1" id="fact1062" xml:lang="en">Denmark</ifrs-full:CountryOfIncorporation>
   <ifrs-full:PrincipalPlaceOfBusiness contextRef="ctx1" id="fact1063" xml:lang="en">Denmark</ifrs-full:PrincipalPlaceOfBusiness>
</xbrli:xbrl>