25600568 2024-11-01 2025-10-31 25600568 2024-11-01 2025-10-31 1 25600568 2024-11-01 2025-10-31 1 25600568 2023-11-01 2024-10-31 25600568 2025-10-31 25600568 2024-10-31 25600568 2024-10-31 fsa:ContributedCapitalMember 25600568 2024-10-31 fsa:UnpaidContributedCapitalMember 25600568 2024-10-31 fsa:OtherReservesMember 25600568 2024-10-31 fsa:ProposedDividendRecognisedInEquityMember 25600568 2024-11-01 2025-10-31 fsa:ContributedCapitalMember 25600568 2024-11-01 2025-10-31 fsa:UnpaidContributedCapitalMember 25600568 2024-11-01 2025-10-31 fsa:OtherReservesMember 25600568 2024-11-01 2025-10-31 fsa:ProposedDividendRecognisedInEquityMember 25600568 2025-10-31 fsa:ContributedCapitalMember 25600568 2025-10-31 fsa:UnpaidContributedCapitalMember 25600568 2025-10-31 fsa:OtherReservesMember 25600568 2025-10-31 fsa:ProposedDividendRecognisedInEquityMember 25600568 2023-10-31 fsa:ContributedCapitalMember 25600568 2023-10-31 fsa:UnpaidContributedCapitalMember 25600568 2023-10-31 fsa:OtherReservesMember 25600568 2023-10-31 fsa:ProposedDividendRecognisedInEquityMember 25600568 2023-10-31 25600568 2023-11-01 2024-10-31 fsa:ContributedCapitalMember 25600568 2023-11-01 2024-10-31 fsa:UnpaidContributedCapitalMember 25600568 2023-11-01 2024-10-31 fsa:OtherReservesMember 25600568 2023-11-01 2024-10-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure Orla Murphy: The Exe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cutive Boar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d ha<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">s<span class="_ _1"/> <span class="_ _0"/><span class="ls9 ws12">today discus<span class="_ _1"/>sed and <span class="_ _1"/>approve<span class="_ _1"/>d the<span class="_ _1"/> annual<span class="_ _1"/> report <span class="_ _1"/>of Syno<span class="_ _1"/>psys D<span class="_ _1"/>enmark A<span class="_ _1"/>pS<span class="ls2 ws2"> <span class="_ _0"/><span class="lsf ws13">fo<span class="_ _0"/>r </span></span></span></span>the finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial year <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">1<span class="_ _1"/> <span class="lsa wse">Nov<span class="_ _0"/>embe<span class="_ _0"/>r</span> <span class="ls9 wsf">20</span>24 – <span class="ls9 wsf">31</span> <span class="ls9 wsf">October</span> <span class="ls9 wsf">20<span class="_ _1"/><span class="ls2 ws2">25. </span></span></span>The annua<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l report h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>epared in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Danis<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h Finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial Stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts Act.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>In our opi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nion, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents give <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a true and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y's ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ets, liabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ities and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financial po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> at <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">31<span class="ls2 ws2"> </span>Oc<span class="_ _0"/>tober<span class="_ _0"/><span class="ls2 ws2"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">20<span class="ls2 ws2">25 <span class="_ _c"/></span></span>and of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e result<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Company'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="wsf">operati<span class="_ _1"/>ons<span class="ls2 ws2"> <span class="_ _0"/></span><span class="ws12">for the fina<span class="_ _1"/>ncial year<span class="_ _1"/> </span></span>1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">November</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">20</span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>4 – <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">31</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">Octob<span class="_ _1"/>er<span class="ls2 ws2"> </span>20<span class="ls2 ws2">25. </span></span>Further, in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>our opini<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on, the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>'s rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iew give<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s a fair r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eview of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he matter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s discus<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sed in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Management'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>We recommen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d that th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e annu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al report b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e approv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed at the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> annual gen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eral me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eting.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> Copenhagen, Orla Murphy Executive Board member To the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sharehol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ders of <span xmlns="http://www.w3.org/1999/xhtml" class="ls4 wsa">Synopsys D<span class="_ _1"/>enmark A<span class="_ _1"/>pS<span class="ls2 ws2"> </span></span> Opinion<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>We have aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ited the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls11 ws1a">Syno<span class="_ _1"/>psys D<span class="_ _1"/>enma<span class="_ _1"/>rk ApS<span class="_ _1"/><span class="ls2 ws2"> <span class="_ _d"/><span class="ls9 ws19">for the f<span class="_ _1"/>inancial <span class="_ _1"/>year <span class="ls2 ws2">1 <span class="_ _1"/><span class="ls9 wsf">November<span class="ls2 ws2"> <span class="lsa wse">20</span>24 </span></span></span></span></span></span>– <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">31</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">October</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">20</span>25, <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws1b">comprising in<span class="_ _1"/>come stat<span class="_ _1"/>ement, ba<span class="_ _1"/>lance <span class="_ _1"/>sheet and not<span class="_ _1"/>es, in<span class="_ _1"/>cluding ac<span class="_ _1"/>counti<span class="_ _1"/>ng policie<span class="_ _1"/>s<span class="lsf ws13">. </span></span>The finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments <span xmlns="http://www.w3.org/1999/xhtml" class="wsf">ar<span class="_ _1"/>e <span class="wsd">prepared<span class="_ _1"/> in accord<span class="_ _1"/>ance with<span class="_ _1"/> the Dani<span class="_ _1"/>sh Fina<span class="_ _1"/>ncial St<span class="_ _1"/>atements<span class="_ _1"/> Act.<span class="ls2 ws2"> </span></span></span>In our opi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nion, th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents give <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a true and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y's ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ets, liabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ities and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> financial po<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> at <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">31<span class="ls2 ws2"> </span>Oc<span class="_ _0"/>tober<span class="_ _0"/><span class="ls2 ws2"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">202<span class="ls2 ws2">5 <span class="_ _0"/></span></span>and of the result<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Company'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s operati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ons for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncial year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> 1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">November</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">20</span>2<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>4 – <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">31</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">Octob<span class="_ _1"/>er<span class="ls2 ws2"> </span>202<span class="ls2 ws2">5 </span><span class="wsd">in ac<span class="_ _1"/>cordance w<span class="_ _1"/>ith the<span class="_ _1"/> Danish Fi<span class="_ _1"/>nancial St<span class="_ _1"/>atements<span class="_ _1"/> Act.<span class="_ _1"/><span class="ls2 ws2"> </span></span></span> Basis for opini<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>on<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>We conducted o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ur audit in a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ccorda<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nce with Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al Standard<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">s<span class="_ _0"/> <span class="_ _c"/><span class="ls9 ws1d">on Auditing (ISA<span class="_ _d"/>s<span class="_ _0"/>) and the add<span class="_ _1"/>itiona<span class="_ _1"/>l </span></span>requireme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts appli<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cable <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in Denmar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>k. Our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bilities <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>under tho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>se standar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>ds<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>equirements are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> further des<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cribed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in the "A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uditor's res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ponsib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ilities for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dit of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents" se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ction of ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r report<span xmlns="http://www.w3.org/1999/xhtml" class="ws1f">. We ar<span class="_ _1"/>e independent of <span class="_ _1"/>the Company i<span class="_ _1"/>n accorda<span class="_ _1"/>nce with the Inter<span class="_ _1"/>nationa<span class="_ _1"/>l Ethics Stan<span class="_ _1"/>dards Boar<span class="_ _1"/>d for<span class="_ _1"/> </span>Accountant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s' Code <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of Ethic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or Profess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ional A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ccountant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s (IE<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>SBA Code) <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> addition<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> applicable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mark, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and we<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> have fulf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>illed <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>our oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er ethi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cal r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>esponsibil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ities in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>with t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hese <span xmlns="http://www.w3.org/1999/xhtml" class="ls12 ws21">rule<span class="_ _0"/>s </span>and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"/><span xmlns="http://www.w3.org/1999/xhtml" class="ws22">require<span class="_ _1"/>ments. We b<span class="_ _1"/>elieve that the a<span class="_ _1"/>udit evi<span class="_ _1"/>dence we have obt<span class="_ _1"/>ained is suf<span class="_ _1"/>ficient<span class="_ _1"/> and appropr<span class="_ _1"/>iate to<span class="_ _1"/> </span>provide a ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sis for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>our opin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> Managemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t's r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>espon<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sibility f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Management<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsible<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> prepara<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>give a tru<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e and f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>air vi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ew in accordance w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith the D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anish <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Financia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l Statem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents Act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>such interna<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l contro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l that Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nagement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> determine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s is necessar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y to enable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s that are fre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e from materi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al misstatem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent, whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> due to fraud or er<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ror.