Årsrapport 30700228 Ernst & Young Godkendt Revisionspartnerselskab Osvald Helmuths Vej 4 Postboks 250, 2000 Frederiksberg 2017-01-01 2017-12-31 2016-01-01 2016-12-31 2018-05-30 12559496 Sport Danmark A/S Baltorpbakken 5 2750 Ballerup 1989-01-01 Ballerup Ernst & Young Godkendt Revisionspartnerselskab 30700228 Osvald Helmuths Vej 4 2000 Frederiksberg, Denmark 2018-05-30 Chris Bigler Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning true 2018-05-30 2018-05-30 Copenhagen, Jens Høgsted CEO Chris Bigler CFO Jack Friss COO Michael Christiansen Chairman Michael Haaning Jess Ørgaard Libak Tropp Chris Bigler Jens Høgsted Copenhagen, Henrik Kronborg Iversen Michael Groth Hansen State Authorised Public Accountant mne24687 State Authorised Public Accountant mne33228 665472000 778529000 741309000 58519000 48269000 47594000 10264000 8103000 10622000 1496000 4687000 Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) Earnings before interest, taxes, depreciation and amortisation (EBITDA) 526000 -3941000 1359000 13019000 8248000 12041000 3706000 11396000 Earnings before interest, taxes, depreciation, amortisation and special items (Adjusted EBITDA) Earnings before interest, taxes, depreciation, amortisation and special items (Adjusted EBITDA) Earnings before interest, taxes, depreciation, amortisation and special items (Adjusted EBITDA) Earnings before interest, taxes, depreciation, amortisation and special items (Adjusted EBITDA) Earnings before interest, taxes, depreciation, amortisation and special items (Adjusted EBITDA) -1671000 753000 430000 -434000 2697000 106000 -3427000 2936000 200623000 208496000 142550000 2607000 2653000 2518000 233000 1647000 47665000 47559000 50986000 0.4 0 0.1 -0.5 0.2 8.4 7.8 8.8 6.2 6.4 24.6 20.3 23.8 22.8 35.8 1.5 4.3 0.2 -7 5.8 1.8 1 1.8 0.5 1.5 Adjusted EBITDA-margin Adjusted EBITDA-margin Adjusted EBITDA-margin Adjusted EBITDA-margin Adjusted EBITDA-margin 72 75 67 720628000 801098000 705384000 783230000 104890000 94916000 59329000 50489000 60805000 62295000 50541000 54192000 7486000 8281000 2778000 -178000 492000 802000 2163000 49000 1107000 575000 372000 -1529000 735000 2104000 8652000 8418000 18570000 3523000 27222000 11941000 4413000 4409000 127000 25000 4540000 4434000 569000 569000 569000 569000 32331000 16944000 82666000 85385000 82666000 85385000 999000 3341000 72725000 123225000 257000 0 12225000 12526000 3947000 2949000 90153000 142041000 47000 669000 172866000 228095000 205197000 245039000 15100000 15100000 35404000 34669000 50504000 49769000 2054000 1016000 2054000 1016000 134720000 140317000 0 35199000 0 409000 10714000 11868000 7205000 6461000 152639000 194254000 205197000 245039000 15100000 32565000 2104000 15100000 34669000 735000 15100000 35404000 46690000 50254000 3188000 3256000 663000 682000 50541000 54192000 82 80 7906000 8366000 994000 980000 8900000 9346000 1000 639000 491000 163000 492000 802000 9000 38000 2154000 11000 2163000 49000 -666000 -991000 910000 -538000 128000 0 372000 -1529000 31166000 3523000 5107000 15047000 36273000 18570000 22748000 0 134000 0 4739000 0 27621000 0 8652000 18570000 14274000 700000 2607000 114000 4000 0 16877000 814000 9865000 675000 36000 0 2565000 12000 2000 0 12464000 687000 4413000 127000 15100000 15100000 1016000 1554000 2054000 1016000 5990000 2420000 -1308000 -1404000 -2628000 0 735000 2104000 Today, the Board of Directors and the Executive Board have discussed and approved the annual report of Sport Danmark A/S for the financial year 1 January - 31 December 2017. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2017 and of the results of the Company's operations for the financial year 1 January - 31 December 2017. Further, in our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters and the results of the Company's operations and financial position. We recommend that the annual report be approved at the annual general meeting. To the shareholders of Sport Danmark A/S We have audited the financial statements of Sport Danmark A/S for the financial year 1 January - 31 December 2017, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2017 and of the results of the Company's operations for the financial year 1 January - 31 December 2017 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of the financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. Financial ratios except from