truefalseMartin Hviid SaxtorphÅrsrapport25578198KPMGDampfærgevej 28DK-2100 København Ø2022-01-012022-12-312021-01-012021-12-312023-02-102023-02-1033971419Wunderman A/SGlentevej 612400Copenhagen NVDKDenmarkCopenhagenDeloitte33963556Lars Hansenmne24828Statsautoriseret RevisionspartnerselskabWeidekampsgade 62300Copenhagen SDenmark2023-02-10Regnskabsklasse C, stor virksomhedfalsefalseRevisionspåtegningThe Board of Directors and the Executive Board have today discussed and approved the annual report of Wunderman A/S for the financial year 1 January – 31 December 2022.The annual report has been prepared in accordance with the Danish Financial Statements Act.We recommend that the annual report be approved at the annual general meeting.Copenhagen,Jan William WernerCEOMartin Hviid SaxtorphCFOManuel De Manzanos SegimonChairmanEwen Cameron SturgeonMartin Hviid SaxtorphNina WernerJan William WernerTo the shareholders of Wunderman A/SWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Copenhagen,652340000599721000560313000453456000368422000453247000481350000403260000335397000284208000150777000181824000169044000133224000117032000-347600067330002451000-4150002042000131723000148773000134307000103619000932680002623790002719510002493020001764430001548260001374370001544870001401170001094290009907800088570003000100028280002441000498900069.580.3727477.190.2101107.699.4114.852.456.856.26264453472437379247The past year and follow-up on development expectations from last year Foreign exchange risks Data Ethics The results for 2022, viewed alongside the prior year, align with Management’s expectations for the Company’s economic performance. 2022 has been a year of consolidation and financial investment in the future business, including new and improved services, accelerators, technologies, and the establishment of new subsidiaries and locations. Additionally, significant investments made in intellectual property (technologies) in previous years have contributed positively to the 2022 financial year. The Company continues the strategy of extensive diversification of risk in its diverse global client portfolios, and through new client partnerships formed in 2022, the Company increased its number of global clients. The revenue and gross profits that have increased over the past years indicate that the Company's focus on value-adding digital, direct relationship marketing solutions across all available channels is substantially in demand. The Company is not exposed to special risks except for normal risks within the industry. The Company is increasingly exposed to currency risk. To the extent possible, the Company considers this when negotiating terms in agreements and so forth. The Company has not entered into any forward contracts. The Company has a subsidiary in UK, Portugal, and Sweden, to provide communication consulting services and related services to the Company’s Global Clients. Furthermore, the Company has operations in and outside of EMEA and through its presence in North America and APAC, the Company offers 24-hour support, 365 days a year in all time zones.65234000059972100019909300011837100045324700048135000029568200029524300067880004283000150777000181824000169690008628000243000110000371900020050001642700001885570003254700039784000131723000148773000921100092210002355700021478000327680003069900017760001064000599000121600023750002280000351430003297900080497000880320001094890001252300003451600015003000889000406500004220001788000617300022717900023892500057000470002272360002389720002623790002719510001200000120000045140004514000131723000148773000137437000154487000415800017390004158000173900018850000185560001121300021312000395770002353600098800000412640005232100012078400011572500012078400011572500026237900027195100012000004514000148773000001487730000013172300012000004514000131723000Recognition and measurement Depreciation, amortisation and impairment losses The accounting policies used in the preparation of the financial statements are consistent with those of last year. The financial statements for 2022 are presented in DKK thousand. The financial statements have been prepared under the historical cost method. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.4534720-271100013172300014877300002711000Control Related party transactions Wunderman A/S related parties comprise the following: WPP Kraken B.V., Laan op Zuid 167, 3072 Rotterdam, Netherlands. WPP Kraken B.V. holds the majority of the contributed capital in the Company. Wunderman A/S is part of the consolidated financial statements of WPP Jubilee Limited, 18 Upper Ground, SE 9GL, London, England, and the consolidated financial statements of WPP Plc., 13 Castle Street, St. Helier, JE1 1ES, Jersey, England, which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of WPP Jubilee Limited can be obtained by contacting the Company at the address above. The consolidated financial statements of WPP Plc. can be obtained at the following adress: www.wppinvestor.com. In accordance with section 98 c(7) of the Danish Financial Statements Act, the Company has not disclosed any related party transactions as they were conducted on an arm's length basis.In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January – 31 December 2022. Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position.We have audited the financial statements of Wunderman A/S for the financial year 1 January – 31 December 2022 comprising 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 Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January – 31 December 2022 in accordance with the Danish Financial Statements Act.