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>In prepar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> resp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsible for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> assessing th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y's abilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> continue a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s a g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>concern, d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isclosing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>applicabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e, matt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ers re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lated t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o goin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g concern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>using the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>going<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> concern ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sis of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ting i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n prepari<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements un<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>less Man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>agement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> either<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> intends<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> liquidate t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y or to c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ease <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>operation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, or has n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o reali<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stic alter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>native but<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to do s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> Audit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or's respo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nsib<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Our objecti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ves are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to obta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in reasonab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le assur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance as t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o whether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> the financial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s as a wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ole are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> free from <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>material<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> misstate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment, whet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>her due t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o fraud <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or err<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or, and to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>issue an <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>auditor'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>port that i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncludes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our opinio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n. Reason<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>able ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>urance is a hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gh leve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l of assuranc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e but is n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot a guara<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntee that a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n audit conducted <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cordance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>h ISAs and the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>additio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nal req<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uirements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in Denm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ark will<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> alway<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s detect a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> mater<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> misstatem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent when it exi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sts. Misstat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y arise from<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> fraud or error an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d are consid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ere<span xmlns="http://www.w3.org/1999/xhtml" class="ls13 ws27">d mat<span class="_ _1"/>erial if<span class="_ _1"/>, </span>individual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ly or in the aggr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>egate, they <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>could reasona<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bly be e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpected to influ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ence the e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>conomic dec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isions of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>anc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent <span xmlns="http://www.w3.org/1999/xhtml" class="wse">us<span class="_ _0"/>er<span class="_ _0"/>s made<span class="_ _0"/> <span class="ls9 wsd">on the basis o<span class="_ _1"/>f these <span class="_ _1"/>financi<span class="_ _1"/>al state<span class="_ _1"/>ments.<span class="_ _1"/><span class="ls2 ws2"> </span></span></span>As part of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> an aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ducted in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accord<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h ISAs a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dditiona<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements ap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>plicable <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in Denmark, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cise prof<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>essional judg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> maint<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ain <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>professiona<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l scept<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icism t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hroughout<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> the audit. We also<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>— <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws1f">identify an<span class="_ _1"/>d ass<span class="_ _1"/>ess the ri<span class="_ _1"/>sks of <span class="_ _1"/>material<span class="_ _1"/> misstate<span class="_ _1"/>ment of<span class="_ _1"/> the <span class="_ _1"/>company<span class="_ _1"/> financial<span class="_ _1"/> state<span class="_ _1"/>ments, <span class="_ _1"/>whether due<span class="_ _d"/> </span>to fraud o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r erro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r, design <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and perf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orm audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t proce<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dures re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsive t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o thos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e risk<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>obtain a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>udit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> evidence tha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t is suff<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icient and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>appropriat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e to pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vide a basi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s for our op<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inion. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he risk of not <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>detectin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g a material <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>misstatem<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent result<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing from fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aud is high<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er than f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or one resu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lting fro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>m error <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as fraud ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y involve co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>llusion, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orgery, i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntention<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al omi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ssions, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>misreprese<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntations <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>verride of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nal con<span xmlns="http://www.w3.org/1999/xhtml" class="ls12 ws21">trol<span class="ls2 ws2"> </span></span>— <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsd">obtain a<span class="_ _1"/>n understan<span class="_ _1"/>ding o<span class="_ _1"/>f int<span class="_ _1"/>ernal cont<span class="_ _1"/>rol re<span class="_ _1"/>levant to <span class="_ _1"/>the au<span class="_ _1"/>dit in <span class="_ _1"/>order to <span class="_ _1"/>design<span class="_ _1"/> audit pr<span class="_ _1"/>ocedures<span class="_ _1"/> that<span class="_ _1"/> </span>are appropr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iate in <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the cir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cumstanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es, but <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>not for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e purpos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e of ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pressing a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n opi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nion on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he effectivene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ss of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y's int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernal cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rol<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>— <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws2b">evaluate the appr<span class="_ _d"/>opriateness of<span class="_ _1"/> accounting po<span class="_ _1"/>licies use<span class="_ _1"/>d and the rea<span class="_ _1"/>sonablene<span class="_ _1"/>ss of accounti<span class="_ _1"/>ng </span>estimates a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>disclo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sures made<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> by Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nagement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>— <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws2c">conclude <span class="_ _1"/>on the <span class="_ _1"/>appropri<span class="_ _1"/>ateness of<span class="_ _d"/> M<span class="_ _0"/>anageme<span class="_ _1"/>nt's us<span class="_ _1"/>e of <span class="_ _1"/>the goin<span class="_ _1"/>g concern<span class="_ _1"/> basi<span class="_ _1"/>s of a<span class="_ _1"/>ccounting <span class="_ _1"/>in </span>preparing t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d, based on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he au<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dit evidenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e obtain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed, wheth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er a materi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al uncertain<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty exist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed to ev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ents or <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>condit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ions that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>may <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cast signif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icant dou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bt on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ompany's ab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y to conti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nue as a g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oing c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oncern. I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f we c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onclude th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at a mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uncertai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nty exist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, we are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> requir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>ed to draw attent<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion in our<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> auditor'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s report t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lated disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>losur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es in the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s or, if such<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> dis<span xmlns="http://www.w3.org/1999/xhtml" class="ws2e">closure<span class="_ _1"/>s are ina<span class="_ _1"/>dequate, <span class="_ _1"/>to modify o<span class="_ _1"/>ur opini<span class="_ _1"/>on. Our c<span class="_ _1"/>onclusi<span class="_ _1"/>ons are b<span class="_ _1"/>ased on the a<span class="_ _1"/>udit evi<span class="_ _1"/>dence </span>obtained up t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the date of ou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r auditor'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s report. Howe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ver, future eve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts or cond<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>itions may<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cause the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Company t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o cease<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>continue<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> as a goi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng concern<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>— <span xmlns="http://www.w3.org/1999/xhtml" class="_ _f"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws1e">evaluate the<span class="_ _1"/> overal<span class="_ _1"/>l prese<span class="_ _1"/>ntation, <span class="_ _1"/>structur<span class="_ _1"/>e and conte<span class="_ _1"/>nts <span class="_ _1"/>of the fin<span class="_ _1"/>ancial st<span class="_ _1"/>atement<span class="_ _1"/>s, i<span class="_ _1"/>ncluding th<span class="_ _1"/>e </span>disclosure<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, and whethe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r the fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nancial state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>present t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he underlying t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ransact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ions and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> events in a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> manner <span xmlns="http://www.w3.org/1999/xhtml" class="wsd">that<span class="_ _1"/> gives a <span class="_ _1"/>true and f<span class="_ _1"/>air view<span class="_ _1"/><span class="ls2 ws2"> </span></span>We commun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icate w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith tho<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>se charged<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> with g<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>overnan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce reg<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arding,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> among o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atters, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>anned <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>scope and timing of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he audit an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d sig<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nificant audi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t finding<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, includi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng any <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>significan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t defici<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>encies i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n internal <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>control that we ide<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntify dur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing our <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>audit.