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    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:EUR"
   }
  },
  "f14316": {
   "value": "42706000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ShareIssueRelatedCost",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:EUR"
   }
  },
  "f14319": {
   "value": "42706000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:ShareIssueRelatedCost",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2020-01-01T00:00:00/2021-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "f14323": {
   "value": "39800000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:IssuedCapitalMember",
    "unit": "iso4217:EUR"
   }
  },
  "f14326": {
   "value": "8977000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember",
    "unit": "iso4217:EUR"
   }
  },
  "f14329": {
   "value": "1180534000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2021-01-01T00:00:00",
    "ifrs-full:ComponentsOfEquityAxis": "ifrs-full:OtherReservesMember",
    "unit": "iso4217:EUR"
   }
  },
  "f14332": {
   "value": "1229311000",
   "decimals": -3,
   "dimensions": {
    "concept": "ifrs-full:Equity",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2021-01-01T00:00:00",
    "unit": "iso4217:EUR"
   }
  },
  "s10_notes__7__14-1": {
   "value": "1<span class=\"_ _0\"></span>.1 <span class=\"_ _80\"> </span> <span class=\"_ _87\"></span>Basis of<span class=\"_ _2\"></span> pr<span class=\"_ _0\"></span>eparation, going c<span class=\"_ _2\"></span>on<span class=\"_ _0\"></span>cern assump<span class=\"_ _3\"></span>tion, nature of<span class=\"_ _3\"></span> the business <span class=\"ls2 ws2\"> </span>and acc<span class=\"_ _3\"></span>ounting polici<span class=\"_ _3\"></span>esBasis of<span class=\"_ _3\"></span> preparationTh<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a A<span class=\"_ _0\"></span>/S (the pa<span class=\"_ _0\"></span>rent com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny) an<span class=\"_ _0\"></span>d subs<span class=\"_ _0\"></span>idi-ari<span class=\"_ _0\"></span>es over w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ced h<span class=\"_ _0\"></span>erei<span class=\"_ _0\"></span>n as \"Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\" or th<span class=\"_ _0\"></span>e \"Gro<span class=\"_ _0\"></span>up\".Th<span class=\"_ _0\"></span>is se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on d<span class=\"_ _0\"></span>escr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>es Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>nt fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l accoun<span class=\"_ _0\"></span>ting p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>'s jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Inte<span class=\"_ _0\"></span>rnati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s as ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>d by the EU (IFRS<span class=\"_ _0\"></span>). New or rev<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d EU end<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>nterp<span class=\"_ _0\"></span>retat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d, i<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to how the<span class=\"_ _0\"></span>se ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges a<span class=\"_ _0\"></span>re exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce an<span class=\"_ _0\"></span>d rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and d<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>crib<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>n conj<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on wit<span class=\"_ _0\"></span>h each n<span class=\"_ _0\"></span>ote with t<span class=\"_ _0\"></span>he ai<span class=\"_ _0\"></span>m to provi<span class=\"_ _0\"></span>de a m<span class=\"_ _0\"></span>ore un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e des<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>rea.Going co<span class=\"_ _3\"></span>ncern<span class=\"_ _3\"></span> assessmentTh<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>'s refo<span class=\"_ _0\"></span>cuse<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>rateg<span class=\"_ _0\"></span>y to pri<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>ize resea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt allo<span class=\"_ _0\"></span>ws th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany to fo<span class=\"_ _0\"></span>cus on th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of in<span class=\"_ _0\"></span>nov<span class=\"_ _0\"></span>ative p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>icin<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd leve<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge it<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>lat-form<span class=\"_ _3\"></span> though stra<span class=\"_ _2\"></span>tegic c<span class=\"_ _3\"></span>ollaborations.Unti<span class=\"_ _0\"></span>l such ti<span class=\"_ _0\"></span>me w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re the Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>ecom<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>ble to ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rate po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>ve ca<span class=\"_ _0\"></span>sh-flow<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l fun<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng is e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to be ne<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y to fun<span class=\"_ _0\"></span>d fu<span class=\"_ _0\"></span>ture res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re, th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>ans to ra<span class=\"_ _0\"></span>ise a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h eith<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>lic f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>bt fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g, coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tegic a<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nsin<span class=\"_ _0\"></span>g ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>r a comb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion of s<span class=\"_ _0\"></span>uch<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y to cont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>e as a g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g conce<span class=\"_ _0\"></span>rn incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny's o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash-flo<span class=\"_ _0\"></span>w req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts fo<span class=\"_ _0\"></span>r the fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>comin<span class=\"_ _0\"></span>g 1<span class=\"_ _0\"></span>2 mon<span class=\"_ _0\"></span>ths fro<span class=\"_ _0\"></span>m the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date an<span class=\"_ _0\"></span>d fut<span class=\"_ _0\"></span>ure so<span class=\"_ _0\"></span>urces a<span class=\"_ _0\"></span>nd us<span class=\"_ _0\"></span>es of c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ed fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t pip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e, ca<span class=\"_ _0\"></span>sh p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, pl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, curre<span class=\"_ _0\"></span>nt licen<span class=\"_ _0\"></span>se a<span class=\"_ _0\"></span>nd coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g opp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>unit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s that th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny's c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>ts at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>, exclud<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons (refe<span class=\"_ _0\"></span>r to note 4.4), w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e suf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>nt to fund t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any'<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es as p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l requ<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts fo<span class=\"_ _0\"></span>r at leas<span class=\"_ _0\"></span>t 1<span class=\"_ _0\"></span>2 mo<span class=\"_ _0\"></span>nths f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e 31 De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>2 bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. On th<span class=\"_ _0\"></span>is ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s is p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e goi<span class=\"_ _0\"></span>ng con<span class=\"_ _0\"></span>cern a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. 1<span class=\"_ _0\"></span>.1 <span class=\"_ _80\"> </span> <span class=\"_ _87\"></span>Basis of<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>reparation, going c<span class=\"_ _2\"></span>on<span class=\"_ _0\"></span>cern assump<span class=\"_ _3\"></span>tion, nature of<span class=\"_ _3\"></span> the business <span class=\"ls2 ws2\"> </span>and acc<span class=\"_ _3\"></span>ounting polici<span class=\"_ _3\"></span>es (c<span class=\"_ _2\"></span>ontinued)Nature<span class=\"_ _3\"></span> of the<span class=\"_ _3\"></span> BusinessZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s a biote<span class=\"_ _0\"></span>chn<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gy co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny focu<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e discove<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed me<span class=\"_ _0\"></span>dici<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ore th<span class=\"_ _0\"></span>an 10 dru<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>s invente<span class=\"_ _0\"></span>d by Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d have a<span class=\"_ _0\"></span>dva<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d into clin<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>p-me<span class=\"_ _0\"></span>nt, of w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch t<span class=\"_ _0\"></span>wo have rea<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e mar<span class=\"_ _0\"></span>ket and t<span class=\"_ _0\"></span>hre<span class=\"_ _0\"></span>e can<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>dates a<span class=\"_ _0\"></span>re in late-s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ge de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e comp<span class=\"_ _0\"></span>any ha<span class=\"_ _0\"></span>s deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>hips w<span class=\"_ _0\"></span>ith a n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er of b<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e-chi<span class=\"_ _0\"></span>p ph<span class=\"_ _0\"></span>arm<span class=\"_ _0\"></span>a comp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s commer<span class=\"_ _3\"></span>cial pa<span class=\"_ _3\"></span>rtnerships for<span class=\"_ _2\"></span> its market<span class=\"_ _2\"></span>ed products.Zeal<span class=\"_ _0\"></span>and P<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma A<span class=\"_ _0\"></span>/S i<span class=\"_ _0\"></span>s inco<span class=\"_ _0\"></span>rpo<span class=\"_ _0\"></span>rated i<span class=\"_ _0\"></span>n De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark<span class=\"_ _0\"></span>, fo<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 199<span class=\"_ _0\"></span>8 an<span class=\"_ _0\"></span>d is he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tered i<span class=\"_ _0\"></span>n Cop<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>hag<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>, De<span class=\"_ _0\"></span>nma<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, wit<span class=\"_ _0\"></span>h a pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ce in th<span class=\"_ _0\"></span>e U.S<span class=\"_ _0\"></span>. t<span class=\"_ _0\"></span>hat in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es B<span class=\"_ _0\"></span>oston<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as p<span class=\"_ _0\"></span>revi<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ly aim<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d to be a fu<span class=\"_ _0\"></span>lly inte<span class=\"_ _0\"></span>grate<span class=\"_ _0\"></span>d pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>aceut<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al com<span class=\"_ _0\"></span>pany, but in M<span class=\"_ _0\"></span>arch 2022<span class=\"_ _0\"></span>, the str<span class=\"_ _0\"></span>ategy w<span class=\"_ _0\"></span>as refo<span class=\"_ _0\"></span>cuse<span class=\"_ _0\"></span>d to conce<span class=\"_ _0\"></span>ntrate on d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s. P<span class=\"_ _0\"></span>lea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to note 2.8 fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r infor<span class=\"_ _3\"></span>mation.Accoun<span class=\"_ _3\"></span>ting policiesTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d in accord<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce with IFR<span class=\"_ _0\"></span>S as a<span class=\"_ _0\"></span>dop<span class=\"_ _0\"></span>ted by th<span class=\"_ _0\"></span>e EU and f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e Dan<span class=\"_ _0\"></span>ish F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts A<span class=\"_ _0\"></span>ct (cl<span class=\"_ _0\"></span>ass D<span class=\"_ _0\"></span>). The con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s were a<span class=\"_ _0\"></span>pprove<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard of D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d auth<span class=\"_ _0\"></span>orize<span class=\"_ _0\"></span>d for is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e on Ma<span class=\"_ _0\"></span>rch 2, 202<span class=\"_ _0\"></span>3. E<span class=\"_ _0\"></span>xcept as ou<span class=\"_ _0\"></span>tlin<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n note 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>, the f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s hav<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>repa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the s<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lici<span class=\"_ _0\"></span>es as 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.Plea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to the ove<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ew be<span class=\"_ _0\"></span>low to se<span class=\"_ _0\"></span>e in wh<span class=\"_ _0\"></span>ich n<span class=\"_ _0\"></span>ote/secti<span class=\"_ _0\"></span>on th<span class=\"_ _0\"></span>e det<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ccountin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy i<span class=\"_ _0\"></span>s included.Se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 2 \u2013 Re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>s for t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>ar2.1 Rev<span class=\"_ _3\"></span>enue2.<span class=\"_ _0\"></span>3 Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s2.4 S<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rketi<span class=\"_ _0\"></span>ng ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>es2.<span class=\"_ _0\"></span>5 G<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>dmi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s2.6 St<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>f cos<span class=\"_ _0\"></span>ts2.7 Other<span class=\"_ _2\"></span> operating it<span class=\"_ _2\"></span>ems2.8 Discon<span class=\"_ _2\"></span>tinued operations2.9 Ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>hareSe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 3 \u2013 O<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es3.<span class=\"_ _0\"></span>1 Int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s3.<span class=\"_ _0\"></span>2 P<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent3.3 Right<span class=\"_ _3\"></span>-of<span class=\"_ _2\"></span>-use assets and lease liabilities3.4 Other investm<span class=\"_ _0\"></span>ents3.<span class=\"_ _0\"></span>5 Inven<span class=\"_ _0\"></span>torie<span class=\"_ _0\"></span>s3.6 Receiv<span class=\"_ _0\"></span>ablesSe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 4 \u2013 C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l str<span class=\"_ _0\"></span>uctu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>, fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l risk a<span class=\"_ _0\"></span>nd r<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>tems4.3 Financial assets and<span class=\"_ _3\"></span> liabilities4.6 B<span class=\"_ _0\"></span>orro<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>gs4.7 Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ite<span class=\"_ _0\"></span>ms4.8 S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>alSe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 5 \u2013 T<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>x5.<span class=\"_ _0\"></span>1 Cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate ta<span class=\"_ _0\"></span>xMaterialityZeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s A<span class=\"_ _0\"></span>nnu<span class=\"_ _0\"></span>al Re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>cept of mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany fo<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>es on i<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>ma-tio<span class=\"_ _0\"></span>n that is co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d relev<span class=\"_ _0\"></span>ant to th<span class=\"_ _0\"></span>e use<span class=\"_ _0\"></span>rs of t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he conso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>t of a la<span class=\"_ _0\"></span>rge n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ese t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ated into cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to the<span class=\"_ _0\"></span>ir natu<span class=\"_ _0\"></span>re or f<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d pre<span class=\"_ _0\"></span>sente<span class=\"_ _0\"></span>d in cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>es of s<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lar i<span class=\"_ _0\"></span>tems in the co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s as re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ired b<span class=\"_ _0\"></span>y IFRS a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e Dan<span class=\"_ _0\"></span>ish F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts A<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>. If items a<span class=\"_ _0\"></span>re ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y imm<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>, they a<span class=\"_ _0\"></span>re ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>ith oth<span class=\"_ _0\"></span>er item<span class=\"_ _0\"></span>s of sim<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ar nat<span class=\"_ _0\"></span>ure in th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s or in t<span class=\"_ _0\"></span>he note<span class=\"_ _0\"></span>s.Th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>closu<span class=\"_ _0\"></span>re req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re sub<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>al in I<span class=\"_ _0\"></span>FRS an<span class=\"_ _0\"></span>d for D<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>sh lis<span class=\"_ _0\"></span>ted com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>des the<span class=\"_ _0\"></span>se sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ired d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>osure<span class=\"_ _0\"></span>s unl<span class=\"_ _0\"></span>ess t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d imm<span class=\"_ _0\"></span>ateri<span class=\"_ _0\"></span>al to the e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c dec<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>n ma<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g of th<span class=\"_ _0\"></span>e read<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e conso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>r not ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e.Consolidated<span class=\"_ _3\"></span> Financial<span class=\"_ _2\"></span> StatementsTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d A<span class=\"_ _0\"></span>/S an<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s over wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>rent comp<span class=\"_ _0\"></span>any ha<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e pare<span class=\"_ _0\"></span>nt contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s a subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pare<span class=\"_ _0\"></span>nt is ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to, or h<span class=\"_ _0\"></span>as ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s to, vari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e return<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s the a<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>ose retu<span class=\"_ _0\"></span>rns thro<span class=\"_ _0\"></span>ugh it<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>ower to di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t the a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ties o<span class=\"_ _0\"></span>f the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y. A Compa<span class=\"_ _0\"></span>ny over<span class=\"_ _1\"></span>view i<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed in n<span class=\"_ _0\"></span>ote 6.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pre<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>sis of t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s- prepa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d's a<span class=\"_ _0\"></span>ccount<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>s- by combi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g simi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g items o<span class=\"_ _0\"></span>n a lin<span class=\"_ _0\"></span>e-by-lin<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>. On con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, in<span class=\"_ _0\"></span>tercomp<span class=\"_ _0\"></span>any in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e and e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, intercom<span class=\"_ _0\"></span>pany re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd un<span class=\"_ _0\"></span>real<span class=\"_ _0\"></span>ized ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s on tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e conso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s are e<span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d. Th<span class=\"_ _0\"></span>e recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n the con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s is el<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>nated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>por-tio<span class=\"_ _0\"></span>nate sha<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es' eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y. Subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s are con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ate whe<span class=\"_ _0\"></span>n contro<span class=\"_ _0\"></span>l is tran<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ith a dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rent f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy th<span class=\"_ _0\"></span>an Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'s pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y are tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d into Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntat<span class=\"_ _0\"></span>ion cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y at avera<span class=\"_ _0\"></span>ge e<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ates, a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce she<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s are tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d at the exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate in e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t at the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date.Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate di<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>ces a<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of fore<span class=\"_ _0\"></span>ign s<span class=\"_ _0\"></span>ubsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s' equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y at th<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g of th<span class=\"_ _0\"></span>e year a<span class=\"_ _0\"></span>nd exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng as a re<span class=\"_ _0\"></span>sult o<span class=\"_ _0\"></span>f forei<span class=\"_ _0\"></span>gn su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s' incom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated at aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e excha<span class=\"_ _0\"></span>nge r<span class=\"_ _0\"></span>ates are re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s in sha<span class=\"_ _0\"></span>re-holders<span class=\"_ _3\"></span>' equi<span class=\"_ _3\"></span>ty.Functi<span class=\"_ _3\"></span>onal and<span class=\"_ _3\"></span> Presentati<span class=\"_ _3\"></span>on Cur<span class=\"_ _3\"></span>rencyTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d in Da<span class=\"_ _0\"></span>nish K<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>er (D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>), whi<span class=\"_ _0\"></span>ch is th<span class=\"_ _0\"></span>e fu<span class=\"_ _0\"></span>nc-tio<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntat<span class=\"_ _0\"></span>ion cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y of the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any.Foreig<span class=\"_ _3\"></span>n Cur<span class=\"_ _3\"></span>rencyT<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>ncie<span class=\"_ _0\"></span>s are tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slate<span class=\"_ _0\"></span>d at the e<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ates in ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct at th<span class=\"_ _0\"></span>e date of th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>ns-action.Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>isin<span class=\"_ _0\"></span>g be<span class=\"_ _0\"></span>tw<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on date a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt date are re<span class=\"_ _0\"></span>cog-nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt as f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>come o<span class=\"_ _0\"></span>r exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se.Uns<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>led m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es in fo<span class=\"_ _0\"></span>reig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es are t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated at th<span class=\"_ _0\"></span>e excha<span class=\"_ _0\"></span>nge r<span class=\"_ _0\"></span>ates in ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t at the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. E<span class=\"_ _0\"></span>xcha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rate ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s ari<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date and t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet d<span class=\"_ _0\"></span>ate are reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l incom<span class=\"_ _0\"></span>e or e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e.Statem<span class=\"_ _0\"></span>ents of C<span class=\"_ _0\"></span>ash FlowsTh<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ow st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt is p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d with b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rofit b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are s<span class=\"_ _0\"></span>tated a<span class=\"_ _0\"></span>s the n<span class=\"_ _0\"></span>et pro<span class=\"_ _0\"></span>fit b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>sted fo<span class=\"_ _0\"></span>r net f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al items<span class=\"_ _0\"></span>, no<span class=\"_ _0\"></span>n-c<span class=\"_ _0\"></span>ash o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng item<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on, a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tizat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s, sh<span class=\"_ _0\"></span>are-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s, p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, and fo<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, intere<span class=\"_ _0\"></span>st pa<span class=\"_ _0\"></span>id a<span class=\"_ _0\"></span>nd recei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>, intere<span class=\"_ _0\"></span>st e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of le<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate taxe<span class=\"_ _0\"></span>s pai<span class=\"_ _0\"></span>d or re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>. Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>inl<span class=\"_ _0\"></span>y comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>ed of ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n recei<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s and o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r paya<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s exclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g the ite<span class=\"_ _0\"></span>ms incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. Cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>on-<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>nt as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, if re<span class=\"_ _0\"></span>lated to th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>in reven<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-prod<span class=\"_ _0\"></span>ucin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m inve<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>t of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>f mar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d othe<span class=\"_ _0\"></span>r inves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>es of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>uip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate to the is<span class=\"_ _0\"></span>sua<span class=\"_ _0\"></span>nce of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span>, p<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se of tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y sha<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of l<span class=\"_ _0\"></span>oan<span class=\"_ _0\"></span>s inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s on lea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d of ca<span class=\"_ _0\"></span>sh, b<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>its<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ith a matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of le<span class=\"_ _0\"></span>ss th<span class=\"_ _0\"></span>an ni<span class=\"_ _0\"></span>net<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ays on t<span class=\"_ _0\"></span>he da<span class=\"_ _0\"></span>te of acqui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>not b<span class=\"_ _0\"></span>e der<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d so<span class=\"_ _0\"></span>lely f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s.iXBRL<span class=\"_ _2\"></span> reportingZeal<span class=\"_ _0\"></span>and P<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma is re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d to file it<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>n the Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>an S<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>le Elec<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>nic Fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>t (\u2018<span class=\"_ _0\"></span>ES<span class=\"_ _0\"></span>EF\u2019<span class=\"_ _0\"></span>) and T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e An<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span>refore p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ared i<span class=\"_ _0\"></span>n the X<span class=\"_ _0\"></span>HTM<span class=\"_ _0\"></span>L form<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>at can b<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spl<span class=\"_ _0\"></span>ayed i<span class=\"_ _0\"></span>n a st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>dard brows<span class=\"_ _0\"></span>er. The pr<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are t<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g in<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e eXten sib<span class=\"_ _0\"></span>le Bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess R<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ge (i<span class=\"_ _0\"></span>XBR<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>). The i<span class=\"_ _0\"></span>XBR<span class=\"_ _0\"></span>L ta<span class=\"_ _0\"></span>gs comp<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e ES<span class=\"_ _0\"></span>EF taxo<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, whi<span class=\"_ _0\"></span>ch is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he E<span class=\"_ _0\"></span>SEF Re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n the I<span class=\"_ _0\"></span>FRS t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy p<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he IFR<span class=\"_ _0\"></span>S Foun<span class=\"_ _0\"></span>dati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Whe<span class=\"_ _0\"></span>re a fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt li<span class=\"_ _0\"></span>ne item i<span class=\"_ _0\"></span>s not d<span class=\"_ _0\"></span>efin<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the E<span class=\"_ _0\"></span>SEF t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy, an ex<span class=\"_ _0\"></span>tensi<span class=\"_ _0\"></span>on to the t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n created<span class=\"_ _0\"></span>. Ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re anch<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>d to ele<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n the E<span class=\"_ _0\"></span>SEF t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy, except for ex<span class=\"_ _0\"></span>tens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns wh<span class=\"_ _0\"></span>ich are s<span class=\"_ _0\"></span>ubtota<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he A<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ual R<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>d to the Da<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>h Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al Su<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Auth<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y cons<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e XH<span class=\"_ _0\"></span>TML d<span class=\"_ _0\"></span>ocum<span class=\"_ _0\"></span>ent to<span class=\"_ _0\"></span>geth<span class=\"_ _0\"></span>er w<span class=\"_ _0\"></span>ith cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n techn<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l fi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, all i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in a f<span class=\"_ _0\"></span>ile named 54<span class=\"_ _2\"></span>9300ITBB<span class=\"_ _2\"></span>1ULBL<span class=\"_ _2\"></span>4CZ12-<span class=\"_ _71\"></span>2022<span class=\"_ _2\"></span>-<span class=\"_ _2\"></span>12<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>-en.zip<span class=\"_ _3\"></span>.Accounti<span class=\"_ _3\"></span>ng policiesZealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue wh<span class=\"_ _0\"></span>en it<span class=\"_ _0\"></span>s cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l of prom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, in an amo<span class=\"_ _0\"></span>unt th<span class=\"_ _0\"></span>at ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s the con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to recei<span class=\"_ _0\"></span>ve in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>ose go<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ds or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces. T<span class=\"_ _3\"></span>o dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r arr<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t Zeala<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s are wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he scope o<span class=\"_ _0\"></span>f IFRS 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>, Zealan<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>s the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>teps: (i) id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>(s) with a custom<span class=\"_ _0\"></span>er; (ii) id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; (ii<span class=\"_ _0\"></span>i) dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice; (iv) all<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>te the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce to the pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; an<span class=\"_ _0\"></span>d (v) recog<span class=\"_ _0\"></span>nize reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n (or as) the e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ies a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y app<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s the f<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>-step mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l to contra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>n it is p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any wi<span class=\"_ _0\"></span>ll col<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e consi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n it is e<span class=\"_ _0\"></span>ntitle<span class=\"_ _0\"></span>d to in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>e goo<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vices it t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. At contr<span class=\"_ _0\"></span>act i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, on<span class=\"_ _0\"></span>ce the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t is de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d to be wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he scop<span class=\"_ _0\"></span>e of I<span class=\"_ _0\"></span>FRS 15<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s the g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vices p<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d withi<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch contra<span class=\"_ _0\"></span>ct and i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ies as a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n each g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice that i<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct. R<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in th<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt of t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce that is al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Royalt<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s: Cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _1\"></span>'s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-based roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>l of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the pre<span class=\"_ _0\"></span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nt item to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e royalti<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>late un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. As a re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>ccur<span class=\"_ _2\"></span>. Reimbur<span class=\"_ _3\"></span>sement R<span class=\"_ _2\"></span>evenue for<span class=\"_ _2\"></span> R&amp;D Services:<span class=\"_ _2\"></span> Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse-men<span class=\"_ _0\"></span>t or cost sh<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t for fu<span class=\"_ _0\"></span>ll-time e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>t em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es (F<span class=\"_ _1\"></span>TEs) at contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tual r<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>. R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me g<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e custo<span class=\"_ _0\"></span>mer simu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>neo<span class=\"_ _0\"></span>usly r<span class=\"_ _0\"></span>ecei<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd cons<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>s the b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>its p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by Zeala<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e for rese<span class=\"_ _0\"></span>arch and d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ser<span class=\"_ _1\"></span>vices is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized n<span class=\"_ _0\"></span>et of any p<span class=\"_ _0\"></span>ass-throu<span class=\"_ _0\"></span>gh cost i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er. The as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sme<span class=\"_ _0\"></span>nt of if a cost is i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e by eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of it<span class=\"_ _0\"></span>s pro<span class=\"_ _0\"></span>mise to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r the s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ci-fie<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vice to be p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to the custo<span class=\"_ _0\"></span>mer a<span class=\"_ _0\"></span>re contro<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>efore th<span class=\"_ _0\"></span>at go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice is tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d to the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>.Mile<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>ne Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e: At the i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d eva<span class=\"_ _0\"></span>luates w<span class=\"_ _0\"></span>het<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent of m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>stone<span class=\"_ _0\"></span>s is con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d hig<span class=\"_ _0\"></span>hly p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>t to be in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t like<span class=\"_ _0\"></span>ly amo<span class=\"_ _0\"></span>unt m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. If it is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le th<span class=\"_ _0\"></span>at a sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cant reven<span class=\"_ _0\"></span>ue rev<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>sal w<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d not o<span class=\"_ _0\"></span>ccur<span class=\"_ _3\"></span>, the as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce. Mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of Zeala<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, such as m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>d of re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, are n<span class=\"_ _0\"></span>ot consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e of be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g achi<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>d unti<span class=\"_ _0\"></span>l such re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>rova<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>re recei<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d to each p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for-man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a rel<span class=\"_ _0\"></span>ative s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ice basi<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>s or wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>re sat<span class=\"_ _0\"></span>isfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of eac<span class=\"_ _0\"></span>h subse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re-<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>luates th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of suc<span class=\"_ _0\"></span>h mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d any rel<span class=\"_ _0\"></span>ated cons<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>, and i<span class=\"_ _0\"></span>f nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y, adju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s esti<span class=\"_ _0\"></span>mate of th<span class=\"_ _0\"></span>e ove<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>l tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice. A<span class=\"_ _0\"></span>ny such a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>ust-men<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on a cum<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive c<span class=\"_ _0\"></span>atch-up ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch woul<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt.License Re<span class=\"_ _2\"></span>venue for Intellectual<span class=\"_ _3\"></span> Property: If the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s fun<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al inte<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed to be d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>t from t<span class=\"_ _0\"></span>he oth<span class=\"_ _0\"></span>er pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recog<span class=\"_ _0\"></span>nizes re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd-abl<span class=\"_ _0\"></span>e upfro<span class=\"_ _0\"></span>nt fe<span class=\"_ _0\"></span>es al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e licen<span class=\"_ _0\"></span>se at the p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt in ti<span class=\"_ _0\"></span>me th<span class=\"_ _0\"></span>e lice<span class=\"_ _0\"></span>nse is tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d to the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>see and t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>e is ab<span class=\"_ _0\"></span>le to use an<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit fro<span class=\"_ _0\"></span>m the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se. Fo<span class=\"_ _0\"></span>r licen<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>at are b<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>dle<span class=\"_ _0\"></span>d with ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r prom<span class=\"_ _0\"></span>ises<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d utilizes j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of the co<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on to deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on is s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e or at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d, if over ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s for pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses of re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nizin<span class=\"_ _0\"></span>g reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom non-<span class=\"_ _3\"></span>refundable,<span class=\"_ _2\"></span> upfront f<span class=\"_ _3\"></span>ees.Pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t sal<span class=\"_ _0\"></span>es: Reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom s<span class=\"_ _0\"></span>ale of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>en con<span class=\"_ _0\"></span>trol of th<span class=\"_ _0\"></span>e go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s is tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>d record<span class=\"_ _0\"></span>ed n<span class=\"_ _0\"></span>et of a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for re<span class=\"_ _0\"></span>bate<span class=\"_ _0\"></span>s and ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>acks<span class=\"_ _0\"></span>, al<span class=\"_ _0\"></span>l of wh<span class=\"_ _0\"></span>ich are e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mated at the ti<span class=\"_ _0\"></span>me of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>.Reco<span class=\"_ _0\"></span>gnized re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>n be s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s follo<span class=\"_ _0\"></span>ws for a<span class=\"_ _0\"></span>ll ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les:Accounti<span class=\"_ _3\"></span>ng policiesRese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>rily i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s, b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>its a<span class=\"_ _0\"></span>nd oth<span class=\"_ _0\"></span>er e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>e rela<span class=\"_ _0\"></span>ted costs o<span class=\"_ _3\"></span>f Z<span class=\"_ _2\"></span>ealan<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s resear<span class=\"_ _2\"></span>ch and development staff<span class=\"_ _2\"></span>, license c<span class=\"_ _2\"></span>osts<span class=\"_ _0\"></span>, manufacturing<span class=\"_ _3\"></span> costs, precl<span class=\"_ _3\"></span>inical c<span class=\"_ _3\"></span>osts, clini<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tors a<span class=\"_ _0\"></span>nd ou<span class=\"_ _0\"></span>tsi<span class=\"_ _0\"></span>de se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce fee<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>izatio<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt of li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d righ<span class=\"_ _0\"></span>ts rel<span class=\"_ _0\"></span>ated to int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on of p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, to the ex<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nt that su<span class=\"_ _0\"></span>ch cost<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>lated to th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up's re<span class=\"_ _0\"></span>search a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>.Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s incu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d and i<span class=\"_ _0\"></span>n the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>ey re<span class=\"_ _0\"></span>late, e<span class=\"_ _0\"></span>xcept for d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch the c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>izatio<span class=\"_ _0\"></span>n criter<span class=\"_ _0\"></span>ia are met.Plea<span class=\"_ _0\"></span>se see n<span class=\"_ _0\"></span>ote 3.<span class=\"_ _0\"></span>1 for a m<span class=\"_ _0\"></span>ore d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>d des<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>n the t<span class=\"_ _0\"></span>reatm<span class=\"_ _0\"></span>ent of Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d dev<span class=\"_ _0\"></span>elo<span class=\"_ _0\"></span>p-men<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>lated to i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>al de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.Accounti<span class=\"_ _3\"></span>ng policiesSel<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g and m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>keting e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es rel<span class=\"_ _0\"></span>ate to Zealan<span class=\"_ _0\"></span>ds com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing cos<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to pre<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he ma<span class=\"_ _0\"></span>rket for Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ds p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nist<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ship<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>s sa<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d othe<span class=\"_ _0\"></span>r he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>count cos<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l min<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s as well a<span class=\"_ _0\"></span>s thi<span class=\"_ _0\"></span>rd-par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.In ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt of p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, to the ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>t such ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>ated to comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l fu<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are al<span class=\"_ _0\"></span>so i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d. Se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd ma<span class=\"_ _0\"></span>rketi<span class=\"_ _0\"></span>ng ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e incom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>ey re<span class=\"_ _0\"></span>late.Accounti<span class=\"_ _3\"></span>ng policiesGe<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ral a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>dmi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>trati<span class=\"_ _0\"></span>ve ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e recur<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>trati<span class=\"_ _0\"></span>on of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d. Th<span class=\"_ _0\"></span>is incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s sa<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efit<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er h<span class=\"_ _0\"></span>ead<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t fu<span class=\"_ _0\"></span>nc-tion<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing h<span class=\"_ _0\"></span>uma<span class=\"_ _0\"></span>n reso<span class=\"_ _0\"></span>urces a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce dep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.In ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt of p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, to the ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>t such ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>ated to ad<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re al<span class=\"_ _0\"></span>so in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. Ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l and a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>strat<span class=\"_ _0\"></span>ive ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cog-nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d to whi<span class=\"_ _0\"></span>ch they r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>te.Accounti<span class=\"_ _3\"></span>ng policiesWages and<span class=\"_ _3\"></span> saleriesWages a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s are b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod i<span class=\"_ _0\"></span>n whi<span class=\"_ _0\"></span>ch ser<span class=\"_ _1\"></span>vices fo<span class=\"_ _0\"></span>r wag<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>ies i<span class=\"_ _0\"></span>s ren<span class=\"_ _0\"></span>dere<span class=\"_ _0\"></span>d to the Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any. Share-based compensationTh<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces rece<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d as cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r shar<span class=\"_ _0\"></span>e-base<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nted i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d shar<span class=\"_ _0\"></span>e-bas<span class=\"_ _0\"></span>ed com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d at the g<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>t date an<span class=\"_ _0\"></span>d is recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt as e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyee b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se over th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od in wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t vest<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e of<span class=\"_ _0\"></span>fse<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>y to th<span class=\"_ _0\"></span>is is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y. An es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>te is mad<span class=\"_ _0\"></span>e of the n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r of ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to vest<span class=\"_ _0\"></span>. Sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly, an adj<span class=\"_ _0\"></span>ustm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e for ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>he esti<span class=\"_ _0\"></span>mate of th<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch wil<span class=\"_ _0\"></span>l vest<span class=\"_ _0\"></span>, so th<span class=\"_ _0\"></span>e total e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse is e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>al to fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of th<span class=\"_ _0\"></span>e act<span class=\"_ _0\"></span>ual n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>hich ve<span class=\"_ _0\"></span>st. T<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of in<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted is e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g the Bl<span class=\"_ _0\"></span>ack\u2013<span class=\"_ _2\"></span>S<span class=\"_ _0\"></span>cho<span class=\"_ _0\"></span>les p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l wh<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e closin<span class=\"_ _0\"></span>g sha<span class=\"_ _0\"></span>re pri<span class=\"_ _0\"></span>ce of the d<span class=\"_ _0\"></span>ay pri<span class=\"_ _0\"></span>or to gr<span class=\"_ _0\"></span>ant is us<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r RSU and PSU<span class=\"_ _3\"></span>s.Accounti<span class=\"_ _3\"></span>ng policiesOth<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng item<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>s no<span class=\"_ _0\"></span>n-reven<span class=\"_ _0\"></span>ue i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e and e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to Zeal<span class=\"_ _0\"></span>and<span class=\"_ _1\"></span>\u2019s op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n that is ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ed to be n<span class=\"_ _0\"></span>on-re<span class=\"_ _0\"></span>curr<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>nd si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant for t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>ng of t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance of Zea<span class=\"_ _3\"></span>land.Oth<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng item<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>so in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lt of rest<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g act<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g insu<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ce cost<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t charg<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, reve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nvento<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y wr<span class=\"_ _0\"></span>ite downs<span class=\"_ _0\"></span>, los<span class=\"_ _0\"></span>s on re<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>uatio<span class=\"_ _0\"></span>n of di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p and other signi<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>icant one-<span class=\"_ _2\"></span>time transaction expenses.Accounti<span class=\"_ _3\"></span>ng policiesA disco<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d ope<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>s a comp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ent of th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>at has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>ed of o<span class=\"_ _0\"></span>r is clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d as he<span class=\"_ _0\"></span>ld for sa<span class=\"_ _0\"></span>le an<span class=\"_ _0\"></span>d that re<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nts a se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate ma<span class=\"_ _0\"></span>jor l<span class=\"_ _0\"></span>ine o<span class=\"_ _0\"></span>f busi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s or g<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>aph<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l are<span class=\"_ _0\"></span>a of op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>s par<span class=\"_ _0\"></span>t of a sin<span class=\"_ _0\"></span>gle coo<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d pla<span class=\"_ _0\"></span>n to disp<span class=\"_ _0\"></span>ose of su<span class=\"_ _0\"></span>ch a lin<span class=\"_ _0\"></span>e of bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess o<span class=\"_ _0\"></span>r are<span class=\"_ _0\"></span>a of op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, o<span class=\"_ _0\"></span>r is a su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _1\"></span>y acqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d exclusi<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y with a v<span class=\"_ _0\"></span>iew to res<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>s of disco<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted se<span class=\"_ _0\"></span>pa-rately i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of prof<span class=\"_ _0\"></span>it or l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>. Com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of p<span class=\"_ _0\"></span>rofit a<span class=\"_ _0\"></span>nd los<span class=\"_ _0\"></span>s for p<span class=\"_ _0\"></span>revi<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds are r<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ated to ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t the re<span class=\"_ _0\"></span>sult of d<span class=\"_ _0\"></span>iscon<span class=\"_ _0\"></span>tinu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s.Accounti<span class=\"_ _3\"></span>ng policiesBas<span class=\"_ _0\"></span>ic re<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>lt pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reBasi<span class=\"_ _0\"></span>c resu<span class=\"_ _0\"></span>lt pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re is cal<span class=\"_ _0\"></span>culate<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>e net re<span class=\"_ _0\"></span>sult fo<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>y the we<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted ave<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>e num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ord<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, exclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res h<span class=\"_ _0\"></span>eld by t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny<span class=\"_ _3\"></span>.Dil<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>sult p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eDi<span class=\"_ _0\"></span>luted re<span class=\"_ _0\"></span>sult p<span class=\"_ _0\"></span>er sh<span class=\"_ _0\"></span>are is c<span class=\"_ _0\"></span>alcul<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>s the n<span class=\"_ _0\"></span>et resu<span class=\"_ _0\"></span>lt for th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d, d<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e wei<span class=\"_ _0\"></span>ghte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ord<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, exclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e trea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>uste<span class=\"_ _0\"></span>d for th<span class=\"_ _0\"></span>e dil<span class=\"_ _0\"></span>utive ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of sha<span class=\"_ _0\"></span>re eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s.Accoun<span class=\"_ _3\"></span>ting policiesResearc<span class=\"_ _3\"></span>h and<span class=\"_ _3\"></span> devel<span class=\"_ _3\"></span>opmentZealan<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y has n<span class=\"_ _0\"></span>ot recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, as the criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of an as<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>et as de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.Acquired licenses and rig<span class=\"_ _3\"></span>htsAcqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the n<span class=\"_ _0\"></span>et pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t valu<span class=\"_ _0\"></span>e of any fu<span class=\"_ _0\"></span>ture p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of a<span class=\"_ _0\"></span>ny futu<span class=\"_ _0\"></span>re pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized a<span class=\"_ _0\"></span>s a liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. Wh<span class=\"_ _0\"></span>en trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e cost to acqu<span class=\"_ _0\"></span>ire li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>s such s<span class=\"_ _0\"></span>ubse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>res are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>search &amp; De<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s if the<span class=\"_ _0\"></span>y do not s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on as a<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>t.AmortizationLice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e meth<span class=\"_ _0\"></span>od ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>fe whi<span class=\"_ _0\"></span>ch is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r use<span class=\"_ _0\"></span>. Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d ga<span class=\"_ _0\"></span>in or loss<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch &amp; De<span class=\"_ _0\"></span>vel- opme<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>.Impairme<span class=\"_ _0\"></span>ntIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le asse<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>ll rev<span class=\"_ _0\"></span>iew th<span class=\"_ _0\"></span>e int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>les fo<span class=\"_ _0\"></span>r imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble asse<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot rea<span class=\"_ _0\"></span>dy fo<span class=\"_ _0\"></span>r use are re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>wed fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l basi<span class=\"_ _0\"></span>s.Accounti<span class=\"_ _3\"></span>ng policiesProp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ipm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t is mai<span class=\"_ _0\"></span>nly co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>d of pl<span class=\"_ _0\"></span>ant a<span class=\"_ _0\"></span>nd ma<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>ner<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r fix<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d fit<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>, lease<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld im<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d asse<span class=\"_ _0\"></span>ts u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red at cos<span class=\"_ _0\"></span>t les<span class=\"_ _0\"></span>s accum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ated dep<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ciatio<span class=\"_ _0\"></span>n. a<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>y imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e cost is com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce and cos<span class=\"_ _0\"></span>ts d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctly re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to the a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n unti<span class=\"_ _0\"></span>l the a<span class=\"_ _0\"></span>sset is rea<span class=\"_ _0\"></span>dy for u<span class=\"_ _0\"></span>se. Cos<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct cost<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>s to sub<span class=\"_ _0\"></span>contra<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.DepreciaionDe<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on is c<span class=\"_ _0\"></span>alcul<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>n a str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _3\"></span>-lin<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s to allo<span class=\"_ _0\"></span>cate the cos<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, ne<span class=\"_ _0\"></span>t of any re<span class=\"_ _0\"></span>sidu<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e, ove<span class=\"_ _0\"></span>r the e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich are as fo<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>ws:Lease<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld im<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts 5<span class=\"_ _0\"></span>-<span class=\"_ _3\"></span>13 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s, b<span class=\"_ _0\"></span>ut ne<span class=\"_ _0\"></span>ver lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e lease te<span class=\"_ _0\"></span>rm  Plant and<span class=\"_ _3\"></span> machinery 5-<span class=\"_ _3\"></span>10<span class=\"_ _2\"></span> years<span class=\"ls2 ws2\"> </span>Oth<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ix<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s and f<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>gs 3-5 yea<span class=\"_ _0\"></span>rsTh<span class=\"_ _0\"></span>e usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d resi<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>s are rev<span class=\"_ _0\"></span>iewe<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>ted if a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate on a ye<span class=\"_ _0\"></span>arly b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets under const<span class=\"_ _2\"></span>ruc<span class=\"_ _0\"></span>tion ar<span class=\"_ _3\"></span>e not<span class=\"_ _3\"></span> depreciat<span class=\"_ _2\"></span>ed.ImpairmentIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, pla<span class=\"_ _0\"></span>nt and e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt may no<span class=\"_ _0\"></span>t be re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>ws th<span class=\"_ _0\"></span>at asse<span class=\"_ _0\"></span>t for im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e revi<span class=\"_ _0\"></span>ew is th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>e gre<span class=\"_ _0\"></span>ater of th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>s cost to se<span class=\"_ _0\"></span>ll or it<span class=\"_ _0\"></span>s va<span class=\"_ _0\"></span>lue i<span class=\"_ _0\"></span>n use<span class=\"_ _0\"></span>. Value in us<span class=\"_ _0\"></span>e is cal<span class=\"_ _0\"></span>culate<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e cash inf<span class=\"_ _0\"></span>low or s<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>ngs g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ted fro<span class=\"_ _0\"></span>m the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>.If the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt is g<span class=\"_ _0\"></span>reate<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>cover<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t is writ<span class=\"_ _0\"></span>ten d<span class=\"_ _0\"></span>own to th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt. A<span class=\"_ _0\"></span>n imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>s is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t  is identifie<span class=\"_ _0\"></span>d.Accounti<span class=\"_ _3\"></span>ng policiesZealan<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s if an ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is a le<span class=\"_ _0\"></span>ase at in<span class=\"_ _0\"></span>cepti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Zeala<span class=\"_ _0\"></span>nd le<span class=\"_ _0\"></span>ases co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>ise va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us pro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>-ties a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>. Re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>al contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>lly ma<span class=\"_ _0\"></span>de fo<span class=\"_ _0\"></span>r fixe<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. Lea<span class=\"_ _0\"></span>se term<span class=\"_ _0\"></span>s are ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>tiated o<span class=\"_ _0\"></span>n an ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>asis an<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>ain a w<span class=\"_ _0\"></span>ide r<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge of d<span class=\"_ _0\"></span>iff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nt term<span class=\"_ _0\"></span>s and co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. All l<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et as a r<span class=\"_ _0\"></span>ight-of<span class=\"_ _3\"></span>-use (<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span>ROU<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span>) as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>ith a corre<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g lease liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, e<span class=\"_ _0\"></span>xcept for s<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>t te<span class=\"_ _0\"></span>rm as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s in wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e term is 1<span class=\"_ _0\"></span>2 mo<span class=\"_ _0\"></span>nths o<span class=\"_ _0\"></span>r les<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, or low v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.ROU a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ent Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s righ<span class=\"_ _0\"></span>t to use an u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g asse<span class=\"_ _0\"></span>t for th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e term a<span class=\"_ _0\"></span>nd le<span class=\"_ _0\"></span>ase lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to make le<span class=\"_ _0\"></span>ase pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e. Lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>rom a le<span class=\"_ _0\"></span>ase are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d on a p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt val<span class=\"_ _0\"></span>ue ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>. Lease l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt val<span class=\"_ _0\"></span>ue of f<span class=\"_ _0\"></span>ixed p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, les<span class=\"_ _0\"></span>s any le<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s le<span class=\"_ _0\"></span>ases d<span class=\"_ _0\"></span>o not p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>e an imp<span class=\"_ _0\"></span>lici<span class=\"_ _0\"></span>t intere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd use<span class=\"_ _0\"></span>s an i<span class=\"_ _0\"></span>ncrem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tal b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>g rate ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>t the com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ncem<span class=\"_ _0\"></span>ent d<span class=\"_ _0\"></span>ate of the l<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of l<span class=\"_ _0\"></span>ease p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Lease te<span class=\"_ _0\"></span>rms utilize<span class=\"_ _0\"></span>d by Zeala<span class=\"_ _0\"></span>nd may i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns to ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>d or term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate the le<span class=\"_ _0\"></span>ase wh<span class=\"_ _0\"></span>en it i<span class=\"_ _0\"></span>s reaso<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bly ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n that Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d wil<span class=\"_ _0\"></span>l exercis<span class=\"_ _0\"></span>e that o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n. I<span class=\"_ _0\"></span>n dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g the l<span class=\"_ _0\"></span>ease te<span class=\"_ _0\"></span>rm, m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>ll fa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s and ci<span class=\"_ _0\"></span>rcums<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces th<span class=\"_ _0\"></span>at create an e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>c ince<span class=\"_ _0\"></span>ntive to exe<span class=\"_ _0\"></span>rcise a<span class=\"_ _0\"></span>n ex<span class=\"_ _0\"></span>tensi<span class=\"_ _0\"></span>on op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, or n<span class=\"_ _0\"></span>ot exe<span class=\"_ _0\"></span>rcise a term<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n. E<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>tensi<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns (or p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n opti<span class=\"_ _0\"></span>ons) ar<span class=\"_ _0\"></span>e onl<span class=\"_ _0\"></span>y inclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e lease te<span class=\"_ _0\"></span>rm if th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se is rea<span class=\"_ _0\"></span>sona<span class=\"_ _0\"></span>bly ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n to be ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d (or no<span class=\"_ _0\"></span>t term<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d). Interes<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to the lea<span class=\"_ _0\"></span>se lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y are cl<span class=\"_ _0\"></span>assif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d in f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l item<span class=\"_ _0\"></span>s.ROU a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>itial m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of lea<span class=\"_ _0\"></span>se lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y, any le<span class=\"_ _0\"></span>ase pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e at or b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ncem<span class=\"_ _0\"></span>ent d<span class=\"_ _0\"></span>ate les<span class=\"_ _0\"></span>s any le<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ves re<span class=\"_ _0\"></span>ceive<span class=\"_ _0\"></span>d, a<span class=\"_ _0\"></span>ny init<span class=\"_ _0\"></span>ial d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct cost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d restor<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s. R<span class=\"_ _0\"></span>OU as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s are d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>ated ove<span class=\"_ _0\"></span>r the sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r of the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s usef<span class=\"_ _0\"></span>ul life a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se term o<span class=\"_ _0\"></span>n a str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _3\"></span>-lin<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s over th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se term<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e RO<span class=\"_ _0\"></span>U ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re al<span class=\"_ _0\"></span>so subj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. Re<span class=\"_ _0\"></span>fer to accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lici<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>ote 3.<span class=\"_ _1\"></span>2.Paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s as<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ated wit<span class=\"_ _0\"></span>h sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-ter<span class=\"_ _0\"></span>m leas<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>ses of lo<span class=\"_ _0\"></span>w-valu<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized o<span class=\"_ _0\"></span>n a str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _3\"></span>- lin<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s as an ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. Sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-<span class=\"_ _3\"></span>term le<span class=\"_ _0\"></span>ases a<span class=\"_ _0\"></span>re lea<span class=\"_ _0\"></span>ses wi<span class=\"_ _0\"></span>th a lea<span class=\"_ _0\"></span>se term of 1<span class=\"_ _0\"></span>2 mon<span class=\"_ _0\"></span>ths or l<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>w-valu<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise IT e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt and s<span class=\"_ _0\"></span>mal<span class=\"_ _0\"></span>l items of o<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>ice fu<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>iture<span class=\"_ _0\"></span>.Accounti<span class=\"_ _3\"></span>ng policiesOther invest<span class=\"_ _3\"></span>ments are meas<span class=\"_ _3\"></span>ured at fai<span class=\"_ _3\"></span>r value on<span class=\"_ _3\"></span> initial<span class=\"_ _3\"></span> recognit<span class=\"_ _3\"></span>ion and subs<span class=\"_ _3\"></span>equently<span class=\"_ _2\"></span>. Changes in<span class=\"_ _3\"></span> fair valu<span class=\"_ _0\"></span>e are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t und<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al item<span class=\"_ _0\"></span>s.Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s oth<span class=\"_ _0\"></span>er inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>t of an i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt in B<span class=\"_ _0\"></span>eta B<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>., th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>er of i<span class=\"_ _0\"></span>Let\u2122, a ful<span class=\"_ _0\"></span>ly integ<span class=\"_ _0\"></span>rated d<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l-horm<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e pum<span class=\"_ _0\"></span>p (bi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>c pa<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>s) for auton<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s dia<span class=\"_ _0\"></span>betes c<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent in Bet<span class=\"_ _0\"></span>a Bi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>. is me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e thro<span class=\"_ _0\"></span>ugh p<span class=\"_ _0\"></span>rofit a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t repre<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nts 1<span class=\"_ _1\"></span>.5 % (2021 :1<span class=\"_ _0\"></span>.6%) ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>hip of B<span class=\"_ _0\"></span>eta B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, Inc<span class=\"_ _0\"></span>., a<span class=\"_ _0\"></span>nd is m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at a fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of D<span class=\"_ _0\"></span>KK 30.9 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on as of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 (<span class=\"_ _0\"></span>DKK 26<span class=\"_ _0\"></span>.9 mill<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 202<span class=\"_ _0\"></span>1).Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re pr<span class=\"_ _0\"></span>ice deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t recent s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l is<span class=\"_ _0\"></span>sua<span class=\"_ _0\"></span>nces by B<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>a Bio<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, adj<span class=\"_ _0\"></span>uste<span class=\"_ _0\"></span>d for va<span class=\"_ _0\"></span>lue i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n po<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ator of th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of t<span class=\"_ _0\"></span>he sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s. I<span class=\"_ _0\"></span>n par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icul<span class=\"_ _0\"></span>ar, Beta Bio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>cs clo<span class=\"_ _0\"></span>sed a s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ies C f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>ng in Fe<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y, 2022, whi<span class=\"_ _0\"></span>ch is us<span class=\"_ _0\"></span>ed as t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>asis fo<span class=\"_ _0\"></span>r dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g fai<span class=\"_ _0\"></span>r valueAccounti<span class=\"_ _3\"></span>ng policiesRaw mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, wor<span class=\"_ _0\"></span>k in p<span class=\"_ _0\"></span>rogre<span class=\"_ _0\"></span>ss a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>ods a<span class=\"_ _0\"></span>re me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of cost a<span class=\"_ _0\"></span>nd ne<span class=\"_ _0\"></span>t real<span class=\"_ _0\"></span>iz- abl<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e. Cos<span class=\"_ _0\"></span>t is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d on a f<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>st in<span class=\"_ _0\"></span>, fi<span class=\"_ _0\"></span>rst o<span class=\"_ _0\"></span>ut ba<span class=\"_ _0\"></span>sis an<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pris<span class=\"_ _0\"></span>es di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t lab<span class=\"_ _0\"></span>or and a<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>prop<span class=\"_ _0\"></span>riate p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>ixed ove<span class=\"_ _0\"></span>rh<span class=\"_ _0\"></span>ead e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ditu<span class=\"_ _0\"></span>re, th<span class=\"_ _0\"></span>e lat<span class=\"_ _0\"></span>ter b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>n the b<span class=\"_ _0\"></span>asis of n<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng ca<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>cit<span class=\"_ _0\"></span>y. C<span class=\"_ _3\"></span>ost<span class=\"_ _0\"></span>s of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span>ventor<span class=\"_ _1\"></span>y are dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>ter d<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ting reb<span class=\"_ _0\"></span>ates an<span class=\"_ _0\"></span>d disco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Net re<span class=\"_ _0\"></span>aliza<span class=\"_ _0\"></span>ble v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e is th<span class=\"_ _0\"></span>e esti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d sel<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g pri<span class=\"_ _0\"></span>ce in the o<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>y cour<span class=\"_ _0\"></span>se of bu<span class=\"_ _0\"></span>si- nes<span class=\"_ _0\"></span>s les<span class=\"_ _0\"></span>s the e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>s of comp<span class=\"_ _0\"></span>leti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>s ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>y to complete th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le.Invent<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y manufactured pri<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>o regulat<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y approval<span class=\"_ _3\"></span> (prelaunch<span class=\"_ _3\"></span> invent<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y) is<span class=\"_ _3\"></span> capitaliz<span class=\"_ _2\"></span>ed but immedi-<span class=\"_ _3\"></span> ately p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>, unti<span class=\"_ _0\"></span>l the<span class=\"_ _0\"></span>re is a hi<span class=\"_ _0\"></span>gh pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval fo<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t. A wr<span class=\"_ _0\"></span>ite-dow<span class=\"_ _0\"></span>n is ma<span class=\"_ _0\"></span>de ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e cost is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t as rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>vel- opm<span class=\"_ _0\"></span>ent cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. O<span class=\"_ _0\"></span>nce th<span class=\"_ _0\"></span>ere is a h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y of re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _1\"></span>y app<span class=\"_ _0\"></span>rova<span class=\"_ _0\"></span>l be<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>bta<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d, t<span class=\"_ _0\"></span>he wr<span class=\"_ _0\"></span>ite-dow<span class=\"_ _0\"></span>n is rever<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d, u<span class=\"_ _0\"></span>p to no mor<span class=\"_ _0\"></span>e than t<span class=\"_ _0\"></span>he or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>nal cos<span class=\"_ _0\"></span>t.We revie<span class=\"_ _0\"></span>w our i<span class=\"_ _0\"></span>nven<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y for e<span class=\"_ _0\"></span>xcess o<span class=\"_ _0\"></span>r obs<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>scence an<span class=\"_ _0\"></span>d wr<span class=\"_ _0\"></span>ite down i<span class=\"_ _0\"></span>nventor<span class=\"_ _1\"></span>y that h<span class=\"_ _0\"></span>as no a<span class=\"_ _0\"></span>lterna<span class=\"_ _0\"></span>tive uses to it<span class=\"_ _0\"></span>s net re<span class=\"_ _0\"></span>aliz<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e. Econo<span class=\"_ _0\"></span>mic co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns, cu<span class=\"_ _0\"></span>stom<span class=\"_ _0\"></span>er de<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in p<span class=\"_ _0\"></span>urch<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g and dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n can a<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g valu<span class=\"_ _0\"></span>e of inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. A<span class=\"_ _0\"></span>s ci<span class=\"_ _0\"></span>rcums<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces war<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>t, we re<span class=\"_ _0\"></span>cord prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons for po<span class=\"_ _0\"></span>tentia<span class=\"_ _0\"></span>lly o<span class=\"_ _0\"></span>bso<span class=\"_ _0\"></span>lete or slo<span class=\"_ _0\"></span>w-movi<span class=\"_ _0\"></span>ng inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y and low<span class=\"_ _0\"></span>er of cos<span class=\"_ _0\"></span>t or ne<span class=\"_ _0\"></span>t real<span class=\"_ _0\"></span>izab<span class=\"_ _0\"></span>le val<span class=\"_ _0\"></span>ue inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>n som<span class=\"_ _0\"></span>e ins<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces, t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts c<span class=\"_ _0\"></span>an ha<span class=\"_ _0\"></span>ve a mater<span class=\"_ _0\"></span>ial e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s of an an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l or i<span class=\"_ _0\"></span>nteri<span class=\"_ _0\"></span>m pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. I<span class=\"_ _0\"></span>n ord<span class=\"_ _0\"></span>er to dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne su<span class=\"_ _0\"></span>ch ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>, we e<span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>ate the a<span class=\"_ _0\"></span>ge, i<span class=\"_ _0\"></span>nven<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y turn<span class=\"_ _0\"></span>s, f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e sal<span class=\"_ _0\"></span>es fore<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s and t<span class=\"_ _0\"></span>he es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y.Cost of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds so<span class=\"_ _0\"></span>ldCost of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds s<span class=\"_ _0\"></span>old i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>des r<span class=\"_ _0\"></span>aw mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, l<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or cost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>nuf<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>turi<span class=\"_ _0\"></span>ng ove<span class=\"_ _0\"></span>rhe<span class=\"_ _0\"></span>ad e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s for ant<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ated scr<span class=\"_ _0\"></span>ap an<span class=\"_ _0\"></span>d inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>bso<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>cence Accounti<span class=\"_ _3\"></span>ng policiesRece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s are d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d as fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red at a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized cost a<span class=\"_ _0\"></span>nd ar<span class=\"_ _0\"></span>e init<span class=\"_ _0\"></span>iall<span class=\"_ _0\"></span>y mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e or tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce and su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>entl<span class=\"_ _0\"></span>y mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et at am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tize<span class=\"_ _0\"></span>d cost, w<span class=\"_ _0\"></span>hich gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y corres<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nds to no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nal v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted cre<span class=\"_ _0\"></span>dit l<span class=\"_ _0\"></span>oss p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Zealan<span class=\"_ _0\"></span>d uti<span class=\"_ _0\"></span>lizes a sim<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach to me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted cre<span class=\"_ _0\"></span>dit lo<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>nd u<span class=\"_ _0\"></span>ses a life<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted los<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>nce for al<span class=\"_ _0\"></span>l rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s. T<span class=\"_ _3\"></span>o mea<span class=\"_ _0\"></span>sure th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cted cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>, rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d base<span class=\"_ _0\"></span>d on cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it risk ch<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>cter<span class=\"_ _0\"></span>isti<span class=\"_ _0\"></span>cs a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e day<span class=\"_ _0\"></span>s pas<span class=\"_ _0\"></span>t due<span class=\"_ _0\"></span>. E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 31, 2022 a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 31, 2<span class=\"_ _0\"></span>021 is im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>.Prep<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ditu<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to a futu<span class=\"_ _0\"></span>re fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>. Pre<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>re mea<span class=\"_ _0\"></span>s-ure<span class=\"_ _0\"></span>d at no<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>.Accounti<span class=\"_ _3\"></span>ng policiesPlea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to accounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies fo<span class=\"_ _0\"></span>r fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lliti<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>ote 4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.Dis<span class=\"_ _0\"></span>count a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>bate lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>r cred<span class=\"_ _0\"></span>ited to custo<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, usua<span class=\"_ _0\"></span>lly b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on the q<span class=\"_ _0\"></span>uanti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y or va<span class=\"_ _0\"></span>lue of p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er fo<span class=\"_ _0\"></span>r spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>c pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s in a cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d. Pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct sal<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>bates<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>late to prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les th<span class=\"_ _0\"></span>at occu<span class=\"_ _0\"></span>r over a p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod o<span class=\"_ _0\"></span>f time<span class=\"_ _0\"></span>, are n<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y issu<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>tro-spe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>. At the t<span class=\"_ _0\"></span>ime p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les are i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced, re<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>tes and d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>at the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to pay<span class=\"_ _3\"></span>, are es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese re<span class=\"_ _0\"></span>bates t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span>ly ari<span class=\"_ _0\"></span>se from s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th gove<span class=\"_ _0\"></span>rnm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t age<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, who<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, ret<span class=\"_ _0\"></span>ail p<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>cies<span class=\"_ _0\"></span>, Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d Care a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r custom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s, w<span class=\"_ _0\"></span>hich a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>d at the t<span class=\"_ _0\"></span>ime t<span class=\"_ _0\"></span>he rel<span class=\"_ _0\"></span>ated reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>es are re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>r whe<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ince<span class=\"_ _0\"></span>ntive<span class=\"_ _0\"></span>s are of<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>.Accounti<span class=\"_ _3\"></span>ng policiesClassification of<span class=\"_ _2\"></span> C<span class=\"_ _0\"></span>ategories of F<span class=\"_ _3\"></span>inancial Assets and Liabilities:Zealan<span class=\"_ _0\"></span>d clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ies it<span class=\"_ _0\"></span>s f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>ets h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d into th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt cate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ies:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">tho<span class=\"_ _0\"></span>se to be me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ently a<span class=\"_ _0\"></span>t fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e (eith<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>hrou<span class=\"_ _0\"></span>gh oth<span class=\"_ _0\"></span>er com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>, or </span>throu<span class=\"_ _0\"></span>gh p<span class=\"_ _0\"></span>rofit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s), and\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">tho<span class=\"_ _0\"></span>se to be me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized cost<span class=\"_ _0\"></span>.</span>Th<span class=\"_ _0\"></span>e clas<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s on th<span class=\"_ _0\"></span>e bu<span class=\"_ _0\"></span>sine<span class=\"_ _0\"></span>ss m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el fo<span class=\"_ _0\"></span>r man<span class=\"_ _0\"></span>agi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al terms o<span class=\"_ _0\"></span>f the ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>.For as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>, gai<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses wi<span class=\"_ _0\"></span>ll e<span class=\"_ _0\"></span>ithe<span class=\"_ _0\"></span>r be re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss or o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r comprehensiv<span class=\"_ _2\"></span>e income.Zealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>clas<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>es de<span class=\"_ _0\"></span>bt inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>nly wh<span class=\"_ _0\"></span>en i<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l for ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g thos<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r det<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>s ab<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t the a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy fo<span class=\"_ _0\"></span>r each o<span class=\"_ _0\"></span>f the ca<span class=\"_ _0\"></span>tego<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s are ou<span class=\"_ _0\"></span>tlin<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive note<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Fa<span class=\"_ _3\"></span>ir V<span class=\"_ _2\"></span>alue Measu<span class=\"_ _3\"></span>rementZealan<span class=\"_ _0\"></span>d me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>res fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, such a<span class=\"_ _0\"></span>s mar<span class=\"_ _0\"></span>keta<span class=\"_ _0\"></span>ble se<span class=\"_ _0\"></span>curi<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>, at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e at each b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ance she<span class=\"_ _0\"></span>et date<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d at amo<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>-tized cost su<span class=\"_ _0\"></span>ch as ba<span class=\"_ _0\"></span>nk d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ecei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s app<span class=\"_ _0\"></span>roxim<span class=\"_ _0\"></span>ate the<span class=\"_ _0\"></span>ir ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s larg<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y due to th<span class=\"_ _0\"></span>e sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-ter<span class=\"_ _0\"></span>m matu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Fair val<span class=\"_ _0\"></span>ue is th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>ice that wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>ceive<span class=\"_ _0\"></span>d to sel<span class=\"_ _0\"></span>l an as<span class=\"_ _0\"></span>set or p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d to trans<span class=\"_ _0\"></span>fer a l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>n an or<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n ma<span class=\"_ _0\"></span>rket pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>pant<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt da<span class=\"_ _0\"></span>te. Th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e pres<span class=\"_ _0\"></span>ump<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on to se<span class=\"_ _0\"></span>ll the a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t or tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y takes p<span class=\"_ _0\"></span>lace e<span class=\"_ _0\"></span>ithe<span class=\"_ _0\"></span>r:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">In t<span class=\"_ _0\"></span>he pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l mar<span class=\"_ _0\"></span>ket for th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y, or</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">In t<span class=\"_ _0\"></span>he ab<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ce of a pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>, in th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t ad<span class=\"_ _0\"></span>vant<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s mar<span class=\"_ _0\"></span>ket for th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set or l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y.</span>Th<span class=\"_ _0\"></span>e pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>r the m<span class=\"_ _0\"></span>ost a<span class=\"_ _0\"></span>dva<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ous m<span class=\"_ _0\"></span>arket m<span class=\"_ _0\"></span>ust b<span class=\"_ _0\"></span>e acces<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le by Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of an a<span class=\"_ _0\"></span>sset o<span class=\"_ _0\"></span>r a lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y is m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons th<span class=\"_ _0\"></span>at ma<span class=\"_ _0\"></span>rket pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>pant<span class=\"_ _0\"></span>s wo<span class=\"_ _0\"></span>uld use wh<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y, assum<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g that m<span class=\"_ _0\"></span>arket p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>ct i<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span>ir e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mic b<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t inter<span class=\"_ _3\"></span>est.Zealan<span class=\"_ _0\"></span>d use<span class=\"_ _0\"></span>s val<span class=\"_ _0\"></span>uatio<span class=\"_ _0\"></span>n tech<span class=\"_ _0\"></span>niq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re app<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>riate in t<span class=\"_ _0\"></span>he circu<span class=\"_ _0\"></span>mst<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d for wh<span class=\"_ _0\"></span>ich suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt data a<span class=\"_ _0\"></span>re ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble to me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>re fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue, m<span class=\"_ _0\"></span>axi<span class=\"_ _0\"></span>mizin<span class=\"_ _0\"></span>g the u<span class=\"_ _0\"></span>se of rel<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nt obse<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e inp<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s and m<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>i-mizin<span class=\"_ _0\"></span>g the u<span class=\"_ _0\"></span>se of un<span class=\"_ _0\"></span>obse<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e inp<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s.For fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>n the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ance sh<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t at fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue, I<span class=\"_ _0\"></span>FRS 1<span class=\"_ _0\"></span>3 for f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>tru-men<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>s disclo<span class=\"_ _0\"></span>sure of f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s by leve<span class=\"_ _0\"></span>l of the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt hie<span class=\"_ _0\"></span>rarchy fo<span class=\"_ _0\"></span>r:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Leve<span class=\"_ _0\"></span>l 1 - Qu<span class=\"_ _0\"></span>oted p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span>s (una<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>sted) i<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>tive m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>s for i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntic<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Leve<span class=\"_ _0\"></span>l 2 - In<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>s oth<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>an qu<span class=\"_ _0\"></span>oted p<span class=\"_ _0\"></span>rices i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d with<span class=\"_ _0\"></span>in le<span class=\"_ _0\"></span>vel 1 th<span class=\"_ _0\"></span>at are o<span class=\"_ _0\"></span>bser<span class=\"_ _1\"></span>vab<span class=\"_ _0\"></span>le for th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set or </span>liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>tly (that i<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ces) or in<span class=\"_ _0\"></span>dire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly (that is<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>rive<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m pri<span class=\"_ _0\"></span>ces)\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Leve<span class=\"_ _0\"></span>l 3 - In<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set or l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n obse<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e mar<span class=\"_ _0\"></span>ket dat<span class=\"_ _0\"></span>a (that is<span class=\"_ _0\"></span>, uno<span class=\"_ _0\"></span>b-</span>servab<span class=\"_ _0\"></span>le inputs)<span class=\"_ _2\"></span>.For as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies th<span class=\"_ _0\"></span>at are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts o<span class=\"_ _0\"></span>n a recu<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>heth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s have o<span class=\"_ _0\"></span>ccurre<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n leve<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e hie<span class=\"_ _0\"></span>rarchy by r<span class=\"_ _0\"></span>e-asse<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ng ca<span class=\"_ _0\"></span>tego<span class=\"_ _0\"></span>riza-tion (b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>st le<span class=\"_ _0\"></span>vel in<span class=\"_ _0\"></span>put t<span class=\"_ _0\"></span>hat is si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant to the f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as a w<span class=\"_ _0\"></span>hol<span class=\"_ _0\"></span>e) at the en<span class=\"_ _0\"></span>d of each re<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. Any tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nt leve<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s are ca<span class=\"_ _0\"></span>rrie<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t at the e<span class=\"_ _0\"></span>nd of t<span class=\"_ _0\"></span>he reporting period.Accounti<span class=\"_ _3\"></span>ng policiesCash i<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d on i<span class=\"_ _0\"></span>ntitia<span class=\"_ _0\"></span>l reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>t cost.Accounti<span class=\"_ _3\"></span>ng policiesMar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>curit<span class=\"_ _0\"></span>ies co<span class=\"_ _0\"></span>nsist o<span class=\"_ _0\"></span>f inve<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in se<span class=\"_ _0\"></span>curi<span class=\"_ _0\"></span>ties w<span class=\"_ _0\"></span>ith a ma<span class=\"_ _0\"></span>turit<span class=\"_ _1\"></span>y of nin<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>y day<span class=\"_ _0\"></span>s or gre<span class=\"_ _0\"></span>ater at the ti<span class=\"_ _0\"></span>me of a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. M<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f mar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>curit<span class=\"_ _0\"></span>ies d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ds on t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>del fo<span class=\"_ _0\"></span>r man<span class=\"_ _0\"></span>agi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set an<span class=\"_ _0\"></span>d the c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow cha<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>teris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re are t<span class=\"_ _0\"></span>wo me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>atego<span class=\"_ _0\"></span>-rie<span class=\"_ _0\"></span>s into whi<span class=\"_ _0\"></span>ch Zeala<span class=\"_ _0\"></span>nd cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s its m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es: \u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">A<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ized cost: A<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at are h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d for coll<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of contra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>, whe<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>ose cas<span class=\"_ _0\"></span>h flow<span class=\"_ _0\"></span>s </span>rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt sol<span class=\"_ _0\"></span>ely p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l and i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st, a<span class=\"_ _0\"></span>re me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>d at a<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ized cost. I<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st in<span class=\"_ _0\"></span>come from th<span class=\"_ _0\"></span>ese f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>ance i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e usin<span class=\"_ _0\"></span>g the e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tive i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t rate me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>ny gai<span class=\"_ _0\"></span>n or los<span class=\"_ _0\"></span>s ari<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g on de<span class=\"_ _0\"></span>reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctly i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or l<span class=\"_ _0\"></span>oss a<span class=\"_ _0\"></span>nd pr<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>nted in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r gai<span class=\"_ _0\"></span>ns/(losses), toge<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r with fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e ga<span class=\"_ _0\"></span>ins an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>. Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>ent l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s are p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted as a sep<span class=\"_ _0\"></span>arate li<span class=\"_ _0\"></span>ne ite<span class=\"_ _0\"></span>m in th<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of prof<span class=\"_ _0\"></span>it or l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Fair va<span class=\"_ _0\"></span>lue t<span class=\"_ _0\"></span>hrou<span class=\"_ _0\"></span>gh prof<span class=\"_ _0\"></span>it an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>s (F<span class=\"_ _0\"></span>VP<span class=\"_ _0\"></span>L): As<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s that d<span class=\"_ _0\"></span>o not m<span class=\"_ _0\"></span>eet t<span class=\"_ _0\"></span>he cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tized cos<span class=\"_ _0\"></span>t or fa<span class=\"_ _0\"></span>ir </span>valu<span class=\"_ _0\"></span>e thro<span class=\"_ _0\"></span>ugh o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r comp<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sive i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e (F<span class=\"_ _0\"></span>VOCI<span class=\"_ _0\"></span>) are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red at F<span class=\"_ _1\"></span>VPL<span class=\"_ _0\"></span>. A gai<span class=\"_ _0\"></span>n or lo<span class=\"_ _0\"></span>ss on a d<span class=\"_ _0\"></span>ebt inves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at is sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at F<span class=\"_ _1\"></span>VPL is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in p<span class=\"_ _0\"></span>rofit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted n<span class=\"_ _0\"></span>et with<span class=\"_ _0\"></span>in fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e or e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in w<span class=\"_ _0\"></span>hich it a<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>s.Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tfo<span class=\"_ _0\"></span>lio i<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d eva<span class=\"_ _0\"></span>luate<span class=\"_ _0\"></span>d on a f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s in accord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith it<span class=\"_ _0\"></span>s state<span class=\"_ _0\"></span>d inve<span class=\"_ _0\"></span>st-men<span class=\"_ _0\"></span>t gui<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e infor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>ly to man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. T<span class=\"_ _0\"></span>his b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l do<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>et the cr<span class=\"_ _0\"></span>iteri<span class=\"_ _0\"></span>a for am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tize<span class=\"_ _0\"></span>d cost or F<span class=\"_ _0\"></span>VO<span class=\"_ _0\"></span>CI an<span class=\"_ _0\"></span>d as a resu<span class=\"_ _0\"></span>lt ma<span class=\"_ _0\"></span>rketa<span class=\"_ _0\"></span>ble se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e thro<span class=\"_ _0\"></span>ugh p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is consi<span class=\"_ _0\"></span>stent w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e pri<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>r'<span class=\"_ _0\"></span>s clas<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on. T<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d at tra<span class=\"_ _0\"></span>de date<span class=\"_ _0\"></span>.Accounti<span class=\"_ _3\"></span>ng policiesOn i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs ar<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue w<span class=\"_ _0\"></span>hich is g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ally e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>al to the p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>. Fair va<span class=\"_ _0\"></span>lue i<span class=\"_ _0\"></span>s allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>ebt h<span class=\"_ _0\"></span>ost con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d, if a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lica<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>, an e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>a- tive<span class=\"_ _0\"></span>. T<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on cos<span class=\"_ _0\"></span>ts at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to the d<span class=\"_ _0\"></span>ebt h<span class=\"_ _0\"></span>ost cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t are d<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ucte<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m the i<span class=\"_ _0\"></span>nitia<span class=\"_ _0\"></span>l fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue an<span class=\"_ _0\"></span>d amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d over t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>m of the l<span class=\"_ _0\"></span>oan a<span class=\"_ _0\"></span>s par<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f the ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve inte<span class=\"_ _0\"></span>rest r<span class=\"_ _0\"></span>ate on th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n. T<span class=\"_ _3\"></span>ran<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>le to a no<span class=\"_ _0\"></span>n-close<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d emb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dde<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves are e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ense<span class=\"_ _0\"></span>d on i<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>ial re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. Su<span class=\"_ _0\"></span>bse-que<span class=\"_ _0\"></span>ntly, borrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>t amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d cost.On i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s are ev<span class=\"_ _0\"></span>alua<span class=\"_ _0\"></span>ted for th<span class=\"_ _0\"></span>e exi<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>ce of non-<span class=\"_ _0\"></span>close<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>lated e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>.e. ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows or p<span class=\"_ _0\"></span>oten<span class=\"_ _0\"></span>tial c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows wh<span class=\"_ _0\"></span>ose e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mic ch<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>acte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>re not close<span class=\"_ _0\"></span>ly rel<span class=\"_ _0\"></span>ated to the e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c cha<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>teris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d risk<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>bt hos<span class=\"_ _0\"></span>t contra<span class=\"_ _0\"></span>ct su<span class=\"_ _0\"></span>ch as p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt opti<span class=\"_ _0\"></span>ons at a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ich are n<span class=\"_ _0\"></span>ot sub<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>lly e<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>l to the lo<span class=\"_ _0\"></span>an\u2019s amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e cash f<span class=\"_ _0\"></span>lows a<span class=\"_ _0\"></span>ttr<span class=\"_ _0\"></span>ib-utab<span class=\"_ _0\"></span>le to such n<span class=\"_ _0\"></span>on-cl<span class=\"_ _0\"></span>osel<span class=\"_ _0\"></span>y rel<span class=\"_ _0\"></span>ated e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>s are se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>nd accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r as de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve financial inst<span class=\"_ _3\"></span>ruments.Loan com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re not re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d. Le<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r fe<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on cos<span class=\"_ _0\"></span>ts at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to uncon<span class=\"_ _0\"></span>di- tion<span class=\"_ _0\"></span>al lo<span class=\"_ _0\"></span>an com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re treate<span class=\"_ _0\"></span>d as pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>id tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s if the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to draw d<span class=\"_ _0\"></span>own o<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y. If the Grou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>o sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ic p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s for dr<span class=\"_ _0\"></span>aw dow<span class=\"_ _0\"></span>n on th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt, t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion cost<span class=\"_ _0\"></span>s are am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed ove<span class=\"_ _0\"></span>r the co<span class=\"_ _0\"></span>mmi<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d.If a loa<span class=\"_ _0\"></span>n comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt is su<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to meet<span class=\"_ _0\"></span>ing ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, it is con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d an u<span class=\"_ _0\"></span>ncon<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l loa<span class=\"_ _0\"></span>n comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt if th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s it prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le tha<span class=\"_ _0\"></span>t the con<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l be me<span class=\"_ _0\"></span>t.Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dme<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e term<span class=\"_ _0\"></span>s of a lo<span class=\"_ _0\"></span>an is accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r as an e<span class=\"_ _0\"></span>xt<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>uish<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>al lo<span class=\"_ _0\"></span>an an<span class=\"_ _0\"></span>d recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on of a n<span class=\"_ _0\"></span>ew lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed te<span class=\"_ _0\"></span>rms if th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d terms a<span class=\"_ _0\"></span>re sub<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>lly dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ent fro<span class=\"_ _0\"></span>m the o<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al term<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Both q<span class=\"_ _0\"></span>uant<span class=\"_ _0\"></span>itati<span class=\"_ _0\"></span>ve an<span class=\"_ _0\"></span>d qua<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>ve fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s are cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d. If th<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>sent valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>lows d<span class=\"_ _0\"></span>iscou<span class=\"_ _0\"></span>nted at th<span class=\"_ _0\"></span>e or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>nal ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rate dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rs by 10% or more<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is trea<span class=\"_ _0\"></span>ted as a<span class=\"_ _0\"></span>n ex<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>shme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span>s dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rs by le<span class=\"_ _0\"></span>ss th<span class=\"_ _0\"></span>an 10%<span class=\"_ _0\"></span>, Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>ates qu<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tors su<span class=\"_ _0\"></span>ch as: \u2022 <span class=\"_ _27\"> </span>Chan<span class=\"_ _0\"></span>ge in co<span class=\"_ _0\"></span>llate<span class=\"_ _0\"></span>ral a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons o<span class=\"_ _0\"></span>f the us<span class=\"_ _0\"></span>e of pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds \u2022 <span class=\"_ _27\"> </span>Sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cant c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge in t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>m of the l<span class=\"_ _0\"></span>oan \u2022 <span class=\"_ _27\"> </span>Chan<span class=\"_ _0\"></span>ge in l<span class=\"_ _0\"></span>oan cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y and i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st ba<span class=\"_ _0\"></span>se All f<span class=\"_ _0\"></span>ees i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d in conn<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n with a m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of th<span class=\"_ _0\"></span>e term<span class=\"_ _0\"></span>s accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an ex<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ngu<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t are recog<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d as a<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se.Accounti<span class=\"_ _3\"></span>ng policiesFina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l items i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, as we<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>s forei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of othe<span class=\"_ _0\"></span>r inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>ritie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ds fro<span class=\"_ _0\"></span>m mar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le securitie<span class=\"_ _0\"></span>s.Accounti<span class=\"_ _3\"></span>ng policiesTh<span class=\"_ _0\"></span>e total am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt pa<span class=\"_ _0\"></span>id to acqu<span class=\"_ _0\"></span>ire tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tly at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s and th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds from th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le of tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y share<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in re<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>. Ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s dire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly rel<span class=\"_ _0\"></span>ated to ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al incre<span class=\"_ _0\"></span>ases a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in e<span class=\"_ _0\"></span>quit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>.Accounti<span class=\"_ _3\"></span>ng policiesInco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>x on re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e year, which com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ses cur<span class=\"_ _0\"></span>rent t<span class=\"_ _0\"></span>ax an<span class=\"_ _0\"></span>d cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>, is reco<span class=\"_ _0\"></span>g- nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, e<span class=\"_ _0\"></span>xcept to the e<span class=\"_ _0\"></span>xte<span class=\"_ _0\"></span>nt that t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x is at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble to item<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ich di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tly rel<span class=\"_ _0\"></span>ate to shareh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs' equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y or oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>come<span class=\"_ _0\"></span>.Curre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t tax re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re mea<span class=\"_ _0\"></span>sure at th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be p<span class=\"_ _0\"></span>aid to or recove<span class=\"_ _0\"></span>red f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e tax a<span class=\"_ _0\"></span>utho<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x on all tem<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e carr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax ba<span class=\"_ _0\"></span>se of suc<span class=\"_ _0\"></span>h asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e tax v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of tax l<span class=\"_ _0\"></span>oses c<span class=\"_ _0\"></span>arri<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>war<span class=\"_ _0\"></span>d.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is ca<span class=\"_ _0\"></span>lcula<span class=\"_ _0\"></span>ted in a<span class=\"_ _0\"></span>ccordan<span class=\"_ _0\"></span>ce with th<span class=\"_ _0\"></span>e tax r<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n the l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al cou<span class=\"_ _0\"></span>ntrie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax rates exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be i<span class=\"_ _0\"></span>n force at th<span class=\"_ _0\"></span>e time t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax is uti<span class=\"_ _0\"></span>lized<span class=\"_ _0\"></span>. Chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x as a resu<span class=\"_ _0\"></span>lt of chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n tax r<span class=\"_ _0\"></span>ates are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y to the ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat it is p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e that f<span class=\"_ _0\"></span>uture t<span class=\"_ _0\"></span>axab<span class=\"_ _0\"></span>le prof<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l be avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces can b<span class=\"_ _0\"></span>e uti<span class=\"_ _0\"></span>lized.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSummaryOfSignificantAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__18": {
   "value": "Th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a A<span class=\"_ _0\"></span>/S (the pa<span class=\"_ _0\"></span>rent com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny) an<span class=\"_ _0\"></span>d subs<span class=\"_ _0\"></span>idi-ari<span class=\"_ _0\"></span>es over w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ced h<span class=\"_ _0\"></span>erei<span class=\"_ _0\"></span>n as \"Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\" or th<span class=\"_ _0\"></span>e \"Gro<span class=\"_ _0\"></span>up\".",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralInformationAboutFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__17": {
   "value": "Th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a A<span class=\"_ _0\"></span>/S (the pa<span class=\"_ _0\"></span>rent com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny) an<span class=\"_ _0\"></span>d subs<span class=\"_ _0\"></span>idi-ari<span class=\"_ _0\"></span>es over w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ced h<span class=\"_ _0\"></span>erei<span class=\"_ _0\"></span>n as \"Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\" or th<span class=\"_ _0\"></span>e \"Gro<span class=\"_ _0\"></span>up\".Th<span class=\"_ _0\"></span>is se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on d<span class=\"_ _0\"></span>escr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>es Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>nt fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l accoun<span class=\"_ _0\"></span>ting p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>'s jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Inte<span class=\"_ _0\"></span>rnati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s as ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>d by the EU (IFRS<span class=\"_ _0\"></span>). New or rev<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d EU end<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>nterp<span class=\"_ _0\"></span>retat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d, i<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to how the<span class=\"_ _0\"></span>se ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges a<span class=\"_ _0\"></span>re exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce an<span class=\"_ _0\"></span>d rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and d<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>crib<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>n conj<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on wit<span class=\"_ _0\"></span>h each n<span class=\"_ _0\"></span>ote with t<span class=\"_ _0\"></span>he ai<span class=\"_ _0\"></span>m to provi<span class=\"_ _0\"></span>de a m<span class=\"_ _0\"></span>ore un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e des<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>rea.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__16": {
   "value": "Th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a A<span class=\"_ _0\"></span>/S (the pa<span class=\"_ _0\"></span>rent com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny) an<span class=\"_ _0\"></span>d subs<span class=\"_ _0\"></span>idi-ari<span class=\"_ _0\"></span>es over w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ced h<span class=\"_ _0\"></span>erei<span class=\"_ _0\"></span>n as \"Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\" or th<span class=\"_ _0\"></span>e \"Gro<span class=\"_ _0\"></span>up\".Th<span class=\"_ _0\"></span>is se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on d<span class=\"_ _0\"></span>escr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>es Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>nt fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l accoun<span class=\"_ _0\"></span>ting p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>'s jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Inte<span class=\"_ _0\"></span>rnati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s as ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>d by the EU (IFRS<span class=\"_ _0\"></span>). New or rev<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d EU end<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>nterp<span class=\"_ _0\"></span>retat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d, i<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to how the<span class=\"_ _0\"></span>se ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges a<span class=\"_ _0\"></span>re exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce an<span class=\"_ _0\"></span>d rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and d<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>crib<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>n conj<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on wit<span class=\"_ _0\"></span>h each n<span class=\"_ _0\"></span>ote with t<span class=\"_ _0\"></span>he ai<span class=\"_ _0\"></span>m to provi<span class=\"_ _0\"></span>de a m<span class=\"_ _0\"></span>ore un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e des<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>rea.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfPreparationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__15": {
   "value": "Th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a A<span class=\"_ _0\"></span>/S (the pa<span class=\"_ _0\"></span>rent com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny) an<span class=\"_ _0\"></span>d subs<span class=\"_ _0\"></span>idi-ari<span class=\"_ _0\"></span>es over w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ced h<span class=\"_ _0\"></span>erei<span class=\"_ _0\"></span>n as \"Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\" or th<span class=\"_ _0\"></span>e \"Gro<span class=\"_ _0\"></span>up\".Th<span class=\"_ _0\"></span>is se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on d<span class=\"_ _0\"></span>escr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>es Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>nt fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l accoun<span class=\"_ _0\"></span>ting p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>'s jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Inte<span class=\"_ _0\"></span>rnati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s as ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>d by the EU (IFRS<span class=\"_ _0\"></span>). New or rev<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d EU end<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>nterp<span class=\"_ _0\"></span>retat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d, i<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to how the<span class=\"_ _0\"></span>se ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges a<span class=\"_ _0\"></span>re exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce an<span class=\"_ _0\"></span>d rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and d<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>crib<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>n conj<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on wit<span class=\"_ _0\"></span>h each n<span class=\"_ _0\"></span>ote with t<span class=\"_ _0\"></span>he ai<span class=\"_ _0\"></span>m to provi<span class=\"_ _0\"></span>de a m<span class=\"_ _0\"></span>ore un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e des<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>rea.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuthorisationOfFinancialStatementsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__20": {
   "value": "Going co<span class=\"_ _3\"></span>ncern<span class=\"_ _3\"></span> assessmentTh<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>'s refo<span class=\"_ _0\"></span>cuse<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>rateg<span class=\"_ _0\"></span>y to pri<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>ize resea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt allo<span class=\"_ _0\"></span>ws th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany to fo<span class=\"_ _0\"></span>cus on th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of in<span class=\"_ _0\"></span>nov<span class=\"_ _0\"></span>ative p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>icin<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd leve<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge it<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>lat-form<span class=\"_ _3\"></span> though stra<span class=\"_ _2\"></span>tegic c<span class=\"_ _3\"></span>ollaborations.Unti<span class=\"_ _0\"></span>l such ti<span class=\"_ _0\"></span>me w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re the Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>ecom<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>ble to ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rate po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>ve ca<span class=\"_ _0\"></span>sh-flow<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l fun<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng is e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to be ne<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y to fun<span class=\"_ _0\"></span>d fu<span class=\"_ _0\"></span>ture res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re, th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>ans to ra<span class=\"_ _0\"></span>ise a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h eith<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>lic f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>bt fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g, coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tegic a<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nsin<span class=\"_ _0\"></span>g ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>r a comb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion of s<span class=\"_ _0\"></span>uch<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y to cont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>e as a g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g conce<span class=\"_ _0\"></span>rn incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny's o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash-flo<span class=\"_ _0\"></span>w req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts fo<span class=\"_ _0\"></span>r the fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>comin<span class=\"_ _0\"></span>g 1<span class=\"_ _0\"></span>2 mon<span class=\"_ _0\"></span>ths fro<span class=\"_ _0\"></span>m the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date an<span class=\"_ _0\"></span>d fut<span class=\"_ _0\"></span>ure so<span class=\"_ _0\"></span>urces a<span class=\"_ _0\"></span>nd us<span class=\"_ _0\"></span>es of c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ed fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t pip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e, ca<span class=\"_ _0\"></span>sh p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, pl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, curre<span class=\"_ _0\"></span>nt licen<span class=\"_ _0\"></span>se a<span class=\"_ _0\"></span>nd coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g opp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>unit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s that th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny's c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>ts at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>, exclud<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons (refe<span class=\"_ _0\"></span>r to note 4.4), w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e suf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>nt to fund t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any'<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es as p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l requ<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts fo<span class=\"_ _0\"></span>r at leas<span class=\"_ _0\"></span>t 1<span class=\"_ _0\"></span>2 mo<span class=\"_ _0\"></span>nths f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e 31 De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>2 bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. On th<span class=\"_ _0\"></span>is ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s is p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e goi<span class=\"_ _0\"></span>ng con<span class=\"_ _0\"></span>cern a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfUncertaintiesOfEntitysAbilityToContinueAsGoingConcern",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__19": {
   "value": "Going co<span class=\"_ _3\"></span>ncern<span class=\"_ _3\"></span> assessmentTh<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>'s refo<span class=\"_ _0\"></span>cuse<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>rateg<span class=\"_ _0\"></span>y to pri<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>ize resea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt allo<span class=\"_ _0\"></span>ws th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany to fo<span class=\"_ _0\"></span>cus on th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of in<span class=\"_ _0\"></span>nov<span class=\"_ _0\"></span>ative p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>icin<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd leve<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge it<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>lat-form<span class=\"_ _3\"></span> though stra<span class=\"_ _2\"></span>tegic c<span class=\"_ _3\"></span>ollaborations.Unti<span class=\"_ _0\"></span>l such ti<span class=\"_ _0\"></span>me w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re the Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>ecom<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>ble to ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rate po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>ve ca<span class=\"_ _0\"></span>sh-flow<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l fun<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng is e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to be ne<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y to fun<span class=\"_ _0\"></span>d fu<span class=\"_ _0\"></span>ture res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re, th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>ans to ra<span class=\"_ _0\"></span>ise a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h eith<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>lic f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>bt fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g, coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tegic a<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nsin<span class=\"_ _0\"></span>g ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>r a comb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion of s<span class=\"_ _0\"></span>uch<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y to cont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>e as a g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g conce<span class=\"_ _0\"></span>rn incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny's o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash-flo<span class=\"_ _0\"></span>w req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts fo<span class=\"_ _0\"></span>r the fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>comin<span class=\"_ _0\"></span>g 1<span class=\"_ _0\"></span>2 mon<span class=\"_ _0\"></span>ths fro<span class=\"_ _0\"></span>m the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date an<span class=\"_ _0\"></span>d fut<span class=\"_ _0\"></span>ure so<span class=\"_ _0\"></span>urces a<span class=\"_ _0\"></span>nd us<span class=\"_ _0\"></span>es of c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ed fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t pip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e, ca<span class=\"_ _0\"></span>sh p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, pl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, curre<span class=\"_ _0\"></span>nt licen<span class=\"_ _0\"></span>se a<span class=\"_ _0\"></span>nd coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g opp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>unit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s that th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny's c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>ts at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>, exclud<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons (refe<span class=\"_ _0\"></span>r to note 4.4), w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e suf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>nt to fund t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any'<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es as p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l requ<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts fo<span class=\"_ _0\"></span>r at leas<span class=\"_ _0\"></span>t 1<span class=\"_ _0\"></span>2 mo<span class=\"_ _0\"></span>nths f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e 31 De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>2 bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. On th<span class=\"_ _0\"></span>is ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s is p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e goi<span class=\"_ _0\"></span>ng con<span class=\"_ _0\"></span>cern a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGoingConcernExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__13": {
   "value": "1<span class=\"_ _98\"> </span> B<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>s<span class=\"_ _2\"></span>i<span class=\"_ _2\"></span>s o<span class=\"_ _71\"></span>f pre<span class=\"_ _0\"></span>par<span class=\"_ _3\"></span>a<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>ion1<span class=\"_ _0\"></span>.1 <span class=\"_ _80\"> </span> <span class=\"_ _87\"></span>Basis of<span class=\"_ _2\"></span> pr<span class=\"_ _0\"></span>eparation, going c<span class=\"_ _2\"></span>on<span class=\"_ _0\"></span>cern assump<span class=\"_ _3\"></span>tion, nature of<span class=\"_ _3\"></span> the business <span class=\"ls2 ws2\"> </span>and acc<span class=\"_ _3\"></span>ounting polici<span class=\"_ _3\"></span>esBasis of<span class=\"_ _3\"></span> preparationTh<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a A<span class=\"_ _0\"></span>/S (the pa<span class=\"_ _0\"></span>rent com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny) an<span class=\"_ _0\"></span>d subs<span class=\"_ _0\"></span>idi-ari<span class=\"_ _0\"></span>es over w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any h<span class=\"_ _0\"></span>as contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up is refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ced h<span class=\"_ _0\"></span>erei<span class=\"_ _0\"></span>n as \"Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\" or th<span class=\"_ _0\"></span>e \"Gro<span class=\"_ _0\"></span>up\".Th<span class=\"_ _0\"></span>is se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on d<span class=\"_ _0\"></span>escr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>es Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>nt fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l accoun<span class=\"_ _0\"></span>ting p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>'s jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Inte<span class=\"_ _0\"></span>rnati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al Fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s as ad<span class=\"_ _0\"></span>opte<span class=\"_ _0\"></span>d by the EU (IFRS<span class=\"_ _0\"></span>). New or rev<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d EU end<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>nterp<span class=\"_ _0\"></span>retat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s are de<span class=\"_ _0\"></span>scr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d, i<span class=\"_ _0\"></span>n ad<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on to how the<span class=\"_ _0\"></span>se ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges a<span class=\"_ _0\"></span>re exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce an<span class=\"_ _0\"></span>d rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ing of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and d<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>crib<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies i<span class=\"_ _0\"></span>n conj<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on wit<span class=\"_ _0\"></span>h each n<span class=\"_ _0\"></span>ote with t<span class=\"_ _0\"></span>he ai<span class=\"_ _0\"></span>m to provi<span class=\"_ _0\"></span>de a m<span class=\"_ _0\"></span>ore un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e des<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>rea.Going co<span class=\"_ _3\"></span>ncern<span class=\"_ _3\"></span> assessmentTh<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany<span class=\"_ _0\"></span>'s refo<span class=\"_ _0\"></span>cuse<span class=\"_ _0\"></span>d st<span class=\"_ _0\"></span>rateg<span class=\"_ _0\"></span>y to pri<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>ize resea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt allo<span class=\"_ _0\"></span>ws th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany to fo<span class=\"_ _0\"></span>cus on th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of in<span class=\"_ _0\"></span>nov<span class=\"_ _0\"></span>ative p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>icin<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd leve<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge it<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>lat-form<span class=\"_ _3\"></span> though stra<span class=\"_ _2\"></span>tegic c<span class=\"_ _3\"></span>ollaborations.Unti<span class=\"_ _0\"></span>l such ti<span class=\"_ _0\"></span>me w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re the Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>ecom<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>ble to ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rate po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>ve ca<span class=\"_ _0\"></span>sh-flow<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>, add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l fun<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng is e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to be ne<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y to fun<span class=\"_ _0\"></span>d fu<span class=\"_ _0\"></span>ture res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re, th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pan<span class=\"_ _0\"></span>y pl<span class=\"_ _0\"></span>ans to ra<span class=\"_ _0\"></span>ise a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h eith<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>lic f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>bt fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g, coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>tegic a<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nsin<span class=\"_ _0\"></span>g ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>r a comb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion of s<span class=\"_ _0\"></span>uch<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y to cont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>e as a g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g conce<span class=\"_ _0\"></span>rn incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny's o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash-flo<span class=\"_ _0\"></span>w req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts fo<span class=\"_ _0\"></span>r the fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>comin<span class=\"_ _0\"></span>g 1<span class=\"_ _0\"></span>2 mon<span class=\"_ _0\"></span>ths fro<span class=\"_ _0\"></span>m the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date an<span class=\"_ _0\"></span>d fut<span class=\"_ _0\"></span>ure so<span class=\"_ _0\"></span>urces a<span class=\"_ _0\"></span>nd us<span class=\"_ _0\"></span>es of c<span class=\"_ _0\"></span>ash<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ed fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t pip<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e, ca<span class=\"_ _0\"></span>sh p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, pl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, curre<span class=\"_ _0\"></span>nt licen<span class=\"_ _0\"></span>se a<span class=\"_ _0\"></span>nd coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g opp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>unit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s that th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny's c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>ts at 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>, exclud<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h equ<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nts s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons (refe<span class=\"_ _0\"></span>r to note 4.4), w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e suf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>nt to fund t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any'<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es as p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l requ<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts fo<span class=\"_ _0\"></span>r at leas<span class=\"_ _0\"></span>t 1<span class=\"_ _0\"></span>2 mo<span class=\"_ _0\"></span>nths f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e 31 De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>2 bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. On th<span class=\"_ _0\"></span>is ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>ese co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s is p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e goi<span class=\"_ _0\"></span>ng con<span class=\"_ _0\"></span>cern a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. 1<span class=\"_ _0\"></span>.1 <span class=\"_ _80\"> </span> <span class=\"_ _87\"></span>Basis of<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>reparation, going c<span class=\"_ _2\"></span>on<span class=\"_ _0\"></span>cern assump<span class=\"_ _3\"></span>tion, nature of<span class=\"_ _3\"></span> the business <span class=\"ls2 ws2\"> </span>and acc<span class=\"_ _3\"></span>ounting polici<span class=\"_ _3\"></span>es (c<span class=\"_ _2\"></span>ontinued)Nature<span class=\"_ _3\"></span> of the<span class=\"_ _3\"></span> BusinessZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s a biote<span class=\"_ _0\"></span>chn<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gy co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny focu<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e discove<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed me<span class=\"_ _0\"></span>dici<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>. M<span class=\"_ _0\"></span>ore th<span class=\"_ _0\"></span>an 10 dru<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>s invente<span class=\"_ _0\"></span>d by Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d have a<span class=\"_ _0\"></span>dva<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d into clin<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>p-me<span class=\"_ _0\"></span>nt, of w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch t<span class=\"_ _0\"></span>wo have rea<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e mar<span class=\"_ _0\"></span>ket and t<span class=\"_ _0\"></span>hre<span class=\"_ _0\"></span>e can<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>dates a<span class=\"_ _0\"></span>re in late-s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ge de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e comp<span class=\"_ _0\"></span>any ha<span class=\"_ _0\"></span>s deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>hips w<span class=\"_ _0\"></span>ith a n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er of b<span class=\"_ _0\"></span>lu<span class=\"_ _0\"></span>e-chi<span class=\"_ _0\"></span>p ph<span class=\"_ _0\"></span>arm<span class=\"_ _0\"></span>a comp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s commer<span class=\"_ _3\"></span>cial pa<span class=\"_ _3\"></span>rtnerships for<span class=\"_ _2\"></span> its market<span class=\"_ _2\"></span>ed products.Zeal<span class=\"_ _0\"></span>and P<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma A<span class=\"_ _0\"></span>/S i<span class=\"_ _0\"></span>s inco<span class=\"_ _0\"></span>rpo<span class=\"_ _0\"></span>rated i<span class=\"_ _0\"></span>n De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark<span class=\"_ _0\"></span>, fo<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 199<span class=\"_ _0\"></span>8 an<span class=\"_ _0\"></span>d is he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tered i<span class=\"_ _0\"></span>n Cop<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>hag<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>, De<span class=\"_ _0\"></span>nma<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>, wit<span class=\"_ _0\"></span>h a pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ce in th<span class=\"_ _0\"></span>e U.S<span class=\"_ _0\"></span>. t<span class=\"_ _0\"></span>hat in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es B<span class=\"_ _0\"></span>oston<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as p<span class=\"_ _0\"></span>revi<span class=\"_ _0\"></span>ous<span class=\"_ _0\"></span>ly aim<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d to be a fu<span class=\"_ _0\"></span>lly inte<span class=\"_ _0\"></span>grate<span class=\"_ _0\"></span>d pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>aceut<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al com<span class=\"_ _0\"></span>pany, but in M<span class=\"_ _0\"></span>arch 2022<span class=\"_ _0\"></span>, the str<span class=\"_ _0\"></span>ategy w<span class=\"_ _0\"></span>as refo<span class=\"_ _0\"></span>cuse<span class=\"_ _0\"></span>d to conce<span class=\"_ _0\"></span>ntrate on d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s. P<span class=\"_ _0\"></span>lea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to note 2.8 fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r infor<span class=\"_ _3\"></span>mation.Accoun<span class=\"_ _3\"></span>ting policiesTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d in accord<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce with IFR<span class=\"_ _0\"></span>S as a<span class=\"_ _0\"></span>dop<span class=\"_ _0\"></span>ted by th<span class=\"_ _0\"></span>e EU and f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e Dan<span class=\"_ _0\"></span>ish F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts A<span class=\"_ _0\"></span>ct (cl<span class=\"_ _0\"></span>ass D<span class=\"_ _0\"></span>). The con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s were a<span class=\"_ _0\"></span>pprove<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard of D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d auth<span class=\"_ _0\"></span>orize<span class=\"_ _0\"></span>d for is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e on Ma<span class=\"_ _0\"></span>rch 2, 202<span class=\"_ _0\"></span>3. E<span class=\"_ _0\"></span>xcept as ou<span class=\"_ _0\"></span>tlin<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n note 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2 an<span class=\"_ _0\"></span>d 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>, the f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s hav<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>repa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the s<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lici<span class=\"_ _0\"></span>es as 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.Plea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to the ove<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ew be<span class=\"_ _0\"></span>low to se<span class=\"_ _0\"></span>e in wh<span class=\"_ _0\"></span>ich n<span class=\"_ _0\"></span>ote/secti<span class=\"_ _0\"></span>on th<span class=\"_ _0\"></span>e det<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>ccountin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy i<span class=\"_ _0\"></span>s included.Se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 2 \u2013 Re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>s for t<span class=\"_ _0\"></span>he ye<span class=\"_ _0\"></span>ar2.1 Rev<span class=\"_ _3\"></span>enue2.<span class=\"_ _0\"></span>3 Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s2.4 S<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rketi<span class=\"_ _0\"></span>ng ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>es2.<span class=\"_ _0\"></span>5 G<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>dmi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s2.6 St<span class=\"_ _0\"></span>af<span class=\"_ _0\"></span>f cos<span class=\"_ _0\"></span>ts2.7 Other<span class=\"_ _2\"></span> operating it<span class=\"_ _2\"></span>ems2.8 Discon<span class=\"_ _2\"></span>tinued operations2.9 Ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>hareSe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 3 \u2013 O<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es3.<span class=\"_ _0\"></span>1 Int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s3.<span class=\"_ _0\"></span>2 P<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent3.3 Right<span class=\"_ _3\"></span>-of<span class=\"_ _2\"></span>-use assets and lease liabilities3.4 Other investm<span class=\"_ _0\"></span>ents3.<span class=\"_ _0\"></span>5 Inven<span class=\"_ _0\"></span>torie<span class=\"_ _0\"></span>s3.6 Receiv<span class=\"_ _0\"></span>ablesSe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 4 \u2013 C<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l str<span class=\"_ _0\"></span>uctu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>, fin<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l risk a<span class=\"_ _0\"></span>nd r<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>tems4.3 Financial assets and<span class=\"_ _3\"></span> liabilities4.6 B<span class=\"_ _0\"></span>orro<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>gs4.7 Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ite<span class=\"_ _0\"></span>ms4.8 S<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>alSe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on 5 \u2013 T<span class=\"_ _2\"></span>a<span class=\"_ _0\"></span>x5.<span class=\"_ _0\"></span>1 Cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate ta<span class=\"_ _0\"></span>xMaterialityZeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s A<span class=\"_ _0\"></span>nnu<span class=\"_ _0\"></span>al Re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>cept of mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany fo<span class=\"_ _0\"></span>cus<span class=\"_ _0\"></span>es on i<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>ma-tio<span class=\"_ _0\"></span>n that is co<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d relev<span class=\"_ _0\"></span>ant to th<span class=\"_ _0\"></span>e use<span class=\"_ _0\"></span>rs of t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he conso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>t of a la<span class=\"_ _0\"></span>rge n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ese t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ated into cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>ccordin<span class=\"_ _0\"></span>g to the<span class=\"_ _0\"></span>ir natu<span class=\"_ _0\"></span>re or f<span class=\"_ _0\"></span>unc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d pre<span class=\"_ _0\"></span>sente<span class=\"_ _0\"></span>d in cl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>es of s<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>lar i<span class=\"_ _0\"></span>tems in the co<span class=\"_ _0\"></span>nso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s as re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ired b<span class=\"_ _0\"></span>y IFRS a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e Dan<span class=\"_ _0\"></span>ish F<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l State<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts A<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>. If items a<span class=\"_ _0\"></span>re ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y imm<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>, they a<span class=\"_ _0\"></span>re ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>ith oth<span class=\"_ _0\"></span>er item<span class=\"_ _0\"></span>s of sim<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>ar nat<span class=\"_ _0\"></span>ure in th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s or in t<span class=\"_ _0\"></span>he note<span class=\"_ _0\"></span>s.Th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>closu<span class=\"_ _0\"></span>re req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re sub<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>anti<span class=\"_ _0\"></span>al in I<span class=\"_ _0\"></span>FRS an<span class=\"_ _0\"></span>d for D<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>sh lis<span class=\"_ _0\"></span>ted com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>des the<span class=\"_ _0\"></span>se sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ired d<span class=\"_ _0\"></span>iscl<span class=\"_ _0\"></span>osure<span class=\"_ _0\"></span>s unl<span class=\"_ _0\"></span>ess t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d imm<span class=\"_ _0\"></span>ateri<span class=\"_ _0\"></span>al to the e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c dec<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>n ma<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g of th<span class=\"_ _0\"></span>e read<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e conso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>r not ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e.Consolidated<span class=\"_ _3\"></span> Financial<span class=\"_ _2\"></span> StatementsTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d A<span class=\"_ _0\"></span>/S an<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s over wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>rent comp<span class=\"_ _0\"></span>any ha<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e pare<span class=\"_ _0\"></span>nt contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s a subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pare<span class=\"_ _0\"></span>nt is ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to, or h<span class=\"_ _0\"></span>as ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s to, vari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e return<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s the a<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>ose retu<span class=\"_ _0\"></span>rns thro<span class=\"_ _0\"></span>ugh it<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>ower to di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t the a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ties o<span class=\"_ _0\"></span>f the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y. A Compa<span class=\"_ _0\"></span>ny over<span class=\"_ _1\"></span>view i<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed in n<span class=\"_ _0\"></span>ote 6.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pre<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>sis of t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s- prepa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d's a<span class=\"_ _0\"></span>ccount<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>s- by combi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g simi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g items o<span class=\"_ _0\"></span>n a lin<span class=\"_ _0\"></span>e-by-lin<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>. On con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, in<span class=\"_ _0\"></span>tercomp<span class=\"_ _0\"></span>any in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e and e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, intercom<span class=\"_ _0\"></span>pany re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd un<span class=\"_ _0\"></span>real<span class=\"_ _0\"></span>ized ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s on tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e conso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s are e<span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d. Th<span class=\"_ _0\"></span>e recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n the con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s is el<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>nated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>por-tio<span class=\"_ _0\"></span>nate sha<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es' eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y. Subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s are con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ate whe<span class=\"_ _0\"></span>n contro<span class=\"_ _0\"></span>l is tran<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ith a dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rent f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy th<span class=\"_ _0\"></span>an Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'s pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y are tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d into Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntat<span class=\"_ _0\"></span>ion cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y at avera<span class=\"_ _0\"></span>ge e<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ates, a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce she<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s are tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d at the exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate in e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t at the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date.Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate di<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>ces a<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of fore<span class=\"_ _0\"></span>ign s<span class=\"_ _0\"></span>ubsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s' equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y at th<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g of th<span class=\"_ _0\"></span>e year a<span class=\"_ _0\"></span>nd exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng as a re<span class=\"_ _0\"></span>sult o<span class=\"_ _0\"></span>f forei<span class=\"_ _0\"></span>gn su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s' incom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated at aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e excha<span class=\"_ _0\"></span>nge r<span class=\"_ _0\"></span>ates are re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s in sha<span class=\"_ _0\"></span>re-holders<span class=\"_ _3\"></span>' equi<span class=\"_ _3\"></span>ty.Functi<span class=\"_ _3\"></span>onal and<span class=\"_ _3\"></span> Presentati<span class=\"_ _3\"></span>on Cur<span class=\"_ _3\"></span>rencyTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d in Da<span class=\"_ _0\"></span>nish K<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>er (D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>), whi<span class=\"_ _0\"></span>ch is th<span class=\"_ _0\"></span>e fu<span class=\"_ _0\"></span>nc-tio<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntat<span class=\"_ _0\"></span>ion cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y of the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any.Foreig<span class=\"_ _3\"></span>n Cur<span class=\"_ _3\"></span>rencyT<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>ncie<span class=\"_ _0\"></span>s are tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slate<span class=\"_ _0\"></span>d at the e<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ates in ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct at th<span class=\"_ _0\"></span>e date of th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>ns-action.Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>isin<span class=\"_ _0\"></span>g be<span class=\"_ _0\"></span>tw<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on date a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt date are re<span class=\"_ _0\"></span>cog-nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt as f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>come o<span class=\"_ _0\"></span>r exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se.Uns<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>led m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es in fo<span class=\"_ _0\"></span>reig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es are t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated at th<span class=\"_ _0\"></span>e excha<span class=\"_ _0\"></span>nge r<span class=\"_ _0\"></span>ates in ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t at the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. E<span class=\"_ _0\"></span>xcha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rate ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s ari<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date and t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet d<span class=\"_ _0\"></span>ate are reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l incom<span class=\"_ _0\"></span>e or e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e.Statem<span class=\"_ _0\"></span>ents of C<span class=\"_ _0\"></span>ash FlowsTh<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ow st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt is p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d with b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rofit b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are s<span class=\"_ _0\"></span>tated a<span class=\"_ _0\"></span>s the n<span class=\"_ _0\"></span>et pro<span class=\"_ _0\"></span>fit b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>sted fo<span class=\"_ _0\"></span>r net f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al items<span class=\"_ _0\"></span>, no<span class=\"_ _0\"></span>n-c<span class=\"_ _0\"></span>ash o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng item<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on, a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tizat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s, sh<span class=\"_ _0\"></span>are-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s, p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, and fo<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, intere<span class=\"_ _0\"></span>st pa<span class=\"_ _0\"></span>id a<span class=\"_ _0\"></span>nd recei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>, intere<span class=\"_ _0\"></span>st e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of le<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate taxe<span class=\"_ _0\"></span>s pai<span class=\"_ _0\"></span>d or re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>. Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>inl<span class=\"_ _0\"></span>y comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>ed of ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n recei<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s and o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r paya<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s exclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g the ite<span class=\"_ _0\"></span>ms incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. Cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>on-<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>nt as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, if re<span class=\"_ _0\"></span>lated to th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>in reven<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-prod<span class=\"_ _0\"></span>ucin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m inve<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>t of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>f mar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d othe<span class=\"_ _0\"></span>r inves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>es of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>uip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate to the is<span class=\"_ _0\"></span>sua<span class=\"_ _0\"></span>nce of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span>, p<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se of tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y sha<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of l<span class=\"_ _0\"></span>oan<span class=\"_ _0\"></span>s inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s on lea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d of ca<span class=\"_ _0\"></span>sh, b<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>its<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ith a matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of le<span class=\"_ _0\"></span>ss th<span class=\"_ _0\"></span>an ni<span class=\"_ _0\"></span>net<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ays on t<span class=\"_ _0\"></span>he da<span class=\"_ _0\"></span>te of acqui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>not b<span class=\"_ _0\"></span>e der<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d so<span class=\"_ _0\"></span>lely f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s.iXBRL<span class=\"_ _2\"></span> reportingZeal<span class=\"_ _0\"></span>and P<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma is re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d to file it<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>al rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>n the Eu<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>an S<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>le Elec<span class=\"_ _0\"></span>tro<span class=\"_ _0\"></span>nic Fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>t (\u2018<span class=\"_ _0\"></span>ES<span class=\"_ _0\"></span>EF\u2019<span class=\"_ _0\"></span>) and T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e An<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t i<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span>refore p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ared i<span class=\"_ _0\"></span>n the X<span class=\"_ _0\"></span>HTM<span class=\"_ _0\"></span>L form<span class=\"_ _0\"></span>at th<span class=\"_ _0\"></span>at can b<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spl<span class=\"_ _0\"></span>ayed i<span class=\"_ _0\"></span>n a st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>dard brows<span class=\"_ _0\"></span>er. The pr<span class=\"_ _0\"></span>ima<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are t<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g in<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e eXten sib<span class=\"_ _0\"></span>le Bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess R<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g L<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gua<span class=\"_ _0\"></span>ge (i<span class=\"_ _0\"></span>XBR<span class=\"_ _0\"></span>L<span class=\"_ _0\"></span>). The i<span class=\"_ _0\"></span>XBR<span class=\"_ _0\"></span>L ta<span class=\"_ _0\"></span>gs comp<span class=\"_ _0\"></span>ly w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e ES<span class=\"_ _0\"></span>EF taxo<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, whi<span class=\"_ _0\"></span>ch is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he E<span class=\"_ _0\"></span>SEF Re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n the I<span class=\"_ _0\"></span>FRS t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy p<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>ed by t<span class=\"_ _0\"></span>he IFR<span class=\"_ _0\"></span>S Foun<span class=\"_ _0\"></span>dati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Whe<span class=\"_ _0\"></span>re a fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt li<span class=\"_ _0\"></span>ne item i<span class=\"_ _0\"></span>s not d<span class=\"_ _0\"></span>efin<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the E<span class=\"_ _0\"></span>SEF t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy, an ex<span class=\"_ _0\"></span>tensi<span class=\"_ _0\"></span>on to the t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n created<span class=\"_ _0\"></span>. Ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>re anch<span class=\"_ _0\"></span>ore<span class=\"_ _0\"></span>d to ele<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>n the E<span class=\"_ _0\"></span>SEF t<span class=\"_ _0\"></span>axon<span class=\"_ _0\"></span>omy, except for ex<span class=\"_ _0\"></span>tens<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>ns wh<span class=\"_ _0\"></span>ich are s<span class=\"_ _0\"></span>ubtota<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he A<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ual R<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>d to the Da<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>h Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al Su<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Auth<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y cons<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e XH<span class=\"_ _0\"></span>TML d<span class=\"_ _0\"></span>ocum<span class=\"_ _0\"></span>ent to<span class=\"_ _0\"></span>geth<span class=\"_ _0\"></span>er w<span class=\"_ _0\"></span>ith cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n techn<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l fi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, all i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in a f<span class=\"_ _0\"></span>ile named 54<span class=\"_ _2\"></span>9300ITBB<span class=\"_ _2\"></span>1ULBL<span class=\"_ _2\"></span>4CZ12-<span class=\"_ _71\"></span>2022<span class=\"_ _2\"></span>-<span class=\"_ _2\"></span>12<span class=\"_ _3\"></span>-<span class=\"_ _2\"></span>31<span class=\"_ _2\"></span>-en.zip<span class=\"_ _3\"></span>.1<span class=\"_ _0\"></span>.2 <span class=\"_ _1f\"> </span>New<span class=\"_ _3\"></span> accoun<span class=\"_ _3\"></span>ting policies and<span class=\"_ _2\"></span> disclosuresNew a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd di<span class=\"_ _0\"></span>sclo<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>es fo<span class=\"_ _0\"></span>r 2022Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>, wit<span class=\"_ _0\"></span>h ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t from J<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 1, 2022<span class=\"_ _0\"></span>, imp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nted th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>dard<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s:\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">O<span class=\"_ _0\"></span>nero<span class=\"_ _0\"></span>us cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s \u2013 Cos<span class=\"_ _0\"></span>t of fu<span class=\"_ _0\"></span>lfil<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g a contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t \u2013 ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts to I<span class=\"_ _0\"></span>AS 3<span class=\"_ _0\"></span>7</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to the conce<span class=\"_ _0\"></span>ptua<span class=\"_ _0\"></span>l fra<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>work \u2013 a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts to IFR<span class=\"_ _0\"></span>S 3</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Pro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, Pl<span class=\"_ _0\"></span>ant an<span class=\"_ _0\"></span>d Equi<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent \u2013 Pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds b<span class=\"_ _0\"></span>efore inte<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed us<span class=\"_ _0\"></span>e \u2013 am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to IA<span class=\"_ _0\"></span>S 16</span>Th<span class=\"_ _0\"></span>e imp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>tati<span class=\"_ _0\"></span>on of th<span class=\"_ _0\"></span>e ab<span class=\"_ _0\"></span>ove am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s di<span class=\"_ _0\"></span>d not have a<span class=\"_ _0\"></span>ny im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t on a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in pr<span class=\"_ _0\"></span>ior pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d is n<span class=\"_ _0\"></span>ot exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to have a m<span class=\"_ _0\"></span>ateri<span class=\"_ _0\"></span>al im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ct in t<span class=\"_ _0\"></span>he cur<span class=\"_ _0\"></span>rent o<span class=\"_ _0\"></span>r futu<span class=\"_ _0\"></span>re rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s.New a<span class=\"_ _0\"></span>ccoun<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pol<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd di<span class=\"_ _0\"></span>sclo<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>es ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve in 202<span class=\"_ _0\"></span>2 or la<span class=\"_ _0\"></span>terTh<span class=\"_ _0\"></span>e IA<span class=\"_ _0\"></span>SB h<span class=\"_ _0\"></span>as is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ed a n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er of n<span class=\"_ _0\"></span>ew st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>rds an<span class=\"_ _0\"></span>d up<span class=\"_ _0\"></span>dated s<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>e exi<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>g st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>rds<span class=\"_ _0\"></span>, the m<span class=\"_ _0\"></span>ajo<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y of whi<span class=\"_ _0\"></span>ch are ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve for a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g on J<span class=\"_ _0\"></span>anu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 1<span class=\"_ _0\"></span>, 202<span class=\"_ _0\"></span>3 or l<span class=\"_ _0\"></span>ater<span class=\"_ _3\"></span>. Th<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re, th<span class=\"_ _0\"></span>ey are not in<span class=\"_ _0\"></span>corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ated in th<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re are no s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ards p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ently k<span class=\"_ _0\"></span>now<span class=\"_ _0\"></span>n that a<span class=\"_ _0\"></span>re not yet ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve an<span class=\"_ _0\"></span>d that w<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d be ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d to have a mater<span class=\"_ _0\"></span>ial i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d in cur<span class=\"_ _0\"></span>rent o<span class=\"_ _0\"></span>r futu<span class=\"_ _0\"></span>re rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s and o<span class=\"_ _0\"></span>n fore<span class=\"_ _0\"></span>see<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le fut<span class=\"_ _0\"></span>ure tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>.3 <span class=\"_ _1f\"> </span>Changes in<span class=\"_ _2\"></span> accounting policiesRecl<span class=\"_ _0\"></span>ass<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion of g<span class=\"_ _0\"></span>overn<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt gran<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted t<span class=\"_ _0\"></span>o refu<span class=\"_ _0\"></span>nd of st<span class=\"_ _0\"></span>aff c<span class=\"_ _0\"></span>ost<span class=\"_ _0\"></span>sGove<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t gra<span class=\"_ _0\"></span>nts re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ated to PhD s<span class=\"_ _0\"></span>chol<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>ips h<span class=\"_ _0\"></span>ave prev<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>sly b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ted as oth<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>ave ass<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sed t<span class=\"_ _0\"></span>hat it w<span class=\"_ _0\"></span>ill p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>e mo<span class=\"_ _0\"></span>re relev<span class=\"_ _0\"></span>ant i<span class=\"_ _0\"></span>nform<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to pres<span class=\"_ _0\"></span>ent th<span class=\"_ _0\"></span>e rece<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s as a re<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on of s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ff cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>der re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ge h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n app<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ed retrosp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vely a<span class=\"_ _0\"></span>nd as a re<span class=\"_ _0\"></span>sult D<span class=\"_ _0\"></span>KK 0.<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n for 202<span class=\"_ _0\"></span>1 and D<span class=\"_ _0\"></span>KK 0.6 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion fo<span class=\"_ _0\"></span>r 2020 has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n rec<span class=\"_ _0\"></span>las<span class=\"_ _0\"></span>si-fie<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m othe<span class=\"_ _0\"></span>r op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g inco<span class=\"_ _0\"></span>me to res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.1<span class=\"_ _0\"></span>.4 <span class=\"_ _147\"> </span>Managemen<span class=\"_ _2\"></span>t<span class=\"_ _0\"></span>'s judgemen<span class=\"_ _3\"></span>ts and<span class=\"_ _3\"></span> estimates<span class=\"_ _2\"></span> under IFRSIn pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er IF<span class=\"_ _0\"></span>RS<span class=\"_ _0\"></span>, cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard<span class=\"_ _0\"></span>s requ<span class=\"_ _0\"></span>ire ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt's jud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g var<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>s accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g es<span class=\"_ _0\"></span>timate<span class=\"_ _0\"></span>s and a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>se ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ates af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t the a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of acco<span class=\"_ _0\"></span>untin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, as we<span class=\"_ _0\"></span>ll as re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s with<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an-cial s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>isclo<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>s.Deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ount o<span class=\"_ _0\"></span>f cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>quire<span class=\"_ _0\"></span>s ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>imates a<span class=\"_ _0\"></span>nd ass<span class=\"_ _0\"></span>umpt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s conce<span class=\"_ _0\"></span>rni<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>uture eve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n his<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>cal e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce and ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s, w<span class=\"_ _0\"></span>hich by the<span class=\"_ _0\"></span>ir ver<span class=\"_ _1\"></span>y nature a<span class=\"_ _0\"></span>re as<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ated wi<span class=\"_ _0\"></span>th un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd un<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y.Account<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates a<span class=\"_ _0\"></span>re bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n his<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l exp<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce and v<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s othe<span class=\"_ _0\"></span>r fa<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ative to th<span class=\"_ _0\"></span>e circums<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nces i<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>ey are a<span class=\"_ _0\"></span>ppl<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d. E<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates a<span class=\"_ _0\"></span>re gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y mad<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on info<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le at the ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>. An ex<span class=\"_ _0\"></span>amp<span class=\"_ _0\"></span>le wo<span class=\"_ _0\"></span>uld in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt's e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on of u<span class=\"_ _0\"></span>sef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>ves of in<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>gi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Account<span class=\"_ _0\"></span>ing j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>de in th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>cess o<span class=\"_ _0\"></span>f app<span class=\"_ _0\"></span>ly<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ese j<span class=\"_ _0\"></span>udg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>lly m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n the g<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce and i<span class=\"_ _0\"></span>nform<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble at t<span class=\"_ _0\"></span>he ti<span class=\"_ _0\"></span>me of a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. E<span class=\"_ _0\"></span>xa<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>es woul<span class=\"_ _0\"></span>d inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>'s ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s uti<span class=\"_ _0\"></span>lized in d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>ese e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>imates a<span class=\"_ _0\"></span>nd j<span class=\"_ _0\"></span>udg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s m<span class=\"_ _0\"></span>ay prove in<span class=\"_ _0\"></span>comp<span class=\"_ _0\"></span>lete or i<span class=\"_ _0\"></span>ncor<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t, a<span class=\"_ _0\"></span>nd un<span class=\"_ _0\"></span>exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted e<span class=\"_ _0\"></span>vent<span class=\"_ _0\"></span>s or ci<span class=\"_ _0\"></span>rcum-st<span class=\"_ _0\"></span>ance<span class=\"_ _0\"></span>s may ar<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is al<span class=\"_ _0\"></span>so s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to risk<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d unce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>intie<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ich m<span class=\"_ _0\"></span>ay lead a<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>s to dif<span class=\"_ _0\"></span>fer f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>s, b<span class=\"_ _0\"></span>oth po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>vely a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>ly. Spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>c ris<span class=\"_ _0\"></span>ks for Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>re dis<span class=\"_ _0\"></span>cuss<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he relev<span class=\"_ _0\"></span>ant se<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of this A<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t a<span class=\"_ _0\"></span>nd in th<span class=\"_ _0\"></span>e note<span class=\"_ _0\"></span>s to the con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s.Th<span class=\"_ _0\"></span>e area<span class=\"_ _0\"></span>s invol<span class=\"_ _0\"></span>vin<span class=\"_ _0\"></span>g a hi<span class=\"_ _0\"></span>gh de<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>e of ju<span class=\"_ _0\"></span>dge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n that a<span class=\"_ _0\"></span>re sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt to the con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re sum<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>ized b<span class=\"_ _0\"></span>elow. Refer to th<span class=\"_ _0\"></span>e id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d no<span class=\"_ _0\"></span>tes for f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r info<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e key account<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates a<span class=\"_ _0\"></span>nd ju<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s uti<span class=\"_ _0\"></span>lized i<span class=\"_ _0\"></span>n the p<span class=\"_ _0\"></span>repa<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>idate<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ate-ment<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Key accounting estimates and  Note  Estimation Accounting topicjudgementsreferenceriskRevenue recognition<span class=\"_ _14a\"> </span><span class=\"ff2\">Judgement in assessing the nature of combined per<span class=\"_ _3\"></span>-</span>2.1<span class=\"_ _93\"> </span>Moderateformance obligations  within contractsJudgement in assessing the probability of attainment Lowof milestonesEstimation of stand-alone selling price for each iden-Moderatetified performance obligation Share-based Judgement in determine assumptions required for 2.5<span class=\"_ _52\"> </span>Moderatecompensationvaluation of warrant grantsEstimate of instruments expected to vest<span class=\"_ _11e\"> </span>ModerateDiscontinued opera-Judgments exercised by management in applying 2.8<span class=\"_ _52\"> </span><span class=\"ls2 ws2\">Moderate</span>tionsIFRS 5 as a result of the divestment of the US sales activities, including the V<span class=\"_ _2\"></span>-Go activity and the transfer of the commercial rights for ZegalogueBorrowings<span class=\"_ _14b\"> </span><span class=\"ff2\">Es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>te of fair v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rla<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'s c<span class=\"_ _0\"></span>all o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n for </span>4.6<span class=\"_ _52\"> </span><span class=\"ls2 ws2\">High</span>repay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of lo<span class=\"_ _0\"></span>anJud<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>f ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed Moderatederivativ<span class=\"_ _2\"></span>es and debt modifica<span class=\"_ _2\"></span>tionsInventory<span class=\"_ _8f\"> </span><span class=\"ff2\">Estimate of net realiz<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le va<span class=\"_ _0\"></span>lue of  </span>3.5<span class=\"_ _93\"> </span><span class=\"ls2 ws2\">Low</span>Zegalogue<span class=\"_ _3\"></span> raw ma<span class=\"_ _3\"></span>terialsDeferred taxes<span class=\"_ _28\"> </span><span class=\"ff2\">Judgement and estimate regarding  </span>5.1<span class=\"_ _14c\"> </span><span class=\"ls2 ws2\">Low</span>valuation of deferred income tax assetsCapitalization of Judgement involved in determining  3.1<span class=\"_ _14c\"> </span><span class=\"ls2 ws2\">Low</span>research and develop-when a development project reached technological ment costsfeasibilityGoing concern as-Judgement in assessing operational cash-flow and 1.1<span class=\"_ _62\"> </span>Lowsumptioncapital requirements for the forthcoming 12 months from the balance sheet date2<span class=\"_ _98\"> </span> Re<span class=\"_ _1\"></span>s<span class=\"_ _1\"></span>u<span class=\"_ _1\"></span>lt<span class=\"_ _1\"></span>s<span class=\"_ _79\"></span> f<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>r<span class=\"_ _79\"></span> <span class=\"ls2 ws2\"> </span>the<span class=\"_ _0\"></span> y<span class=\"_ _71\"></span>ear2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1 Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesZealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue wh<span class=\"_ _0\"></span>en it<span class=\"_ _0\"></span>s cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l of prom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, in an amo<span class=\"_ _0\"></span>unt th<span class=\"_ _0\"></span>at ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s the con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to recei<span class=\"_ _0\"></span>ve in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>ose go<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ds or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces. T<span class=\"_ _3\"></span>o dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r arr<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t Zeala<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s are wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he scope o<span class=\"_ _0\"></span>f IFRS 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>, Zealan<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>s the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>teps: (i) id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>(s) with a custom<span class=\"_ _0\"></span>er; (ii) id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; (ii<span class=\"_ _0\"></span>i) dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice; (iv) all<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>te the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce to the pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; an<span class=\"_ _0\"></span>d (v) recog<span class=\"_ _0\"></span>nize reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n (or as) the e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ies a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y app<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s the f<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>-step mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l to contra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>n it is p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any wi<span class=\"_ _0\"></span>ll col<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e consi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n it is e<span class=\"_ _0\"></span>ntitle<span class=\"_ _0\"></span>d to in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>e goo<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vices it t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. At contr<span class=\"_ _0\"></span>act i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, on<span class=\"_ _0\"></span>ce the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t is de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d to be wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he scop<span class=\"_ _0\"></span>e of I<span class=\"_ _0\"></span>FRS 15<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s the g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vices p<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d withi<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch contra<span class=\"_ _0\"></span>ct and i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ies as a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n each g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice that i<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct. R<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in th<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt of t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce that is al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Royalt<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s: Cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _1\"></span>'s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-based roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>l of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the pre<span class=\"_ _0\"></span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nt item to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e royalti<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>late un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. As a re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>ccur<span class=\"_ _2\"></span>. Reimbur<span class=\"_ _3\"></span>sement R<span class=\"_ _2\"></span>evenue for<span class=\"_ _2\"></span> R&amp;D Services:<span class=\"_ _2\"></span> Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse-men<span class=\"_ _0\"></span>t or cost sh<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t for fu<span class=\"_ _0\"></span>ll-time e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>t em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es (F<span class=\"_ _1\"></span>TEs) at contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tual r<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>. R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me g<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e custo<span class=\"_ _0\"></span>mer simu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>neo<span class=\"_ _0\"></span>usly r<span class=\"_ _0\"></span>ecei<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd cons<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>s the b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>its p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by Zeala<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e for rese<span class=\"_ _0\"></span>arch and d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ser<span class=\"_ _1\"></span>vices is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized n<span class=\"_ _0\"></span>et of any p<span class=\"_ _0\"></span>ass-throu<span class=\"_ _0\"></span>gh cost i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er. The as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sme<span class=\"_ _0\"></span>nt of if a cost is i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e by eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of it<span class=\"_ _0\"></span>s pro<span class=\"_ _0\"></span>mise to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r the s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ci-fie<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vice to be p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to the custo<span class=\"_ _0\"></span>mer a<span class=\"_ _0\"></span>re contro<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>efore th<span class=\"_ _0\"></span>at go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice is tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d to the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>.Mile<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>ne Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e: At the i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d eva<span class=\"_ _0\"></span>luates w<span class=\"_ _0\"></span>het<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent of m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>stone<span class=\"_ _0\"></span>s is con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d hig<span class=\"_ _0\"></span>hly p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>t to be in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t like<span class=\"_ _0\"></span>ly amo<span class=\"_ _0\"></span>unt m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. If it is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le th<span class=\"_ _0\"></span>at a sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cant reven<span class=\"_ _0\"></span>ue rev<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>sal w<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d not o<span class=\"_ _0\"></span>ccur<span class=\"_ _3\"></span>, the as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce. Mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of Zeala<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, such as m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>d of re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, are n<span class=\"_ _0\"></span>ot consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e of be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g achi<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>d unti<span class=\"_ _0\"></span>l such re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>rova<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>re recei<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d to each p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for-man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a rel<span class=\"_ _0\"></span>ative s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ice basi<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>s or wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>re sat<span class=\"_ _0\"></span>isfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of eac<span class=\"_ _0\"></span>h subse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re-<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>luates th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of suc<span class=\"_ _0\"></span>h mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d any rel<span class=\"_ _0\"></span>ated cons<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>, and i<span class=\"_ _0\"></span>f nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y, adju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s esti<span class=\"_ _0\"></span>mate of th<span class=\"_ _0\"></span>e ove<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>l tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice. A<span class=\"_ _0\"></span>ny such a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>ust-men<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on a cum<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive c<span class=\"_ _0\"></span>atch-up ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch woul<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt.License Re<span class=\"_ _2\"></span>venue for Intellectual<span class=\"_ _3\"></span> Property: If the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s fun<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al inte<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed to be d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>t from t<span class=\"_ _0\"></span>he oth<span class=\"_ _0\"></span>er pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recog<span class=\"_ _0\"></span>nizes re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd-abl<span class=\"_ _0\"></span>e upfro<span class=\"_ _0\"></span>nt fe<span class=\"_ _0\"></span>es al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e licen<span class=\"_ _0\"></span>se at the p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt in ti<span class=\"_ _0\"></span>me th<span class=\"_ _0\"></span>e lice<span class=\"_ _0\"></span>nse is tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d to the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>see and t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>e is ab<span class=\"_ _0\"></span>le to use an<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit fro<span class=\"_ _0\"></span>m the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se. Fo<span class=\"_ _0\"></span>r licen<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>at are b<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>dle<span class=\"_ _0\"></span>d with ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r prom<span class=\"_ _0\"></span>ises<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d utilizes j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of the co<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on to deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on is s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e or at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d, if over ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s for pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses of re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nizin<span class=\"_ _0\"></span>g reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom non-<span class=\"_ _3\"></span>refundable,<span class=\"_ _2\"></span> upfront f<span class=\"_ _3\"></span>ees.Pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t sal<span class=\"_ _0\"></span>es: Reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom s<span class=\"_ _0\"></span>ale of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>en con<span class=\"_ _0\"></span>trol of th<span class=\"_ _0\"></span>e go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s is tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>d record<span class=\"_ _0\"></span>ed n<span class=\"_ _0\"></span>et of a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for re<span class=\"_ _0\"></span>bate<span class=\"_ _0\"></span>s and ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>acks<span class=\"_ _0\"></span>, al<span class=\"_ _0\"></span>l of wh<span class=\"_ _0\"></span>ich are e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mated at the ti<span class=\"_ _0\"></span>me of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>.Reco<span class=\"_ _0\"></span>gnized re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>n be s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s follo<span class=\"_ _0\"></span>ws for a<span class=\"_ _0\"></span>ll ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les:DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Boehringer Ingelheim International GmbH<span class=\"_ _121\"> </span>0<span class=\"_ _30\"> </span>22,311<span class=\"_ _48\"> </span>149,120Alexion Pharmaceuticals Inc.<span class=\"_ _c5\"> </span>69<span class=\"_ _2\"></span>,027<span class=\"_ _da\"> </span>30,185<span class=\"_ _32\"> </span>42,881Protagonist Therapeutics, Inc.<span class=\"_ _14d\"> </span>0<span class=\"_ _10b\"> </span>25,381<span class=\"_ _3c\"> </span>0Sanofi-A<span class=\"_ _3\"></span>ventis Deutschland GmbH<span class=\"_ _14e\"> </span>0<span class=\"_ _35\"> </span>30<span class=\"_ _3\"></span>,669<span class=\"_ _3c\"> </span>0Novo Nordisk A/S<span class=\"_ _14f\"> </span>34,<span class=\"_ _3\"></span>959<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>otal revenue from license and collaboration agreements<span class=\"_ _8a\"> </span>103,986<span class=\"_ _37\"> </span>108,546<span class=\"_ _33\"> </span>192,001Gross product sales<span class=\"_ _150\"> </span>164,<span class=\"_ _2\"></span>651<span class=\"_ _29\"> </span>354,599<span class=\"_ _33\"> </span>303,<span class=\"_ _3\"></span>658Sales rebates<span class=\"_ _151\"> </span>-69<span class=\"_ _3\"></span>,526<span class=\"_ _89\"> </span>-157<span class=\"_ _2\"></span>,016<span class=\"_ _39\"> </span>-133,92<span class=\"_ _2\"></span>4Returns and sales reductions<span class=\"_ _140\"> </span>-7<span class=\"_ _2\"></span>,513<span class=\"_ _120\"> </span>-13,562<span class=\"_ _55\"> </span>-8,<span class=\"_ _2\"></span>421T<span class=\"_ _71\"></span>otal net product sales<span class=\"_ _152\"> </span><span class=\"ff2\">87<span class=\"_ _71\"></span>,612<span class=\"_ _48\"> </span>184<span class=\"_ _3\"></span>,021<span class=\"_ _3e\"> </span>161,313</span>- Hereof related to discontinued operations<span class=\"_ _96\"> </span>-87<span class=\"_ _71\"></span>,612<span class=\"_ _4e\"> </span>-184<span class=\"_ _2\"></span>,021<span class=\"_ _37\"> </span>-161,313T<span class=\"_ _71\"></span>otal net product sales from continuing operations<span class=\"_ _153\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>otal revenue from continuing operations<span class=\"_ _154\"> </span>103,986<span class=\"_ _37\"> </span>108,546<span class=\"_ _33\"> </span>192,001T<span class=\"_ _71\"></span>otal revenue recognized over time from continuing operations<span class=\"_ _5c\"> </span>76,181<span class=\"_ _2f\"> </span>30,185<span class=\"_ _103\"> </span>42,881T<span class=\"_ _71\"></span>otal revenue recognized at a point in time from continuing operations<span class=\"_ _155\"> </span>27<span class=\"_ _71\"></span>,805<span class=\"_ _10b\"> </span>78,361<span class=\"_ _48\"> </span>149<span class=\"_ _2\"></span>,120T<span class=\"_ _71\"></span>otal revenue recognized at a point in time from discontinued operations<span class=\"_ _e1\"> </span>87<span class=\"_ _2\"></span>,612<span class=\"_ _2e\"> </span>184,021<span class=\"_ _3e\"> </span>161,313Nov<span class=\"_ _3\"></span>o Nordis<span class=\"_ _3\"></span>k A/S L<span class=\"_ _3\"></span>icense<span class=\"_ _3\"></span> and Dev<span class=\"_ _2\"></span>elopment AgreementOn S<span class=\"_ _0\"></span>eptem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 7<span class=\"_ _2\"></span>, 2022, Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d a glo<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>l lice<span class=\"_ _0\"></span>nse a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent wi<span class=\"_ _0\"></span>th Novo Nord<span class=\"_ _0\"></span>isk to com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ize ZEGALOGU<span class=\"_ _0\"></span>E (das<span class=\"_ _0\"></span>igl<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ago<span class=\"_ _0\"></span>n) for in<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recei<span class=\"_ _0\"></span>ved D<span class=\"_ _0\"></span>KK 25 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>n upfro<span class=\"_ _0\"></span>nt pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>s el<span class=\"_ _0\"></span>igib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r up to DKK 45 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>KK 220 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in n<span class=\"_ _0\"></span>et sa<span class=\"_ _0\"></span>les-ba<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a tim<span class=\"_ _0\"></span>e and mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith Novo N<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>isk i<span class=\"_ _0\"></span>s consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red a con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ct w<span class=\"_ _0\"></span>ith a cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r as de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed in IFR<span class=\"_ _0\"></span>S 15<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>hus<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d reco<span class=\"_ _0\"></span>gnizes a<span class=\"_ _0\"></span>s reven<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>rom res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ount o<span class=\"_ _0\"></span>f the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice th<span class=\"_ _0\"></span>at is all<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to the re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>-man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is sat<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d.With<span class=\"_ _0\"></span>in thi<span class=\"_ _0\"></span>s Novo A<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d fiv<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns: 1<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of licen<span class=\"_ _0\"></span>se for ZEG<span class=\"_ _0\"></span>ALOGU<span class=\"_ _0\"></span>E, 2. deli<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f tra<span class=\"_ _0\"></span>nsiti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _0\"></span>, 3. deli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of R&amp;D ser<span class=\"_ _1\"></span>vices<span class=\"_ _0\"></span>, 4. <span class=\"_ _2\"></span>su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU m<span class=\"_ _0\"></span>arketi<span class=\"_ _0\"></span>ng au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rizat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, 5. <span class=\"_ _2\"></span>de<span class=\"_ _0\"></span>livery of spec<span class=\"_ _3\"></span>ified dev<span class=\"_ _3\"></span>elopment act<span class=\"_ _3\"></span>ivities. Th<span class=\"_ _0\"></span>e total t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rice un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>as dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d to be DK<span class=\"_ _0\"></span>K 55 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es the u<span class=\"_ _0\"></span>pfront p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of D<span class=\"_ _0\"></span>KK 2<span class=\"_ _0\"></span>5 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n and D<span class=\"_ _0\"></span>KK 30 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion of t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>uture p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s. Whil<span class=\"_ _0\"></span>e deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice to be a<span class=\"_ _0\"></span>lloc<span class=\"_ _0\"></span>ated to pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as dee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s of DK<span class=\"_ _0\"></span>K 30 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n to be hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>ly prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le an<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>likel<span class=\"_ _0\"></span>y that a si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l wou<span class=\"_ _0\"></span>ld occur. As th<span class=\"_ _0\"></span>e rem<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es are co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of the o<span class=\"_ _0\"></span>ccurre<span class=\"_ _0\"></span>nce of f<span class=\"_ _0\"></span>uture eve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of the co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny, such mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnized w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>eir a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent is dee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d to be h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le, a<span class=\"_ _0\"></span>nd a s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt reven<span class=\"_ _0\"></span>ue reve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>al wo<span class=\"_ _0\"></span>uld n<span class=\"_ _0\"></span>ot occu<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>. Roy<span class=\"_ _0\"></span>alti<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d net sa<span class=\"_ _0\"></span>les-bas<span class=\"_ _0\"></span>ed mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>his a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, wil<span class=\"_ _0\"></span>l be re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>lated s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es occu<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>.A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sate<span class=\"_ _0\"></span>d on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>is for d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of tran<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>nd R&amp;D ser<span class=\"_ _1\"></span>vices a<span class=\"_ _0\"></span>s lis<span class=\"_ _0\"></span>ted ab<span class=\"_ _0\"></span>ove, t<span class=\"_ _0\"></span>he tota<span class=\"_ _0\"></span>l tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce of DKK 55 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n all<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to the th<span class=\"_ _0\"></span>ree rema<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZE<span class=\"_ _3\"></span>G<span class=\"_ _0\"></span>ALOGU<span class=\"_ _0\"></span>E, s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ated to submission<span class=\"_ _3\"></span> of E<span class=\"_ _2\"></span>U marke<span class=\"_ _3\"></span>ting aut<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>oriza<span class=\"_ _3\"></span>tion applica<span class=\"_ _3\"></span>tion and<span class=\"_ _2\"></span> de<span class=\"_ _0\"></span>livery of spec<span class=\"_ _3\"></span>ified dev<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>lopment act<span class=\"_ _3\"></span>ivi<span class=\"ls2 ws2\">-</span>tie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>\u2019s es<span class=\"_ _0\"></span>timate of re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alo<span class=\"_ _0\"></span>ne se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rices<span class=\"_ _0\"></span>. For p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces rel<span class=\"_ _0\"></span>ated to sub<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU ma<span class=\"_ _0\"></span>rketin<span class=\"_ _0\"></span>g aut<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>izati<span class=\"_ _0\"></span>on app<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd-alo<span class=\"_ _0\"></span>ne se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n intern<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the s<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on sch<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ule<span class=\"_ _0\"></span>s as a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nd N<span class=\"_ _0\"></span>ovo No<span class=\"_ _0\"></span>rdis<span class=\"_ _0\"></span>k. T<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd-alo<span class=\"_ _0\"></span>ne s<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce for de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZEGALOGU<span class=\"_ _0\"></span>E wa<span class=\"_ _0\"></span>s est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e resi<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e allo<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice to the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>li-gatio<span class=\"_ _0\"></span>ns n<span class=\"_ _0\"></span>ot comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sate<span class=\"_ _0\"></span>d on a ti<span class=\"_ _0\"></span>me a mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>is is s<span class=\"_ _0\"></span>umm<span class=\"_ _0\"></span>arize<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low:1<span class=\"_ _0\"></span>. De<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f licen<span class=\"_ _0\"></span>se for ZEG<span class=\"_ _0\"></span>ALOG<span class=\"_ _0\"></span>UE: DK<span class=\"_ _0\"></span>K 28 mill<span class=\"_ _0\"></span>ion4. Su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU ma<span class=\"_ _0\"></span>rketin<span class=\"_ _0\"></span>g au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rizat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n: DKK 1<span class=\"_ _0\"></span>3 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on5. D<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>iver<span class=\"_ _1\"></span>y of sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es: DK<span class=\"_ _0\"></span>K 14 milli<span class=\"_ _0\"></span>onTh<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to the d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZEGALOGU<span class=\"_ _0\"></span>E were co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>leted at a p<span class=\"_ _0\"></span>oint in tim<span class=\"_ _0\"></span>e (Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 2022) as s<span class=\"_ _0\"></span>uch reve<span class=\"_ _0\"></span>nue o<span class=\"_ _0\"></span>f DK 28 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wa<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 2022. Fo<span class=\"_ _0\"></span>r the re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to ser<span class=\"_ _1\"></span>vices re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ated to subm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of EU mar<span class=\"_ _0\"></span>keting a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pli-cati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch are com<span class=\"_ _0\"></span>plete<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me as t<span class=\"_ _0\"></span>he ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es prog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s. Re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e is m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ured b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate of act<span class=\"_ _0\"></span>ual e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ile re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ng the s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d to pl<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vice p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s and b<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gete<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>put b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d (bu<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>et exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses) w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he tim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of sat<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s as th<span class=\"_ _0\"></span>e ser<span class=\"_ _1\"></span>vices re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted to subm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of EU mar<span class=\"_ _0\"></span>keting a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion and d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ed by a<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ate num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ac<span class=\"_ _0\"></span>ts ove<span class=\"_ _0\"></span>r the de<span class=\"_ _2\"></span>velopment t<span class=\"_ _2\"></span>imeline.Alexio<span class=\"_ _3\"></span>n Phar<span class=\"_ _3\"></span>maceuticals I<span class=\"_ _3\"></span>nc AgreementIn Ma<span class=\"_ _0\"></span>rch 2019, Zeal<span class=\"_ _0\"></span>and e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d into a lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>, rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ale<span class=\"_ _0\"></span>xio<span class=\"_ _0\"></span>n Pha<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>ceuti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c. (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion) to deve<span class=\"_ _0\"></span>lop n<span class=\"_ _0\"></span>ovel t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s to treat comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>diated d<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>is ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt provi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an im<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate c<span class=\"_ _0\"></span>ash i<span class=\"_ _0\"></span>nje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r ex<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dati<span class=\"_ _0\"></span>on of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s pe<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bor<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n wit<span class=\"_ _0\"></span>h Alex<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is not l<span class=\"_ _0\"></span>imite<span class=\"_ _0\"></span>d to the pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct C<span class=\"_ _0\"></span>3 bu<span class=\"_ _0\"></span>t of<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al to wor<span class=\"_ _0\"></span>k on id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>nhi<span class=\"_ _0\"></span>bitor<span class=\"_ _0\"></span>s to up to thre<span class=\"_ _0\"></span>e add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l comp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e compl<span class=\"_ _2\"></span>ement cascade.