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 that 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 made on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.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 Statements Act. We did not identify any material misstatement of the Management's review. The financial ratios have been calculated as follows: Gross margin Gross profit x 100 Revenue Return on equity Profit/loss from ordinary activities after tax x 100 Average equity Solvency ratio Equity at year-end x 100 Total equity and liabilities at year-endThe Company’s core activity is providing marketing automation and personalization services to clients, including technology, data, communication consulting services, and other related solutions.The Company's income statement for 2022 shows a profit of DKK 131,723k compared to DKK 148,773k in 2021. Equity in the Company’s balance sheet on 31 December 2022 stood at DKK 137,437k compared to DKK 154,487k in 2021.Management expects that revenue and profit before tax will remain at the same level for the coming financial year.The Company recognizes its obligation to the responsible collection, management, use, and protection of data. We are transparent regarding our ethical decision-making process and educate our people on ethical data use. We share our approach with our stakeholders including share owners, clients, our employees, and vendors. We work with many categories of data and use the term data in its broadest sense. We include within this definition client data, consumer data, and all information and data related to the operation of our business. We take the confidentiality and safe handling of client and client-consumer data for all our clients very seriously. We work under a documented security and privacy policy, which is distributed to all staff at the time of employment and communicated to all employees annually. This is supplemented by Information Security Awareness Training, requiring all employees to comply with a code of business conduct prohibiting disclosure of Client confidential information. As part of the risk and compliance program within our governance, it is essential to abide by the IT security policies, procedures, and controls implemented and in operation to be effective and to ensure confidentiality, integrity, and availability. We operate under the WPP Data Privacy and Security Charter (“The Charter”). The Charter includes policies for data ethics, artificial intelligence and privacy and a bespoke standard set of controls (General Computing Controls (GCCs)) developed by WPP to be used on a global basis, derived from industry-recognized standards and best practices including but not limited to ISO 27001, ITIL, COSO and COBIT and deemed appropriate for our industry. The controls include but are not limited to, access management, physical security, server room access, network access security, malware prevention and monitoring, encryption, secure data backup & recovery, business continuity, secure data disposal, mobile device security, acceptable use, and awareness training. We represent our level of compliance with The Charter by performing self-assessments and participating in related audits in line with WPP’s internal assurance program.We recognize the major threat that climate change and environmental degradation pose to global, social and economic development. We support urgent action to tackle the climate crisis through the Paris Agreement. Our ongoing environmental management program aims to reduce our carbon emissions and broader environmental impact, while helping us to identify and mitigate climate-related risks. The program reduces costs and business risks, while meeting our clients’ and colleagues’ expectations. As a part of the global WPP Group, we are privileged to work with many pioneers of sustainable business, helping our clients to create brands with purpose and to embed sustainability into products, marketing and communications. A statement regarding the Company's policies, actions, and results within matters relating to CSR appears in the annual report of the Parent company, WPP Plc., which is a member of the United Nations Global Compact and committed to its 10 principles. The WPP Group provides a clear policy framework that is included in the WPP Policy Book. These policies cascade to employees through regular communication and online training modules. For full details, we refer to the annual report of the Parent company, WPP Plc. which covers the required statement on social responsibility, in accordance with the Financial Statements Act section 99a. https://www.wpp.com/investorsThe Company seeks to encourage diversity and create equal opportunities for all. With employees from 50+ nationalities across different cultural and ethnic backgrounds, we are proud to offer a truly diverse working environment. We follow our policy to ensure an increased representation of women on the Board of Directors and in the senior management team. The Company has a target to increase female participation by a minimum of 40% by 2024. The current Board of Directors includes 20% female participation. No members have left the board in 2022, and therefore the distribution of the board has not changed in this financial year. It is our aim that members of the Board of Directors have the best qualifications to drive our business, and we continue to strive for more equal representation of genders. Our overall workforce has an equal gender balance, which is also represented at the senior management level. It is the overall and long-term objective of the Company to maintain an equal gender balance at the management level by continuously attracting and retaining women and developing their potential to join