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> Statemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Ma<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nagement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>'s rev<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iew<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Management <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is resp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onsible fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r the Mana<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gement's<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> review.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Our opinion<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> on the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> does not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cover<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Management'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view, and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> we do <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>not expr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ess any form of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> assuran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce conclu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sion t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hereon.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>In connect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion with<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our aud<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ents, o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ur re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsibili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty is to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> read th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>agement'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> and, in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> doing <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>so, cons<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ider w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hether<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the Mana<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gement's<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> revie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>w is mat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erially<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> inconsi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stent wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial statements or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> our knowledge obtai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ned du<span xmlns="http://www.w3.org/1999/xhtml" class="wsd">ring th<span class="_ _1"/>e audit,<span class="_ _1"/> or ot<span class="_ _1"/>herwise ap<span class="_ _1"/>pears to <span class="_ _1"/>be materia<span class="_ _1"/>lly misst<span class="_ _1"/>ated.<span class="_ _1"/><span class="ls2 ws2"> </span></span>Moreover, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it is our re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponsibi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lity to con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sider whet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>her th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Manageme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt's review pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ides <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the inform<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation required u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nder the Da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nish Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nancial S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Act.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Based on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he work w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e have p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erformed, w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e concl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ude that t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he Man<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>agement'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is in acc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ordance wi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>th the fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncial sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as been pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>epared in ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cordance w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith the r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>equir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Danish F<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Statement A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ct. We d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>id not id<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>entify an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y materi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al misst<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atemen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t of the Manag<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ement'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> Copenhagen, KPMG Statsautoriseret Revisionspartnerselskab 25578198 Andreas Windahl State Authorised Public Accountant Synopsys Denmark ApS Fruebjergvej 3 DK 2100 Copenhagen 70 71 69 80 www.synopsys.com 25600568 Copenhagen Dampfærgevej 28 2100 København Ø Denmark Conso<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lidated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>emen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Synopsys<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">, </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">I<span class="_ _1"/>nc. is the <span class="_ _1"/>parent c<span class="_ _1"/>ompany of<span class="_ _1"/> the larg<span class="_ _1"/>est grou<span class="_ _1"/>p of undert<span class="_ _1"/>aking<span class="_ _1"/>s for whic<span class="_ _1"/>h group f<span class="_ _1"/>inancial </span>statements <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are draw<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n up and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch Synopsy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Denmar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>k ApS is <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a member. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he group f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inanci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al statements of Sy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nopsys<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">, </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">Inc. <span class="_ _1"/>are av<span class="_ _1"/>ailable<span class="_ _1"/> to the publ<span class="_ _1"/>ic from <span class="_ _1"/>Synopsys<span class="ls2 ws2">, <span class="lsf ws13">Inc.</span>, </span><span class="ws16">675 Almanor Ave</span><span class="lsb">, </span><span class="wsf">Sunny<span class="_ _1"/>vale, </span></span>CA<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="ls9 wsf">94085<span class="wsd">, Unit<span class="_ _1"/>ed States<span class="_ _1"/> of Ameri<span class="_ _1"/>ca.<span class="ls2 ws2"> </span></span></span></span> Business<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> review<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>The princi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pal activit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y of the <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">C</span>ompan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y is the pro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vision of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> research an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d developme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt on beha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lf of the C<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">ompany’s ult<span class="_ _1"/>imate par<span class="_ _1"/>ent compan<span class="_ _1"/>y, Synop<span class="_ _1"/>sys<span class="ls2 ws2">, <span class="lsb ws32">In<span class="_ _1"/>c. The <span class="ls2 ws2">C<span class="ls9 ws16">ompany also un<span class="_ _1"/>dertake<span class="_ _1"/>s marketing a<span class="_ _1"/>ctiviti<span class="_ _1"/>es on </span></span></span></span></span>behalf of the parent comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>any, Synop<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sys Internatio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nal Limite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">. </span> Financial re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>view<span xmlns="http://www.w3.org/1999/xhtml" class="ls2"> </span>In 20<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">25</span>, the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y’s gro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ss profit a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mounted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to DKK<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="_ _0"/><span class="ls9 wsf">49</span>,<span class="lsa wse">008<span class="_ _0"/></span>,<span class="ls9 wsf">054</span> <span class="_ _0"/><span class="lsa wse">aga<span class="_ _0"/>ins<span class="_ _0"/>t</span> <span class="_ _0"/>DKK <span class="_ _0"/>47<span class="_ _0"/>,<span class="lsa wse">615<span class="_ _0"/></span>,<span class="lsa wse">296</span> <span class="_ _0"/><span class="lsa ws1b">l<span class="_ _0"/>ast<span class="_ _0"/> ye<span class="_ _0"/>ar.<span class="_ _0"/> The </span></span>income st<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>25 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _e"> </span>shows a profit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of D<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>KK <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">1,</span>743<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">07</span>2 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _16"> </span>against<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> DKK 1,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>833<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">,</span>698<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="_ _16"> </span><span class="ls9 ws26">la<span class="_ _1"/>st year,<span class="_ _1"/> and t<span class="_ _1"/>he </span></span>balance sheet <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">on<span class="ls2 ws2"> </span></span>31 October 20<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">25 </span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">show<span class="_ _1"/>s equit<span class="_ _1"/>y of <span class="ls14 ws2f">DKK<span class="ls2 ws2"> </span></span><span class="wsf">30,929,1<span class="_ _1"/>8<span class="ls2 ws2">3 </span>agai<span class="_ _1"/>nst <span class="ls2 ws2">DKK 29,<span class="lsa wse">765</span>,<span class="_ _0"/><span class="lsa wse">536</span> <span class="_ _0"/></span><span class="ws16">last year<span class="ls2 ws2">. </span></span></span></span>Events <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>after t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he bal<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ance sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eet dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>No events material<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ly affecting the <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">C</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12">ompan<span class="_ _1"/>y’s fin<span class="_ _1"/>ancial pos<span class="_ _1"/>ition ha<span class="_ _1"/>ve occurred <span class="_ _1"/>subsequent<span class="_ _d"/> to the financial<span class="_ _1"/> </span>year<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span>end.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> 49008054 47615296 46391288 44878908 331375 862697 0 0 2285391 1873691 11805 9 20247 34862 2276949 1838838 533877 5140 1743072 1833698 0 7100000 1743072 -5266302 1743072 1833698 0 239913 549771 641233 549771 881146 534533 534533 534533 534533 1084304 1415679 4075493 4707500 121012 226662 279965 0 4476470 4934162 33788727 32491642 38265197 37425804 39349501 38841483 125000 125000 7461989 6534644 23342194 16005892 0 7100000 30929183 29765536 500000 500000 500000 500000 245705 260322 402413 515361 7272200 7800264 7920318 8575947 39349501 38841483 125000 6534644 16005892 7100000 29765536 0 0 1743072 0 1743072 0 6520575 0 6520575 0 -5593230 5593230 0 7100000 7100000 125000 7461989 23342194 0 30929183 125000 4517239 17075617 0 21717856 0 0 -5266302 7100000 1833698 0 6213982 0 6213982 0 -4196577 4196577 0 125000 6534644 16005892 7100000 29765536 true Recognition and measurement<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Income is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cognized i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n the inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ome stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt as earn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed. Furt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hermore, v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alue adj<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ustments o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial asse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts and liabilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>asured at <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>value or amort<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ized c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ost are re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cognized.