<span class=\"_ _2\"></span> Zeal<span class=\"_ _0\"></span>and w<span class=\"_ _0\"></span>ill h<span class=\"_ _0\"></span>ave resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y for the C<span class=\"_ _0\"></span>3 p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct a<span class=\"_ _0\"></span>nd oth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s up to IND a<span class=\"_ _0\"></span>nd A<span class=\"_ _0\"></span>lexi<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>ill th<span class=\"_ _0\"></span>en prog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s into cli<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se, re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved a<span class=\"_ _0\"></span>n upf<span class=\"_ _0\"></span>ront no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of USD 2<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n for th<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>3 prog<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>m and a co<span class=\"_ _0\"></span>ncur<span class=\"_ _0\"></span>rent US<span class=\"_ _0\"></span>D 1<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y inve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t in Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d at a pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m to the ma<span class=\"_ _0\"></span>rket price. Th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>so prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e pote<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>l for de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent-related mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s of up to US<span class=\"_ _0\"></span>D 11<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, as wel<span class=\"_ _0\"></span>l as up to US<span class=\"_ _0\"></span>D 495 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n in s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-related m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d hi<span class=\"_ _0\"></span>gh sin<span class=\"_ _0\"></span>gle<span class=\"_ _0\"></span>- to low do<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>e-di<span class=\"_ _0\"></span>git roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he 3 a<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rogr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l provi<span class=\"_ _0\"></span>de f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er n<span class=\"_ _0\"></span>on-ref<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le upf<span class=\"_ _0\"></span>ront pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s (US<span class=\"_ _0\"></span>D 15 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion e<span class=\"_ _0\"></span>ach), deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d royalti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>on-ref<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le up-fro<span class=\"_ _0\"></span>nt fee was a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>cated to th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e, res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vices<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d as reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>lon<span class=\"_ _0\"></span>g wit<span class=\"_ _0\"></span>h provi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>ead p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>. Ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s to provi<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d. Fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er, the pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m over th<span class=\"_ _0\"></span>e mar<span class=\"_ _0\"></span>ket sha<span class=\"_ _0\"></span>re pri<span class=\"_ _0\"></span>ce on th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res su<span class=\"_ _0\"></span>bscr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d by Al<span class=\"_ _0\"></span>exio<span class=\"_ _0\"></span>n, D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>2.7 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, is at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bute<span class=\"_ _0\"></span>d to the Agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o recog<span class=\"_ _0\"></span>nized ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d over w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>he R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d.  <span class=\"_ _70\"> </span>Management<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tesRevenu<span class=\"_ _0\"></span>e Reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ionEvaluati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue re<span class=\"_ _0\"></span>cogni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt'<span class=\"_ _0\"></span>s j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e foll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for-</span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>heth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>hey a<span class=\"_ _0\"></span>re dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct or s<span class=\"_ _0\"></span>hou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h othe<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s to determ<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e whe<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns are s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d over t<span class=\"_ _0\"></span>ime o<span class=\"_ _0\"></span>r at a po<span class=\"_ _0\"></span>int i<span class=\"_ _0\"></span>n time.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">D<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ine t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of whe<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>evem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e </span>paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice to pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons to de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine t<span class=\"_ _0\"></span>he st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e sel<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g pri<span class=\"_ _0\"></span>ce </span>of each p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g key assu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s whi<span class=\"_ _0\"></span>ch may i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de fore<span class=\"_ _0\"></span>caste<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt tim<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s, re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt rates fo<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>onn<span class=\"_ _0\"></span>el cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>scoun<span class=\"_ _0\"></span>t rates and probabilit<span class=\"_ _3\"></span>ies of<span class=\"_ _3\"></span> technical<span class=\"_ _3\"></span> and regulat<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y succ<span class=\"_ _3\"></span>ess.2.<span class=\"_ _0\"></span>2 <span class=\"_ _147\"> </span>Information<span class=\"_ _3\"></span> about geographic areasNon-current Non-current Non-current Revenueassets<span class=\"_ _29\"> </span>Revenueassets<span class=\"_ _29\"> </span>Revenueassets(DKK million)<span class=\"_ _156\"> </span>2022<span class=\"_ _157\"> </span>2021<span class=\"_ _157\"> </span>2020Denmark<span class=\"_ _8\"> </span><span class=\"ls14 ws18\">35.0<span class=\"_ _15\"> </span><span class=\"ls32 ws34\">14<span class=\"_ _0\"></span>3.8<span class=\"_ _9a\"> </span></span></span>0<span class=\"_ _8d\"> </span>184<span class=\"_ _3\"></span>.8<span class=\"_ _8c\"> </span>0<span class=\"_ _158\"> </span>184.<span class=\"_ _2\"></span>0Germany<span class=\"_ _126\"> </span>0<span class=\"_ _8c\"> </span>0<span class=\"_ _61\"> </span><span class=\"ls14 ws18\">5<span class=\"_ _0\"></span>3.0<span class=\"_ _9a\"> </span></span>0<span class=\"_ _8a\"> </span>149<span class=\"_ _2\"></span>.1<span class=\"_ _8c\"> </span>0United States<span class=\"_ _159\"> </span><span class=\"ls15 ws19\">6<span class=\"_ _0\"></span>9.0<span class=\"_ _15a\"> </span></span>21.7<span class=\"_ _69\"> </span>55.5<span class=\"_ _158\"> </span>106<span class=\"_ _3\"></span>.9<span class=\"_ _61\"> </span>42.9<span class=\"_ _15a\"> </span>71.1T<span class=\"_ _71\"></span>otal continuing operations<span class=\"_ _15b\"> </span>104.0<span class=\"_ _15c\"> </span>165.5<span class=\"_ _15c\"> </span>108.5<span class=\"_ _15c\"> </span>291.7<span class=\"_ _15c\"> </span>192.0<span class=\"_ _158\"> </span>255.1United States<span class=\"_ _8c\"> </span><span class=\"ls6a ws6d\">8<span class=\"_ _0\"></span>7.<span class=\"_ _1\"></span>6<span class=\"_ _9a\"> </span></span>0<span class=\"_ _8d\"> </span>184.<span class=\"_ _3\"></span>0<span class=\"_ _8c\"> </span>0<span class=\"_ _15d\"> </span>161.3<span class=\"_ _8c\"> </span>0T<span class=\"_ _71\"></span>otal discontin-ued operations<span class=\"_ _15a\"> </span><span class=\"lsae wsb6\">8<span class=\"_ _0\"></span>7.<span class=\"_ _1\"></span>6<span class=\"_ _9a\"> </span></span>0<span class=\"_ _15e\"> </span>184.0<span class=\"_ _8e\"> </span>0<span class=\"_ _8d\"> </span>161.3<span class=\"_ _8c\"> </span>0Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rated a<span class=\"_ _0\"></span>s on<span class=\"_ _0\"></span>e bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss u<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch is ref<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>cted i<span class=\"_ _0\"></span>n the o<span class=\"_ _0\"></span>rga<span class=\"_ _0\"></span>nizat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re and i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>al re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting<span class=\"_ _0\"></span>. No s<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>arate li<span class=\"_ _0\"></span>nes o<span class=\"_ _0\"></span>f bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss o<span class=\"_ _0\"></span>r sep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ate busi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss e<span class=\"_ _0\"></span>ntiti<span class=\"_ _0\"></span>es have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ed with re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to any lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>d pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, mar<span class=\"_ _0\"></span>keted pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>dates o<span class=\"_ _0\"></span>r ge<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>cal m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>kets and n<span class=\"_ _0\"></span>o se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>ent in<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is cur<span class=\"_ _0\"></span>rently p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d for inte<span class=\"_ _0\"></span>rna<span class=\"_ _0\"></span>l rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>. Accordi<span class=\"_ _0\"></span>ngl<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, it ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en con<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed t<span class=\"_ _0\"></span>hat it is n<span class=\"_ _0\"></span>ot rel<span class=\"_ _0\"></span>evan<span class=\"_ _0\"></span>t to inclu<span class=\"_ _0\"></span>de se<span class=\"_ _0\"></span>gm<span class=\"_ _0\"></span>ent d<span class=\"_ _0\"></span>isclo<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e conso<span class=\"_ _0\"></span>li-dated f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s as Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'s bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are n<span class=\"_ _0\"></span>ot org<span class=\"_ _0\"></span>anize<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is of di<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>ces in rel<span class=\"_ _0\"></span>ated p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct a<span class=\"_ _0\"></span>nd g<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>ph<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l are<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>.2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 <span class=\"_ _147\"> </span>Rese<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>h and d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt expe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesRese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>rily i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s, b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ef<span class=\"_ _0\"></span>its a<span class=\"_ _0\"></span>nd oth<span class=\"_ _0\"></span>er e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loye<span class=\"_ _0\"></span>e rela<span class=\"_ _0\"></span>ted costs o<span class=\"_ _3\"></span>f Z<span class=\"_ _2\"></span>ealan<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s resear<span class=\"_ _2\"></span>ch and development staff<span class=\"_ _2\"></span>, license c<span class=\"_ _2\"></span>osts<span class=\"_ _0\"></span>, manufacturing<span class=\"_ _3\"></span> costs, precl<span class=\"_ _3\"></span>inical c<span class=\"_ _3\"></span>osts, clini<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tors a<span class=\"_ _0\"></span>nd ou<span class=\"_ _0\"></span>tsi<span class=\"_ _0\"></span>de se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce fee<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>izatio<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt of li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d righ<span class=\"_ _0\"></span>ts rel<span class=\"_ _0\"></span>ated to int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>ets<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on of p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, to the ex<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>nt that su<span class=\"_ _0\"></span>ch cost<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>lated to th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up's re<span class=\"_ _0\"></span>search a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t act<span class=\"_ _0\"></span>ivi<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>.Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s incu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d and i<span class=\"_ _0\"></span>n the pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>ey re<span class=\"_ _0\"></span>late, e<span class=\"_ _0\"></span>xcept for d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch the c<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>tal<span class=\"_ _0\"></span>izatio<span class=\"_ _0\"></span>n criter<span class=\"_ _0\"></span>ia are met.Plea<span class=\"_ _0\"></span>se see n<span class=\"_ _0\"></span>ote 3.<span class=\"_ _0\"></span>1 for a m<span class=\"_ _0\"></span>ore d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>d des<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>n the t<span class=\"_ _0\"></span>reatm<span class=\"_ _0\"></span>ent of Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d dev<span class=\"_ _0\"></span>elo<span class=\"_ _0\"></span>p-men<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>lated to i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>al de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Staff costs<span class=\"_ _15f\"> </span>-233,<span class=\"_ _71\"></span>474<span class=\"_ _3a\"> </span>-238,753<span class=\"_ _4f\"> </span>-203,<span class=\"_ _3\"></span>608Amortization, depreciation, impairment losses on intangible assets, property plant and equipment, and right of use assets<span class=\"_ _2b\"> </span>-23,851<span class=\"_ _29\"> </span>-20,636<span class=\"_ _160\"> </span>-17<span class=\"_ _71\"></span>,417Other external research and development expenses<span class=\"_ _156\"> </span>-361,632<span class=\"_ _44\"> </span>-328,305<span class=\"_ _38\"> </span>-382,<span class=\"_ _2\"></span>454T<span class=\"_ _71\"></span>otal research and development expenses<span class=\"_ _100\"> </span>-618,<span class=\"_ _2\"></span>957<span class=\"_ _3d\"> </span>-587<span class=\"_ _2\"></span>,694<span class=\"_ _4f\"> </span>-603,479- Hereof related to discontinued operations<span class=\"_ _6b\"> </span>4,913<span class=\"_ _4a\"> </span>6,183<span class=\"_ _2b\"> </span>7<span class=\"_ _2\"></span>,632T<span class=\"_ _71\"></span>otal research and development expenses from  continuing operations<span class=\"_ _bc\"> </span>-614,044<span class=\"_ _39\"> </span>-581,511<span class=\"_ _3d\"> </span>-595,8472<span class=\"_ _0\"></span>.4 <span class=\"_ _147\"> </span>Sellin<span class=\"_ _0\"></span>g and m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>ing exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesSel<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g and m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>keting e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es rel<span class=\"_ _0\"></span>ate to Zealan<span class=\"_ _0\"></span>ds com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing cos<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to pre<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he ma<span class=\"_ _0\"></span>rket for Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ds p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nist<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on of com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ship<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>s sa<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d othe<span class=\"_ _0\"></span>r he<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>count cos<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l min<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s as well a<span class=\"_ _0\"></span>s thi<span class=\"_ _0\"></span>rd-par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.In ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt of p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, to the ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>t such ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>ated to comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l fu<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are al<span class=\"_ _0\"></span>so i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d. Se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd ma<span class=\"_ _0\"></span>rketi<span class=\"_ _0\"></span>ng ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e incom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>ey re<span class=\"_ _0\"></span>late.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Staff costs<span class=\"_ _ed\"> </span>-75,346<span class=\"_ _39\"> </span>-145,2<span class=\"_ _3\"></span>45<span class=\"_ _38\"> </span>-130,568Depreciation and impairment losses on property<span class=\"_ _2\"></span>,  plant and equipment and right-of-use assets<span class=\"_ _2a\"> </span>-23<span class=\"_ _61\"> </span>-92<span class=\"_ _128\"> </span>-640Other external selling  and marketing expenses<span class=\"_ _54\"> </span>-88,567<span class=\"_ _38\"> </span>-229<span class=\"_ _2\"></span>,932<span class=\"_ _38\"> </span>-154,048T<span class=\"_ _71\"></span>otal selling and marketing expenses<span class=\"_ _114\"> </span>-163,936<span class=\"_ _3d\"> </span>-375,269<span class=\"_ _44\"> </span>-285,256- Hereof related to discontinued operations<span class=\"_ _154\"> </span>131,<span class=\"_ _2\"></span>638<span class=\"_ _25\"> </span>312,669<span class=\"_ _2e\"> </span>264<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>461T<span class=\"_ _71\"></span>otal selling and marketing expenses from  continuing operations<span class=\"_ _85\"> </span>-32,298<span class=\"_ _46\"> </span>-62,600<span class=\"_ _25\"> </span>-20,7952.<span class=\"_ _0\"></span>5 <span class=\"_ _147\"> </span>General and<span class=\"_ _3\"></span> adminis<span class=\"_ _3\"></span>trativ<span class=\"_ _2\"></span>e expenses <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesGe<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ral a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>dmi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>trati<span class=\"_ _0\"></span>ve ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses re<span class=\"_ _0\"></span>late to th<span class=\"_ _0\"></span>e recur<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd ad<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>trati<span class=\"_ _0\"></span>on of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d. Th<span class=\"_ _0\"></span>is incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s sa<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efit<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er h<span class=\"_ _0\"></span>ead<span class=\"_ _0\"></span>coun<span class=\"_ _0\"></span>t cost<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t fu<span class=\"_ _0\"></span>nc-tion<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing h<span class=\"_ _0\"></span>uma<span class=\"_ _0\"></span>n reso<span class=\"_ _0\"></span>urces a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>ce dep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.In ad<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt of p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, to the ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>t such ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>re rel<span class=\"_ _0\"></span>ated to ad<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>istr<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re al<span class=\"_ _0\"></span>so in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. Ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l and a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>strat<span class=\"_ _0\"></span>ive ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cog-nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d to whi<span class=\"_ _0\"></span>ch they r<span class=\"_ _0\"></span>ela<span class=\"_ _0\"></span>te.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Staff costs<span class=\"_ _15f\"> </span>-118,308<span class=\"_ _4e\"> </span>-127<span class=\"_ _71\"></span>,630<span class=\"_ _2e\"> </span>-78,<span class=\"_ _2\"></span>639Depreciation and impairment losses on property<span class=\"_ _2\"></span>,  plant and equipment and right-of-use assets<span class=\"_ _154\"> </span>-5,<span class=\"_ _2\"></span>662<span class=\"_ _32\"> </span>-4,390<span class=\"_ _da\"> </span>-5,<span class=\"_ _3\"></span>042Other external general and administrative expenses<span class=\"_ _148\"> </span>-130,365<span class=\"_ _39\"> </span>-128,967<span class=\"_ _39\"> </span>-119<span class=\"_ _2\"></span>,089T<span class=\"_ _71\"></span>otal general and administrative expenses<span class=\"_ _161\"> </span>-254,335<span class=\"_ _4f\"> </span>-260,987<span class=\"_ _44\"> </span>-202,770- Hereof related to discontinued operations<span class=\"_ _6\"> </span>17<span class=\"_ _2\"></span>,125<span class=\"_ _2f\"> </span>25,378<span class=\"_ _128\"> </span>1,176T<span class=\"_ _71\"></span>otal general and administrative expenses from  continuing operations<span class=\"_ _ca\"> </span>-237<span class=\"_ _2\"></span>,210<span class=\"_ _4f\"> </span>-235,609<span class=\"_ _44\"> </span>-201,5942<span class=\"_ _0\"></span>.6 <span class=\"_ _147\"> </span>Staff co<span class=\"_ _0\"></span>sts <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesWages and<span class=\"_ _3\"></span> saleriesWages a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s are b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>n the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod i<span class=\"_ _0\"></span>n whi<span class=\"_ _0\"></span>ch ser<span class=\"_ _1\"></span>vices fo<span class=\"_ _0\"></span>r wag<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>lar<span class=\"_ _0\"></span>ies i<span class=\"_ _0\"></span>s ren<span class=\"_ _0\"></span>dere<span class=\"_ _0\"></span>d to the Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any. Share-based compensationTh<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces rece<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d as cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r shar<span class=\"_ _0\"></span>e-base<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>d at th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nted i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>d shar<span class=\"_ _0\"></span>e-bas<span class=\"_ _0\"></span>ed com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d at the g<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>t date an<span class=\"_ _0\"></span>d is recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt as e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyee b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se over th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od in wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t vest<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e of<span class=\"_ _0\"></span>fse<span class=\"_ _0\"></span>tt<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>ntr<span class=\"_ _0\"></span>y to th<span class=\"_ _0\"></span>is is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y. An es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>te is mad<span class=\"_ _0\"></span>e of the n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r of ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to vest<span class=\"_ _0\"></span>. Sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly, an adj<span class=\"_ _0\"></span>ustm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e for ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es in t<span class=\"_ _0\"></span>he esti<span class=\"_ _0\"></span>mate of th<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch wil<span class=\"_ _0\"></span>l vest<span class=\"_ _0\"></span>, so th<span class=\"_ _0\"></span>e total e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse is e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>al to fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of th<span class=\"_ _0\"></span>e act<span class=\"_ _0\"></span>ual n<span class=\"_ _0\"></span>umb<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>f ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>hich ve<span class=\"_ _0\"></span>st. T<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of in<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted is e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g the Bl<span class=\"_ _0\"></span>ack\u2013<span class=\"_ _2\"></span>S<span class=\"_ _0\"></span>cho<span class=\"_ _0\"></span>les p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l wh<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e closin<span class=\"_ _0\"></span>g sha<span class=\"_ _0\"></span>re pri<span class=\"_ _0\"></span>ce of the d<span class=\"_ _0\"></span>ay pri<span class=\"_ _0\"></span>or to gr<span class=\"_ _0\"></span>ant is us<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r RSU and PSU<span class=\"_ _3\"></span>s. <span class=\"_ _70\"> </span>Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tesEst<span class=\"_ _0\"></span>imat<span class=\"_ _0\"></span>e of fair v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ogra<span class=\"_ _0\"></span>msIn accord<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce with IFR<span class=\"_ _0\"></span>S 2, the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of the w<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s at gr<span class=\"_ _0\"></span>ant da<span class=\"_ _0\"></span>te is recog<span class=\"_ _0\"></span>nized as a<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se in th<span class=\"_ _0\"></span>e incom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt ove<span class=\"_ _0\"></span>r the ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d of de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of wo<span class=\"_ _0\"></span>rk<span class=\"_ _0\"></span>. Sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly, the fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue is not r<span class=\"_ _3\"></span>emeasured.Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of ea<span class=\"_ _0\"></span>ch war<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>t gra<span class=\"_ _0\"></span>nted d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e year i<span class=\"_ _0\"></span>s calcu<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g the B<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ck-<span class=\"_ _2\"></span>S<span class=\"_ _0\"></span>cho<span class=\"_ _0\"></span>les p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>his p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ires th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>put of s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>ons su<span class=\"_ _0\"></span>ch as:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cted s<span class=\"_ _0\"></span>tock p<span class=\"_ _0\"></span>rice vol<span class=\"_ _0\"></span>atil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y, which is ba<span class=\"_ _0\"></span>sed u<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n the h<span class=\"_ _0\"></span>istor<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l vola<span class=\"_ _0\"></span>tilit<span class=\"_ _1\"></span>y of Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s stock p<span class=\"_ _0\"></span>rice;</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Th<span class=\"_ _0\"></span>e ris<span class=\"_ _0\"></span>k<span class=\"_ _3\"></span>-free in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rate, w<span class=\"_ _0\"></span>hich is d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d om th<span class=\"_ _0\"></span>e inte<span class=\"_ _0\"></span>rest r<span class=\"_ _0\"></span>ate on D<span class=\"_ _0\"></span>anis<span class=\"_ _0\"></span>h gove<span class=\"_ _0\"></span>rnm<span class=\"_ _0\"></span>ent </span>bo<span class=\"_ _0\"></span>nds (b<span class=\"_ _0\"></span>ull<span class=\"_ _0\"></span>et iss<span class=\"_ _0\"></span>ues) wit<span class=\"_ _0\"></span>h a matu<span class=\"_ _0\"></span>rit<span class=\"_ _0\"></span>y si<span class=\"_ _0\"></span>mil<span class=\"_ _0\"></span>ar to the e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted life o<span class=\"_ _0\"></span>f the o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n;\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cted l<span class=\"_ _0\"></span>ife of wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on ve<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>g term<span class=\"_ _0\"></span>s, e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted rate of e<span class=\"_ _0\"></span>xercise a<span class=\"_ _0\"></span>nd lif<span class=\"_ _0\"></span>e terms </span>in the c<span class=\"_ _3\"></span>urrent warran<span class=\"_ _3\"></span>t program.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Th<span class=\"_ _0\"></span>ese a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mpti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s can va<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d can ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e the f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of fut<span class=\"_ _0\"></span>ure wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nts g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted.</span>Est<span class=\"_ _0\"></span>imat<span class=\"_ _0\"></span>e of for<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>itur<span class=\"_ _0\"></span>e rate f<span class=\"_ _0\"></span>or sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>bas<span class=\"_ _0\"></span>ed co<span class=\"_ _0\"></span>mpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ogr<span class=\"_ _0\"></span>amsTh<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d nu<span class=\"_ _0\"></span>mbe<span class=\"_ _0\"></span>r of sh<span class=\"_ _0\"></span>ares e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted to vest i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on a s<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>es of f<span class=\"_ _0\"></span>actor<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch as:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Th<span class=\"_ _0\"></span>e hi<span class=\"_ _0\"></span>stori<span class=\"_ _0\"></span>c rate of em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oyee tu<span class=\"_ _0\"></span>rnov<span class=\"_ _0\"></span>er ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>sted fo<span class=\"_ _0\"></span>r sig<span class=\"_ _0\"></span>nifi<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>t even<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3 ls2b ws2e\">Remaining time until v<span class=\"_ _3\"></span>esting.</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d ach<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance g<span class=\"_ _0\"></span>oal<span class=\"_ _0\"></span>s for P<span class=\"_ _0\"></span>SUs<span class=\"_ _0\"></span>.</span>DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020T<span class=\"_ _71\"></span>otal staff costs can be specified as follows:Wages and salaries<span class=\"_ _162\"> </span>369<span class=\"_ _3\"></span>,311<span class=\"_ _29\"> </span>410,007<span class=\"_ _2e\"> </span>337<span class=\"_ _2\"></span>,295Share-based compensation<span class=\"_ _163\"> </span>52,286<span class=\"_ _55\"> </span>53,737<span class=\"_ _35\"> </span>30,<span class=\"_ _2\"></span>485Pension schemes (defined contribution plans)<span class=\"_ _100\"> </span>19,<span class=\"_ _2\"></span>672<span class=\"_ _32\"> </span>23,993<span class=\"_ _30\"> </span>16,716Government grants<span class=\"_ _164\"> </span>-5<span class=\"_ _15c\"> </span>-759<span class=\"_ _f2\"> </span>-602Other payroll and staff-related costs<span class=\"_ _165\"> </span>31,676<span class=\"_ _da\"> </span>54,541<span class=\"_ _30\"> </span>37<span class=\"_ _2\"></span>,241T<span class=\"_ _71\"></span>otal staff costs<span class=\"_ _14f\"> </span>472,940<span class=\"_ _29\"> </span>541,519<span class=\"_ _25\"> </span>421,135The amount is charged as:Research and development expenses<span class=\"_ _49\"> </span>231,<span class=\"_ _2\"></span>022<span class=\"_ _46\"> </span>236,060<span class=\"_ _33\"> </span>200<span class=\"_ _2\"></span>,335Selling and marketing expenses<span class=\"_ _b2\"> </span>7<span class=\"_ _2\"></span>,870<span class=\"_ _da\"> </span>13,568<span class=\"_ _3c\"> </span>0General and administrative expenses<span class=\"_ _f1\"> </span>104,52<span class=\"_ _2\"></span>4<span class=\"_ _29\"> </span>108,668<span class=\"_ _103\"> </span>72,059Other operating items - restructuring costs cf. note 2.7<span class=\"_ _1b\"> </span>19<span class=\"_ _2\"></span>,098<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0Discontinued operations<span class=\"_ _166\"> </span>110,<span class=\"_ _71\"></span>426<span class=\"_ _2e\"> </span>183,223<span class=\"_ _48\"> </span>149<span class=\"_ _2\"></span>,041T<span class=\"_ _71\"></span>otal staff costs<span class=\"_ _14f\"> </span>472,940<span class=\"_ _29\"> </span>541,519<span class=\"_ _33\"> </span>421,435Average number of employees<span class=\"_ _cc\"> </span><span class=\"ls1b ws20\">247<span class=\"_ _41\"> </span></span>346<span class=\"_ _11b\"> </span>297T<span class=\"_ _71\"></span>otal share-based costs split on share-based type<span class=\"_ _167\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020PSUs<span class=\"_ _168\"> </span>11,510<span class=\"_ _55\"> </span><span class=\"ls32 ws34\">14,76<span class=\"_ _0\"></span>5<span class=\"_ _64\"> </span></span>900RSUs<span class=\"_ _169\"> </span>16,789<span class=\"_ _10b\"> </span>23,<span class=\"_ _2\"></span>701<span class=\"_ _2b\"> </span>1,100Warrants<span class=\"_ _d5\"> </span>23,<span class=\"_ _2\"></span>987<span class=\"_ _52\"> </span>15,271<span class=\"_ _103\"> </span>28,<span class=\"_ _2\"></span>485T<span class=\"_ _71\"></span>otal<span class=\"_ _16a\"> </span>52,286<span class=\"_ _da\"> </span>53,737<span class=\"_ _5c\"> </span>30,485T<span class=\"_ _71\"></span>otal share-based costs split on cost type<span class=\"_ _12f\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2b\"> </span>2020Research and development expenses<span class=\"_ _63\"> </span>33,837<span class=\"_ _35\"> </span>22,038<span class=\"_ _2f\"> </span>13,939Selling and Marketing expenses<span class=\"_ _6f\"> </span>649<span class=\"_ _61\"> </span>415<span class=\"_ _3c\"> </span>0General and administrative expenses<span class=\"_ _119\"> </span>31,<span class=\"_ _2\"></span>696<span class=\"_ _da\"> </span>26,627<span class=\"_ _62\"> </span>9,998Other operating items cf. note 2.7<span class=\"_ _b0\"> </span>-11,241<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Discontinued operations<span class=\"_ _14d\"> </span>-2,655<span class=\"_ _4a\"> </span><span class=\"ls14 ws18\">4,65<span class=\"_ _0\"></span>7<span class=\"_ _10\"> </span></span>6,548T<span class=\"_ _71\"></span>otal<span class=\"_ _16a\"> </span>52,286<span class=\"_ _da\"> </span>53,737<span class=\"_ _5c\"> </span>30,485Th<span class=\"_ _0\"></span>e comp<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>igu<span class=\"_ _0\"></span>res fo<span class=\"_ _0\"></span>r 2020 and 202<span class=\"_ _0\"></span>1 have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n rest<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>s a cons<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce of the a<span class=\"_ _0\"></span>ccount<span class=\"_ _0\"></span>ing treatm<span class=\"_ _0\"></span>ent of d<span class=\"_ _0\"></span>isco<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s cf. note 2.<span class=\"_ _0\"></span>8. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e total cos<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n 2020 and 202<span class=\"_ _0\"></span>1 rem<span class=\"_ _0\"></span>ain u<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Det<span class=\"_ _0\"></span>erm<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f fair va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f the i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s gran<span class=\"_ _0\"></span>ted d<span class=\"_ _0\"></span>urin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>dFor wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted af<span class=\"_ _0\"></span>ter A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ril 1<span class=\"_ _0\"></span>9, 2018, th<span class=\"_ _0\"></span>e exercis<span class=\"_ _0\"></span>e pri<span class=\"_ _0\"></span>ce is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d by the cl<span class=\"_ _0\"></span>osin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ice of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s sh<span class=\"_ _0\"></span>ares o<span class=\"_ _0\"></span>n Na<span class=\"_ _0\"></span>sda<span class=\"_ _0\"></span>q Cop<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>gen o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e day pr<span class=\"_ _0\"></span>ior to th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nt date. Fo<span class=\"_ _0\"></span>r wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nts g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted be<span class=\"_ _0\"></span>fore Ap<span class=\"_ _0\"></span>ril 1<span class=\"_ _0\"></span>9, 2018, th<span class=\"_ _0\"></span>e exercis<span class=\"_ _0\"></span>e pri<span class=\"_ _0\"></span>ce was d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e clos<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rice of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s sha<span class=\"_ _0\"></span>res o<span class=\"_ _0\"></span>n Nas<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>q Cop<span class=\"_ _0\"></span>enh<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>en o<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>ay pri<span class=\"_ _0\"></span>or to th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nt date plu<span class=\"_ _0\"></span>s 10%<span class=\"_ _0\"></span>.Warran<span class=\"_ _0\"></span>ts g<span class=\"_ _0\"></span>rante<span class=\"_ _0\"></span>d pr<span class=\"_ _0\"></span>ior to A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 15<span class=\"_ _0\"></span>, 2020 exp<span class=\"_ _0\"></span>ire a<span class=\"_ _0\"></span>utomati<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>lly af<span class=\"_ _0\"></span>ter f<span class=\"_ _0\"></span>ive ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s. Warr<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s ve<span class=\"_ _0\"></span>st ei<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r af<span class=\"_ _0\"></span>ter 3 year<span class=\"_ _0\"></span>s of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ce, wit<span class=\"_ _0\"></span>h 1<span class=\"_ _0\"></span>/36 ea<span class=\"_ _0\"></span>ch mo<span class=\"_ _0\"></span>nth fro<span class=\"_ _0\"></span>m th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nt date, o<span class=\"_ _0\"></span>r with 1<span class=\"_ _0\"></span>/<span class=\"_ _0\"></span>3 af<span class=\"_ _0\"></span>ter on<span class=\"_ _0\"></span>e year, 1/3 a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ter t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d 1<span class=\"_ _0\"></span>/3 af<span class=\"_ _0\"></span>ter th<span class=\"_ _0\"></span>ree ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice cos<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d over th<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>.Warran<span class=\"_ _0\"></span>ts g<span class=\"_ _0\"></span>rante<span class=\"_ _0\"></span>d from A<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ril 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>, 2020 and g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g for<span class=\"_ _0\"></span>w<span class=\"_ _0\"></span>ard e<span class=\"_ _0\"></span>xpire<span class=\"_ _0\"></span>s auto<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span>ly af<span class=\"_ _0\"></span>ter 5 o<span class=\"_ _0\"></span>r 10 year<span class=\"_ _0\"></span>s for war<span class=\"_ _0\"></span>rant<span class=\"_ _0\"></span>s g<span class=\"_ _0\"></span>rante<span class=\"_ _0\"></span>d to Corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate Mana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, rep<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vely.Warran<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>ay be e<span class=\"_ _0\"></span>xercise<span class=\"_ _0\"></span>d fou<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>es a yea<span class=\"_ _0\"></span>r dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g a four-week pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ting f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e date of th<span class=\"_ _0\"></span>e pub<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s Ann<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>r interi<span class=\"_ _0\"></span>m rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Di<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>den<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>re not ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d.For wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted b<span class=\"_ _0\"></span>efore J<span class=\"_ _0\"></span>anu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 1<span class=\"_ _0\"></span>, 2019, th<span class=\"_ _0\"></span>e vol<span class=\"_ _0\"></span>atil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y rate us<span class=\"_ _0\"></span>ed is b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed on t<span class=\"_ _0\"></span>he 5<span class=\"_ _0\"></span>-year hi<span class=\"_ _0\"></span>stor<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l vol<span class=\"_ _0\"></span>atilit<span class=\"_ _1\"></span>y of the Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d sh<span class=\"_ _0\"></span>are pr<span class=\"_ _0\"></span>ice. Fo<span class=\"_ _0\"></span>r wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nts g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted af<span class=\"_ _0\"></span>ter J<span class=\"_ _0\"></span>anu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 1<span class=\"_ _0\"></span>, 2019, th<span class=\"_ _0\"></span>e vol<span class=\"_ _0\"></span>atil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y rate us<span class=\"_ _0\"></span>ed is bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n a his<span class=\"_ _0\"></span>tori<span class=\"_ _0\"></span>cal vo<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f the Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd sh<span class=\"_ _0\"></span>are p<span class=\"_ _0\"></span>rice c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lated a<span class=\"_ _0\"></span>s the ve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d of 3 year<span class=\"_ _0\"></span>s pl<span class=\"_ _0\"></span>us 50% of th<span class=\"_ _0\"></span>e exercis<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of 7 yea<span class=\"_ _0\"></span>rs i<span class=\"_ _0\"></span>.e. 6<span class=\"_ _0\"></span>.5 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s (2021 a<span class=\"_ _0\"></span>nd 2020:6.<span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs)For RS<span class=\"_ _0\"></span>Us an<span class=\"_ _0\"></span>d PS<span class=\"_ _0\"></span>Us th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of in<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s gr<span class=\"_ _0\"></span>anted i<span class=\"_ _0\"></span>s deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s the cl<span class=\"_ _0\"></span>osin<span class=\"_ _0\"></span>g sh<span class=\"_ _0\"></span>are pr<span class=\"_ _0\"></span>ice of th<span class=\"_ _0\"></span>e day pr<span class=\"_ _0\"></span>ior to gr<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue of th<span class=\"_ _0\"></span>e wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted in 202<span class=\"_ _0\"></span>2 and 2020 w<span class=\"_ _0\"></span>as dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e Bl<span class=\"_ _0\"></span>ack-<span class=\"_ _3\"></span>Sch<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g inp<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s as at day o<span class=\"_ _0\"></span>f gra<span class=\"_ _0\"></span>nt:Grant year<span class=\"_ _58\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _103\"> </span>2022<span class=\"_ _35\"> </span>2022<span class=\"_ _2f\"> </span></span>2021<span class=\"_ _2f\"> </span>2021<span class=\"_ _103\"> </span>2020<span class=\"_ _103\"> </span>2020T<span class=\"_ _71\"></span>ype<span class=\"_ _16b\"> </span>Warrants<span class=\"_ _30\"> </span>PSUs<span class=\"_ _30\"> </span>RSUs<span class=\"_ _30\"> </span>PSUs<span class=\"_ _55\"> </span>RSUs<span class=\"_ _30\"> </span>RSUs<span class=\"_ _59\"> </span>WarrantsUp to 120 Up to 36 Up to 36 Up to 120 T<span class=\"_ _71\"></span>ermmonthsmonthsmonths<span class=\"_ _16c\"> </span>36 months <span class=\"_ _70\"> </span>36 months <span class=\"_ _16d\"> </span>36 monthsmonthsShare price at  90.<span class=\"_ _3\"></span>7 to 90.<span class=\"_ _3\"></span>7 to 90.<span class=\"_ _3\"></span>7 to 185.9 to 131.2 to 216.8 to 216.8 to grant date (DKK)203.<span class=\"_ _3\"></span>0203.<span class=\"_ _3\"></span>0100.2191.6207<span class=\"_ _2\"></span>.62<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.42<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.4Exercise price  90.<span class=\"_ _3\"></span>7 to 216.8 to (DKK)203.<span class=\"_ _3\"></span>0<span class=\"_ _a4\"> </span>0<span class=\"_ _a4\"> </span>0<span class=\"_ _a4\"> </span>0<span class=\"_ _a4\"> </span>0<span class=\"_ _a4\"> </span>02<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>.444.<span class=\"_ _2\"></span>68 to Volatility (%)<span class=\"_ _30\"> </span>48.6 to 61.2<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A46.<span class=\"_ _2\"></span>45Risk-free  -0.31 interest rate (%)<span class=\"_ _5a\"> </span>0.<span class=\"_ _2\"></span>86 to 2.14<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/Ato -0.<span class=\"_ _71\"></span>41Exercise period  May '23 to Apr'21 to to-fromSep '32<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/A<span class=\"_ _2c\"> </span>N/AApr'30No. granted<span class=\"_ _15a\"> </span>896,990<span class=\"_ _3a\"> </span>286,813<span class=\"_ _4e\"> </span>148,<span class=\"_ _2\"></span>431<span class=\"_ _38\"> </span>282,<span class=\"_ _3\"></span>852<span class=\"_ _4e\"> </span>507<span class=\"_ _2\"></span>,461<span class=\"_ _8b\"> </span> 27<span class=\"_ _2\"></span>,466 <span class=\"_ _42\"> </span>631,28890.<span class=\"_ _3\"></span>7 to 185.9 to 131.2 to 216.8 <span class=\"_ _133\"></span> 48.<span class=\"_ _2\"></span>4 <span class=\"_ _87\"></span> Cost price (DKK)<span class=\"_ _12b\"> </span>36.7 to 89<span class=\"_ _2\"></span>.8<span class=\"_ _16d\"> </span>90<span class=\"_ _2\"></span>.7 to 203100.2191.6207<span class=\"_ _2\"></span>.6to 224<span class=\"_ _2\"></span>.<span class=\"_ _3\"></span>4to 95.<span class=\"_ _2\"></span>4Plea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to note 4.9 for info<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n abo<span class=\"_ _0\"></span>ut s<span class=\"_ _0\"></span>tatu<span class=\"_ _0\"></span>s of the s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>.2.7 <span class=\"_ _1f\"> </span>Other operati<span class=\"_ _3\"></span>ng items <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesOth<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng item<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>s no<span class=\"_ _0\"></span>n-reven<span class=\"_ _0\"></span>ue i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e and e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to Zeal<span class=\"_ _0\"></span>and<span class=\"_ _1\"></span>\u2019s op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n that is ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ed to be n<span class=\"_ _0\"></span>on-re<span class=\"_ _0\"></span>curr<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>nd si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant for t<span class=\"_ _0\"></span>he u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>ng of t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance of Zea<span class=\"_ _3\"></span>land.Oth<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng item<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>so in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nses a<span class=\"_ _0\"></span>s resu<span class=\"_ _0\"></span>lt of rest<span class=\"_ _0\"></span>ruc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g act<span class=\"_ _0\"></span>ivit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g insu<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ce cost<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t charg<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, reve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nvento<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y wr<span class=\"_ _0\"></span>ite downs<span class=\"_ _0\"></span>, los<span class=\"_ _0\"></span>s on re<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>uatio<span class=\"_ _0\"></span>n of di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>sal g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p and other signi<span class=\"_ _2\"></span>f<span class=\"_ _0\"></span>icant one-<span class=\"_ _2\"></span>time transaction expenses.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Restructuri<span class=\"_ _3\"></span>ng c<span class=\"_ _3\"></span>osts - c<span class=\"_ _2\"></span>ontinuing operat<span class=\"_ _3\"></span>ions<span class=\"_ _157\"> </span><span class=\"ls2 ws2\">-19<span class=\"_ _3\"></span>,098<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0</span>Insurance<span class=\"_ _df\"> </span><span class=\"ls2 ws2\">-37<span class=\"_ _71\"></span>,033<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0</span>Loss o<span class=\"_ _0\"></span>n retire<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of fi<span class=\"_ _0\"></span>xed as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _16e\"> </span>-1,<span class=\"_ _2\"></span>456<span class=\"_ _30\"> </span><span class=\"ls2b ws2e\">-2,173<span class=\"_ _3c\"> </span></span>0T<span class=\"_ _71\"></span>otal other opera<span class=\"_ _3\"></span>ting i<span class=\"_ _3\"></span>tems f<span class=\"_ _3\"></span>rom con<span class=\"_ _3\"></span>tinuing<span class=\"_ _2\"></span> op<span class=\"_ _0\"></span>erations<span class=\"_ _15a\"> </span><span class=\"ls2 ws2\">-57<span class=\"_ _3\"></span>,587<span class=\"_ _2f\"> </span><span class=\"ls28 ws2b\">-2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>3<span class=\"_ _40\"> </span></span>0</span>Restructuri<span class=\"_ _3\"></span>ng c<span class=\"_ _3\"></span>osts - disc<span class=\"_ _2\"></span>ontinued operat<span class=\"_ _3\"></span>ions<span class=\"_ _7\"> </span><span class=\"ls2 ws2\">-56,<span class=\"_ _3\"></span>738<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0</span>Imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on e<span class=\"_ _0\"></span>qiup<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt (N<span class=\"_ _0\"></span>ote 3.<span class=\"_ _0\"></span>2)<span class=\"_ _16f\"> </span>-9<span class=\"_ _3\"></span>,725<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>rite-o<span class=\"_ _0\"></span>ff (<span class=\"_ _0\"></span>Note 3.<span class=\"_ _0\"></span>5)<span class=\"_ _2a\"> </span>22,564<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Loss o<span class=\"_ _0\"></span>n dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>roup V-G<span class=\"_ _0\"></span>O (Note 2<span class=\"_ _0\"></span>.8)<span class=\"_ _2a\"> </span>-40<span class=\"_ _2\"></span>,743<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Gain from bargain<span class=\"_ _3\"></span> purchase<span class=\"_ _152\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _3c\"> </span>0<span class=\"_ _160\"> </span><span class=\"ls8d ws92\">36<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>5</span></span>T<span class=\"_ _71\"></span>otal other opera<span class=\"_ _3\"></span>ting i<span class=\"_ _3\"></span>tems f<span class=\"_ _3\"></span>rom disc<span class=\"_ _3\"></span>ontinued<span class=\"_ _3\"></span> operations<span class=\"_ _14c\"> </span><span class=\"ls2 ws2\">-84,642<span class=\"_ _3c\"> </span>0<span class=\"_ _34\"> </span><span class=\"lsaf ws1f\">36,<span class=\"_ _0\"></span>395</span></span>Insu<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ce comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es a o<span class=\"_ _0\"></span>ne-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f cost<span class=\"_ _0\"></span>s to cover any cl<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ms ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tors a<span class=\"_ _0\"></span>nd of<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icer<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at wou<span class=\"_ _0\"></span>ld ari<span class=\"_ _0\"></span>se follow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>isti<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e US sto<span class=\"_ _0\"></span>ck excha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>. Res<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g cost<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m dis<span class=\"_ _0\"></span>contin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ses s<span class=\"_ _0\"></span>ever<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce cost<span class=\"_ _0\"></span>s (DK<span class=\"_ _0\"></span>K -<span class=\"_ _2\"></span>1<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.8 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion), rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of cost<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>lated to fo<span class=\"_ _0\"></span>rfe<span class=\"_ _0\"></span>ited s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ve pro<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ams (D<span class=\"_ _0\"></span>KK 2<span class=\"_ _0\"></span>.7 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n) and a<span class=\"_ _0\"></span>n all<span class=\"_ _0\"></span>owan<span class=\"_ _0\"></span>ce for los<span class=\"_ _0\"></span>s on Zeg<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>ntorie<span class=\"_ _0\"></span>s (D<span class=\"_ _0\"></span>KK -45<span class=\"_ _0\"></span>.6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on) wh<span class=\"_ _0\"></span>ile res<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng cos<span class=\"_ _0\"></span>ts f<span class=\"_ _0\"></span>rom cont<span class=\"_ _0\"></span>inui<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>-atio<span class=\"_ _0\"></span>ns comp<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ses s<span class=\"_ _0\"></span>ever<span class=\"_ _0\"></span>ance cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s (DKK -30.<span class=\"_ _0\"></span>3 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on) an<span class=\"_ _0\"></span>d rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of cost<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to for<span class=\"_ _0\"></span>feited s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re-bas<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ve pro<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>ams (D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion). All re<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tur<span class=\"_ _0\"></span>ing cos<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s were in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d as a re<span class=\"_ _0\"></span>sult of t<span class=\"_ _0\"></span>he March 3<span class=\"_ _0\"></span>0, 2022, co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny an<span class=\"_ _0\"></span>nou<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t.Th<span class=\"_ _0\"></span>e par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ial re<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of the i<span class=\"_ _0\"></span>nventor<span class=\"_ _1\"></span>y write-<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f of DKK 2<span class=\"_ _0\"></span>2.6 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>ly rel<span class=\"_ _0\"></span>ates to Zega<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>she<span class=\"_ _0\"></span>d goo<span class=\"_ _0\"></span>ds w<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>h was tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sfer<span class=\"_ _0\"></span>red to Novo N<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>isk a<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt of the g<span class=\"_ _0\"></span>lob<span class=\"_ _0\"></span>al li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ag<span class=\"_ _0\"></span>ree-ment as<span class=\"_ _2\"></span> announced in<span class=\"_ _2\"></span> September<span class=\"_ _2\"></span>, 20<span class=\"_ _2\"></span>22.Imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on e<span class=\"_ _0\"></span>quip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt rel<span class=\"_ _0\"></span>ates to eq<span class=\"_ _0\"></span>uip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt acq<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>d in ord<span class=\"_ _0\"></span>er to b<span class=\"_ _0\"></span>e abl<span class=\"_ _0\"></span>e to upsc<span class=\"_ _0\"></span>ale th<span class=\"_ _0\"></span>e production of<span class=\"_ _3\"></span> Zegalogue. Di<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of V-GO cover<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e accoutn<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g loss i<span class=\"_ _0\"></span>ncur<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt of the d<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he V-GO ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s. P<span class=\"_ _0\"></span>lea<span class=\"_ _0\"></span>se refer to n<span class=\"_ _0\"></span>ote 2.8 fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r infor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.