the management group. Our approach to equal representation aligns with the Danish Business Authority’s definition and guidance on equal representation, found here: https://erhvervsstyrelsen.dk/ny-vejledning-om-maaltal-og-politik-den-koensmaessige-sammensaetning-af-ledelsen-og-rapporteringNo events of material importance have occurred after the balance sheet date of the 2022 annual report.The annual report of Wunderman A/S for 2022 has been prepared in accordance with the provisions applying to reporting class C large entities under the Danish Financial Statements Act.Pursuant to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. The Company is included in the consolidated financial statements of WPP Plc., Queensway House, Hilgrove Street, St. Helier, JE1 1ES, Jersey, England.Pursuant to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The Company's cash flows are included in the cash flow statement in the consolidated financial statements of WPP Plc.On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates 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, payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses. Upon recognition of foreign subsidiaries and associates that are independent entities, the income statements are translated into Danish kroner at average exchange rates for the month, and balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising upon translation of foreign subsidiaries' opening equity and results at the exchange rates at the balance sheet date are recognised directly in equity. Foreign exchange adjustments of balances with independent foreign subsidiaries considered part of the total investment in the subsidiary are recognised directly in equity. Similarly, foreign exchange gains and losses on loans and derivative financial instruments taken out for the purpose of hedging investments in foreign subsidiaries are recognised directly in equity. Upon recognition of foreign subsidiaries that are integrated entities, monetary items are translated at the exchange rates at the balance sheet date. Non-monetary items are translated at the exchange rates at the date of acquisition or the date of subsequent revaluations of the asset. Income statement items are translated at the exchange rates at the transaction date, whereas items derived from non-monetary items are translated at historical exchange rates for the non-monetary item.Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Other external costs comprise costs of distribution, sales and advertising, administrative expenses, costs of premises, bad debts, operating leases, etc.Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Refunds from public authorities are deducted from staff costs.Depreciation, amortisation and impairment losses comprise depreciation, amortisation and impairment of assets, equipment etc.The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill.Financial income and expenses comprise interest income and expense, gains and losses on payables and transactions denominated in foreign currencies, etc.Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. 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. The Company is jointly taxed with other WPP entities in Denmark. The tax effect of the joint taxation is allocated to Danish enterprises in proportion to their taxable incomes.Fixtures and fittings, tools 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 on which the asset is available for use. Indirect production overheads and borrowing costs are not recognised in cost. The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful lives are as follows: The fixed assets’ residual values are determined at nil. The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 11 yearsThe carrying amount of property, plant and equipment as well as equity investments in group entities is subject to an annual test for 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 forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life.Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Deposits are recognised at amortised cost.Receivables are measured at amortised cost. Write-down 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, write-down is made on an individual basis. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.Contract work in progress is measured at the selling price of the work performed less progress billings and expected losses. The selling price is measured on the basis of the stage of completion at the balance sheet date and the projected income from the individual contract work in progress. The stage of completion is stated as the share of costs incurred in proportion to estimated total costs relating to contract work in progress. When the selling price of contract work in progress cannot be estimated reliably, the selling price is measured at the lower of costs incurred and net realisable value. Contract work in progress is recognised in the balance sheet as receivables or payables, respectively. Net assets comprise the total of contract work in progress where the selling price of the work performed exceeds progress billings. Net liabilities comprise the total of contract work in progress where progress billings exceed the selling price. Costs arising from sales work and contracting are recognised in the income statement as incurred.Prepayments comprise prepayment of costs incurred relating to subsequent financial years.Cash at bank and in hand comprise cash and bank deposits. The Company is part of a cash pool scheme with other Danish WPP companies. Consequently, a considerable portion of the Company's bank deposits and debt is included in receivables from group enterprises.The expected dividends payment for the year is disclosed as a separate item under equity.Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. 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 based on the planned use of the asset or settlement of the liability. However, deferred tax is not recognised on temporary differences relating to goodwill non-deductible for tax purposes and on office premises and other items where the temporary differences arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; 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. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively.Other liabilities are measured at amortised cost.DKK'000 2022 2021 2 Revenue [ MAP # 100 ]The Company has only one global business segment and operates in a global digital market.Geographical segments Revenue, global activities 652,340 599,721 652,340 599,721Wages and salaries 276,530 278,920 Pensions 2,226 2,211 Other social security costs 16,926 13,998 Other staff costs 0 114 295,682 295,243 Average number of full-time employees 453 472Remuneration to the Executive Board has not been disclosed in accordance with section 98 b(3) of the Danish Financial Statements Act.Interest income from group entities 243 109 Exchange adjustments 0 1 243 110 Interest expense to group entities 73 66 Other financial costs 300 345 Exchange losses 3,346 1,594 3,719 2,005 Current tax for the year 29,893 39,574 Deferred tax for the year 2,372 210 Adjustment of tax concerning previous years 235 0 Adjustment of deferred tax concerning previous years 47 0 32,547 39,784 DKK'000 Fixtures and fittings, tools and equipment Leasehold improve-ments Total Cost at 1 January 2022 19,736 21,867 41,603 Additions for the year 4,489 4,368 8,857 Cost at 31 December 2022 24,225 26,235 50,460 Depreciation and impairment losses at 1 January 2022 -10,515 -389 -10,904 Depreciation for the year -4,499 -2,289 -6,788 Depreciation and impairment losses at 31 December 2022 -15,014 -2,678 -17,692 Carrying amount at 31 December 2022 9,211 23,557 32,768 DKK'000 Equity investments in group entities Cost at 1 January 2022 1,064 Additions for the year 0 Cost at 31 December 2022 1,064 Revaluations at 1 January 2022 0 Dividend Portugal 2021 not paid 712 Net profit for the year 16,969 Dividends to the Parent Company -16,969 Revaluations 31 December 2022 712 Carrying amount at 31 December 2022 1,776 Name/legal form Registered office Voting rights and ownership interest Share capital Profit for the year Subsidiaries: DKK'000 Wunderman Sweden AB Sweden 100% SEK 200,000 1,466 Wunderman Thompson MAP Portugal Portugal 100% EUR 5,000 5,681 Wunderman Thompson MAP UK UK 100% GBP 1 9,822 Total 0 16,969DKK'000 2022 2021 Selling price of work performed 359,991 357,117 Progress billings -344,325 -360,670 15,666 -3,553 that can be specified as follows: Construction contracts (assets) 34,516 15,003 Construction contracts (equity and liabilities) -18,850 -18,556 15,666 -3,553Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interest as well.The share capital consists of 12,000 shares of a nominal value of DKK 100k each. All shares rank equally. There have been no changes in the share capital during the last 5 years. Provision for deferred tax at 1 January 1,739 1,529 Amount recognised in the income statement for the year 2,419 210 4,158 1,739With reference to section 96(3) of the Danish Financial Statements Act and to the fee to auditors appointed at the general meeting included in the consolidated financial statements of WPP Plc. (largest group), the Company has not disclosed fee to auditors appointed at the general meeting.Rental and lease obligations Until expiry 177,080 169,454 177,080 169,454 Contingent liabilities Recourse and non-recourse guarentee commitments 9,000 12,488 9,000 12,488The group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of WPP Holding Danmark A/S, which is the management company of the joint taxation purposes. Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company’s liability.No events of material importance have occurred after the balance sheet date of the 2022 annual report.339714192022-01-012022-12-31339714192022-01-012022-12-311339714192021-01-012021-12-31339714192021-12-31339714192022-01-012022-12-31g:PreviousYearMember339714192022-01-012022-12-31g:TwoYearsAgoMember339714192022-01-012022-12-31g:ThreeYearsAgoMember339714192022-01-012022-12-31g:FourYearsAgoMember339714192022-12-31339714192022-12-31g:PreviousYearMember339714192022-12-31g:TwoYearsAgoMember339714192022-12-31g:ThreeYearsAgoMember339714192022-12-31g:FourYearsAgoMember339714192022-01-012022-12-311339714192022-01-012022-12-312339714192022-01-012022-12-311339714192022-01-012022-12-312339714192022-01-012022-12-313339714192022-01-012022-12-3110339714192022-01-012022-12-3111339714192022-01-012022-12-31c:ProposedDividendRecognisedInEquityMember339714192021-01-012021-12-31c:ProposedDividendRecognisedInEquityMember339714192022-01-012022-12-31c:ReserveForNetRevaluationAccordingToEquityMethodMember339714192021-01-012021-12-31c:ReserveForNetRevaluationAccordingToEquityMethodMember339714192022-01-012022-12-31c:ContributedCapitalMember339714192022-01-01c:ContributedCapitalMember339714192022-12-31c:ContributedCapitalMember339714192022-01-012022-12-31c:RetainedEarningsMember339714192022-01-01c:RetainedEarningsMember339714192022-12-31c:RetainedEarningsMember339714192022-01-012022-12-31c:ProposedDividendRecognisedInEquityMember339714192022-01-01c:ProposedDividendRecognisedInEquityMember339714192022-12-31c:ProposedDividendRecognisedInEquityMember339714192022-01-012022-12-31c:RetainedEarningsMember339714192021-01-012021-12-31c:RetainedEarningsMemberxbrli:pureiso4217:DKKiso4217:DKK