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Moreov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er, cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s incurred <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>to gener<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate the year's<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> earnin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gs are<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>zed in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>come sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> including<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> deprec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iation, a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mortizat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion, im<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pairment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> losses and pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ovisions a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s well <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as reversals <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as a resu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lt of changes <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in accounti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng esti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mates of amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>unts whic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h were previousl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y recognized in the inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>me statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ized <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> sheet w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hen it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is prob<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>able t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hat fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ure ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onomic b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enefit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s will f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>low to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Company, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and the val<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ue of the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> asset can <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>be relia<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bly measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>zed in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e balan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce sheet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> when an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> outfl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ow of ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>onomi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>c benefits<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>obable, and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> value of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>liabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ity can be r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eliably<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> measured.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>On initial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ition, a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ssets <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ties ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cost. S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ubsequentl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y, asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s are measured as<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> descri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>bed below<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> for ea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch indivi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dual item.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>In recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>izing and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>measur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ets and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>liabiliti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y predicta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ble lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sses and r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isks oc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>curring pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ior to t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>he presentat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion of the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nnual rep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ort that evi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dence condi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tions e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xisting at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he balan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce sheet <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>date are ta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ken into account.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Danish <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>kroner i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s used a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> measureme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ency. A<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ll oth<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>encies ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sidered <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>foreign<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cies.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Foreign currency translation<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Transact<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ions denom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inated in f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>oreign currencie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s are tran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>slated at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he exch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ange rate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s at the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> transacti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on date.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Foreign e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xchange di<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>fference<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s betwee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n the ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>change rate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s at th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e transa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ction d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate and at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he date of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> payment are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognized <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> income sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a<span xmlns="http://www.w3.org/1999/xhtml" class="lsa ws13">s fi<span class="_ _0"/>nanc<span class="_ _0"/>ial i<span class="_ _0"/>nco<span class="_ _0"/>me o<span class="_ _0"/>r f<span class="_ _0"/>inanc<span class="_ _0"/>ial<span class="_ _0"/> ex<span class="_ _0"/>pens<span class="_ _0"/>es<span class="_ _0"/>.<span class="ls2 ws2"> </span></span>Receivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, payab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>les and ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>her monet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ary ite<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ms denomi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nated i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n foreign<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> curren<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cies that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> have not<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> been<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> settled at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the balan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t date ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e trans<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lated at t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he exchan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ge rates <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alance shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t date. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e differenc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e betwee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>exchange r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ates a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>balance <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>shee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t date <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and the da<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te at w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hich t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he rece<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ivable or<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> payable aro<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>se is re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cognized <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in the i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncome sta<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as finan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cial inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>me or fin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ancial exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>In<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>me s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ent <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Revenue<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Marketing an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d suppo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rt and de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>velopment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce fees ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e recogniz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed in th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e income <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stateme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt as t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he service<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s are provid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed. <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Other external expenses<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Other exter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nal expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nses com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>prise tr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>avel expe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nses, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent, offi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce expen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ses, et<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>c.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Gross profit<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>With referen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce to se<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ction 32 of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> the Danish Financ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ial State<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ments Ac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t, revenu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e and other<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> exter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nal expens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es have not bee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n disc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>losed sep<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>aratel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y in the ann<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ual report<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> but i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s disclos<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed as gr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oss profit.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Staff costs<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Staff cost<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s compris<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e wages a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd salaries, r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>unera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion, pe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nsions<span xmlns="http://www.w3.org/1999/xhtml" class="ws1d">, share based<span class="_ _1"/> <span class="lsa wse">pay<span class="_ _0"/>m<span class="_ _0"/>ents<span class="ls2 ws2"> <span class="_ _e"/></span></span>and other<span class="_ _1"/> staff </span>costs relate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d to the C<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pany'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Share<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws34">based payment<span class="ls2 ws2"> </span></span>The company t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>reats sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span>ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sed payment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s as equity<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-<span class="_ _1"/><span class="ls9 ws12">settle<span class="_ _1"/>d. Therefore,<span class="_ _1"/> the <span class="_ _1"/>company measure<span class="_ _1"/>s servi<span class="_ _1"/>ces </span></span>received, an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d the corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>espondi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng increa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>se in equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y, direct<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ly, at the f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>air value of <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>servic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es received<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>, unles<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s that fair <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>value cann<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot be es<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>timated re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>liably. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Share-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws1f">based compe<span class="_ _1"/>nsation ex<span class="_ _1"/>pense is esti<span class="_ _1"/>mated at t<span class="_ _1"/>he grant<span class="_ _1"/> date based <span class="_ _1"/>on the fair v<span class="_ _1"/>alue of t<span class="_ _1"/>he award, and<span class="_ _1"/> </span>the expense i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s recog<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nised in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he incom<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e statement <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>over the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> vesting <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>period. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e amount r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>ec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ognised e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ach period as an e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpense is ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>justed ea<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch period to r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eflect act<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ual and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stimated f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uture le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vels of vestin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g. The company re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cords t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he incr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ease in equ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ity as a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>capita<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ribution fr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>om it<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s ultimate<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> parent. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he cap<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ital<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> contribut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion is reclas<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sified t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the profit and lo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ss accoun<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t directly <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>in equity onc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e awards ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="_ _0"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws1b">fully vested as </span>such reserv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es are d<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eemed to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>be distri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>butable<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws21">. <span class="_ _1"/><span class="ls2 ws2"> </span></span>Share-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws12">based comp<span class="_ _1"/>ensation <span class="_ _1"/>is inte<span class="_ _1"/>nded to<span class="_ _1"/> provid<span class="_ _1"/>e eligible<span class="_ _1"/> employee<span class="_ _1"/>s of t<span class="_ _1"/>he compan<span class="_ _1"/>y with t<span class="_ _1"/>he oppor<span class="_ _1"/>tunity<span class="_ _1"/> </span>to acquire a propri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>etary inter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>est in Syno<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>psys, Inc. thr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ough purchase<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s of shares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in the common sto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ck of Synopsys, I<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nc<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> comp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>any<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> has us<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>he Blac<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>k<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-<span class="ls9 ws25">Scholes model<span class="_ _1"/> for e<span class="_ _1"/>stimat<span class="_ _1"/>ing the f<span class="_ _d"/>air value of<span class="_ _1"/> share<span class="ls2 ws2">-</span><span class="ws1f">base<span class="_ _1"/>d compensati<span class="_ _1"/>on. </span></span></span>The company’<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s expected vol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y assumptio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n is based on an equal wei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ghting of the hi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>storical vol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>atility<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of Synopsys, Inc.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>’s shares and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he implied vola<span xmlns="http://www.w3.org/1999/xhtml" class="ws2e">ti<span class="_ _1"/>lity fro<span class="_ _1"/>m trade<span class="_ _1"/>d options on<span class="_ _1"/> those <span class="_ _1"/>shares. <span class="_ _1"/>The expect<span class="_ _1"/>ed life<span class="_ _1"/> </span>assumption <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is primar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ily based on his<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>torical emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>loyee exer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cise patter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ns and empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oyee post<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-<span class="lsa wse">vesti<span class="_ _0"/>ng </span></span>terminati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on behavio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ur. The r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>isk<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span>free<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> interes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t rate for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the ex<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pecte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d term of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the opt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion is ba<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sed on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he U.S. Treasury yiel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d curve i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n effect a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t the time of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he grant. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he dividend <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yield ref<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lects h<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>istorical e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xperien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce as well<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> as future e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpectation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s over t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he expected t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>erm of th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e opti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on. The forf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eitur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e rate used t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>o c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>alculate <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the compensati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on expens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e is pri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ws16">marily based on hist<span class="_ _1"/>orical pre<span class="ls2 ws2">-</span><span class="wsd">v<span class="_ _1"/>esting e<span class="_ _1"/>mployee for<span class="_ _1"/>feitur<span class="_ _1"/>e patte<span class="_ _1"/>rns<span class="ls2 ws2">. </span></span></span>The use of dif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ferent a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ssumption<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s would res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ult in dif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ferent amou<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts of stoc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>k compens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation expens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Management <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>is not a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ble to e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stimate the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>probabil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ity of a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ctual re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sults differ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>ing from expected <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>results, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>but<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> believes th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y’s assu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mptions ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e appr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>opriate, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>based on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he requi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s of “The <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>Danish Fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nancial<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Statement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s Act” and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany’s hist<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orical <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and expect<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed futur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e experien<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>The share<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span>b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ased emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yee compen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sation plan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>applic<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>able to empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oyees of t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y are an emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> share pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chase plan <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>(ESPP) a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd restr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icted sto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ck plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Depreciation<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Depreciati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on include<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s depre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ciation of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> propert<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y, plan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t and equipm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e year.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Financial income and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ws38">expenses<span class="ls2 ws2"> </span></span>Financial in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>come and e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpens<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es are recogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>zed in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he income s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tatement<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> at the a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mounts relati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng to th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e financial y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Government grants<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Government<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> grants<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ized at f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>air va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lue i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n profi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t or l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oss wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ere ther<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e is a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> reason<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>able <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>assurance<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> that<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the grant w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ill be receive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d and the co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany has co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mplied<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> with all attach<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed condi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tions. S<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>uch grants ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e credited t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o expendit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ure as s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o to match t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hem with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the exp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>enditure t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o which t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hey rel<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ate but <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>capped w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith the amount of f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>unds rece<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ived to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> date.