<span class=\"lsa3 wsaa\">2.<span class=\"_ _0\"></span>8 <span class=\"_ _171\"> </span>Discontinued operations<span class=\"_ _2\"></span> </span> <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesA disco<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d ope<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>s a comp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ent of th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>tit<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>at has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>ed of o<span class=\"_ _0\"></span>r is clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d as he<span class=\"_ _0\"></span>ld for sa<span class=\"_ _0\"></span>le an<span class=\"_ _0\"></span>d that re<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nts a se<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>rate ma<span class=\"_ _0\"></span>jor l<span class=\"_ _0\"></span>ine o<span class=\"_ _0\"></span>f busi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s or g<span class=\"_ _0\"></span>eo<span class=\"_ _0\"></span>gr<span class=\"_ _0\"></span>aph<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l are<span class=\"_ _0\"></span>a of op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>s par<span class=\"_ _0\"></span>t of a sin<span class=\"_ _0\"></span>gle coo<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d pla<span class=\"_ _0\"></span>n to disp<span class=\"_ _0\"></span>ose of su<span class=\"_ _0\"></span>ch a lin<span class=\"_ _0\"></span>e of bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess o<span class=\"_ _0\"></span>r are<span class=\"_ _0\"></span>a of op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, o<span class=\"_ _0\"></span>r is a su<span class=\"_ _0\"></span>bsid<span class=\"_ _0\"></span>iar<span class=\"_ _1\"></span>y acqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d exclusi<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y with a v<span class=\"_ _0\"></span>iew to res<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>s of disco<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s are p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted se<span class=\"_ _0\"></span>pa-rately i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of prof<span class=\"_ _0\"></span>it or l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>. Com<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of p<span class=\"_ _0\"></span>rofit a<span class=\"_ _0\"></span>nd los<span class=\"_ _0\"></span>s for p<span class=\"_ _0\"></span>revi<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds are r<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ated to ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t the re<span class=\"_ _0\"></span>sult of d<span class=\"_ _0\"></span>iscon<span class=\"_ _0\"></span>tinu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s. <span class=\"_ _70\"> </span>Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tesOn M<span class=\"_ _0\"></span>arch 30, 2<span class=\"_ _0\"></span>022, th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>p ann<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d its i<span class=\"_ _0\"></span>ntens<span class=\"_ _0\"></span>ion to ex<span class=\"_ _0\"></span>it the U<span class=\"_ _0\"></span>S sa<span class=\"_ _0\"></span>les ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>vitie<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he V-G<span class=\"_ _0\"></span>o activity<span class=\"_ _3\"></span>. The activities<span class=\"_ _2\"></span> were succ<span class=\"_ _2\"></span>essfully divested thr<span class=\"_ _2\"></span>ough an asset purc<span class=\"_ _2\"></span>hase agreement with<span class=\"_ _3\"></span> Mann<span class=\"ls2 ws2\">-</span>Kin<span class=\"_ _0\"></span>d Corp<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion d<span class=\"_ _0\"></span>ated M<span class=\"_ _0\"></span>ay 29, 2022. O<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>ptem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 7<span class=\"_ _71\"></span>, 2<span class=\"_ _0\"></span>022, the g<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p ann<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nced t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ansfe<span class=\"_ _0\"></span>r of th<span class=\"_ _0\"></span>e comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l rig<span class=\"_ _0\"></span>hts fo<span class=\"_ _0\"></span>r Zegal<span class=\"_ _0\"></span>ogu<span class=\"_ _0\"></span>e to Novo No<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>sk ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>lly e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ll ef<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>alize the grou<span class=\"_ _0\"></span>p's pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s via ow<span class=\"_ _0\"></span>n sa<span class=\"_ _0\"></span>les fo<span class=\"_ _0\"></span>rce in 2022. Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s exerci<span class=\"_ _0\"></span>sed j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>ng tha<span class=\"_ _0\"></span>t the a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es aro<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>lizati<span class=\"_ _0\"></span>on of V-Go p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ts v<span class=\"_ _0\"></span>ia own s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s force an<span class=\"_ _0\"></span>d tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>r of comm<span class=\"_ _0\"></span>erci<span class=\"_ _0\"></span>al ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s to Zegalo<span class=\"_ _0\"></span>gue m<span class=\"_ _0\"></span>et th<span class=\"_ _0\"></span>e criter<span class=\"_ _0\"></span>ia for clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>icat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s a disco<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>regat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f result<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m dis<span class=\"_ _0\"></span>contin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion f<span class=\"_ _0\"></span>rom res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s from con<span class=\"_ _0\"></span>tinu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s for al<span class=\"_ _0\"></span>l pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted<span class=\"_ _0\"></span>. Accord<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>ly, the acti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, inclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>vestm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of the V-G<span class=\"_ _0\"></span>O dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>, has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pre<span class=\"_ _0\"></span>sente<span class=\"_ _0\"></span>d sep<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ately as a disco<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d ope<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt. Th<span class=\"_ _0\"></span>e resu<span class=\"_ _0\"></span>lts a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>low of th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>contin<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es are p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ented b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow as a di<span class=\"_ _0\"></span>sconti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>- atio<span class=\"_ _0\"></span>ns for th<span class=\"_ _0\"></span>e p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od e<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022, D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2021 an<span class=\"_ _0\"></span>d D<span class=\"_ _0\"></span>ecem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 2020:DKK thousand<span class=\"_ _172\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Revenue<span class=\"_ _173\"> </span>87<span class=\"_ _71\"></span>,613<span class=\"_ _48\"> </span>184<span class=\"_ _3\"></span>,021<span class=\"_ _3e\"> </span>161,313Cost of goods sold<span class=\"_ _fb\"> </span>-70,<span class=\"_ _3\"></span>688<span class=\"_ _39\"> </span>-107<span class=\"_ _71\"></span>,844<span class=\"_ _20\"> </span>-90,565Gross margin<span class=\"_ _174\"> </span>16,925<span class=\"_ _da\"> </span>76,177<span class=\"_ _35\"> </span><span class=\"ls6c ws6f\">70,74<span class=\"_ _0\"></span>8</span>Research and development expenses<span class=\"_ _63\"> </span>-4,913<span class=\"_ _10b\"> </span>-6,183<span class=\"_ _30\"> </span>-7<span class=\"_ _71\"></span>,632Sales and marketing expenses<span class=\"_ _a9\"> </span>-133<span class=\"_ _2\"></span>,695<span class=\"_ _3a\"> </span>-312,669<span class=\"_ _3a\"> </span>-264,<span class=\"_ _2\"></span>461General and administrative expenses<span class=\"_ _63\"> </span>-17<span class=\"_ _2\"></span>,125<span class=\"_ _48\"> </span>-25<span class=\"_ _3\"></span>,378<span class=\"_ _52\"> </span>-1,176Other operating items<span class=\"_ _175\"> </span>-84,<span class=\"_ _2\"></span>642<span class=\"_ _40\"> </span>0<span class=\"_ _103\"> </span>36,395T<span class=\"_ _71\"></span>otal Operating expenses<span class=\"_ _176\"> </span>-240,375<span class=\"_ _45\"> </span>-344,230<span class=\"_ _44\"> </span>-236,874Result before tax<span class=\"_ _177\"> </span>-223,450<span class=\"_ _5a\"> </span>-268,053<span class=\"_ _38\"> </span>-166,126Corporate tax<span class=\"_ _105\"> </span>-13,075<span class=\"_ _62\"> </span>4,842<span class=\"_ _48\"> </span>-11,890Net result from discontinued operations<span class=\"_ _7e\"> </span>-236<span class=\"_ _3\"></span>,525<span class=\"_ _3a\"> </span>-263,211<span class=\"_ _3a\"> </span>-178,016DKK thousand<span class=\"_ _178\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows fro<span class=\"_ _0\"></span>m dis<span class=\"_ _0\"></span>cont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sNet c<span class=\"_ _0\"></span>ash i<span class=\"_ _0\"></span>nflo<span class=\"_ _0\"></span>w (out<span class=\"_ _0\"></span>flow) f<span class=\"_ _0\"></span>rom op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>iti<span class=\"_ _0\"></span>es<span class=\"_ _bd\"> </span>-155,238<span class=\"_ _5a\"> </span><span class=\"ls4d ws4f\">-3<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>2<span class=\"_ _89\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>7</span></span>Net c<span class=\"_ _0\"></span>ash i<span class=\"_ _0\"></span>nflo<span class=\"_ _0\"></span>w (out<span class=\"_ _0\"></span>flow) f<span class=\"_ _0\"></span>rom inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies<span class=\"_ _179\"> </span>106,380<span class=\"_ _10b\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>5<span class=\"_ _39\"> </span><span class=\"ls8e ws93\">-<span class=\"_ _2\"></span>170,034</span></span>Net c<span class=\"_ _0\"></span>ash (ou<span class=\"_ _0\"></span>tf<span class=\"_ _0\"></span>low) fro<span class=\"_ _0\"></span>m fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s<span class=\"_ _17a\"> </span>-1,064<span class=\"_ _10b\"> </span><span class=\"lsb3 wsba\">-2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _10b\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>6</span></span>Net c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h incr<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>se (de<span class=\"_ _0\"></span>cre<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>e) gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ated fr<span class=\"_ _0\"></span>om  the disc<span class=\"_ _2\"></span>ontinued operation<span class=\"_ _12c\"> </span>-49,922<span class=\"_ _3d\"> </span><span class=\"ls13 ws17\">-<span class=\"_ _2\"></span>371<span class=\"_ _0\"></span>,956<span class=\"_ _4f\"> </span><span class=\"ls44 ws47\">-3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>7</span></span>All a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in the V-G<span class=\"_ _0\"></span>o di<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>osa<span class=\"_ _0\"></span>l grou<span class=\"_ _0\"></span>p was d<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized as o<span class=\"_ _0\"></span>f May 29, 2022 w<span class=\"_ _0\"></span>ith the clo<span class=\"_ _0\"></span>sure of t<span class=\"_ _0\"></span>he as<span class=\"_ _0\"></span>set p<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Man<span class=\"_ _0\"></span>nK<span class=\"_ _0\"></span>ind<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt, n<span class=\"_ _0\"></span>o ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>re clas- sifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s he<span class=\"_ _0\"></span>ld for s<span class=\"_ _0\"></span>ale i<span class=\"_ _0\"></span>n rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to the di<span class=\"_ _0\"></span>scont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on as of D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>recog<span class=\"_ _0\"></span>nized a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd n<span class=\"_ _0\"></span>et imp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t on pro<span class=\"_ _0\"></span>fit a<span class=\"_ _0\"></span>nd los<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ives<span class=\"_ _0\"></span>tm<span class=\"_ _0\"></span>ent of V-G<span class=\"_ _0\"></span>o are p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted b<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ow:DKK thousand<span class=\"_ _17b\"> </span><span class=\"fc0\">May 29, 2022</span>Assets included in disposal groupIntangible assets<span class=\"_ _17c\"> </span>52,082Property<span class=\"_ _3\"></span>, plant and equipment<span class=\"_ _17d\"> </span>20,586Right-of-use assets<span class=\"_ _17e\"> </span>8,128Deposits and prepayments<span class=\"_ _17f\"> </span>1,871Inventories<span class=\"_ _180\"> </span>79<span class=\"_ _3\"></span>,872T<span class=\"_ _71\"></span>otal assets of disposal group<span class=\"_ _181\"> </span>162,539Liabilities directly associated with assets included in disposal groupLease liabilities<span class=\"_ _182\"> </span>8,837T<span class=\"_ _71\"></span>otal liabilities of disposal group<span class=\"_ _183\"> </span>8,837Net assets of disposal group<span class=\"_ _184\"> </span>153,702Consideration:Cash consideration<span class=\"_ _185\"> </span>111,553Purchase price adjustment<span class=\"_ _186\"> </span>-5,167Other financial assets<span class=\"_ _187\"> </span>6,573T<span class=\"_ _71\"></span>otal consideration<span class=\"_ _188\"> </span>112,959Loss on sale of disposal group<span class=\"ff2\"> - recognized as other operating items from discontinued </span>operations<span class=\"_ _189\"> </span>-40,<span class=\"_ _2\"></span>743As a part of the license and development agreement with Novo Nordisk A/S as described in note 2.1, finished goods with a value of DKK 21.3 was transfered as a part of the contract.2.<span class=\"_ _0\"></span>9 <span class=\"_ _171\"> </span>Earnings per share <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesBas<span class=\"_ _0\"></span>ic re<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>lt pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>reBasi<span class=\"_ _0\"></span>c resu<span class=\"_ _0\"></span>lt pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re is cal<span class=\"_ _0\"></span>culate<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>e net re<span class=\"_ _0\"></span>sult fo<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>vid<span class=\"_ _0\"></span>ed b<span class=\"_ _0\"></span>y the we<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ted ave<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>e num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ord<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, exclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sha<span class=\"_ _0\"></span>res h<span class=\"_ _0\"></span>eld by t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny<span class=\"_ _3\"></span>.Dil<span class=\"_ _0\"></span>ute<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>sult p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>eDi<span class=\"_ _0\"></span>luted re<span class=\"_ _0\"></span>sult p<span class=\"_ _0\"></span>er sh<span class=\"_ _0\"></span>are is c<span class=\"_ _0\"></span>alcul<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>s the n<span class=\"_ _0\"></span>et resu<span class=\"_ _0\"></span>lt for th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d, d<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e wei<span class=\"_ _0\"></span>ghte<span class=\"_ _0\"></span>d avera<span class=\"_ _0\"></span>ge num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ord<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, exclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e trea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>uste<span class=\"_ _0\"></span>d for th<span class=\"_ _0\"></span>e dil<span class=\"_ _0\"></span>utive ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t of sha<span class=\"_ _0\"></span>re eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Net re<span class=\"_ _0\"></span>sult us<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on of b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>c and d<span class=\"_ _0\"></span>ilute<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs/loss<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>er sh<span class=\"_ _0\"></span>are f<span class=\"_ _0\"></span>rom conti<span class=\"_ _0\"></span>nui<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _153\"> </span>-965<span class=\"_ _3\"></span>,610<span class=\"_ _38\"> </span><span class=\"lsb4 wsbb\">-7<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>8<span class=\"_ _38\"> </span><span class=\"ls18 ws1c\">-6<span class=\"_ _0\"></span>68,71<span class=\"_ _0\"></span>3</span></span>Net re<span class=\"_ _0\"></span>sult us<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on of b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>c and d<span class=\"_ _0\"></span>ilute<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs/loss<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>er sh<span class=\"_ _0\"></span>are f<span class=\"_ _0\"></span>rom di<span class=\"_ _0\"></span>sconti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _167\"> </span>-236,525<span class=\"_ _39\"> </span><span class=\"lsb3 wsba\">-26<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>1<span class=\"_ _4e\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>6</span></span>Net re<span class=\"_ _0\"></span>sult us<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>alcu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on of b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>c and d<span class=\"_ _0\"></span>ilute<span class=\"_ _0\"></span>d  ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs/lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s pe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>are<span class=\"_ _18a\"> </span>-1,202,135<span class=\"_ _14a\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>9<span class=\"_ _44\"> </span><span class=\"ls3f ws42\">-84<span class=\"_ _0\"></span>6,729</span></span>Weighte<span class=\"_ _0\"></span>d aver<span class=\"_ _0\"></span>age n<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ordi<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>y sha<span class=\"_ _0\"></span>res<span class=\"_ _57\"> </span>46,502,969<span class=\"_ _98\"> </span><span class=\"ls2b ws2e\">4<span class=\"_ _2\"></span>3,192,<span class=\"_ _0\"></span>383<span class=\"_ _18b\"> </span><span class=\"ls2c ws2f\">38,4<span class=\"_ _2\"></span>33,923</span></span>Weighte<span class=\"_ _0\"></span>d aver<span class=\"_ _0\"></span>age n<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of trea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>s<span class=\"_ _f\"> </span>-302,817<span class=\"_ _44\"> </span><span class=\"ls2b ws2e\">-<span class=\"_ _3\"></span>322,<span class=\"_ _3\"></span>988<span class=\"_ _46\"> </span>-<span class=\"_ _0\"></span>64,<span class=\"_ _0\"></span>223</span>Weighte<span class=\"_ _0\"></span>d aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of or<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d  in the cal<span class=\"_ _3\"></span>culation of<span class=\"_ _2\"></span> bas<span class=\"_ _0\"></span>ic/<span class=\"_ _2\"></span>diluted earnings per share<span class=\"_ _68\"> </span>46,200,152<span class=\"_ _18c\"> </span><span class=\"ls6c ws6f\">42<span class=\"_ _1\"></span>,8<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>9,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>5<span class=\"_ _16c\"> </span>38<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>69,<span class=\"_ _0\"></span>70<span class=\"_ _0\"></span>0</span>Ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs/(loss) p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re fro<span class=\"_ _0\"></span>m cont<span class=\"_ _0\"></span>inui<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons \u2013  basic/<span class=\"_ _2\"></span>diluted (DKK)<span class=\"_ _177\"> </span>-20.<span class=\"_ _3\"></span>90<span class=\"_ _52\"> </span><span class=\"lsb5 wsbc\">-1<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>1<span class=\"_ _52\"> </span>-1<span class=\"_ _1\"></span>7.<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>3</span>Ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs/(loss) p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re fro<span class=\"_ _0\"></span>m dis<span class=\"_ _0\"></span>cont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons \u2013 basic/<span class=\"_ _2\"></span>diluted (DKK)<span class=\"_ _18d\"> </span>-5.12<span class=\"_ _10\"> </span><span class=\"ls18 ws1c\">-<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.14<span class=\"_ _62\"> </span><span class=\"ls5c ws5f\">-<span class=\"_ _0\"></span>4.64</span></span>T<span class=\"_ _2\"></span>otal earnings<span class=\"_ _3\"></span>/<span class=\"_ _3\"></span>(loss)<span class=\"_ _2\"></span> p<span class=\"_ _0\"></span>er share \u2013 basic/<span class=\"_ _2\"></span>diluted<span class=\"_ _3\"></span> (DKK)<span class=\"_ _d1\"> </span>-26.02<span class=\"_ _10b\"> </span><span class=\"ls28 ws2b\">-23<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>5<span class=\"_ _da\"> </span>-2<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>.0<span class=\"_ _0\"></span>7</span>In th<span class=\"_ _0\"></span>e cal<span class=\"_ _0\"></span>culat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>iluted l<span class=\"_ _0\"></span>oss p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>hare fo<span class=\"_ _0\"></span>r 2022, 2<span class=\"_ _0\"></span>,19<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>503 p<span class=\"_ _0\"></span>otentia<span class=\"_ _0\"></span>l ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted to sha<span class=\"_ _0\"></span>re-ba<span class=\"_ _0\"></span>sed p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en exclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>ey are a<span class=\"_ _0\"></span>nti-d<span class=\"_ _0\"></span>iluti<span class=\"_ _0\"></span>ve (2,<span class=\"_ _0\"></span>20<span class=\"_ _0\"></span>9,04<span class=\"_ _0\"></span>4 for 202<span class=\"_ _0\"></span>1 an<span class=\"_ _0\"></span>d 2,019,<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>8 for 2020). 3<span class=\"_ _98\"> </span> O<span class=\"_ _0\"></span>p<span class=\"_ _1\"></span>erating<span class=\"_ _1\"></span> asset<span class=\"_ _0\"></span>s<span class=\"_ _1\"></span> and<span class=\"_ _1\"></span> liab<span class=\"_ _0\"></span>ilitie<span class=\"_ _0\"></span>s3.<span class=\"_ _0\"></span>1 <span class=\"_ _1f\"> </span>Intangible assetsAccoun<span class=\"_ _3\"></span>ting policiesResearc<span class=\"_ _3\"></span>h and<span class=\"_ _3\"></span> devel<span class=\"_ _3\"></span>opmentZealan<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y has n<span class=\"_ _0\"></span>ot recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, as the criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of an as<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>et as de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.Acquired licenses and rig<span class=\"_ _3\"></span>htsAcqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the n<span class=\"_ _0\"></span>et pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t valu<span class=\"_ _0\"></span>e of any fu<span class=\"_ _0\"></span>ture p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of a<span class=\"_ _0\"></span>ny futu<span class=\"_ _0\"></span>re pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized a<span class=\"_ _0\"></span>s a liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. Wh<span class=\"_ _0\"></span>en trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e cost to acqu<span class=\"_ _0\"></span>ire li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>s such s<span class=\"_ _0\"></span>ubse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>res are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>search &amp; De<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s if the<span class=\"_ _0\"></span>y do not s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on as a<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>t.AmortizationLice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e meth<span class=\"_ _0\"></span>od ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>fe whi<span class=\"_ _0\"></span>ch is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r use<span class=\"_ _0\"></span>. Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d ga<span class=\"_ _0\"></span>in or loss<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch &amp; De<span class=\"_ _0\"></span>vel- opme<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>.Impairme<span class=\"_ _0\"></span>ntIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le asse<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>ll rev<span class=\"_ _0\"></span>iew th<span class=\"_ _0\"></span>e int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>les fo<span class=\"_ _0\"></span>r imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble asse<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot rea<span class=\"_ _0\"></span>dy fo<span class=\"_ _0\"></span>r use are re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>wed fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l basi<span class=\"_ _0\"></span>s. Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and esti<span class=\"_ _3\"></span>matesAccord<span class=\"_ _0\"></span>ing to IA<span class=\"_ _0\"></span>S 38<span class=\"_ _0\"></span>, int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d be re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in t<span class=\"_ _0\"></span>he bal<span class=\"_ _0\"></span>ance sh<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he crite<span class=\"_ _0\"></span>ria th<span class=\"_ _0\"></span>at mu<span class=\"_ _0\"></span>st be m<span class=\"_ _0\"></span>et fo<span class=\"_ _0\"></span>r cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizati<span class=\"_ _0\"></span>on are t<span class=\"_ _0\"></span>hat:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct is cle<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y def<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifia<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble cos<span class=\"_ _0\"></span>ts c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>s- </span>ure<span class=\"_ _0\"></span>d reli<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ly du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d;\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">th<span class=\"_ _0\"></span>e techn<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>al fe<span class=\"_ _0\"></span>asib<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y, ade<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>te resou<span class=\"_ _0\"></span>rces to comp<span class=\"_ _0\"></span>lete an<span class=\"_ _0\"></span>d a mar<span class=\"_ _0\"></span>ket for th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct or a<span class=\"_ _0\"></span>n </span>inter<span class=\"_ _0\"></span>nal u<span class=\"_ _0\"></span>se of the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t can b<span class=\"_ _0\"></span>e do<span class=\"_ _0\"></span>cum<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d; and\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e intent to p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uce an<span class=\"_ _0\"></span>d mar<span class=\"_ _0\"></span>ket the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t or to use it i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>ally.</span>Such a<span class=\"_ _0\"></span>n inta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t sho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d if suf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cien<span class=\"_ _0\"></span>t cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y ca<span class=\"_ _0\"></span>n be d<span class=\"_ _0\"></span>ocum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ted tha<span class=\"_ _0\"></span>t the f<span class=\"_ _0\"></span>uture incom<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t wil<span class=\"_ _0\"></span>l excee<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate cost of pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sal<span class=\"_ _0\"></span>e and a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t.A deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct in<span class=\"_ _0\"></span>volve<span class=\"_ _0\"></span>s a sing<span class=\"_ _0\"></span>le pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ate und<span class=\"_ _0\"></span>erg<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng a hi<span class=\"_ _0\"></span>gh nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of te<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s to illus- trate it<span class=\"_ _0\"></span>s safe<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y prof<span class=\"_ _0\"></span>ile a<span class=\"_ _0\"></span>nd it<span class=\"_ _0\"></span>s ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct on h<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ans p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>r to obta<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>y fin<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>al of th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t fro<span class=\"_ _0\"></span>m the au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ritie<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ic b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efit a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d with th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ual d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing s<span class=\"_ _0\"></span>uch ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>. Consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant ri<span class=\"_ _0\"></span>sk an<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to the de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f bio<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s, m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt has co<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mic b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>t be es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>ith suf<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>ent ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>til th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>lized an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval of t<span class=\"_ _0\"></span>he pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en o<span class=\"_ _0\"></span>btai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>ccordi<span class=\"_ _0\"></span>ngl<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, Zealan<span class=\"_ _0\"></span>d has n<span class=\"_ _0\"></span>ot re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized such a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>is tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>re- fore al<span class=\"_ _0\"></span>l rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt cost<span class=\"_ _0\"></span>s are r<span class=\"_ _0\"></span>ecog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wh<span class=\"_ _0\"></span>en in<span class=\"_ _0\"></span>curr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2022<span class=\"_ _c2\"> </span>2,530<span class=\"_ _10b\"> </span>13,<span class=\"_ _2\"></span>692<span class=\"_ _10b\"> </span>65,613Disposals<span class=\"_ _db\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _12d\"> </span>0<span class=\"_ _48\"> </span>-13,692<span class=\"_ _25\"> </span>-69,<span class=\"_ _71\"></span>443Currency translation <span class=\"_ _190\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10\"> </span>3,830Cost at December 31, 2022<span class=\"_ _c2\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization and impairment at January 1, 2022<span class=\"_ _191\"> </span>0<span class=\"_ _2f\"> </span>13,692<span class=\"_ _10b\"> </span>14,353Impairment for the year<span class=\"_ _192\"> </span>2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization for the year<span class=\"_ _162\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _65\"> </span>2,057Disposals<span class=\"_ _db\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _12d\"> </span>0<span class=\"_ _48\"> </span>-13,692<span class=\"_ _5c\"> </span>-17<span class=\"_ _71\"></span>,361Currency translation<span class=\"_ _107\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _61\"> </span>951Amortization and impairment at December 31, 2022<span class=\"_ _1a\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _3c\"> </span>0Carrying amount at December 31, 2022<span class=\"_ _193\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization and impairment for the financial year has been charged as:Research and development expenses<span class=\"_ _194\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Discontinued operations<span class=\"_ _f3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>-2,057T<span class=\"_ _71\"></span>otal<span class=\"_ _195\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>-2,057A<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>sted u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er In<span class=\"_ _0\"></span>telle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d Phy<span class=\"_ _0\"></span>sici<span class=\"_ _0\"></span>an rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hip we<span class=\"_ _0\"></span>re all d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of as a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e V-GO dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>. Plea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to note 2.<span class=\"_ _0\"></span>8 for f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r info<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>.Lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s at Jan<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 1, 202<span class=\"_ _0\"></span>2, com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to the le<span class=\"_ _0\"></span>ad p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>did<span class=\"_ _0\"></span>ate acqu<span class=\"_ _0\"></span>ired w<span class=\"_ _0\"></span>ith En<span class=\"_ _0\"></span>cycle T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>cs in O<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tobe<span class=\"_ _0\"></span>r 2019. Du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g 2022 th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>m wit<span class=\"_ _0\"></span>h the lea<span class=\"_ _0\"></span>d can<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>date was a<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d it wa<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>cide<span class=\"_ _0\"></span>d to move o<span class=\"_ _0\"></span>n with a<span class=\"_ _0\"></span>noth<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>date fro<span class=\"_ _0\"></span>m the sam<span class=\"_ _0\"></span>e pate<span class=\"_ _0\"></span>nt ins<span class=\"_ _0\"></span>tead<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt the re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>as im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>nd di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2021<span class=\"_ _122\"> </span>2,530<span class=\"_ _10b\"> </span>13,692<span class=\"_ _35\"> </span>60,576Additions<span class=\"_ _196\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Currency translation <span class=\"_ _190\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _4a\"> </span>5,037Cost at December 31, 2021<span class=\"_ _c1\"> </span>2,530<span class=\"_ _103\"> </span>13,692<span class=\"_ _35\"> </span>65,613Amortization and impairment at January 1, 2021<span class=\"_ _14\"> </span>0<span class=\"_ _2f\"> </span>13,<span class=\"_ _3\"></span>692<span class=\"_ _2c\"> </span>5<span class=\"_ _3\"></span>,621Amortization for the year<span class=\"_ _162\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _2b\"> </span>7<span class=\"_ _71\"></span>,859Currency translation<span class=\"_ _107\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _67\"> </span>873Amortization and impairment at December 31, 2021<span class=\"_ _197\"> </span>0<span class=\"_ _103\"> </span>13,692<span class=\"_ _103\"> </span>14,353Carrying amount at December 31, 2021<span class=\"_ _198\"> </span>2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _35\"> </span>51,260Amortization for the financial year has been charged as:Discontinued operations<span class=\"_ _f3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _55\"> </span>-7<span class=\"_ _2\"></span>,859T<span class=\"_ _71\"></span>otal<span class=\"_ _199\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>-7<span class=\"_ _2\"></span>,859Remaining amortization period<span class=\"_ _19a\"> </span>-<span class=\"_ _14b\"> </span>-<span class=\"_ _110\"> </span>6.25 years3.2 <span class=\"_ _147\"> </span>Property, plan<span class=\"_ _2\"></span>t and equipment <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesProp<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, plant a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ipm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t is mai<span class=\"_ _0\"></span>nly co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>d of pl<span class=\"_ _0\"></span>ant a<span class=\"_ _0\"></span>nd ma<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>ner<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r fix<span class=\"_ _0\"></span>tu<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d fit<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ngs<span class=\"_ _0\"></span>, lease<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld im<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d asse<span class=\"_ _0\"></span>ts u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er con<span class=\"_ _0\"></span>stru<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red at cos<span class=\"_ _0\"></span>t les<span class=\"_ _0\"></span>s accum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ated dep<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>ciatio<span class=\"_ _0\"></span>n. a<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>y imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e cost is com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce and cos<span class=\"_ _0\"></span>ts d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctly re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to the a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n unti<span class=\"_ _0\"></span>l the a<span class=\"_ _0\"></span>sset is rea<span class=\"_ _0\"></span>dy for u<span class=\"_ _0\"></span>se. Cos<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct cost<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>s to sub<span class=\"_ _0\"></span>contra<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.DepreciaionDe<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on is c<span class=\"_ _0\"></span>alcul<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>n a str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _3\"></span>-lin<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s to allo<span class=\"_ _0\"></span>cate the cos<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, ne<span class=\"_ _0\"></span>t of any re<span class=\"_ _0\"></span>sidu<span class=\"_ _0\"></span>al valu<span class=\"_ _0\"></span>e, ove<span class=\"_ _0\"></span>r the e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich are as fo<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>ws:Lease<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>ld im<span class=\"_ _0\"></span>prove<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts 5<span class=\"_ _0\"></span>-<span class=\"_ _3\"></span>13 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s, b<span class=\"_ _0\"></span>ut ne<span class=\"_ _0\"></span>ver lo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e lease te<span class=\"_ _0\"></span>rm  Plant and<span class=\"_ _3\"></span> machinery 5-<span class=\"_ _3\"></span>10<span class=\"_ _2\"></span> years<span class=\"ls2 ws2\"> </span>Oth<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ix<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>s and f<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>gs 3-5 yea<span class=\"_ _0\"></span>rsTh<span class=\"_ _0\"></span>e usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>ves an<span class=\"_ _0\"></span>d resi<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>s are rev<span class=\"_ _0\"></span>iewe<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>ted if a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate on a ye<span class=\"_ _0\"></span>arly b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets under const<span class=\"_ _2\"></span>ruc<span class=\"_ _0\"></span>tion ar<span class=\"_ _3\"></span>e not<span class=\"_ _3\"></span> depreciat<span class=\"_ _2\"></span>ed.ImpairmentIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f prop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y, pla<span class=\"_ _0\"></span>nt and e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt may no<span class=\"_ _0\"></span>t be re<span class=\"_ _0\"></span>covera<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>ws th<span class=\"_ _0\"></span>at asse<span class=\"_ _0\"></span>t for im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e revi<span class=\"_ _0\"></span>ew is th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>e gre<span class=\"_ _0\"></span>ater of th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>s cost to se<span class=\"_ _0\"></span>ll or it<span class=\"_ _0\"></span>s va<span class=\"_ _0\"></span>lue i<span class=\"_ _0\"></span>n use<span class=\"_ _0\"></span>. Value in us<span class=\"_ _0\"></span>e is cal<span class=\"_ _0\"></span>culate<span class=\"_ _0\"></span>d as th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e cash inf<span class=\"_ _0\"></span>low or s<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>ngs g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ted fro<span class=\"_ _0\"></span>m the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>.If the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt is g<span class=\"_ _0\"></span>reate<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>cover<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t is writ<span class=\"_ _0\"></span>ten d<span class=\"_ _0\"></span>own to th<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt. A<span class=\"_ _0\"></span>n imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>s is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t  is identifie<span class=\"_ _0\"></span>d.Other Leasehold Assets Plant and fixtures and improve-under con-DKK thousandmachineryfittingsmentsstructionCost at January 1, 2022<span class=\"_ _a\"> </span>90<span class=\"_ _3\"></span>,797<span class=\"_ _10b\"> </span>15,<span class=\"_ _3\"></span>835<span class=\"_ _34\"> </span>36,600<span class=\"_ _52\"> </span>12,112T<span class=\"_ _71\"></span>ransfer<span class=\"_ _19b\"> </span>268<span class=\"_ _4a\"> </span>1,644<span class=\"_ _2b\"> </span>2,915<span class=\"_ _2f\"> </span>-4,827Additions<span class=\"_ _122\"> </span>2,985<span class=\"_ _3b\"> </span>73<span class=\"_ _11b\"> </span>293<span class=\"_ _62\"> </span>6,<span class=\"_ _3\"></span>089Disposals<span class=\"_ _152\"> </span>-1,<span class=\"_ _2\"></span>433<span class=\"_ _5\"> </span>-905<span class=\"_ _40\"> </span>0<span class=\"_ _2e\"> </span>-10,<span class=\"_ _2\"></span>092T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _2c\"> </span>-25<span class=\"_ _3\"></span>,790<span class=\"_ _15c\"> </span>-763<span class=\"_ _30\"> </span>-1,801<span class=\"_ _da\"> </span>-2,563Currency translation<span class=\"_ _c5\"> </span>1<span class=\"_ _19c\"> </span>113<span class=\"_ _68\"> </span>186<span class=\"_ _19c\"> </span>151Cost at December 31, 2022<span class=\"_ _6b\"> </span>66,828<span class=\"_ _32\"> </span>15,997<span class=\"_ _35\"> </span>38,193<span class=\"_ _41\"> </span>870Accumulated depreciation at January 1, 2022<span class=\"_ _94\"> </span>54,216<span class=\"_ _62\"> </span>9,240<span class=\"_ _65\"> </span>5,<span class=\"_ _2\"></span>434<span class=\"_ _3c\"> </span>0Depreciation for the year<span class=\"_ _f1\"> </span>7<span class=\"_ _2\"></span>,903<span class=\"_ _2b\"> </span>3,145<span class=\"_ _2c\"> </span>3<span class=\"_ _2\"></span>,187<span class=\"_ _40\"> </span>0Impairment<span class=\"_ _192\"> </span><span class=\"ls9e wsa1\">74<span class=\"_ _0\"></span>2<span class=\"_ _90\"> </span></span>71<span class=\"_ _40\"> </span>0<span class=\"_ _32\"> </span>10,092Disposals<span class=\"_ _152\"> </span>-1,<span class=\"_ _2\"></span>433<span class=\"_ _5\"> </span>-905<span class=\"_ _40\"> </span>0<span class=\"_ _2e\"> </span>-10,<span class=\"_ _2\"></span>092T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _8a\"> </span>-9,<span class=\"_ _2\"></span>090<span class=\"_ _8d\"> </span>-357<span class=\"_ _5\"> </span>-884<span class=\"_ _3c\"> </span>0Currency translation<span class=\"_ _c5\"> </span>1<span class=\"_ _91\"> </span>39<span class=\"_ _19d\"> </span>51<span class=\"_ _3c\"> </span>0Accumulated depreciation and impairment at December 31, 2022<span class=\"_ _19e\"> </span>52,339<span class=\"_ _2f\"> </span>11,233<span class=\"_ _65\"> </span>7<span class=\"_ _2\"></span>,788<span class=\"_ _3c\"> </span>0Carrying amount at December 31, 2022<span class=\"_ _1b\"> </span>14,489<span class=\"_ _14c\"> </span>4,764<span class=\"_ _5c\"> </span>30,405<span class=\"_ _64\"> </span>870Depreciation for the financial year has been charged as:Research and development expenses<span class=\"_ _81\"> </span>-6,214<span class=\"_ _30\"> </span>-2,315<span class=\"_ _30\"> </span>-2,417<span class=\"_ _3c\"> </span>0Selling and marketing expenses<span class=\"_ _36\"> </span>0<span class=\"_ _61\"> </span>-23<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0General and administrative expenses<span class=\"_ _5e\"> </span>0<span class=\"_ _158\"> </span>-779<span class=\"_ _158\"> </span>-770<span class=\"_ _3c\"> </span>0Other operating items<span class=\"_ _19f\"> </span>-742<span class=\"_ _19c\"> </span>-71<span class=\"_ _3c\"> </span>0<span class=\"_ _15e\"> </span>-362Discontinued operations<span class=\"_ _2d\"> </span>-1,689<span class=\"_ _68\"> </span>-28<span class=\"_ _40\"> </span>0<span class=\"_ _10b\"> </span>-9<span class=\"_ _2\"></span>,730T<span class=\"_ _71\"></span>otal<span class=\"_ _f3\"> </span>-8,645<span class=\"_ _2f\"> </span>-3,216<span class=\"_ _55\"> </span>-3,187<span class=\"_ _29\"> </span>-10,092Imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r cons<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n rel<span class=\"_ _0\"></span>ates to pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent fo<span class=\"_ _0\"></span>r Zega<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gue w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch is no<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted<span class=\"_ _0\"></span> to be us<span class=\"_ _0\"></span>ed by th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>pany. Th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>t is reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ized as oth<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>tems f<span class=\"_ _0\"></span>rom di<span class=\"_ _0\"></span>scont<span class=\"_ _0\"></span>inu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s.Other Leasehold Assets Plant and fixtures and improve-under con-DKK thousandmachineryfittingsmentsstructionCost at January 1, 2021<span class=\"_ _1a0\"> </span>85,898<span class=\"_ _10b\"> </span>15,279<span class=\"_ _32\"> </span>34,104<span class=\"_ _65\"> </span>3,<span class=\"_ _2\"></span>023T<span class=\"_ _71\"></span>ransfer<span class=\"_ _19b\"> </span>949<span class=\"_ _64\"> </span>664<span class=\"_ _40\"> </span>0<span class=\"_ _52\"> </span>-1,<span class=\"_ _2\"></span>613Addition from business combinationsAdditions<span class=\"_ _fc\"> </span>7<span class=\"_ _2\"></span>,118<span class=\"_ _2b\"> </span>1,<span class=\"_ _71\"></span>444<span class=\"_ _65\"> </span>2,<span class=\"_ _2\"></span>449<span class=\"_ _52\"> </span>11,122Disposals<span class=\"_ _1a1\"> </span>-3,169<span class=\"_ _10b\"> </span>-1,630<span class=\"_ _67\"> </span>-84<span class=\"_ _15c\"> </span>-419Currency translation<span class=\"_ _c5\"> </span>1<span class=\"_ _1a2\"> </span>78<span class=\"_ _19c\"> </span>131<span class=\"_ _90\"> </span>-1Cost at December 31, 2021<span class=\"_ _e4\"> </span>90<span class=\"_ _3\"></span>,797<span class=\"_ _103\"> </span>15,835<span class=\"_ _5c\"> </span>36,600<span class=\"_ _10b\"> </span>12,112Accumulated depreciation at January 1, 2021<span class=\"_ _94\"> </span>43,987<span class=\"_ _10\"> </span>6,942<span class=\"_ _65\"> </span>2,335<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>ransfer<span class=\"_ _1a3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0Depreciation for the year<span class=\"_ _1a4\"> </span>11,558<span class=\"_ _2c\"> </span>3<span class=\"_ _2\"></span>,<span class=\"_ _3\"></span>461<span class=\"_ _2b\"> </span>3,128<span class=\"_ _3c\"> </span>0Disposals<span class=\"_ _135\"> </span>-1,330<span class=\"_ _55\"> </span>-1,203<span class=\"_ _69\"> </span>-73<span class=\"_ _3c\"> </span>0Currency translation<span class=\"_ _c5\"> </span>1<span class=\"_ _1a5\"> </span>40<span class=\"_ _1a5\"> </span>44<span class=\"_ _40\"> </span>0Accumulated depreciation and impairment at December 31, 2021<span class=\"_ _1a6\"> </span>54,216<span class=\"_ _51\"> </span>9,240<span class=\"_ _51\"> </span>5,434<span class=\"_ _3c\"> </span>0Carrying amount at December 31, 2021<span class=\"_ _16\"> </span>36,581<span class=\"_ _62\"> </span>6,595<span class=\"_ _32\"> </span>31,166<span class=\"_ _55\"> </span>12,112Depreciation for the financial year has been charged as:Research and development expenses<span class=\"_ _1a7\"> </span>-3,<span class=\"_ _2\"></span>621<span class=\"_ _da\"> </span>-2,568<span class=\"_ _52\"> </span>-2,<span class=\"_ _2\"></span>715<span class=\"_ _40\"> </span>0Selling and marketing expenses<span class=\"_ _36\"> </span>0<span class=\"_ _61\"> </span>-92<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0General and administrative expenses<span class=\"_ _12\"> </span>-786<span class=\"_ _128\"> </span>-680<span class=\"_ _8d\"> </span>-413<span class=\"_ _3c\"> </span>0Discontinued operations<span class=\"_ _f1\"> </span>-7<span class=\"_ _71\"></span>,151<span class=\"_ _15d\"> </span>-121<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>otal<span class=\"_ _1a8\"> </span>-11,558<span class=\"_ _2f\"> </span>-3,461<span class=\"_ _2f\"> </span>-3,128<span class=\"_ _3c\"> </span>03.<span class=\"_ _0\"></span>3 <span class=\"_ _1f\"> </span>Right-<span class=\"_ _0\"></span>of-u<span class=\"_ _0\"></span>se ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>nd le<span class=\"_ _0\"></span>ase li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>ies <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesZealan<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s if an ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is a le<span class=\"_ _0\"></span>ase at in<span class=\"_ _0\"></span>cepti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Zeala<span class=\"_ _0\"></span>nd le<span class=\"_ _0\"></span>ases co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>ise va<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>us pro<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>-ties a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>. Re<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>al contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>lly ma<span class=\"_ _0\"></span>de fo<span class=\"_ _0\"></span>r fixe<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. Lea<span class=\"_ _0\"></span>se term<span class=\"_ _0\"></span>s are ne<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>tiated o<span class=\"_ _0\"></span>n an ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>asis an<span class=\"_ _0\"></span>d cont<span class=\"_ _0\"></span>ain a w<span class=\"_ _0\"></span>ide r<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge of d<span class=\"_ _0\"></span>iff<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>nt term<span class=\"_ _0\"></span>s and co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. All l<span class=\"_ _0\"></span>ease<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et as a r<span class=\"_ _0\"></span>ight-of<span class=\"_ _3\"></span>-use (<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span>ROU<span class=\"_ _0\"></span>\"<span class=\"_ _0\"></span>) as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>ith a corre<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g lease liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, e<span class=\"_ _0\"></span>xcept for s<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>t te<span class=\"_ _0\"></span>rm as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s in wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e term is 1<span class=\"_ _0\"></span>2 mo<span class=\"_ _0\"></span>nths o<span class=\"_ _0\"></span>r les<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, or low v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.ROU a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>pres<span class=\"_ _0\"></span>ent Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s righ<span class=\"_ _0\"></span>t to use an u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>rly<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g asse<span class=\"_ _0\"></span>t for th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e term a<span class=\"_ _0\"></span>nd le<span class=\"_ _0\"></span>ase lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to make le<span class=\"_ _0\"></span>ase pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e leas<span class=\"_ _0\"></span>e. Lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>rom a le<span class=\"_ _0\"></span>ase are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d on a p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt val<span class=\"_ _0\"></span>ue ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>. Lease l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt val<span class=\"_ _0\"></span>ue of f<span class=\"_ _0\"></span>ixed p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, les<span class=\"_ _0\"></span>s any le<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s le<span class=\"_ _0\"></span>ases d<span class=\"_ _0\"></span>o not p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>e an imp<span class=\"_ _0\"></span>lici<span class=\"_ _0\"></span>t intere<span class=\"_ _0\"></span>st rate<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd use<span class=\"_ _0\"></span>s an i<span class=\"_ _0\"></span>ncrem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tal b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>g rate ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>nfor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>t the com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ncem<span class=\"_ _0\"></span>ent d<span class=\"_ _0\"></span>ate of the l<span class=\"_ _0\"></span>ease i<span class=\"_ _0\"></span>n dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of l<span class=\"_ _0\"></span>ease p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Lease te<span class=\"_ _0\"></span>rms utilize<span class=\"_ _0\"></span>d by Zeala<span class=\"_ _0\"></span>nd may i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns to ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>d or term<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ate the le<span class=\"_ _0\"></span>ase wh<span class=\"_ _0\"></span>en it i<span class=\"_ _0\"></span>s reaso<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bly ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n that Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d wil<span class=\"_ _0\"></span>l exercis<span class=\"_ _0\"></span>e that o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n. I<span class=\"_ _0\"></span>n dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g the l<span class=\"_ _0\"></span>ease te<span class=\"_ _0\"></span>rm, m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs a<span class=\"_ _0\"></span>ll fa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s and ci<span class=\"_ _0\"></span>rcums<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces th<span class=\"_ _0\"></span>at create an e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>c ince<span class=\"_ _0\"></span>ntive to exe<span class=\"_ _0\"></span>rcise a<span class=\"_ _0\"></span>n ex<span class=\"_ _0\"></span>tensi<span class=\"_ _0\"></span>on op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n, or n<span class=\"_ _0\"></span>ot exe<span class=\"_ _0\"></span>rcise a term<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n. E<span class=\"_ _0\"></span>x<span class=\"_ _0\"></span>tensi<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>ns (or p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s af<span class=\"_ _0\"></span>ter ter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n opti<span class=\"_ _0\"></span>ons) ar<span class=\"_ _0\"></span>e onl<span class=\"_ _0\"></span>y inclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e lease te<span class=\"_ _0\"></span>rm if th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se is rea<span class=\"_ _0\"></span>sona<span class=\"_ _0\"></span>bly ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n to be ex<span class=\"_ _0\"></span>ten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d (or no<span class=\"_ _0\"></span>t term<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d). Interes<span class=\"_ _0\"></span>t exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to the lea<span class=\"_ _0\"></span>se lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y are cl<span class=\"_ _0\"></span>assif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d in f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l item<span class=\"_ _0\"></span>s.ROU a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s are m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>itial m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of lea<span class=\"_ _0\"></span>se lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y, any le<span class=\"_ _0\"></span>ase pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e at or b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ncem<span class=\"_ _0\"></span>ent d<span class=\"_ _0\"></span>ate les<span class=\"_ _0\"></span>s any le<span class=\"_ _0\"></span>ase in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ves re<span class=\"_ _0\"></span>ceive<span class=\"_ _0\"></span>d, a<span class=\"_ _0\"></span>ny init<span class=\"_ _0\"></span>ial d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ct cost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d restor<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s. R<span class=\"_ _0\"></span>OU as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s are d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>reci<span class=\"_ _0\"></span>ated ove<span class=\"_ _0\"></span>r the sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>te<span class=\"_ _0\"></span>r of the a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s usef<span class=\"_ _0\"></span>ul life a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se term o<span class=\"_ _0\"></span>n a str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _3\"></span>-lin<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s over th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>se term<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e RO<span class=\"_ _0\"></span>U ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re al<span class=\"_ _0\"></span>so subj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to imp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>. Re<span class=\"_ _0\"></span>fer to accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g po<span class=\"_ _0\"></span>lici<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>ote 3.