adjusted EBITDA margin are calculated in accordance with the Danish Finance Society's recommendations on the calculation of financial ratios. For terms and definitions, please see the accounting policies. The primary activity of Sport Danmark A/S is to operate the retail banners SPORTMASTER and Rezet Sneaker Store. As of 1 July 2012, SPORTMASTER was established as a vertical capital retail chain – a transformation from the voluntary chain that had been operating since 1979. SPORTMASTER is a nationwide omni-channel retailer with more than 100 quality stores and the leading Danish sports online store. SPORTMASTER has an extensive and attractive range of products, including own brands and leading sports brands of shoes, clothing and equipment for sports and leisure activities. Rezet Sneaker Store was acquired in May 2015 and is now the leading premium sneaker omni-channel retailer with a powerful offer of key brands’ exclusive sneaker range. Revenue for 2017 was DKK 720.6 million (2016: DKK 801.1 million). Gross profit was DKK 60.8 million (2016: DKK 62.3 million). Operating profit before depreciation and amortisation (EBITDA) was DKK 10.2 million (2016: DKK 8.1 million), whereas operating profit (EBIT) was DKK 2.8 million (2016: negative by DKK 0.2 million). The operating profit was negatively impacted by the transformation to a vertical chain which are considered as special items. Adjusting for special items, the Company’s EBITDA for 2017 was DKK 5.5 million (2016: DKK 8.3 million). The Company’s profit for the year was DKK 0.7 million (2016: DKK 2.1 million). Risk management: Sport Danmark A/S considers risk management an essential and natural in connection with the realisation of the Company's objectives and strategy. The daily activities, the implementation of the established strategy and continuous realisation of business opportunites invlove a natural risk and, therefore, the company's handling of these issues are seen as a natural and integrated part of the daily work and a way to create a profitable Compnay with constant growth. Commercial risks The Group's most significant business risks concern general socioeconomic developments, including private consumption developments as well as the Group's capacity to maintain its strong market position. Accordingly, the Group aims to be at the forefront of market developments by constantly improving and developing its range of products and services with a view to always be the natural choice for Danes buying sports equipment. Currency Risks The company's revenue is invoiced in DKK, whereas part of the Company's purchase are made in USD related currencies. As a part of the Company's risk policy, purchases in USD are partly hedged via foreign exchange contracts. The statutory report regarding CSR, including human rights, environment and climate, cf. §99a in the Danish Financial Statements Act, is included in Sport Nordic Holding ApS’ report, to which reference is made. The Board of Directors currently consists of 5 members, which are all men. The goal is to increase the proportion of women to 30% by the end of 2019. The gender composition of the Board of Directors has remained unchanged in 2017. It is the policy of the Group always to appoint the best qualified candidates to leadership posts and at the same time support and enhance the qualifications of female leadership talents. In the Management team at the head office the proportion of women is 23%. The number of female leaders has been unchanged in 2017. The goal is, through increased use of networks etc., to increase the proportion of women to 30% by the end of 2019. In the beginning of first quarter 2018 we went live with the new logistic platform. There has been implementation issues affecting deliveries to stores and online customers, which has had a negative impact on sales and profitability. Deliveries have been normalized in second quarter 2018. Except from the above, no events materially affecting the Company's financial position have occurred subsequent to the financial year-end. Sportmaster expects that the continuously increasing competition in the market over time will have consequences for the distribution in Denmark. We expect to benefit from our continued investments in digitization of the company, OMNI channel solutions combined with being the preferred Danish partner for the major global suppliers. In the shorter term, profitability will continue to be challenged. The annual report of Sport Danmark A/S for 2017 has been prepared in accordance with the provisions applying to reporting class C large enterprises under the Danish Financial Statements Act. The annual accounts have been prepared in accordance with the same accounting policies as last year. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are reflected in the consolidated cash flow statement for the higher-ranking parent company Sport Nordic Holding ApS. Reporting currency The financial statements are presented in Danish kroner (DKK'000). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. Revenue from the sale of goods for resale is recognised in the income statement provided that transfer of risk to the buyer has taken place before year end and that the income can be reliably measured and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Other operating income comprise items of a secondary nature relative to the Company's core activities, including management fee and gains on the sale of non-current assets. Cost of goods sold Cost of sales includes the cost of goods used in generating the year's revenue. Cost of goods sold is recognised after deduction of supplier discounts and bonuses. Other external costs comprise administrative expenses and other costs for operations and maintenance. Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities. The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment. The basis of amortisation/depreciation, which is calculated as cost less any residual value, is amortised/depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Other intangible assets 3 years Plant and machinery 3-5 years Leasehold improvements 2-10 years Financial income and expenses comprise interest income and expense, gains and losses on payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. The Company is covered by the Danish rules on compulsory joint taxation of the Sport Nordic Holding Group's subsidiaries. Subsidiaries form part of the joint taxation from the date on which they are included in the consolidation of the consolidated financial statements and up to the date on which they exit the consolidation. Sport Nordic Holding ApS is the administrative company for the joint taxation and consequently settles all corporation tax payments with the tax authorities. The current Danish corporation tax is allocated by settlement of joint taxation contribution between the jointly taxed companies in proportion to their taxable income. In this relation, companies with tax loss carryforwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits. Tax for the year comprises joint taxation contributions for the year and changes in deferred tax for the year – due to changes in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Other intangible assets, which comprise IT software, are measured at cost less accumulated amortisation and impairment losses. The depreciation period is determined at the time of acquisition and is reassessed every year. In case of changes in the amortisation period, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Property, plant and equipment Plant and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. The basis of depreciation is based on the residual value of the asset and is reduced by impairment losses, if any. The depreciation period and the residual value are determined at the time of acquisition and is reassessed every year. Where the residual value exceeds the carrying amount of the asset, no further depreciation charges are recognised. In case of changes in the amortisation period or the residual value, the effect on the depreciation charges is recognised prospectively as a change in accounting estimates. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other external costs. Deposits are measured at amortised cost. The carrying amount of intangible assets and property, plant and equipment is subject to an annual assesment of indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the expected net cash flows from the use of the asset or the group of assets and expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Inventories are measured at the lower of cost, measured by reference to the FIFO method, and net realisable value. Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other costs directly attributable to the acquisition. The net realisable value of inventories is calculated as the sales amount less costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables are measured at amortised cost. Impairment is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, a write-down is made based on an individual assessment. Impairments are calculated as the difference between the carrying amount of receivables and the present value of the expected cash flows. Cash-pool balance is included in Receivables from Group Entreprises. Prepayments comprise costs incurred concerning subsequent financial years. Proposed dividends Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity. Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity. Joint taxation contribution payable and receivable is recognised in the balance sheet as corporation tax payable and corporation tax receivable. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where different tax rules can be applied to determine the tax base, deferred tax is measured based on Management's planned use of the asset or settlement of the liability, respectively. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction. Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses. Deferred tax is measured in accordance with the tax rules and at the tax rate applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Other liabilities are measured at net realisable value. Prepayments from customers Prepayments from customers comprise liabilities regarding issued gift vouchers, recognised at the date of issue, and the customer loyalty programme, Club SPORTMASTER, recognised at fair value at the date of recognition of the related sales. Subsequently, prepayments from customers are measured at amortised cost. Sport Danmark A/S has only domestic revenue and only one segment. Consequently, the Company does not provide segment information. Financial ratios are calculated in accordance with the Danish Finance Society's guidelines on the calculation of financial ratios. The financial ratios stated under "Financial highlights" have been calculated as follows: Operating margin Operating profit x 100 Revenue Gross margin ratio Gross margin x 100 Revenue Equity ratio Equity at year-end x 100 Total equity and liabilities at year-end Return on equity Profit/loss for the year after tax x 100 Average equity Adjusted EBITDA-margin Adjusted EBITDA x 100 Revenue Adjusted EBITDA Adjusted EBITDA, as disclosed in the Management's review, comprise operating profit before amortisation, depreciation and impairment losses amortization and adjusted for special items. Special items Special items comprise significant income and expenses of a special nature relative to the Group's revenue generating operating activities such as costs of comprehensive structuring of processes and basic structural adjustments as well as any disposal gains and losses relating thereto and which over time are of significant importance. Special items also comprise significant one-off items which in the opinion of Management do not form part of the Group's operating activities. In the beginning of first quarter 2018 we went live with the new logistic platform. There has been implementation issues affecting deliveries to stores and online customers, which has had a negative impact on sales and profitability. Deliveries have been normalized in second quarter 2018. Except from the above, no events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The Company's share capital has remained DKK 15,100 thousand over the past 5 years. Contingent liabilities The Company is jointly taxed with the Danish parent company Sport Nordic Holding ApS. The companies included in the joint taxation have joint and several unlimited liability for Danish corporation taxes. At 31 December 2017, the net taxes payable to the Danish Central Tax Administration by the companies included in the joint taxation amounted to DKK 0. Any subsequent corrections of the taxable income subject to joint taxation may entail that the companies' liability will increase. The Group's Danish companies are jointly and severally liable for group VAT registration. The Company has provided a guarantee for loans totaling DKK 144,470 thousand raised in group