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Tax on profit/loss for the year<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Tax for the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>year compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ises cur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rent tax for t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he year a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nd chan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ges in defer<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>red tax. T<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he tax e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xpense r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elating to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the profit/<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>loss f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>or the year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is recogn<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ized in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he inco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>me state<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Balance sheet<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Goodwill<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Goodwill is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> capit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alised in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the bala<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nce sheet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mortise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d over th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e estimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed usef<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ul life.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Goodwil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>l is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> amortized on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a strai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ght<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span>line <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>basis ov<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>er the am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ortisat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion period,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> which is 7 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>years.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Receivables<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Receivables<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cogniz<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed in the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>balanc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e sheet at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> amorti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>zed cost,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> whi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ch substa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntially c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>orrespo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nds to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the nominal value.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Write<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">down <span class="_ _1"/>is made for e<span class="_ _1"/>stimat<span class="_ _1"/>ed bad debt <span class="_ _1"/>loss<span class="_ _1"/>es.<span class="ls2 ws2"> </span></span>Property, plant and equipment<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Property, pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt and equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>pment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are measured at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> cost les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s accumulat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed depre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ciation and i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpairment l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>osses.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Cost compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ises the purc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hase <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>price and any c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>osts dir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ectly att<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ributable t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>o the acquisition unt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>il the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e when the asset i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s availabl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e for us<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>The basis of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> deprec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iation, wh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ich i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s calculat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed as co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>st less a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ny residual <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>value,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> is depr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eciated on<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> a <span xmlns="http://www.w3.org/1999/xhtml" class="wsf">strai<span class="_ _1"/>ght<span class="ls2 ws2">-</span></span>line<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="ls9 wsd">basis <span class="_ _1"/>over the<span class="_ _1"/> expected <span class="_ _1"/>usefu<span class="_ _1"/>l lives of <span class="_ _1"/>the as<span class="_ _1"/>sets. The e<span class="_ _1"/>xpected <span class="_ _1"/>useful li<span class="_ _1"/>ves are:<span class="_ _1"/><span class="ls2 ws2"> </span></span></span>Other fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xtures and fi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ttings,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> tool<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s and equip<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ment<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>3-5 <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">years</span> Impairment of assets<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>The carryin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g amount of pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>operty, pl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ant and equipm<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent is<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> subject to an annu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al test fo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>r indicati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ons of impairment o<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ther than<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the de<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>crease<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in value re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>flected<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> by amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rtization<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> or depre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ciation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>An <span xmlns="http://www.w3.org/1999/xhtml" class="_ _c"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws20">impairment test <span class="_ _1"/>is co<span class="_ _1"/>nducted to<span class="_ _1"/> determ<span class="_ _1"/>ine wheth<span class="_ _1"/>er the r<span class="_ _d"/>ec<span class="_ _0"/>overable <span class="_ _1"/>amount <span class="_ _1"/>is lower<span class="_ _1"/> than th<span class="_ _1"/>e carry<span class="_ _1"/>ing </span>amount, and t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>he asset is writt<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>en down t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o this <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lower reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>verab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le amount.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>The reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>verable am<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ount i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s the higher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> of an asset'<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s net <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>selling <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>price and i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts va<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lue in us<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e. Wher<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e a reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>verable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> amount cannot <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>be determ<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ined for the in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>dividu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al asset, the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>assets ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e assesse<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d in the small<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>est group <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of assets for which a reliab<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>le recovera<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ble amount can be determine<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d based on an overall ass<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>essment.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Other asset<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s for w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hich a s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eparate v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alue in u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>se cannot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> be det<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ermined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>asset doe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s not <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on an indiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>idual basis gene<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rate fut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ure ca<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sh flo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ws are te<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sted for<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> impairme<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ogether w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he group of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/> assets to which<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> they<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are attribut<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>able.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Prepayments<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Prepaymen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts compr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ise pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>epaid expen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ses con<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cerning<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> rent, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>insuran<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce premiu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ms, sub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>scripti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ons and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> intere<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>st.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Current tax recei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>vables and liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Current t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax for <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the curr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ent an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d prior y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ears is r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ecogni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>zed as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>a liabi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lity to <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the exten<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>t that <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>it has n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot yet<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> been<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> settled, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and as an a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sset to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the extent t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hat th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e amounts <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alread<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y paid exc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eed the amo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>unt due<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Ot<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>her<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="ls16 ws38">pr<span class="_ _0"/>ovision</span>s </span>Provisio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ns for dilapid<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ation co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sts are based <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on profes<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sional ad<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>vice ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ving regard t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o the estim<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ated restora<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>tion costs for le<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>asehol<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d premises<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> and are <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>reassess<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed each r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eport<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing date.