<span class=\"_ _1\"></span>2.Paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s as<span class=\"_ _0\"></span>soci<span class=\"_ _0\"></span>ated wit<span class=\"_ _0\"></span>h sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-ter<span class=\"_ _0\"></span>m leas<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>ses of lo<span class=\"_ _0\"></span>w-valu<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized o<span class=\"_ _0\"></span>n a str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _3\"></span>- lin<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s as an ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. Sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-<span class=\"_ _3\"></span>term le<span class=\"_ _0\"></span>ases a<span class=\"_ _0\"></span>re lea<span class=\"_ _0\"></span>ses wi<span class=\"_ _0\"></span>th a lea<span class=\"_ _0\"></span>se term of 1<span class=\"_ _0\"></span>2 mon<span class=\"_ _0\"></span>ths or l<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>w-valu<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise IT e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt and s<span class=\"_ _0\"></span>mal<span class=\"_ _0\"></span>l items of o<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>ice fu<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>iture<span class=\"_ _0\"></span>.Amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nTh<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on sh<span class=\"_ _0\"></span>ows th<span class=\"_ _0\"></span>e fol<span class=\"_ _0\"></span>lowi<span class=\"_ _0\"></span>ng am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to right-of<span class=\"_ _2\"></span>-u<span class=\"_ _0\"></span>se as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2022<span class=\"_ _1a9\"> </span>133,371<span class=\"_ _2b\"> </span>1,623Additions<span class=\"_ _1aa\"> </span>0<span class=\"_ _68\"> </span>736Depreciation expense<span class=\"_ _173\"> </span>-13,<span class=\"_ _3\"></span>710<span class=\"_ _158\"> </span>-778T<span class=\"_ _71\"></span>ransfer to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _c5\"> </span>-8,128<span class=\"_ _3c\"> </span>0Currency translation<span class=\"_ _1ab\"> </span>1,846<span class=\"_ _3c\"> </span>0As at December 31, 2022<span class=\"_ _102\"> </span>113,379<span class=\"_ _4a\"> </span>1,581As at January 1, 2021<span class=\"_ _1a9\"> </span>126,<span class=\"_ _3\"></span>821<span class=\"_ _15e\"> </span>1,177Additions<span class=\"_ _1ac\"> </span>18,<span class=\"_ _2\"></span>677<span class=\"_ _5\"> </span>1,512Depreciation expense<span class=\"_ _ff\"> </span>-13,177<span class=\"_ _2f\"> </span>-1,066Currency translation<span class=\"_ _1ab\"> </span>1,050<span class=\"_ _3c\"> </span>0As at December 31, 2021<span class=\"_ _15f\"> </span>133,371<span class=\"_ _65\"> </span>1,623Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up le<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s of<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ce bui<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, eq<span class=\"_ _0\"></span>uip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d vehi<span class=\"_ _0\"></span>cles<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>l contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t for th<span class=\"_ _0\"></span>e HQ of<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ice bui<span class=\"_ _0\"></span>ldin<span class=\"_ _0\"></span>g ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e for a mi<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>um p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od of 1<span class=\"_ _0\"></span>3 ye<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>s (termin<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le by the l<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>dlo<span class=\"_ _0\"></span>rd af<span class=\"_ _0\"></span>ter 1<span class=\"_ _0\"></span>5 yea<span class=\"_ _0\"></span>rs). Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d the l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d to be 1<span class=\"_ _0\"></span>3 yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>l contra<span class=\"_ _0\"></span>ct fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e US of<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>ce site has be<span class=\"_ _0\"></span>en m<span class=\"_ _0\"></span>ade fo<span class=\"_ _0\"></span>r a mi<span class=\"_ _0\"></span>nim<span class=\"_ _0\"></span>um pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od of 16 yea<span class=\"_ _0\"></span>rs w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e op<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tun<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to sub<span class=\"_ _0\"></span>leas<span class=\"_ _0\"></span>e. Equ<span class=\"_ _0\"></span>ipm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nd ve<span class=\"_ _0\"></span>hic<span class=\"_ _0\"></span>les are lea<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d over a p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od of 3<span class=\"_ _0\"></span>-4 ye<span class=\"_ _0\"></span>ars w<span class=\"_ _0\"></span>ith n<span class=\"_ _0\"></span>o ex<span class=\"_ _0\"></span>tensi<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n.Set o<span class=\"_ _0\"></span>ut be<span class=\"_ _0\"></span>low are t<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s of le<span class=\"_ _0\"></span>ase l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he mov<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d:DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021A<span class=\"_ _0\"></span>s at Jan<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 1<span class=\"_ _117\"> </span>139,523<span class=\"_ _2e\"> </span><span class=\"ls8e ws93\">1<span class=\"_ _0\"></span>30,<span class=\"_ _0\"></span>11<span class=\"_ _0\"></span>9</span>Additions<span class=\"_ _1ae\"> </span><span class=\"ls2 ws2\">992<span class=\"_ _103\"> </span><span class=\"ls9 wsa\">20,18<span class=\"_ _0\"></span>9</span></span>Accretio<span class=\"_ _0\"></span>n of intere<span class=\"_ _0\"></span>st<span class=\"_ _1af\"> </span>3,286<span class=\"_ _10\"> </span><span class=\"ls3e ws41\">2,953</span>Paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _1b0\"> </span><span class=\"ls2 ws2\">-13,<span class=\"_ _3\"></span>719<span class=\"_ _88\"> </span><span class=\"lsb2 wsb9\">-14<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>5</span></span>T<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>r to V-GO dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>roup (<span class=\"_ _0\"></span>Note 2.<span class=\"_ _0\"></span>8)<span class=\"_ _12e\"> </span><span class=\"ls18 ws1c\">-<span class=\"_ _0\"></span>8,836<span class=\"_ _40\"> </span></span>0Currency translation<span class=\"_ _1af\"> </span><span class=\"ls2 ws2\">1,<span class=\"_ _2\"></span>483<span class=\"_ _68\"> </span><span class=\"ls6c ws6f\">97<span class=\"_ _1\"></span>7</span></span>As a<span class=\"_ _0\"></span>t De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31<span class=\"_ _1b1\"> </span>122,729<span class=\"_ _46\"> </span><span class=\"lsaf ws1f\">1<span class=\"_ _0\"></span>39,52<span class=\"_ _0\"></span>3</span>Current<span class=\"_ _1b2\"> </span><span class=\"ls32 ws34\">14,729<span class=\"_ _2f\"> </span><span class=\"ls6c ws6f\">14<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>97</span></span>Non-c<span class=\"_ _3\"></span>urren<span class=\"_ _3\"></span>t<span class=\"_ _1b3\"> </span><span class=\"ls2 ws2\">108,<span class=\"_ _3\"></span>000<span class=\"_ _20\"> </span><span class=\"ls44 ws47\">1<span class=\"_ _1\"></span>24,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>6</span></span>Th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g are th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent:Depreciation expense o<span class=\"_ _3\"></span>f right<span class=\"_ _2\"></span>-of<span class=\"_ _2\"></span>-use assets<span class=\"_ _1b4\"> </span><span class=\"ls2 ws2\">-14<span class=\"_ _2\"></span>,488<span class=\"_ _48\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>,<span class=\"_ _79\"></span>243</span></span>Interest<span class=\"_ _3\"></span> expense on lease liabilities<span class=\"_ _1b5\"> </span><span class=\"ls2 ws2\">-3,286<span class=\"_ _2f\"> </span><span class=\"ls3e ws41\">-<span class=\"_ _2\"></span>2<span class=\"_ _0\"></span>,953</span></span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>t reco<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ized in p<span class=\"_ _0\"></span>rof<span class=\"_ _0\"></span>it an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>s<span class=\"_ _13a\"> </span>-17<span class=\"_ _2\"></span>,774<span class=\"_ _48\"> </span><span class=\"lsb6 wsbd\">-<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>6</span>Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ow<span class=\"_ _17f\"> </span>-13<span class=\"_ _3\"></span>,825<span class=\"_ _10d\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>5</span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l ca<span class=\"_ _0\"></span>sh o<span class=\"_ _0\"></span>utf<span class=\"_ _0\"></span>low for l<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>es<span class=\"_ _1b6\"> </span>-13,825<span class=\"_ _48\"> </span>-<span class=\"_ _2\"></span>14,7<span class=\"_ _0\"></span>15De<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on for t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l year h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n cha<span class=\"_ _0\"></span>rge<span class=\"_ _0\"></span>d as:Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s<span class=\"_ _1b7\"> </span>-10,375<span class=\"_ _10d\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>2</span>General and administra<span class=\"_ _3\"></span>tive e<span class=\"_ _3\"></span>xpenses<span class=\"_ _1b8\"> </span><span class=\"ls2 ws2\">-4,113<span class=\"_ _30\"> </span><span class=\"lsba wsc1\">-<span class=\"_ _3\"></span>2,5<span class=\"_ _2\"></span>11</span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1b9\"> </span><span class=\"ls2 ws2\">-14,<span class=\"_ _3\"></span>488<span class=\"_ _20\"> </span><span class=\"lsbc wsc3\">-1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>24<span class=\"_ _0\"></span>3</span></span>3.4 <span class=\"_ _171\"> </span>Other inv<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>stments <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesOther invest<span class=\"_ _3\"></span>ments are meas<span class=\"_ _3\"></span>ured at fai<span class=\"_ _3\"></span>r value on<span class=\"_ _3\"></span> initial<span class=\"_ _3\"></span> recognit<span class=\"_ _3\"></span>ion and subs<span class=\"_ _3\"></span>equently<span class=\"_ _2\"></span>. Changes in<span class=\"_ _3\"></span> fair valu<span class=\"_ _0\"></span>e are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t und<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al item<span class=\"_ _0\"></span>s.Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s oth<span class=\"_ _0\"></span>er inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>t of an i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt in B<span class=\"_ _0\"></span>eta B<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>., th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>er of i<span class=\"_ _0\"></span>Let\u2122, a ful<span class=\"_ _0\"></span>ly integ<span class=\"_ _0\"></span>rated d<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l-horm<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>e pum<span class=\"_ _0\"></span>p (bi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>c pa<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>s) for auton<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s dia<span class=\"_ _0\"></span>betes c<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent in Bet<span class=\"_ _0\"></span>a Bi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>. is me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e thro<span class=\"_ _0\"></span>ugh p<span class=\"_ _0\"></span>rofit a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t repre<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nts 1<span class=\"_ _1\"></span>.5 % (2021 :1<span class=\"_ _0\"></span>.6%) ow<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>hip of B<span class=\"_ _0\"></span>eta B<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, Inc<span class=\"_ _0\"></span>., a<span class=\"_ _0\"></span>nd is m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at a fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of D<span class=\"_ _0\"></span>KK 30.9 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on as of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 (<span class=\"_ _0\"></span>DKK 26<span class=\"_ _0\"></span>.9 mill<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 202<span class=\"_ _0\"></span>1).Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re pr<span class=\"_ _0\"></span>ice deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the m<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>t recent s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>re cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l is<span class=\"_ _0\"></span>sua<span class=\"_ _0\"></span>nces by B<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>a Bio<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, adj<span class=\"_ _0\"></span>uste<span class=\"_ _0\"></span>d for va<span class=\"_ _0\"></span>lue i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n po<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>ator of th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of t<span class=\"_ _0\"></span>he sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s. I<span class=\"_ _0\"></span>n par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icul<span class=\"_ _0\"></span>ar, Beta Bio<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>cs clo<span class=\"_ _0\"></span>sed a s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ies C f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>ng in Fe<span class=\"_ _0\"></span>br<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y, 2022, whi<span class=\"_ _0\"></span>ch is us<span class=\"_ _0\"></span>ed as t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>asis fo<span class=\"_ _0\"></span>r dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g fai<span class=\"_ _0\"></span>r value.Th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d as fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l items:DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Oth<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nvest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s at Jan<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 1<span class=\"_ _1ba\"> </span>26,907<span class=\"_ _35\"> </span><span class=\"ls18 ws1c\">32,<span class=\"_ _0\"></span>333</span>F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _10e\"> </span>4,<span class=\"_ _2\"></span>036<span class=\"_ _da\"> </span><span class=\"ls39 ws3b\">-5,<span class=\"_ _0\"></span>426</span>Other i<span class=\"_ _3\"></span>nvest<span class=\"_ _3\"></span>ments a<span class=\"_ _2\"></span>t December 3<span class=\"_ _3\"></span>1<span class=\"_ _1b8\"> </span><span class=\"ls2 ws2\">30,943<span class=\"_ _5c\"> </span><span class=\"ls74 ws78\">26<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>07</span></span>Refere<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e to note 4.<span class=\"_ _0\"></span>3 for f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>closu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>.3.<span class=\"_ _0\"></span>5 Inventories <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesRaw mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, wor<span class=\"_ _0\"></span>k in p<span class=\"_ _0\"></span>rogre<span class=\"_ _0\"></span>ss a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>inis<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>ods a<span class=\"_ _0\"></span>re me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ed at th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>r of cost a<span class=\"_ _0\"></span>nd ne<span class=\"_ _0\"></span>t real<span class=\"_ _0\"></span>iz- abl<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e. Cos<span class=\"_ _0\"></span>t is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d on a f<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>st in<span class=\"_ _0\"></span>, fi<span class=\"_ _0\"></span>rst o<span class=\"_ _0\"></span>ut ba<span class=\"_ _0\"></span>sis an<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pris<span class=\"_ _0\"></span>es di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t lab<span class=\"_ _0\"></span>or and a<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>prop<span class=\"_ _0\"></span>riate p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on of va<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd f<span class=\"_ _0\"></span>ixed ove<span class=\"_ _0\"></span>rh<span class=\"_ _0\"></span>ead e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ditu<span class=\"_ _0\"></span>re, th<span class=\"_ _0\"></span>e lat<span class=\"_ _0\"></span>ter b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated o<span class=\"_ _0\"></span>n the b<span class=\"_ _0\"></span>asis of n<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng ca<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>cit<span class=\"_ _0\"></span>y. C<span class=\"_ _3\"></span>ost<span class=\"_ _0\"></span>s of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>ed in<span class=\"_ _0\"></span>ventor<span class=\"_ _1\"></span>y are dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>ter d<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ting reb<span class=\"_ _0\"></span>ates an<span class=\"_ _0\"></span>d disco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Net re<span class=\"_ _0\"></span>aliza<span class=\"_ _0\"></span>ble v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e is th<span class=\"_ _0\"></span>e esti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d sel<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g pri<span class=\"_ _0\"></span>ce in the o<span class=\"_ _0\"></span>rdi<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>y cour<span class=\"_ _0\"></span>se of bu<span class=\"_ _0\"></span>si- nes<span class=\"_ _0\"></span>s les<span class=\"_ _0\"></span>s the e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>s of comp<span class=\"_ _0\"></span>leti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>s ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>y to complete th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le.Invent<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y manufactured pri<span class=\"_ _3\"></span>or t<span class=\"_ _3\"></span>o regulat<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y approval<span class=\"_ _3\"></span> (prelaunch<span class=\"_ _3\"></span> invent<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y) is<span class=\"_ _3\"></span> capitaliz<span class=\"_ _2\"></span>ed but immedi-<span class=\"_ _3\"></span> ately p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>, unti<span class=\"_ _0\"></span>l the<span class=\"_ _0\"></span>re is a hi<span class=\"_ _0\"></span>gh pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval fo<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t. A wr<span class=\"_ _0\"></span>ite-dow<span class=\"_ _0\"></span>n is ma<span class=\"_ _0\"></span>de ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e cost is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t as rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>vel- opm<span class=\"_ _0\"></span>ent cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. O<span class=\"_ _0\"></span>nce th<span class=\"_ _0\"></span>ere is a h<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>h prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y of re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _1\"></span>y app<span class=\"_ _0\"></span>rova<span class=\"_ _0\"></span>l be<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>bta<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d, t<span class=\"_ _0\"></span>he wr<span class=\"_ _0\"></span>ite-dow<span class=\"_ _0\"></span>n is rever<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d, u<span class=\"_ _0\"></span>p to no mor<span class=\"_ _0\"></span>e than t<span class=\"_ _0\"></span>he or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>nal cos<span class=\"_ _0\"></span>t.We revie<span class=\"_ _0\"></span>w our i<span class=\"_ _0\"></span>nven<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y for e<span class=\"_ _0\"></span>xcess o<span class=\"_ _0\"></span>r obs<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>scence an<span class=\"_ _0\"></span>d wr<span class=\"_ _0\"></span>ite down i<span class=\"_ _0\"></span>nventor<span class=\"_ _1\"></span>y that h<span class=\"_ _0\"></span>as no a<span class=\"_ _0\"></span>lterna<span class=\"_ _0\"></span>tive uses to it<span class=\"_ _0\"></span>s net re<span class=\"_ _0\"></span>aliz<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e. Econo<span class=\"_ _0\"></span>mic co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns, cu<span class=\"_ _0\"></span>stom<span class=\"_ _0\"></span>er de<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in p<span class=\"_ _0\"></span>urch<span class=\"_ _0\"></span>asin<span class=\"_ _0\"></span>g and dis<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>n can a<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t the c<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g valu<span class=\"_ _0\"></span>e of inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. A<span class=\"_ _0\"></span>s ci<span class=\"_ _0\"></span>rcums<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces war<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>t, we re<span class=\"_ _0\"></span>cord prov<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ons for po<span class=\"_ _0\"></span>tentia<span class=\"_ _0\"></span>lly o<span class=\"_ _0\"></span>bso<span class=\"_ _0\"></span>lete or slo<span class=\"_ _0\"></span>w-movi<span class=\"_ _0\"></span>ng inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y and low<span class=\"_ _0\"></span>er of cos<span class=\"_ _0\"></span>t or ne<span class=\"_ _0\"></span>t real<span class=\"_ _0\"></span>izab<span class=\"_ _0\"></span>le val<span class=\"_ _0\"></span>ue inv<span class=\"_ _0\"></span>entor<span class=\"_ _1\"></span>y adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>n som<span class=\"_ _0\"></span>e ins<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>ces, t<span class=\"_ _0\"></span>hes<span class=\"_ _0\"></span>e ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts c<span class=\"_ _0\"></span>an ha<span class=\"_ _0\"></span>ve a mater<span class=\"_ _0\"></span>ial e<span class=\"_ _0\"></span>ffe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s of an an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l or i<span class=\"_ _0\"></span>nteri<span class=\"_ _0\"></span>m pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. I<span class=\"_ _0\"></span>n ord<span class=\"_ _0\"></span>er to dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne su<span class=\"_ _0\"></span>ch ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>, we e<span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>ate the a<span class=\"_ _0\"></span>ge, i<span class=\"_ _0\"></span>nven<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>y turn<span class=\"_ _0\"></span>s, f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e sal<span class=\"_ _0\"></span>es fore<span class=\"_ _0\"></span>cas<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s and t<span class=\"_ _0\"></span>he es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y.Cost of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds so<span class=\"_ _0\"></span>ldCost of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds s<span class=\"_ _0\"></span>old i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>des r<span class=\"_ _0\"></span>aw mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, l<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or cost<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>nuf<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>turi<span class=\"_ _0\"></span>ng ove<span class=\"_ _0\"></span>rhe<span class=\"_ _0\"></span>ad e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d res<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s for ant<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ated scr<span class=\"_ _0\"></span>ap an<span class=\"_ _0\"></span>d inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>bso<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>cence DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Raw<span class=\"_ _0\"></span> mate<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s<span class=\"_ _1bb\"> </span><span class=\"ls2 ws2\">1,286<span class=\"_ _32\"> </span><span class=\"ls1b ws20\">3<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span>16</span></span>Work in p<span class=\"_ _0\"></span>roces<span class=\"_ _0\"></span>s<span class=\"_ _1bc\"> </span>0<span class=\"_ _34\"> </span><span class=\"ls6b ws6e\">29,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>8</span>Finished goods<span class=\"_ _1bd\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _35\"> </span><span class=\"lsbd wsc4\">5<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>032</span></span>To<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>a<span class=\"_ _1\"></span>l<span class=\"_ _1aa\"> </span><span class=\"ls2 ws2\">1,286<span class=\"_ _46\"> </span><span class=\"lsbd wsc4\">1<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>,43<span class=\"_ _0\"></span>6</span></span>Write down<span class=\"_ _0\"></span>s on inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>ere com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d as fol<span class=\"_ _0\"></span>lows:DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Accu<span class=\"_ _3\"></span>mulated wri<span class=\"_ _3\"></span>te do<span class=\"_ _2\"></span>w<span class=\"_ _0\"></span>ns, January 1<span class=\"_ _14d\"> </span><span class=\"ls2 ws2\">-25<span class=\"_ _2\"></span>,653<span class=\"_ _2e\"> </span><span class=\"lsbf wsc5\">-<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>7,<span class=\"_ _79\"></span>4<span class=\"_ _1\"></span>0<span class=\"_ _1\"></span>9</span></span>Write down<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _d0\"> </span>-45,547<span class=\"_ _48\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6</span>Utiliz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of wr<span class=\"_ _0\"></span>ite dow<span class=\"_ _0\"></span>ns<span class=\"_ _1be\"> </span>16,867<span class=\"_ _2f\"> </span>12,<span class=\"_ _3\"></span>64<span class=\"_ _2\"></span>1Rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of wr<span class=\"_ _0\"></span>ite dow<span class=\"_ _0\"></span>ns<span class=\"_ _e1\"> </span>22,623<span class=\"_ _3c\"> </span>0Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces<span class=\"_ _dd\"> </span>-547<span class=\"_ _15\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>9</span>Accum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>rite dow<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31<span class=\"_ _14e\"> </span>-32,257<span class=\"_ _20\"> </span><span class=\"ls28 ws2b\">-2<span class=\"_ _0\"></span>5<span class=\"_ _1\"></span>,6<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>3</span>The write down and the reversal of write downs on inventory recognized in 2022 are included in other operating items. Please refer to note 2.7<span class=\"_ _71\"></span>.  Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and esti<span class=\"_ _3\"></span>matesWith th<span class=\"_ _0\"></span>e March 3<span class=\"_ _0\"></span>0, 2022, re<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>uct<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an a<span class=\"_ _0\"></span>llowa<span class=\"_ _0\"></span>nce for l<span class=\"_ _0\"></span>oss o<span class=\"_ _0\"></span>n Zegalo<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>e raw m<span class=\"_ _0\"></span>ate-rial<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d fi<span class=\"_ _0\"></span>nish<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d goo<span class=\"_ _0\"></span>ds of D<span class=\"_ _0\"></span>KK 45<span class=\"_ _0\"></span>.6 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on we<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d due to u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>roun<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re sal<span class=\"_ _0\"></span>es cha<span class=\"_ _0\"></span>nne<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ance is i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d as di<span class=\"_ _0\"></span>sconti<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>d op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r oth<span class=\"_ _0\"></span>er op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ense<span class=\"_ _0\"></span>s as a res<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g cost. A<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>ll Zega<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ue fi<span class=\"_ _0\"></span>nish<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d goo<span class=\"_ _0\"></span>ds we<span class=\"_ _0\"></span>re tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to Novo Nord<span class=\"_ _0\"></span>isk as a re<span class=\"_ _0\"></span>sult of t<span class=\"_ _0\"></span>he gl<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>al lice<span class=\"_ _0\"></span>nse an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ced in Q3<span class=\"_ _0\"></span>, 2022, a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>l rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l of th<span class=\"_ _0\"></span>e inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>llowa<span class=\"_ _0\"></span>nce of D<span class=\"_ _0\"></span>KK 22.6 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on wa<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er oth<span class=\"_ _0\"></span>er o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rat<span class=\"_ _0\"></span>ing i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e from d<span class=\"_ _0\"></span>isconti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n 2022.As of D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022, Zeg<span class=\"_ _0\"></span>alo<span class=\"_ _0\"></span>gue re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d raw m<span class=\"_ _0\"></span>ateri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>s and s<span class=\"_ _0\"></span>emi-fi<span class=\"_ _0\"></span>nish<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d goo<span class=\"_ _0\"></span>ds at cos<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s to DKK 33<span class=\"_ _0\"></span>.6 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n. D<span class=\"_ _0\"></span>ue to u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ties w<span class=\"_ _0\"></span>het<span class=\"_ _0\"></span>her t<span class=\"_ _0\"></span>he m<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>ls w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e uti<span class=\"_ _0\"></span>lized in t<span class=\"_ _0\"></span>he pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e sup<span class=\"_ _0\"></span>ply a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith Novo N<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>, man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ha<span class=\"_ _0\"></span>s est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d the n<span class=\"_ _0\"></span>et rea<span class=\"_ _0\"></span>liza<span class=\"_ _0\"></span>ble v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e to be DKK 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>3 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he e<span class=\"_ _0\"></span>stim<span class=\"_ _0\"></span>ated is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nt proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>.3.6 <span class=\"_ _147\"> </span>T<span class=\"_ _2\"></span>rade and<span class=\"_ _2\"></span> other receivabl<span class=\"_ _3\"></span>es <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesRece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s are d<span class=\"_ _0\"></span>esig<span class=\"_ _0\"></span>nate<span class=\"_ _0\"></span>d as fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red at a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized cost a<span class=\"_ _0\"></span>nd ar<span class=\"_ _0\"></span>e init<span class=\"_ _0\"></span>iall<span class=\"_ _0\"></span>y mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e or tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce and su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>entl<span class=\"_ _0\"></span>y mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et at am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tize<span class=\"_ _0\"></span>d cost, w<span class=\"_ _0\"></span>hich gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y corres<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nds to no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nal v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e les<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted cre<span class=\"_ _0\"></span>dit l<span class=\"_ _0\"></span>oss p<span class=\"_ _0\"></span>rovisi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Zealan<span class=\"_ _0\"></span>d uti<span class=\"_ _0\"></span>lizes a sim<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach to me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted cre<span class=\"_ _0\"></span>dit lo<span class=\"_ _0\"></span>sses a<span class=\"_ _0\"></span>nd u<span class=\"_ _0\"></span>ses a life<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted los<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>lowa<span class=\"_ _0\"></span>nce for al<span class=\"_ _0\"></span>l rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s. T<span class=\"_ _3\"></span>o mea<span class=\"_ _0\"></span>sure th<span class=\"_ _0\"></span>e ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cted cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>, rece<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s have be<span class=\"_ _0\"></span>en g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d base<span class=\"_ _0\"></span>d on cr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>it risk ch<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>cter<span class=\"_ _0\"></span>isti<span class=\"_ _0\"></span>cs a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e day<span class=\"_ _0\"></span>s pas<span class=\"_ _0\"></span>t due<span class=\"_ _0\"></span>. E<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d cred<span class=\"_ _0\"></span>it los<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 31, 2022 a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 31, 2<span class=\"_ _0\"></span>021 is im<span class=\"_ _0\"></span>mate<span class=\"_ _0\"></span>rial<span class=\"_ _0\"></span>.Prep<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ditu<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to a futu<span class=\"_ _0\"></span>re fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod<span class=\"_ _0\"></span>. Pre<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>re mea<span class=\"_ _0\"></span>s-ure<span class=\"_ _0\"></span>d at no<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021T<span class=\"_ _71\"></span>rade receivables<span class=\"_ _184\"> </span><span class=\"ls2 ws2\">1,361<span class=\"_ _160\"> </span><span class=\"ls2b ws2e\">66<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>257</span></span>Recei<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _118\"> </span>56,<span class=\"_ _71\"></span>431<span class=\"_ _10\"> </span><span class=\"lsc1 wsc7\">6<span class=\"_ _1\"></span>,76<span class=\"_ _0\"></span>8</span>Prepaid expenses<span class=\"_ _1bf\"> </span><span class=\"ls2 ws2\">63,<span class=\"_ _3\"></span>088<span class=\"_ _35\"> </span><span class=\"ls75 ws7a\">81,0<span class=\"_ _0\"></span>82</span></span>Dep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s<span class=\"_ _1c0\"> </span><span class=\"ls2 ws2\">9<span class=\"_ _3\"></span>,<span class=\"_ _2\"></span>409<span class=\"_ _32\"> </span><span class=\"lsaf ws1f\">12<span class=\"_ _0\"></span>,638</span></span>Oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _17d\"> </span>3,<span class=\"_ _2\"></span>438<span class=\"_ _35\"> </span><span class=\"ls75 ws7a\">1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>,802</span>T<span class=\"_ _71\"></span>otal other<span class=\"_ _2\"></span> receivables<span class=\"_ _d7\"> </span><span class=\"ls2 ws2\">133,727<span class=\"_ _46\"> </span><span class=\"ls14 ws18\">1<span class=\"_ _0\"></span>82<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>5<span class=\"_ _0\"></span>47</span></span>Non-<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>nt <span class=\"_ _1c1\"> </span>18,105<span class=\"_ _5c\"> </span><span class=\"ls6b ws6e\">2<span class=\"_ _0\"></span>9,0<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>4</span>Current<span class=\"_ _1c2\"> </span><span class=\"ls2 ws2\">115,<span class=\"_ _2\"></span>622<span class=\"_ _25\"> </span><span class=\"ls3e ws41\">1<span class=\"_ _0\"></span>53,453</span></span>3.7 <span class=\"_ _1f\"> </span>Other financial<span class=\"_ _3\"></span> assets <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesPlea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to accounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies fo<span class=\"_ _0\"></span>r fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lliti<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>ote 4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Oth<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s at Ja<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y 1<span class=\"_ _1c3\"> </span>0<span class=\"_ _3c\"> </span>0Add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns d<span class=\"_ _0\"></span>urin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e year<span class=\"_ _1c4\"> </span>6,573<span class=\"_ _3c\"> </span>0F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _1af\"> </span>319<span class=\"_ _40\"> </span>0Currency adjustments<span class=\"_ _1c5\"> </span><span class=\"ls2 ws2\">9<span class=\"_ _3c\"> </span>0</span>Oth<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts at D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 31<span class=\"_ _14d\"> </span>6,<span class=\"_ _3\"></span>901<span class=\"_ _3c\"> </span>0Oth<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>les-rel<span class=\"_ _0\"></span>ated mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s from t<span class=\"_ _0\"></span>he di<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt of V-G<span class=\"_ _0\"></span>o. A ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>um of four m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es of U<span class=\"_ _0\"></span>SD 2.<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on e<span class=\"_ _0\"></span>ach ca<span class=\"_ _0\"></span>n be a<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>eved u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n ann<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l sa<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed us<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he ri<span class=\"_ _0\"></span>sk-adjuste<span class=\"_ _0\"></span>d net p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ent va<span class=\"_ _0\"></span>lue m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g a disco<span class=\"_ _0\"></span>unt rate of 10% and a<span class=\"_ _0\"></span>n es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y of 50% an<span class=\"_ _0\"></span>d 25% res<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ivel<span class=\"_ _0\"></span>y to reach th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>wo sa<span class=\"_ _0\"></span>les-rel<span class=\"_ _0\"></span>ated milest<span class=\"_ _3\"></span>ones.Refere<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e to note 4.<span class=\"_ _0\"></span>3 for f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>closu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>.3.<span class=\"_ _0\"></span>8 <span class=\"_ _147\"> </span>De<span class=\"_ _0\"></span>ferr<span class=\"_ _0\"></span>ed r<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>ue<span class=\"_ _1ca\"> </span>Th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to contra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s w<span class=\"_ _0\"></span>ith cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d reven<span class=\"_ _0\"></span>ue at Ja<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y 1<span class=\"_ _1c6\"> </span>67<span class=\"_ _71\"></span>,584<span class=\"_ _55\"> </span><span class=\"lsbf wsc5\">9<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>9</span>Reven<span class=\"_ _0\"></span>ue re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the ye<span class=\"_ _0\"></span>ar<span class=\"_ _1c7\"> </span>-67<span class=\"_ _71\"></span>,584<span class=\"_ _2e\"> </span><span class=\"ls4d ws4f\">-3<span class=\"_ _1\"></span>0,<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>5</span>T<span class=\"_ _71\"></span>otal deferred rev<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _168\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _34\"> </span><span class=\"lsb6 wsbd\">6<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>8<span class=\"_ _79\"></span>4</span></span>Non-c<span class=\"_ _3\"></span>urren<span class=\"_ _3\"></span>t<span class=\"_ _1c8\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _55\"> </span><span class=\"lsa wsb\">14<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>51</span></span>Current<span class=\"_ _1c9\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _35\"> </span><span class=\"lsbd wsc4\">5<span class=\"_ _0\"></span>3,<span class=\"_ _0\"></span>033</span></span>T<span class=\"_ _71\"></span>otal deferred rev<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>nue<span class=\"_ _168\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _120\"> </span><span class=\"lsb6 wsbd\"> 6<span class=\"_ _0\"></span>7,<span class=\"_ _79\"></span>5<span class=\"_ _0\"></span>8<span class=\"_ _79\"></span>4</span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d reven<span class=\"_ _0\"></span>ue o<span class=\"_ _0\"></span>ccurre<span class=\"_ _0\"></span>d in con<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on wi<span class=\"_ _0\"></span>th the a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith Al<span class=\"_ _0\"></span>exio<span class=\"_ _0\"></span>n Ph<span class=\"_ _0\"></span>arm<span class=\"_ _0\"></span>aceu<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>s, I<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>. as disc<span class=\"_ _0\"></span>lose<span class=\"_ _0\"></span>d in N<span class=\"_ _0\"></span>ote 6.<span class=\"_ _0\"></span>8. A<span class=\"_ _0\"></span>n up-fro<span class=\"_ _0\"></span>nt paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of DKK 1<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>3 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n was re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved of w<span class=\"_ _0\"></span>hich D<span class=\"_ _0\"></span>KK 67<span class=\"_ _2\"></span>.6 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>ing D<span class=\"_ _0\"></span>KK 2022 (202<span class=\"_ _0\"></span>1: DK<span class=\"_ _0\"></span>K 30.<span class=\"_ _0\"></span>2  m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>nd 2020: DK<span class=\"_ _0\"></span>K 42.9 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n).All p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d with t<span class=\"_ _0\"></span>he upf<span class=\"_ _0\"></span>ront p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span>d by De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 2022. Futu<span class=\"_ _0\"></span>re ser<span class=\"_ _1\"></span>vices d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ivere<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith Al<span class=\"_ _0\"></span>exio<span class=\"_ _0\"></span>n Ph<span class=\"_ _0\"></span>arm<span class=\"_ _0\"></span>aceut<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>ll be com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ated on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>is.3.9 <span class=\"_ _1f\"> </span>T<span class=\"_ _2\"></span>rad<span class=\"_ _0\"></span>e and o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r payab<span class=\"_ _0\"></span>les <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesPlea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to accounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cies fo<span class=\"_ _0\"></span>r fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lliti<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>ote 4.<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>.Dis<span class=\"_ _0\"></span>count a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>bate lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>litie<span class=\"_ _0\"></span>s rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le o<span class=\"_ _0\"></span>r cred<span class=\"_ _0\"></span>ited to custo<span class=\"_ _0\"></span>mer<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, usua<span class=\"_ _0\"></span>lly b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on the q<span class=\"_ _0\"></span>uanti<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y or va<span class=\"_ _0\"></span>lue of p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er fo<span class=\"_ _0\"></span>r spe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>c pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s in a cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>d. Pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct sal<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>bates<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>late to prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les th<span class=\"_ _0\"></span>at occu<span class=\"_ _0\"></span>r over a p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>iod o<span class=\"_ _0\"></span>f time<span class=\"_ _0\"></span>, are n<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y issu<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>tro-spe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>. At the t<span class=\"_ _0\"></span>ime p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les are i<span class=\"_ _0\"></span>nvoi<span class=\"_ _0\"></span>ced, re<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>tes and d<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>at the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to pay<span class=\"_ _3\"></span>, are es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ese re<span class=\"_ _0\"></span>bates t<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>pi<span class=\"_ _0\"></span>cal<span class=\"_ _0\"></span>ly ari<span class=\"_ _0\"></span>se from s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th gove<span class=\"_ _0\"></span>rnm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t age<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, who<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, ret<span class=\"_ _0\"></span>ail p<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>cies<span class=\"_ _0\"></span>, Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d Care a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r custom<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s, w<span class=\"_ _0\"></span>hich a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>rde<span class=\"_ _0\"></span>d at the t<span class=\"_ _0\"></span>ime t<span class=\"_ _0\"></span>he rel<span class=\"_ _0\"></span>ated reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>es are re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>r whe<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e ince<span class=\"_ _0\"></span>ntive<span class=\"_ _0\"></span>s are of<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021T<span class=\"_ _71\"></span>rad<span class=\"_ _0\"></span>e payabl<span class=\"_ _3\"></span>es<span class=\"_ _1cb\"> </span><span class=\"ls2 ws2\">53,156<span class=\"_ _88\"> </span><span class=\"lsac wsb4\">88,996</span></span>Empl<span class=\"_ _0\"></span>oyee b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efit<span class=\"_ _0\"></span>s<span class=\"_ _195\"> </span>58,348<span class=\"_ _3e\"> </span><span class=\"ls2b ws2e\">8<span class=\"_ _0\"></span>4,800</span>Acc<span class=\"_ _3\"></span>ruals devel<span class=\"_ _3\"></span>opment pr<span class=\"_ _3\"></span>ojects<span class=\"_ _1ba\"> </span><span class=\"ls2 ws2\">34,<span class=\"_ _2\"></span>063<span class=\"_ _103\"> </span><span class=\"ls2b ws2e\">22,<span class=\"_ _0\"></span>547</span></span>Paya<span class=\"_ _0\"></span>ble tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares<span class=\"_ _1cc\"> </span>41,600<span class=\"_ _34\"> </span><span class=\"ls32 ws34\">41<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>60<span class=\"_ _1\"></span>0</span>Discount and reba<span class=\"_ _3\"></span>te liabilities<span class=\"_ _1cd\"> </span><span class=\"ls2 ws2\">2,201<span class=\"_ _160\"> </span><span class=\"ls8d ws92\">28<span class=\"_ _0\"></span>,695</span></span>Other payables<span class=\"_ _1ce\"> </span><span class=\"ls2 ws2\">10,<span class=\"_ _71\"></span>452<span class=\"_ _30\"> </span><span class=\"ls8e ws93\">18,175</span></span>T<span class=\"_ _71\"></span>otal trade<span class=\"_ _2\"></span> and other pa<span class=\"_ _2\"></span>yables<span class=\"_ _1cf\"> </span><span class=\"ls2 ws2\">199.820<span class=\"_ _89\"> </span><span class=\"ls5c ws5f\">284,<span class=\"_ _0\"></span>813</span></span>Non-c<span class=\"_ _3\"></span>urren<span class=\"_ _3\"></span>t<span class=\"_ _1d0\"> </span><span class=\"ls6b ws6e\">19,<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>8<span class=\"_ _32\"> </span><span class=\"ls39 ws3b\">1<span class=\"_ _0\"></span>8,<span class=\"_ _0\"></span>426</span></span>Current<span class=\"_ _1d1\"> </span><span class=\"ls2 ws2\">180,<span class=\"_ _2\"></span>762<span class=\"_ _33\"> </span><span class=\"ls39 ws3b\">266<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>38<span class=\"_ _0\"></span>7</span></span>4<span class=\"_ _98\"> </span> C<span class=\"_ _0\"></span>api<span class=\"_ _3\"></span>tal<span class=\"_ _0\"></span> str<span class=\"_ _2\"></span>uctu<span class=\"_ _3\"></span>re,<span class=\"_ _1\"></span> fi<span class=\"_ _3\"></span>nan<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span> risk<span class=\"_ _0\"></span> an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span> re<span class=\"_ _0\"></span>l<span class=\"_ _1\"></span>a<span class=\"_ _3\"></span>te<span class=\"_ _0\"></span>d<span class=\"_ _1\"></span> ite<span class=\"_ _0\"></span>ms4.1 <span class=\"_ _147\"> </span>Capital managementCapital ManagementZeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s go<span class=\"_ _0\"></span>al is to m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ain a s<span class=\"_ _0\"></span>tron<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>ase to m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ain i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tor<span class=\"_ _3\"></span>, credi<span class=\"_ _0\"></span>tor and m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket confi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nce, a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span> contin<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>us ad<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ncem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>ipe<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess i<span class=\"_ _0\"></span>n ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd is p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ly fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nced<span class=\"_ _0\"></span> thro<span class=\"_ _0\"></span>ugh c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s, l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-term bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>p coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>d, a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, a ca<span class=\"_ _0\"></span>sh po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on of D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>,069.<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n of wh<span class=\"_ _0\"></span>ich D<span class=\"_ _0\"></span>KK 3<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>.6 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wa<span class=\"_ _0\"></span>s subj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns as d<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n note 4.4<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s the a<span class=\"_ _0\"></span>dv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ceme<span class=\"_ _0\"></span>nt of o<span class=\"_ _0\"></span>ur pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>ipe<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d operations.Th<span class=\"_ _0\"></span>e ad<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>uac<span class=\"_ _0\"></span>y of o<span class=\"_ _0\"></span>ur ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds wi<span class=\"_ _0\"></span>ll de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>n va<span class=\"_ _0\"></span>riu<span class=\"_ _0\"></span>s fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g pro<span class=\"_ _0\"></span>gres<span class=\"_ _0\"></span>s in ou<span class=\"_ _0\"></span>r rese<span class=\"_ _0\"></span>arch a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>, our co<span class=\"_ _0\"></span>mmi<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to exis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g and n<span class=\"_ _0\"></span>ew cli<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rator<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>ur ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to est<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>h comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nsin<span class=\"_ _0\"></span>g ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>ur c<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>diture<span class=\"_ _0\"></span>s, m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d any f<span class=\"_ _0\"></span>uture<span class=\"_ _0\"></span> par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>ips a<span class=\"_ _0\"></span>nd acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Accord<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>ly, we plan to ra<span class=\"_ _0\"></span>ise a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r deb<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"ls2\">-</span>ing<span class=\"_ _0\"></span>s, co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ve agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s w<span class=\"_ _0\"></span>ith pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, or f<span class=\"_ _0\"></span>rom oth<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>ource<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> At the Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd A<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ual M<span class=\"_ _0\"></span>eet<span class=\"_ _0\"></span>ing h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d on A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 6, 202<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s auth<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ized the co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any to iss<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span> conver<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ble d<span class=\"_ _0\"></span>ebt i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s w<span class=\"_ _0\"></span>ith acces<span class=\"_ _0\"></span>s to conver<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n to sha<span class=\"_ _0\"></span>res in th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny of up to a total o<span class=\"_ _0\"></span>f nom<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ally<span class=\"_ _0\"></span> DKK 10,<span class=\"_ _0\"></span>850,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>36 wi<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ut pre-<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n rig<span class=\"_ _0\"></span>ht<span class=\"_ _0\"></span>s for exi<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>lde<span class=\"_ _0\"></span>rs in a<span class=\"_ _0\"></span>ccorda<span class=\"_ _0\"></span>nce wi<span class=\"_ _0\"></span>th the  C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>\u2019s Ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cles of A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is aut<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>izati<span class=\"_ _0\"></span>on cover<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d unt<span class=\"_ _0\"></span>il 1<span class=\"_ _0\"></span>5 Ap<span class=\"_ _0\"></span>ril 2026<span class=\"_ _0\"></span>, but h<span class=\"_ _0\"></span>as n<span class=\"_ _0\"></span>ot be<span class=\"_ _0\"></span>en ut<span class=\"_ _0\"></span>ilized a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e ann<span class=\"_ _0\"></span>ual g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>eeti<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n Ap<span class=\"_ _0\"></span>ril 2<span class=\"_ _0\"></span>, 2020 Zeala<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>as au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rized to in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e the<span class=\"_ _0\"></span> sha<span class=\"_ _0\"></span>re cap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al by n<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>ly DK<span class=\"_ _0\"></span>K 9,013<span class=\"_ _0\"></span>,665 d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d unt<span class=\"_ _0\"></span>il A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 2, 2025<span class=\"_ _0\"></span>. At D<span class=\"_ _0\"></span>ecem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 202<span class=\"_ _0\"></span>2 no<span class=\"_ _0\"></span>mi<span class=\"ls2\">-</span>nal<span class=\"_ _0\"></span>ly DKK 1<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span>30,0<span class=\"_ _0\"></span>00 o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>utho<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rema<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span>.In De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2021 Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d ente<span class=\"_ _0\"></span>red a U<span class=\"_ _0\"></span>SD 100<span class=\"_ _0\"></span>.0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n lon<span class=\"_ _0\"></span>g term b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ob<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n was a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>lly rep<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>ing 202<span class=\"_ _0\"></span>2. Pl<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e refer to note 4<span class=\"_ _0\"></span>.6 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r det<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> In Ju<span class=\"_ _0\"></span>ne of 202<span class=\"_ _0\"></span>2 the com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny recei<span class=\"_ _0\"></span>ved g<span class=\"_ _0\"></span>ross p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>eds o<span class=\"_ _0\"></span>f DKK 274.8 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n from a d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>acem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d a total o<span class=\"_ _0\"></span>f 2,8<span class=\"_ _0\"></span>92,<span class=\"_ _0\"></span>368 n<span class=\"_ _0\"></span>ew sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s at a subs<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce of DKK 95 p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>. In<span class=\"_ _0\"></span> Oc<span class=\"_ _0\"></span>tobe<span class=\"_ _0\"></span>r 2022, t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny recei<span class=\"_ _0\"></span>ved g<span class=\"_ _0\"></span>ross p<span class=\"_ _0\"></span>rocee<span class=\"_ _0\"></span>ds of D<span class=\"_ _0\"></span>KK 78<span class=\"_ _0\"></span>6 mill<span class=\"_ _0\"></span>ion f<span class=\"_ _0\"></span>rom a d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>ted is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e and p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>acem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d a total o<span class=\"_ _0\"></span>f 4,975,0<span class=\"_ _0\"></span>00 n<span class=\"_ _0\"></span>ew sh<span class=\"_ _0\"></span>ares at a s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>cripti<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rice of D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>58 p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>. In Au<span class=\"_ _0\"></span>gus<span class=\"_ _0\"></span>t 2022<span class=\"_ _0\"></span>, the com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny ann<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nced Volu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y D<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng of A<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>can D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s from th<span class=\"_ _0\"></span>e U.