companies. The company has provided a guarantee for loans totalling DKK 146,022 thousand raised in group companies. The Company has entered into operating leases with an annual lease payment of DKK 2,310 thousand (2016: DKK 2,572 thousand). The total nominal residual lease payment amounts to DKK 4,209 thousand (2016: DKK 5,569 thousand). The Company's assets, including inventories, are provided as security for bank loans in group companies. Parties exercising control Related party Domicile Basis for control SDK Sport II ApS Denmark 100 % ownership Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Sport Nordic Holding ApS Ballerup Baltorpbakken 5, 2750 Ballerup, Denmark. Related party transactions Sport Danmark A/S was engaged in the below related party transactions: DKK'000 2017 2016 Sale of goods and services to group companies 719,344 797,314 Management fee income from group companies 104,890 94,916 Receivables from group companies 72,725 123,225 Payables to group companies 0 -35,199 Information on the remuneration to management Information on the remuneration to Management appears from note 3, "Staff costs". 12559496 2017-01-01 2017-12-31 12559496 2017-01-01 12559496 2016-12-31 12559496 2017-12-31 12559496 2016-01-01 12559496 2017-01-01 2017-12-31 1 12559496 2017-01-01 2017-12-31 2 12559496 2017-01-01 2017-12-31 3 12559496 2017-01-01 2017-12-31 4 12559496 2017-01-01 2017-12-31 5 12559496 2017-12-31 1 12559496 2017-01-01 2017-12-31 1 12559496 2017-01-01 2017-12-31 2 12559496 2017-01-01 2017-12-31 3 12559496 2017-01-01 2017-12-31 2 12559496 2017-01-01 2017-12-31 1 12559496 2017-01-01 e:CompletedDevelopmentProjectsMember 12559496 2017-01-01 e:AcquiredIntangibleAssetsMember 12559496 2017-01-01 2017-12-31 e:AcquiredIntangibleAssetsMember 12559496 2017-12-31 e:AcquiredIntangibleAssetsMember 12559496 2017-01-01 2017-12-31 e:CompletedDevelopmentProjectsMember 12559496 2017-12-31 e:CompletedDevelopmentProjectsMember 12559496 2017-01-01 2017-12-31 e:RetainedEarningsMember 12559496 2016-01-01 2016-12-31 e:RetainedEarningsMember 12559496 2017-01-01 e:PlantAndMachineryMember 12559496 2017-01-01 2017-12-31 e:PlantAndMachineryMember 12559496 2017-12-31 e:PlantAndMachineryMember 12559496 2017-01-01 e:LeaseholdImprovementsMember 12559496 2017-01-01 2017-12-31 e:LeaseholdImprovementsMember 12559496 2017-12-31 e:LeaseholdImprovementsMember 12559496 2016-01-01 e:ContributedCapitalMember 12559496 2017-01-01 e:ContributedCapitalMember 12559496 2017-12-31 e:ContributedCapitalMember 12559496 2017-01-01 e:RetainedEarningsMember 12559496 2017-01-01 2017-12-31 e:RetainedEarningsMember 12559496 2017-12-31 e:RetainedEarningsMember 12559496 2016-01-01 e:RetainedEarningsMember 12559496 2016-01-01 2016-12-31 e:RetainedEarningsMember 12559496 2017-12-31 e:IntangibleAssetsMember 12559496 2016-12-31 e:IntangibleAssetsMember 12559496 2017-12-31 e:PropertyPlantAndEquipmentMember 12559496 2016-12-31 e:PropertyPlantAndEquipmentMember 12559496 2017-12-31 e:TaxLossesMember 12559496 2016-12-31 e:TaxLossesMember 12559496 2016-01-01 2016-12-31 12559496 2017-01-01 2017-12-31 d:TwoYearsAgoMember 12559496 2017-12-31 d:TwoYearsAgoMember 12559496 2017-01-01 2017-12-31 d:ThreeYearsAgoMember 12559496 2017-12-31 d:ThreeYearsAgoMember 12559496 2017-01-01 2017-12-31 d:FourYearsAgoMember 12559496 2017-12-31 d:FourYearsAgoMember 12559496 2017-01-01 2017-12-31 2 12559496 2017-01-01 2017-12-31 2 d:PreviousYearMember 12559496 2017-01-01 2017-12-31 2 d:TwoYearsAgoMember 12559496 2017-01-01 2017-12-31 2 d:ThreeYearsAgoMember 12559496 2017-01-01 2017-12-31 2 d:FourYearsAgoMember 12559496 2017-01-01 2017-12-31 12 12559496 2017-01-01 2017-12-31 12 d:PreviousYearMember 12559496 2017-01-01 2017-12-31 12 d:TwoYearsAgoMember 12559496 2017-01-01 2017-12-31 12 d:ThreeYearsAgoMember 12559496 2017-01-01 2017-12-31 12 d:FourYearsAgoMember 12559496 2017-01-01 2017-12-31 e:ManagementMember 12559496 2016-01-01 2016-12-31 e:ManagementMember 12559496 2017-01-01 2017-12-31 e:BoardOfDirectorsMember 12559496 2016-01-01 2016-12-31 e:BoardOfDirectorsMember 12559496 2016-12-31 1 12559496 2017-01-01 2017-12-31 23 12559496 2017-01-01 2017-12-31 23 d:PreviousYearMember 12559496 2017-01-01 2017-12-31 23 d:TwoYearsAgoMember 12559496 2017-01-01 2017-12-31 23 d:ThreeYearsAgoMember 12559496 2017-01-01 2017-12-31 23 d:FourYearsAgoMember iso4217:DKK xbrli:pure