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Liabilities<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Financial <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>liabili<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ties com<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>prising <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>amounts<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> owed to<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> trade p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ayables ar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gnized at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the dat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e of bor<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>rowing<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> at cost, corr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>espondin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g to the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> proceed<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s receive<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d les<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s transacti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>on co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sts paid.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> In sub<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sequent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>periods, f<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>inanci<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al liabilitie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s are me<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>asured at<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> amortize<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d cost<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws13">. <span class="ls2 ws2"> </span></span>Other liabiliti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>es are measured<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> at net realizable<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> value.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls16 ws34">Staff costs</span> Wages and s<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>alaries<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>36,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">536<span class="ls2 ws2">,</span></span>60<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">0 </span>35,<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">496,433<span class="_ _1"/><span class="ls2 ws2"> </span></span>Pensions<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>3,109,247<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>2,947,968<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Other staf<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>f costs<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ff6 ls2 ws2"> </span>224<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">,<span class="lsa wse">866</span> </span>2<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">20,525</span> Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d payment<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws16">(R<span class="_ _1"/>efer Note 6)<span class="_ _1"/><span class="ls2 ws2"> </span></span>6,<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">520</span>,<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">57</span>5 6,213,982<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>46,<span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">391<span class="ls2 ws2">,</span>2<span class="_ _0"/>88<span class="ls2 ws2"> </span></span>4<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">4,878,908<span class="_ _1"/><span class="ls2 ws2"> </span></span> 39 39 No remunerat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s been pai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d to the E<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>xecutiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e Board i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n the fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncial year.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls16 ws34">Tax on profit for the ye<span class="_ _1"/>ar<span class="ls2 ws2"> </span></span>Current t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ax for th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e year<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>452<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">,<span class="lsa wse">705</span> </span>497<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Adjustment<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> of tax co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncernin<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>g previous<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> years<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>81<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">,<span class="lsa wse">172</span> </span>4,643<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>533<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">,<span class="lsa wse">877</span> </span>5,140<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls16 ws38">Goodwill</span> Goodwill as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at 1 Nove<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mber<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>2,878,960<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>2,878,960<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Additions<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> in year<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>- - Goodwill as <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>at 31 O<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ctober<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>2,878,960<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>2,878,960<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Amortisat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion as 1 November<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">2,639,047<span class="_ _1"/><span class="ls2 ws2"> </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">2,227,767<span class="_ _1"/><span class="ls2 ws2"> </span></span>Amortisat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion in year<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">239,913<span class="_ _1"/><span class="ls2 ws2"> </span></span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">411,280<span class="_ _1"/><span class="ls2 ws2"> </span></span>Amortisat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ion as 31 October<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">2,878,960<span class="_ _1"/><span class="ls2 ws2"> </span></span>-2,<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">639,047</span> 0 239,913<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls16 ws34">Share Capital</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">202</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">4<span class="lsb wsd">/2</span>5<span class="_ _1"/> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">202</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">3<span class="_ _0"/>/24 </span>The share <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>capital c<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>omprises:<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>125 <span xmlns="http://www.w3.org/1999/xhtml" class="wsd">shares of<span class="_ _1"/> nom. DK<span class="_ _1"/>K 1,00<span class="_ _1"/>0 each.<span class="ls2 ws2"> </span></span>125,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>125,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">125,<span class="_ _1"/>000<span class="ls2 ws2"> </span></span>125,000<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>The share <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>capital ha<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s remai<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ned DKK 125,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>000 in t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">past<span class="_ _0"/> <span class="ls2 ws2">5 </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">years.<span class="ls2 ws2"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls16 ws34">Employee share<span class="_ _1"/> purchase plans (“ESPP”) <span class="_ _1"/> </span>Nearly all emplo<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>yees are eligible to part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>icipate in the ultimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e parent company<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>’s employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> share purchase<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> plans. The emp<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>loyee pur<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>chase price i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s 85% of the l<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ower of the open<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ing year m<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>arket pric<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e or the cl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>osing year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> market pr<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ice on the b<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iannual<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> purchase<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> dates, <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>as defi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ned by the<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> plan. Th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e purch<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ase plan date<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s are 28<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> February <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>and 31<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> August <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>each year.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> Parti<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cipants <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>of the <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>plan r<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eceive N<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ominal Shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/>es of US$ 0.01 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>per shar<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e in Synopsy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s, Inc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>. Employee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> share <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>purchase p<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lans <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are equi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ty settl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed, ve<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>st with <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>servi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ce conditi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ons and n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot goods recei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ved. <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>This scheme commen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ced on 1 <span xmlns="http://www.w3.org/1999/xhtml" class="ls21 ws42">Mar<span class="_ _0"/>ch<span class="ls2 ws2"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsd">2020 for e<span class="_ _1"/>mployees <span class="_ _1"/>of the comp<span class="_ _1"/>any. <span class="_ _1"/><span class="ls2 ws2"> </span></span>During the y<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ear empl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>oyees rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eived <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">999<span class="ls2 ws2"> <span class="_ _d"/><span class="ls9 ws43">shares as part of the plan.<span class="wsf">491 <span class="_ _d"/><span class="ws3c">shar<span class="_ _1"/>es wer<span class="_ _1"/>e acquired<span class="_ _1"/> on <span class="ls2 ws2">28 <span class="_ _d"/><span class="ls9 wsf">Febru<span class="_ _1"/>ary<span class="ls2 ws2"> </span></span></span></span></span></span></span></span>202<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">5 <span class="_ _c"/></span><span xmlns="http://www.w3.org/1999/xhtml" class="ws12">at a pur<span class="_ _1"/>chase pr<span class="_ _1"/>ice <span class="lsa wse">mainl<span class="_ _0"/>y <span class="_ _c"/>of<span class="_ _0"/> <span class="_ _0"/><span class="ls14 ws2f">US<span class="_ _0"/>$<span class="ls2 ws2"> <span class="_ _c"/></span></span></span><span class="wsf">388.68<span class="ls2 ws2"> <span class="_ _0"/></span><span class="ws1b">and market price </span>of<span class="ls2 ws2"> <span class="_ _0"/><span class="ls14 ws2f">US$ <span class="_ _c"/><span class="lsa wse">457<span class="_ _0"/>.28<span class="_ _0"/></span></span> <span class="_ _c"/></span>respecti<span class="_ _1"/>vely.<span class="ls2 ws2"> <span class="_ _0"/><span class="lsa wse">508<span class="_ _0"/></span> <span class="_ _c"/></span>shares </span></span>were acquire<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d on <span xmlns="http://www.w3.org/1999/xhtml" class="wsf">29<span class="ls2 ws2"> <span class="_ _d"/><span class="ls9 wsf">August<span class="ls2 ws2"> <span class="_ _d"/><span class="lsa wse">202<span class="_ _0"/><span class="ls2 ws2">5 <span class="ls9 ws1f">at <span class="_ _1"/>a purcha<span class="_ _1"/>se price <span class="lsa wse">mainly <span class="lsb wsd">of <span class="_ _d"/><span class="ls14 ws2f">US$<span class="ls2 ws2"> <span class="ls9 wsf">376<span class="_ _1"/>.77<span class="ls2 ws2"> <span class="_ _1"/><span class="lsa wse">and<span class="ls2 ws2"> <span class="_ _1"/><span class="ls9 ws1f">market pr<span class="_ _1"/>ice <span class="lsb wsd">of <span class="_ _d"/><span class="ls14 ws2f">US<span class="_ _0"/><span class="ls9 wsf">$ <span class="_ _1"/>603.52<span class="_ _1"/><span class="ls2 ws2"> </span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span></span>res<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>pec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tiv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ely<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1b"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">20</span>24<span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsd">/2</span>5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1c"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2f"> <span class="_ _1"/> <span class="lsa wse">20</span><span class="ws2">23/24 </span></span>Risk<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-<span class="ls9 wsd">free interest r<span class="_ _d"/>ate<span class="ls2 ws2f"> <span class="ws2"> </span></span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">3.66<span class="_ _0"/>% </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">- <span class="ls9 wsf">4.31%</span> </span>3.88% <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">- 5.<span class="lsa wse">27</span>% </span>Expected lives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> (in years)<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">0.5 </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">- <span class="_ _0"/><span class="lsf ws13">2.0</span> </span>0.5<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span>2.0<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Dividend yie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ld<span xmlns="http://www.w3.org/1999/xhtml" class="ff6 ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">0%</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2"> </span>0%<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Expected volati<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lity<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">34.69%</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">-<span class="_ _1"/><span class="ls9 wsf">38.34%<span class="_ _1"/><span class="ls2 ws2"> </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">31.40% </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">- 3<span class="lsa wse">4.39</span>% </span>Restricted stock units<span xmlns="http://www.w3.org/1999/xhtml" class="fsd ls2 ws2"> </span>The ultimat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e parent co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany grant<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s restricte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d stock units<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> to certain em<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ployee<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s of group compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies. Gra<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nts of restricte<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d stock units<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> principall<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y vest in one<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">-</span>third<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> or one-<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>quarter in<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cremen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ts over a<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="wsf">thr<span class="_ _1"/>ee<span class="ls2 ws2">- <span class="_ _e"> </span></span><span class="ws22">or fo<span class="_ _1"/>ur<span class="ls2 ws2">-<span class="lsa wse">year</span> </span></span></span>vesting peri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>od. Re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>stricted sto<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ck unit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s are value<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d based on t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>he closi<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng price of<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> the ultima<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>te parent <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>compan<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y’s stock on th<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e grant <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>date. <span xmlns="http://www.w3.org/1999/xhtml" class="ws1b">The<span class="_ _1"/> total grant<span class="ls2 ws2">-<span class="_ _1"/><span class="ls9 ws12">date fair<span class="_ _1"/> value,<span class="_ _1"/> adjusted <span class="_ _1"/>for esti<span class="_ _1"/>mated f<span class="_ _1"/>orfeiture r<span class="_ _d"/>ate of <span class="ls2 ws2">0</span><span class="wsf">% <span class="_ _0"/><span class="lsa wse">(<span class="_ _0"/>20<span class="ls2 ws2">24<span class="lsb wsd">: </span></span></span></span></span></span></span>0<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">%)<span class="ws25">, is r<span class="_ _1"/>ecognis<span class="_ _1"/>ed as an<span class="_ _1"/> expe<span class="_ _1"/>nse over <span class="_ _1"/>the ve<span class="_ _1"/>sting<span class="_ _1"/> year.<span class="ls2 ws2"> <span class="_ _1"/><span class="ls11 ws44">R<span class="_ _1"/>estri<span class="_ _1"/>cted sto<span class="_ _d"/>ck <span class="lsa wse">u<span class="_ _0"/>nit<span class="_ _0"/><span class="ls21 ws42">s’<span class="ls2 ws2"> <span class="ls9 ws25">plan<span class="_ _1"/>s are<span class="_ _1"/> equity s<span class="_ _1"/>ettled,<span class="_ _1"/> vest<span class="_ _d"/> </span></span></span></span></span></span></span></span>with serv<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ice condit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ions and n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ot goods<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> recei<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ved. Once <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>an employe<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>e leaves <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>the co<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mpany an<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y unveste<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ares<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/> wil<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>l bec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>om<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>e <span xmlns="http://www.w3.org/1999/xhtml" class="lsb wsd">forfeited<span class="ls2 ws2">. </span></span>This scheme commen<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ced on 1 <span xmlns="http://www.w3.org/1999/xhtml" class="wsf">September<span class="ls2 ws2"> <span class="_ _1"/><span class="ls9 ws16">2020 for emplo<span class="_ _1"/>yees of the company. <span class="ls2 ws2"> </span></span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1d"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2f"> <span class="lsa wse">20</span></span>24<span xmlns="http://www.w3.org/1999/xhtml" class="lsf ws13">/2<span class="_ _0"/></span>5 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1e"> </span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2f"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">20</span>23/24 Expected lives<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> (in years)<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">1.07<span class="_ _1"/><span class="ls2 ws2"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">1.</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">33 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="lsa wse">20</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">24<span class="lsf ws13">/2<span class="_ _0"/></span>5 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">20</span><span xmlns="http://www.w3.org/1999/xhtml" class="ws2">23/24 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">Number<span class="_ _1"/><span class="ls2 ws2"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">Number<span class="_ _1"/><span class="ls2 ws2"> </span></span>At beginni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng of year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>4,880<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>5,358<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Granted<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>1,293<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>1,715<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Forfeited<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>-<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">136</span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">40</span> Exercised -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">2,047</span> -<span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">2,153</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws16">At end of year</span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws2"> <span class="ls9 wsf">3,990</span> </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">4,<span class="_ _1"/>880<span class="ls2 ws2"> </span></span>Share base<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>d payment <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>expend<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>iture i<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s outlined <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>below and<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> reco<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>gnised wit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>h a corre<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>sponding <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>credit t<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o equit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y:<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>20<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">24<span class="lsf ws13">/2</span>5 </span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws2f"> <span class="ls9 wsf">20</span></span>23/24 At beginni<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ng of year<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2f"> <span class="ws45"> </span></span><span xmlns="http://www.w3.org/1999/xhtml" class="wsf">6,534,6<span class="_ _1"/>44<span class="ls2 ws2f"> <span class="ws45"> </span></span>4,517<span class="_ _1"/>,239<span class="ls2 ws2"> </span></span>Employee sh<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>are purc<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hase pla<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>n <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="ws45"> </span> <span class="ws2f"> <span class="lsa wse">776<span class="_ _0"/></span></span>,<span class="lsa wse">002<span class="_ _0"/></span> <span class="ws2f"> <span class="_ _1"/> <span class="ws2"> <span class="ls9 wsf">812,652<span class="_ _1"/><span class="ls2 ws2"> </span></span></span></span></span>Restri<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>cted<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> stock<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> unit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws45"> <span class="ws2"> 5,<span class="lsa wse">74<span class="_ _0"/>4</span>,<span class="lsa wse">57<span class="_ _0"/>2</span> <span class="ws2f"> <span class="ls9 wsf">5,40<span class="_ _1"/>1,330</span></span></span></span>Rec<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>las<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>sif<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ica<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>tio<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>n of v<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>est<span xmlns="http://www.w3.org/1999/xhtml" class="_ _0"/>ed <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">share<span class="ls2 ws2">-</span>based<span class="ls2 ws2"> </span>instr<span class="_ _d"/>um<span class="_ _0"/>ents<span class="ls2 ws2f"> <span class="_ _1"/> <span class="_ _1"/> <span class="_ _1"/> <span class="ws2"> -<span class="ls9 wsf">5,593,2<span class="_ _1"/>29<span class="ls2 ws2f"> <span class="_ _1"/> <span class="ws2">-<span class="ls9 wsf">4,196,57<span class="_ _1"/>7<span class="ls2 ws2"> </span></span></span></span></span></span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsd">At end of <span class="_ _1"/>year<span class="ls2 ws2"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 wsf">7,461,989<span class="_ _1"/><span class="ls2 ws2"> </span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ws2"> <span class="ls9 wsf">6,534,<span class="_ _1"/>644<span class="ls2 ws2"> </span></span></span> <span xmlns="http://www.w3.org/1999/xhtml" class="ls16 ws3a">Contingencies, liabilities <span class="_ _0"/>and other fi<span class="_ _0"/>nancial obligations</span> The Compa<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ny has e<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ntered <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>into a <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lease w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ith exter<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nal part<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies. The<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> accu<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mulated re<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nt and <span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>lease obl<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>igation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s amount <span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2f">to DKK </span>886<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>,379<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> (2023/24<span class="ws2f">: DKK </span></span>3,<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>020,634<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">). </span>There are n<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>o further<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> securit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>y and cont<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ingent li<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>abilit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ies at 31 O<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ctober 20<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2">25. </span> R<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>elated parties<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Synopsys Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mark ApS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>' relat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed partie<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>s comprise<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>:<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Party exercising control<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>thSynopsys Int<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ernation<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>al Limit<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ed, 4 <span xmlns="http://www.w3.org/1999/xhtml" class="_ _d"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws19">Floor, No. 2 St<span class="_ _1"/>emple Exch<span class="_ _1"/>ange, Blan<span class="_ _1"/>chardstow<span class="_ _1"/>n Corpor<span class="_ _1"/>ate Park, Dubl<span class="_ _1"/>in,<span class="_ _1"/> </span>D15 E4FN, Ir<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>eland.<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Ultimate controlling party<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> </span>Synopsys, Inc., <span xmlns="http://www.w3.org/1999/xhtml" class="ls9 ws48">675 A<span class="_ _1"/>lmanor<span class="_ _1"/> Ave<span class="ls2 ws2">, <span class="_"> </span></span>S<span class="_ _1"/>unnyvale<span class="_ _1"/>,CA 94085,<span class="_ _1"/> <span class="ws49">United States<span class="_ _1"/>, which is the ultimate parent </span></span>company.<span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="_ _d"/><span class="ls9 ws25">Synopsys, Inc.<span class="_ _1"/>, is th<span class="_ _1"/>e parent <span class="_ _1"/>compan<span class="_ _1"/>y of the lar<span class="_ _d"/>gest and smalle<span class="_ _1"/>st group<span class="_ _1"/> of under<span class="_ _1"/>takin<span class="_ _1"/>gs for wh<span class="_ _1"/>ich </span></span>group fina<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ncial stat<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>ements<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/> are drawn u<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>p and of w<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>hich Sy<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>nopsys Den<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/>mark ApS<span xmlns="http://www.w3.org/1999/xhtml" class="_ _1"/><span xmlns="http://www.w3.org/1999/xhtml" class="ls2 ws2"> <span class="lsa wsd">is <span class="_ _0"/>a m<span class="_ _0"/>emb<span class="_ _0"/>er.</span> </span> Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2024-11-01 2025-10-31 2023-11-01 2024-10-31 2025-12-19 Reporting class B 2000-09-01 2025-12-19 25578198 KPMG P/S Dampfærgevej 28 2100 København Ø Opinion Basis for Opinion 2025-12-19 mne51550