<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>.-Bas<span class=\"_ _0\"></span>ed N<span class=\"_ _0\"></span>asd<span class=\"_ _0\"></span>aq G<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>bal S<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t Mar<span class=\"_ _0\"></span>ket. T<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ing w<span class=\"_ _0\"></span>as com<span class=\"_ _0\"></span>plete<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>ing Q<span class=\"_ _0\"></span>4 2022<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>oard o<span class=\"_ _0\"></span>f Dire<span class=\"_ _0\"></span>cto<span class=\"_ _0\"></span>rs m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re to ensu<span class=\"_ _0\"></span>re that Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s cap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al res<span class=\"_ _0\"></span>ource<span class=\"_ _0\"></span>s sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t the s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gic g<span class=\"_ _0\"></span>oal<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re was n<span class=\"_ _0\"></span>o cha<span class=\"_ _0\"></span>nge i<span class=\"_ _0\"></span>n the g<span class=\"_ _0\"></span>roup\u2019s ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach to ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roced<span class=\"_ _0\"></span>ures i<span class=\"_ _0\"></span>n 2022. N<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r Zeal<span class=\"_ _0\"></span>and P<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rma A<span class=\"_ _0\"></span>/S n<span class=\"_ _0\"></span>or a<span class=\"_ _0\"></span>ny of it<span class=\"_ _0\"></span>s sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to ex<span class=\"_ _0\"></span>ter<span class=\"_ _3\"></span><span class=\"ls2\">-</span>nal<span class=\"_ _0\"></span>ly imp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>irem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s oth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>han t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to the b<span class=\"_ _0\"></span>orro<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent (n<span class=\"_ _0\"></span>ote 4.6).4.2 <span class=\"_ _171\"> </span>Financial risksZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to var<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>s fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>ng fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rate ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, credi<span class=\"_ _0\"></span>t risk and liquidity risk.Th<span class=\"_ _0\"></span>e obj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d\u2019s f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y is to red<span class=\"_ _0\"></span>uce the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s sen<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>y to f<span class=\"_ _0\"></span>luc<span class=\"_ _0\"></span>tua- tio<span class=\"_ _0\"></span>ns in exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rates<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rates<span class=\"_ _0\"></span>, cred<span class=\"_ _0\"></span>it rati<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y. Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n en<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>d by Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s Aud<span class=\"_ _0\"></span>it Com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>tee a<span class=\"_ _0\"></span>nd ult<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y app<span class=\"_ _0\"></span>roved by Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s Bo<span class=\"_ _0\"></span>ard of D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c- tor<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Exchange<span class=\"_ _3\"></span> rate<span class=\"_ _3\"></span> riskMos<span class=\"_ _0\"></span>t of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d\u2019s f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns are i<span class=\"_ _0\"></span>n DKK<span class=\"_ _1\"></span>, USD an<span class=\"_ _0\"></span>d EUR<span class=\"_ _0\"></span>.Du<span class=\"_ _0\"></span>e to Den<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>rk<span class=\"_ _1\"></span>\u2019s long-st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g fi<span class=\"_ _0\"></span>xed exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy v<span class=\"_ _0\"></span>is-\u00e0-vis the EUR<span class=\"_ _0\"></span>, Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as eva<span class=\"_ _0\"></span>luate<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>ere i<span class=\"_ _0\"></span>s no mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>osure o<span class=\"_ _0\"></span>r excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rate ris<span class=\"_ _0\"></span>k reg<span class=\"_ _0\"></span>ardi<span class=\"_ _0\"></span>ng tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in EU<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>d in fore<span class=\"_ _0\"></span>ign cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncie<span class=\"_ _0\"></span>s, n<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ely U<span class=\"_ _0\"></span>SD an<span class=\"_ _0\"></span>d EUR<span class=\"_ _0\"></span>. H<span class=\"_ _0\"></span>oweve<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, as mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s are u<span class=\"_ _0\"></span>npre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le in ter<span class=\"_ _0\"></span>ms of tim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, th<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are not i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ic exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk e<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>uatio<span class=\"_ _0\"></span>n.Curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>gard<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>ur U<span class=\"_ _0\"></span>S act<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d by hav<span class=\"_ _0\"></span>ing re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses i<span class=\"_ _0\"></span>n the sam<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy. An on<span class=\"_ _0\"></span>goi<span class=\"_ _0\"></span>ng e<span class=\"_ _0\"></span>xpo<span class=\"_ _0\"></span>sure as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ssm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s cond<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ted.A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s cl<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>nd toxico<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>y st<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>es aro<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d the wo<span class=\"_ _0\"></span>rld a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es in U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk<span class=\"_ _0\"></span>s as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ted curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y, which is p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ily USD b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on vo<span class=\"_ _0\"></span>lum<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d flu<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>nst D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>. T<span class=\"_ _2\"></span>o d<span class=\"_ _0\"></span>ate, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s pol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e the tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>nd tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>isk a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d with t<span class=\"_ _0\"></span>he US<span class=\"_ _0\"></span>D pas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vely, by havin<span class=\"_ _0\"></span>g a po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up's cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>uiv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in a US<span class=\"_ _0\"></span>D account to cover f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re paym<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s den<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>i-nated i<span class=\"_ _0\"></span>n USD.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d hol<span class=\"_ _0\"></span>ds DK<span class=\"_ _0\"></span>K 46<span class=\"_ _0\"></span>0.4 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n (2021<span class=\"_ _0\"></span>: DKK 8<span class=\"_ _0\"></span>62.9 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n) of it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>sh in US<span class=\"_ _0\"></span>D. Of th<span class=\"_ _0\"></span>ese D<span class=\"_ _0\"></span>KK 3<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>.6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (U<span class=\"_ _0\"></span>SD 50 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on) is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to cert<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns (note 4.<span class=\"_ _0\"></span>4). Addit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as a f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al de<span class=\"_ _0\"></span>bt of DK<span class=\"_ _0\"></span>K 336<span class=\"_ _0\"></span>.8 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves of D<span class=\"_ _0\"></span>KK 8<span class=\"_ _0\"></span>0.6 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n, both d<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nated i<span class=\"_ _0\"></span>n USD.Interest rate riskZeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as a p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy o<span class=\"_ _0\"></span>f avoid<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at exp<span class=\"_ _0\"></span>ose th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup to an<span class=\"_ _0\"></span>y unin<span class=\"_ _0\"></span>tend<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>n-cial risks.Dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 2022, a<span class=\"_ _0\"></span>ll ca<span class=\"_ _0\"></span>sh ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en h<span class=\"_ _0\"></span>eld i<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>nt ba<span class=\"_ _0\"></span>nk acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s in US<span class=\"_ _0\"></span>D, EUR and D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t rates o<span class=\"_ _0\"></span>n ban<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n low to ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve for an e<span class=\"_ _0\"></span>xten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od of t<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>, but h<span class=\"_ _0\"></span>ave ris<span class=\"_ _0\"></span>en in l<span class=\"_ _0\"></span>ate 2022 wi<span class=\"_ _0\"></span>th the worl<span class=\"_ _2\"></span>dwide changes t<span class=\"_ _3\"></span>o the<span class=\"_ _3\"></span> economical lands<span class=\"_ _3\"></span>cape.Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as inve<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d in low-ri<span class=\"_ _0\"></span>sk ma<span class=\"_ _0\"></span>rketa<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup\u2019s ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es com<span class=\"_ _0\"></span>pany b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>set b<span class=\"_ _0\"></span>acked s<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es in U<span class=\"_ _0\"></span>SD. All b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds h<span class=\"_ _0\"></span>eld a<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date matu<span class=\"_ _0\"></span>res wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>irs<span class=\"_ _0\"></span>t thre<span class=\"_ _0\"></span>e mo<span class=\"_ _0\"></span>nths o<span class=\"_ _0\"></span>f 2023<span class=\"_ _0\"></span>.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d has b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g to DKK 33<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>8 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2021: D<span class=\"_ _0\"></span>KK 65<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>1 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n), emb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing to D<span class=\"_ _0\"></span>KK 80.<span class=\"_ _0\"></span>6 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2021: D<span class=\"_ _0\"></span>KK 0) an<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es amo<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>ng to DK<span class=\"_ _0\"></span>K 12<span class=\"_ _0\"></span>2.7 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion (202<span class=\"_ _0\"></span>1: DK<span class=\"_ _0\"></span>K 1<span class=\"_ _0\"></span>39.5 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on). Bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs is m<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at a fixe<span class=\"_ _0\"></span>d intere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate at 14.<span class=\"_ _0\"></span>3%<span class=\"_ _0\"></span>. Cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t rates h<span class=\"_ _0\"></span>as an ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>. Ple<span class=\"_ _0\"></span>ase refer to note 4.<span class=\"_ _0\"></span>6 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. An in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rates wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>ted in a i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se in i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me fro<span class=\"_ _0\"></span>m the g<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>.Credit riskZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to credi<span class=\"_ _0\"></span>t risk i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>nk ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nces a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>um credi<span class=\"_ _0\"></span>t risk co<span class=\"_ _0\"></span>rres<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s to the ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>lieve<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t credi<span class=\"_ _0\"></span>t risk i<span class=\"_ _0\"></span>s lim<span class=\"_ _0\"></span>ited<span class=\"_ _0\"></span>, as th<span class=\"_ _0\"></span>e counter<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies to th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>de re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re la<span class=\"_ _0\"></span>rge g<span class=\"_ _0\"></span>lob<span class=\"_ _0\"></span>al ph<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>mace<span class=\"_ _0\"></span>utic<span class=\"_ _0\"></span>al com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ler<span class=\"_ _0\"></span>s.Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>re not d<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d to be su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to cre<span class=\"_ _0\"></span>dit ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span>, as th<span class=\"_ _0\"></span>e counte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s are ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>s with i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>- me<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>de r<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>gs (i.e<span class=\"_ _0\"></span>. BB<span class=\"_ _0\"></span>B- or h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>rom St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard &amp; Po<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>\u2019s).Liquidity riskTh<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rpo<span class=\"_ _0\"></span>se of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s cas<span class=\"_ _0\"></span>h man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent is to e<span class=\"_ _0\"></span>nsure t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>lexib<span class=\"_ _0\"></span>le fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial re<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>urces at it<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l at all ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span>rm li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>tored by m<span class=\"_ _0\"></span>ean<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>\u2019s qua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>terl<span class=\"_ _0\"></span>y bud<span class=\"_ _0\"></span>get revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s to bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce the d<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>and fo<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>ize the Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny\u2019s in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me by m<span class=\"_ _0\"></span>atching its f<span class=\"_ _0\"></span>ree c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h in fi<span class=\"_ _0\"></span>xed-rate, f<span class=\"_ _0\"></span>ixe<span class=\"_ _0\"></span>d-term ban<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s and b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds w<span class=\"_ _0\"></span>ith it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h bur<span class=\"_ _0\"></span>n.Refere<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e to goin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cern con<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in n<span class=\"_ _0\"></span>ote 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n of the g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g conc<span class=\"_ _2\"></span>ern assessment.Sensitivit<span class=\"_ _0\"></span>y analysisTh<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>how<span class=\"_ _0\"></span>s the ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>/los<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y of rea<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>ly li<span class=\"_ _0\"></span>kely ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>ria-ble<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l pos<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n.2022<span class=\"_ _1d8\"> </span><span class=\"ff3 fc1\">2021</span>DKK thousand<span class=\"_ _af\"> </span>Fluctuation<span class=\"_ _93\"> </span>Effect<span class=\"_ _18c\"> </span>Fluctuation<span class=\"_ _52\"> </span>EffectUSD<span class=\"_ _1d9\"> </span>+10%<span class=\"_ _32\"> </span>21,209<span class=\"_ _4a\"> </span>+10%<span class=\"_ _32\"> </span>20,675Contractual maturity (liquidit<span class=\"_ _0\"></span>y risk)A brea<span class=\"_ _0\"></span>kdown o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ris<span class=\"_ _0\"></span>k on fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s is gi<span class=\"_ _0\"></span>ven b<span class=\"_ _0\"></span>elow.Th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g ta<span class=\"_ _0\"></span>ble d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s rem<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>aturit<span class=\"_ _1\"></span>y for it<span class=\"_ _0\"></span>s fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith agre<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the u<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nted ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows fo<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an- cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e ear<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>st d<span class=\"_ _0\"></span>ate on wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>d to pay. The t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s both i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s. T<span class=\"_ _2\"></span>o t<span class=\"_ _0\"></span>he ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ic ti<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>g of intere<span class=\"_ _0\"></span>st o<span class=\"_ _0\"></span>r pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pal f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s is de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n futu<span class=\"_ _0\"></span>re event<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>\u2019s be<span class=\"_ _0\"></span>st e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate of such ti<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>g at th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of the re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e ear<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>st d<span class=\"_ _0\"></span>ate on whi<span class=\"_ _0\"></span>ch the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up may b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>d to pay.With th<span class=\"_ _0\"></span>e excepti<span class=\"_ _0\"></span>on of l<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span>re are n<span class=\"_ _0\"></span>o interes<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows to b<span class=\"_ _0\"></span>e incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>elow fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e exis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s as th<span class=\"_ _0\"></span>ey are n<span class=\"_ _0\"></span>ot intere<span class=\"_ _0\"></span>st-beari<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Carrying DKK thousand<span class=\"_ _12\"> </span>&lt; 12 months<span class=\"_ _4f\"> </span>1-5 Years<span class=\"_ _38\"> </span>&gt; 5 Y<span class=\"_ _2\"></span>ears<span class=\"_ _128\"> </span>T<span class=\"_ _2\"></span>otalamountBorrowings including  embedded derivatives<span class=\"_ _179\"> </span>260,970<span class=\"_ _10d\"> </span>191,515<span class=\"_ _2f\"> </span>37<span class=\"_ _2\"></span>,996<span class=\"_ _29\"> </span>490,<span class=\"_ _2\"></span>481<span class=\"_ _29\"> </span>401,346Leasing liabilities<span class=\"_ _1da\"> </span>14<span class=\"_ _2\"></span>,995<span class=\"_ _da\"> </span>59,553<span class=\"_ _32\"> </span>62,237<span class=\"_ _48\"> </span>136,785<span class=\"_ _48\"> </span>122,<span class=\"_ _2\"></span>729T<span class=\"_ _71\"></span>rade and other payables<span class=\"_ _e\"> </span>180,762<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>19,<span class=\"_ _2\"></span>058<span class=\"_ _20\"> </span>199,820<span class=\"_ _29\"> </span>199,820T<span class=\"_ _71\"></span>otal financial liabilities  at December 31, 2022<span class=\"_ _1db\"> </span>456,727<span class=\"_ _46\"> </span>251,068<span class=\"_ _25\"> </span>119,291<span class=\"_ _46\"> </span>827<span class=\"_ _2\"></span>,086<span class=\"_ _46\"> </span>723,895Borrowings<span class=\"_ _1d2\"> </span>50,954<span class=\"_ _33\"> </span>252,042<span class=\"_ _2e\"> </span>736,<span class=\"_ _2\"></span>410<span class=\"_ _42\"> </span>1,039<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>406<span class=\"_ _29\"> </span>647<span class=\"_ _2\"></span>,906Leasing liabilities<span class=\"_ _1dc\"> </span><span class=\"ls14 ws18\">14,60<span class=\"_ _0\"></span>8<span class=\"_ _32\"> </span></span>62,558<span class=\"_ _30\"> </span>75,<span class=\"_ _2\"></span>415<span class=\"_ _120\"> </span>152,581<span class=\"_ _48\"> </span>139<span class=\"_ _2\"></span>,523T<span class=\"_ _71\"></span>rade and other payables<span class=\"_ _19\"> </span>266,387<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>18,<span class=\"_ _71\"></span>426<span class=\"_ _2e\"> </span>284<span class=\"_ _2\"></span>,813<span class=\"_ _25\"> </span>284,813T<span class=\"_ _71\"></span>otal financial liabilities  at December 31, 2021<span class=\"_ _18e\"> </span>331,949<span class=\"_ _37\"> </span>314,600<span class=\"_ _46\"> </span>830,251<span class=\"_ _9b\"> </span>1,476,800<span class=\"_ _99\"> </span>1,072,2<span class=\"_ _3\"></span>42All c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s are no<span class=\"_ _0\"></span>n-di<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nted an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e all l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s but n<span class=\"_ _0\"></span>ot contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>a- tio<span class=\"_ _0\"></span>ns rel<span class=\"_ _0\"></span>ated to pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s for d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing CR<span class=\"_ _0\"></span>Os<span class=\"_ _0\"></span>, as di<span class=\"_ _0\"></span>sclos<span class=\"_ _0\"></span>ed in note 6.<span class=\"_ _0\"></span>5 , a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span>ir mat<span class=\"_ _0\"></span>urit<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ates are u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n.Th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s from b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g emb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dde<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves are p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ented as ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>'s p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y we<span class=\"_ _0\"></span>ighte<span class=\"_ _0\"></span>d es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>te for pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low is s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>itive to th<span class=\"_ _0\"></span>e occur<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce of an ca<span class=\"_ _0\"></span>ll op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r event  a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d in no<span class=\"_ _0\"></span>te 4.6. Paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in U<span class=\"_ _0\"></span>SD are e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n USD 3<span class=\"_ _0\"></span>m Lib<span class=\"_ _0\"></span>or r<span class=\"_ _0\"></span>ates as of 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022 t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated into DKK at th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>D/DKK rates a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le as of 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>.4.3 <span class=\"_ _171\"> </span>Financial assets and liabilities <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesClassification of<span class=\"_ _2\"></span> C<span class=\"_ _0\"></span>ategories of F<span class=\"_ _3\"></span>inancial Assets and Liabilities:Zealan<span class=\"_ _0\"></span>d clas<span class=\"_ _0\"></span>sif<span class=\"_ _0\"></span>ies it<span class=\"_ _0\"></span>s f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l ass<span class=\"_ _0\"></span>ets h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d into th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt cate<span class=\"_ _0\"></span>gor<span class=\"_ _0\"></span>ies:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">tho<span class=\"_ _0\"></span>se to be me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ently a<span class=\"_ _0\"></span>t fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e (eith<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>hrou<span class=\"_ _0\"></span>gh oth<span class=\"_ _0\"></span>er com<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ve inco<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>, or </span>throu<span class=\"_ _0\"></span>gh p<span class=\"_ _0\"></span>rofit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s), and\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">tho<span class=\"_ _0\"></span>se to be me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized cost<span class=\"_ _0\"></span>.</span>Th<span class=\"_ _0\"></span>e clas<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s on th<span class=\"_ _0\"></span>e bu<span class=\"_ _0\"></span>sine<span class=\"_ _0\"></span>ss m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>el fo<span class=\"_ _0\"></span>r man<span class=\"_ _0\"></span>agi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al terms o<span class=\"_ _0\"></span>f the ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>.For as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>, gai<span class=\"_ _0\"></span>ns an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses wi<span class=\"_ _0\"></span>ll e<span class=\"_ _0\"></span>ithe<span class=\"_ _0\"></span>r be re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or lo<span class=\"_ _0\"></span>ss or o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r comprehensiv<span class=\"_ _2\"></span>e income.Zealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>clas<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>es de<span class=\"_ _0\"></span>bt inv<span class=\"_ _0\"></span>estm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>nly wh<span class=\"_ _0\"></span>en i<span class=\"_ _0\"></span>ts b<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l for ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g thos<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>ts ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Fur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r det<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>s ab<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t the a<span class=\"_ _0\"></span>ccounti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy fo<span class=\"_ _0\"></span>r each o<span class=\"_ _0\"></span>f the ca<span class=\"_ _0\"></span>tego<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s are ou<span class=\"_ _0\"></span>tlin<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>spe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive note<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Fa<span class=\"_ _3\"></span>ir V<span class=\"_ _2\"></span>alue Measu<span class=\"_ _3\"></span>rementZealan<span class=\"_ _0\"></span>d me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>res fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>trum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, such a<span class=\"_ _0\"></span>s mar<span class=\"_ _0\"></span>keta<span class=\"_ _0\"></span>ble se<span class=\"_ _0\"></span>curi<span class=\"_ _0\"></span>ties<span class=\"_ _0\"></span>, at f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e at each b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ance she<span class=\"_ _0\"></span>et date<span class=\"_ _0\"></span>. Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d at amo<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>-tized cost su<span class=\"_ _0\"></span>ch as ba<span class=\"_ _0\"></span>nk d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ecei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>nd ot<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>aya<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s app<span class=\"_ _0\"></span>roxim<span class=\"_ _0\"></span>ate the<span class=\"_ _0\"></span>ir ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s larg<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>y due to th<span class=\"_ _0\"></span>e sho<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-ter<span class=\"_ _0\"></span>m matu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>ese i<span class=\"_ _0\"></span>nstr<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Fair val<span class=\"_ _0\"></span>ue is th<span class=\"_ _0\"></span>e pr<span class=\"_ _0\"></span>ice that wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e re<span class=\"_ _0\"></span>ceive<span class=\"_ _0\"></span>d to sel<span class=\"_ _0\"></span>l an as<span class=\"_ _0\"></span>set or p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d to trans<span class=\"_ _0\"></span>fer a l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>n an or<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>ly tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n ma<span class=\"_ _0\"></span>rket pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>pant<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt da<span class=\"_ _0\"></span>te. Th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s base<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e pres<span class=\"_ _0\"></span>ump<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on to se<span class=\"_ _0\"></span>ll the a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>t or tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y takes p<span class=\"_ _0\"></span>lace e<span class=\"_ _0\"></span>ithe<span class=\"_ _0\"></span>r:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">In t<span class=\"_ _0\"></span>he pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l mar<span class=\"_ _0\"></span>ket for th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y, or</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">In t<span class=\"_ _0\"></span>he ab<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>ce of a pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>, in th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t ad<span class=\"_ _0\"></span>vant<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>s mar<span class=\"_ _0\"></span>ket for th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set or l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y.</span>Th<span class=\"_ _0\"></span>e pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>r the m<span class=\"_ _0\"></span>ost a<span class=\"_ _0\"></span>dva<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ous m<span class=\"_ _0\"></span>arket m<span class=\"_ _0\"></span>ust b<span class=\"_ _0\"></span>e acces<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le by Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of an a<span class=\"_ _0\"></span>sset o<span class=\"_ _0\"></span>r a lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y is m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>ons th<span class=\"_ _0\"></span>at ma<span class=\"_ _0\"></span>rket pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>pant<span class=\"_ _0\"></span>s wo<span class=\"_ _0\"></span>uld use wh<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y, assum<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g that m<span class=\"_ _0\"></span>arket p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>ct i<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span>ir e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mic b<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>t inter<span class=\"_ _3\"></span>est.Zealan<span class=\"_ _0\"></span>d use<span class=\"_ _0\"></span>s val<span class=\"_ _0\"></span>uatio<span class=\"_ _0\"></span>n tech<span class=\"_ _0\"></span>niq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>s that a<span class=\"_ _0\"></span>re app<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>riate in t<span class=\"_ _0\"></span>he circu<span class=\"_ _0\"></span>mst<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d for wh<span class=\"_ _0\"></span>ich suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>nt data a<span class=\"_ _0\"></span>re ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble to me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>re fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue, m<span class=\"_ _0\"></span>axi<span class=\"_ _0\"></span>mizin<span class=\"_ _0\"></span>g the u<span class=\"_ _0\"></span>se of rel<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>nt obse<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e inp<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s and m<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>i-mizin<span class=\"_ _0\"></span>g the u<span class=\"_ _0\"></span>se of un<span class=\"_ _0\"></span>obse<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e inp<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>s.For fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>n the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>ance sh<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t at fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue, I<span class=\"_ _0\"></span>FRS 1<span class=\"_ _0\"></span>3 for f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>tru-men<span class=\"_ _0\"></span>ts re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>s disclo<span class=\"_ _0\"></span>sure of f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s by leve<span class=\"_ _0\"></span>l of the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt hie<span class=\"_ _0\"></span>rarchy fo<span class=\"_ _0\"></span>r:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Leve<span class=\"_ _0\"></span>l 1 - Qu<span class=\"_ _0\"></span>oted p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span>s (una<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>sted) i<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>tive m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>s for i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntic<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s or li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Leve<span class=\"_ _0\"></span>l 2 - In<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>s oth<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>an qu<span class=\"_ _0\"></span>oted p<span class=\"_ _0\"></span>rices i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d with<span class=\"_ _0\"></span>in le<span class=\"_ _0\"></span>vel 1 th<span class=\"_ _0\"></span>at are o<span class=\"_ _0\"></span>bser<span class=\"_ _1\"></span>vab<span class=\"_ _0\"></span>le for th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set or </span>liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, e<span class=\"_ _0\"></span>ith<span class=\"_ _0\"></span>er d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>tly (that i<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s pri<span class=\"_ _0\"></span>ces) or in<span class=\"_ _0\"></span>dire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly (that is<span class=\"_ _0\"></span>, de<span class=\"_ _0\"></span>rive<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m pri<span class=\"_ _0\"></span>ces)\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Leve<span class=\"_ _0\"></span>l 3 - In<span class=\"_ _0\"></span>put<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set or l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n obse<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e mar<span class=\"_ _0\"></span>ket dat<span class=\"_ _0\"></span>a (that is<span class=\"_ _0\"></span>, uno<span class=\"_ _0\"></span>b-</span>servab<span class=\"_ _0\"></span>le inputs)<span class=\"_ _2\"></span>.For as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies th<span class=\"_ _0\"></span>at are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in t<span class=\"_ _0\"></span>he fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts o<span class=\"_ _0\"></span>n a recu<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>asis<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>heth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s have o<span class=\"_ _0\"></span>ccurre<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n leve<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e hie<span class=\"_ _0\"></span>rarchy by r<span class=\"_ _0\"></span>e-asse<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>ng ca<span class=\"_ _0\"></span>tego<span class=\"_ _0\"></span>riza-tion (b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e lowe<span class=\"_ _0\"></span>st le<span class=\"_ _0\"></span>vel in<span class=\"_ _0\"></span>put t<span class=\"_ _0\"></span>hat is si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant to the f<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as a w<span class=\"_ _0\"></span>hol<span class=\"_ _0\"></span>e) at the en<span class=\"_ _0\"></span>d of each re<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. Any tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nt leve<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s are ca<span class=\"_ _0\"></span>rrie<span class=\"_ _0\"></span>d ou<span class=\"_ _0\"></span>t at the e<span class=\"_ _0\"></span>nd of t<span class=\"_ _0\"></span>he reporting period.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Categor<span class=\"_ _2\"></span>ies of fina<span class=\"_ _3\"></span>ncial i<span class=\"_ _3\"></span>nstru<span class=\"_ _3\"></span>mentsT<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>de an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les exclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>id ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s<span class=\"_ _1dd\"> </span>70,<span class=\"_ _2\"></span>640<span class=\"_ _2e\"> </span><span class=\"ls74 ws78\">101,<span class=\"_ _0\"></span>46<span class=\"_ _0\"></span>5</span>Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts at a<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>zed cos<span class=\"_ _0\"></span>ts<span class=\"_ _192\"> </span>70,640<span class=\"_ _8b\"> </span><span class=\"ls17 ws1b\">10<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>,4<span class=\"_ _0\"></span>65</span>Marketable sec<span class=\"_ _3\"></span>urities<span class=\"_ _ff\"> </span><span class=\"ls2 ws2\">108,<span class=\"_ _2\"></span>611<span class=\"_ _8b\"> </span><span class=\"ls6b ws6e\">2<span class=\"_ _0\"></span>99,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>42</span></span>Other in<span class=\"_ _2\"></span>vestments<span class=\"_ _195\"> </span><span class=\"ls2 ws2\">30,943<span class=\"_ _160\"> </span><span class=\"lsa wsb\">26<span class=\"_ _0\"></span>,9<span class=\"_ _0\"></span>07</span></span>Oth<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s<span class=\"_ _1b1\"> </span>6,901<span class=\"_ _3c\"> </span>0Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue t<span class=\"_ _0\"></span>hro<span class=\"_ _0\"></span>ugh p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t or lo<span class=\"_ _0\"></span>ss<span class=\"_ _86\"> </span>146<span class=\"_ _3\"></span>,455<span class=\"_ _89\"> </span><span class=\"ls2f ws32\">325,949</span>Borrowi<span class=\"_ _3\"></span>ngs<span class=\"_ _1de\"> </span><span class=\"ls2 ws2\">320,<span class=\"_ _2\"></span>743<span class=\"_ _33\"> </span><span class=\"ls41 ws44\">64<span class=\"_ _3\"></span>7<span class=\"_ _71\"></span>,906</span></span>Lease liabilities<span class=\"_ _184\"> </span><span class=\"ls2 ws2\">122,729<span class=\"_ _25\"> </span><span class=\"ls6b ws6e\">1<span class=\"_ _0\"></span>39,<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>3</span></span>T<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>de an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>les<span class=\"_ _6a\"> </span>199<span class=\"_ _3\"></span>,820<span class=\"_ _33\"> </span><span class=\"ls8d ws92\">284<span class=\"_ _0\"></span>,81<span class=\"_ _1\"></span>3</span>Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d at am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tize<span class=\"_ _0\"></span>d cost<span class=\"_ _19e\"> </span>643,292<span class=\"_ _fe\"> </span><span class=\"ls1b ws20\">1<span class=\"_ _1\"></span>,07<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>24<span class=\"_ _0\"></span>2</span>Emb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>ates cf. note 4.6<span class=\"_ _19b\"> </span>80<span class=\"_ _3\"></span>,603<span class=\"_ _3c\"> </span>0Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d at fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue th<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>gh pr<span class=\"_ _0\"></span>ofit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s<span class=\"_ _4c\"> </span>80,603<span class=\"_ _3c\"> </span>02022<span class=\"_ _1df\"> </span><span class=\"fc1\">2021</span>DKK thousand<span class=\"_ _1d0\"> </span>Note<span class=\"_ _34\"> </span>Level 1<span class=\"_ _5c\"> </span>Level 2<span class=\"_ _5c\"> </span>Level 3<span class=\"_ _128\"> </span>T<span class=\"_ _2\"></span>otal<span class=\"_ _53\"> </span><span class=\"fc1\">Level 1<span class=\"_ _5c\"> </span>Level 2<span class=\"_ _34\"> </span>Level 3<span class=\"_ _2c\"> </span>T<span class=\"_ _71\"></span>otal</span>Assets measured at fair value:Marketable securities<span class=\"_ _1e0\"> </span><span class=\"ls44 ws47\">4.5<span class=\"_ _1e1\"> </span></span>0<span class=\"_ _120\"> </span>108,611<span class=\"_ _3c\"> </span>0<span class=\"_ _120\"> </span>108,611<span class=\"_ _3e\"> </span>299,<span class=\"_ _3\"></span>042<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _33\"> </span>299,<span class=\"_ _3\"></span>042Other investments<span class=\"_ _1e2\"> </span><span class=\"ls6d ws70\">3<span class=\"_ _0\"></span>.4<span class=\"_ _1e1\"> </span></span>0<span class=\"_ _40\"> </span>0<span class=\"_ _35\"> </span>30,943<span class=\"_ _160\"> </span>30,943<span class=\"_ _8c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _103\"> </span>26,907<span class=\"_ _35\"> </span>26,907Other financial assets<span class=\"_ _1e3\"> </span><span class=\"ls6c ws6f\">3.7<span class=\"_ _3c\"> </span></span>0<span class=\"_ _40\"> </span>0<span class=\"_ _65\"> </span>6,901<span class=\"_ _65\"> </span>6,901<span class=\"_ _8c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0Financial assets measured at fair value through profit or loss<span class=\"_ _cc\"> </span>0<span class=\"_ _20\"> </span>108,611<span class=\"_ _160\"> </span>37<span class=\"_ _2\"></span>,844<span class=\"_ _29\"> </span>146.<span class=\"_ _2\"></span>455<span class=\"_ _120\"> </span>299,<span class=\"_ _2\"></span>042<span class=\"_ _40\"> </span>0<span class=\"_ _34\"> </span>26,907<span class=\"_ _8b\"> </span>325,949Liabilities measured at fair value:Embedded deriva<span class=\"_ _3\"></span>tes<span class=\"_ _1e4\"> </span>4.6<span class=\"_ _40\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _3c\"> </span>0<span class=\"_ _160\"> </span>80,<span class=\"_ _2\"></span>603<span class=\"_ _160\"> </span>80,603<span class=\"_ _8e\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0</span>Financial liabilities measured at fair value through profit or loss<span class=\"_ _1d3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _5c\"> </span>80,603<span class=\"_ _88\"> </span>80,603<span class=\"_ _8c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0No transfer between fair value levels have occurred during 2022. The shift between level 1 and level 2 for marketable securities is caused by sale and acquisition of the portf<span class=\"_ _3\"></span>olio.4.4 <span class=\"_ _171\"> </span>Cas<span class=\"_ _0\"></span>h and c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nts <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesCash i<span class=\"_ _0\"></span>s mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d on i<span class=\"_ _0\"></span>ntitia<span class=\"_ _0\"></span>l reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>t cost.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _1e5\"> </span> 720,<span class=\"_ _2\"></span>626 <span class=\"_ _3d\"> </span><span class=\"ls2b ws2e\"> 472,525 </span>Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s (sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s)<span class=\"_ _1e6\"> </span> 348,<span class=\"_ _2\"></span>608 <span class=\"_ _4f\"> </span> 6<span class=\"_ _0\"></span>56<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>578 T<span class=\"_ _2\"></span>otal cash and cash<span class=\"_ _3\"></span> equivalents<span class=\"_ _1e7\"> </span><span class=\"ls2 ws2\"> 1,069<span class=\"_ _3\"></span>,234 <span class=\"_ _98\"> </span><span class=\"lsc5 wscc\"> 1,129<span class=\"_ _2\"></span>,10<span class=\"_ _2\"></span>3 </span></span>A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2021<span class=\"_ _0\"></span>, U<span class=\"_ _0\"></span>SD 100 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion w<span class=\"_ _0\"></span>as su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to a li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y cove<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>t und<span class=\"_ _0\"></span>er w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>roup had to h<span class=\"_ _0\"></span>old th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh in a d<span class=\"_ _0\"></span>esi<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ated accou<span class=\"_ _0\"></span>nt unti<span class=\"_ _0\"></span>l cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s were m<span class=\"_ _0\"></span>et. T<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>s covena<span class=\"_ _0\"></span>nt was l<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ted in 2022 as a co<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to the lo<span class=\"_ _0\"></span>an ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt with O<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d as d<span class=\"_ _0\"></span>escr<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>ed in no<span class=\"_ _0\"></span>te 4.<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt to the O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d loa<span class=\"_ _0\"></span>n agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>er 20, 202<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e out<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l of USD 5<span class=\"_ _0\"></span>0 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is to be h<span class=\"_ _0\"></span>eld i<span class=\"_ _0\"></span>n a des<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ated de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sit acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>. As a re<span class=\"_ _0\"></span>sult t<span class=\"_ _0\"></span>he amo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>s pres<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d as ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>lent<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d se<span class=\"_ _0\"></span>curiti<span class=\"_ _0\"></span>es can b<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ed in i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of min<span class=\"_ _0\"></span>imu<span class=\"_ _0\"></span>m USD 10.0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion u<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>n req<span class=\"_ _0\"></span>ues<span class=\"_ _0\"></span>t fro<span class=\"_ _0\"></span>m the g<span class=\"_ _0\"></span>roup s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d in note 4<span class=\"_ _0\"></span>.6.4.5 <span class=\"_ _147\"> </span>Marketable securities <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesMar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>curit<span class=\"_ _0\"></span>ies co<span class=\"_ _0\"></span>nsist o<span class=\"_ _0\"></span>f inve<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in se<span class=\"_ _0\"></span>curi<span class=\"_ _0\"></span>ties w<span class=\"_ _0\"></span>ith a ma<span class=\"_ _0\"></span>turit<span class=\"_ _1\"></span>y of nin<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>y day<span class=\"_ _0\"></span>s or gre<span class=\"_ _0\"></span>ater at the ti<span class=\"_ _0\"></span>me of a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. M<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f mar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>curit<span class=\"_ _0\"></span>ies d<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ds on t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>usin<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>del fo<span class=\"_ _0\"></span>r man<span class=\"_ _0\"></span>agi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e as<span class=\"_ _0\"></span>set an<span class=\"_ _0\"></span>d the c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow cha<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>teris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re are t<span class=\"_ _0\"></span>wo me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>atego<span class=\"_ _0\"></span>-rie<span class=\"_ _0\"></span>s into whi<span class=\"_ _0\"></span>ch Zeala<span class=\"_ _0\"></span>nd cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s its m<span class=\"_ _0\"></span>arket<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es: \u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">A<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ized cost: A<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts th<span class=\"_ _0\"></span>at are h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d for coll<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of contra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows<span class=\"_ _0\"></span>, whe<span class=\"_ _0\"></span>re th<span class=\"_ _0\"></span>ose cas<span class=\"_ _0\"></span>h flow<span class=\"_ _0\"></span>s </span>rep<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt sol<span class=\"_ _0\"></span>ely p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>l and i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st, a<span class=\"_ _0\"></span>re me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>d at a<span class=\"_ _0\"></span>mor<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ized cost. I<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st in<span class=\"_ _0\"></span>come from th<span class=\"_ _0\"></span>ese f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n fin<span class=\"_ _0\"></span>ance i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e usin<span class=\"_ _0\"></span>g the e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>tive i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t rate me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>ny gai<span class=\"_ _0\"></span>n or los<span class=\"_ _0\"></span>s ari<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g on de<span class=\"_ _0\"></span>reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized d<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctly i<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it or l<span class=\"_ _0\"></span>oss a<span class=\"_ _0\"></span>nd pr<span class=\"_ _0\"></span>ese<span class=\"_ _0\"></span>nted in o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r gai<span class=\"_ _0\"></span>ns/(losses), toge<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r with fo<span class=\"_ _0\"></span>rei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e ga<span class=\"_ _0\"></span>ins an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>. Im<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>irm<span class=\"_ _0\"></span>ent l<span class=\"_ _0\"></span>osse<span class=\"_ _0\"></span>s are p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted as a sep<span class=\"_ _0\"></span>arate li<span class=\"_ _0\"></span>ne ite<span class=\"_ _0\"></span>m in th<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of prof<span class=\"_ _0\"></span>it or l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Fair va<span class=\"_ _0\"></span>lue t<span class=\"_ _0\"></span>hrou<span class=\"_ _0\"></span>gh prof<span class=\"_ _0\"></span>it an<span class=\"_ _0\"></span>d los<span class=\"_ _0\"></span>s (F<span class=\"_ _0\"></span>VP<span class=\"_ _0\"></span>L): As<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s that d<span class=\"_ _0\"></span>o not m<span class=\"_ _0\"></span>eet t<span class=\"_ _0\"></span>he cri<span class=\"_ _0\"></span>teria fo<span class=\"_ _0\"></span>r am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tized cos<span class=\"_ _0\"></span>t or fa<span class=\"_ _0\"></span>ir </span>valu<span class=\"_ _0\"></span>e thro<span class=\"_ _0\"></span>ugh o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r comp<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sive i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e (F<span class=\"_ _0\"></span>VOCI<span class=\"_ _0\"></span>) are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red at F<span class=\"_ _1\"></span>VPL<span class=\"_ _0\"></span>. A gai<span class=\"_ _0\"></span>n or lo<span class=\"_ _0\"></span>ss on a d<span class=\"_ _0\"></span>ebt inves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at is sub<span class=\"_ _0\"></span>seq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at F<span class=\"_ _1\"></span>VPL is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in p<span class=\"_ _0\"></span>rofit o<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted n<span class=\"_ _0\"></span>et with<span class=\"_ _0\"></span>in fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e or e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d in w<span class=\"_ _0\"></span>hich it a<span class=\"_ _0\"></span>rise<span class=\"_ _0\"></span>s.Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tfo<span class=\"_ _0\"></span>lio i<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d eva<span class=\"_ _0\"></span>luate<span class=\"_ _0\"></span>d on a f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e basi<span class=\"_ _0\"></span>s in accord<span class=\"_ _0\"></span>ance w<span class=\"_ _0\"></span>ith it<span class=\"_ _0\"></span>s state<span class=\"_ _0\"></span>d inve<span class=\"_ _0\"></span>st-men<span class=\"_ _0\"></span>t gui<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e infor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>ly to man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. T<span class=\"_ _0\"></span>his b<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>nes<span class=\"_ _0\"></span>s mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l do<span class=\"_ _0\"></span>es no<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>et the cr<span class=\"_ _0\"></span>iteri<span class=\"_ _0\"></span>a for am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tize<span class=\"_ _0\"></span>d cost or F<span class=\"_ _0\"></span>VO<span class=\"_ _0\"></span>CI an<span class=\"_ _0\"></span>d as a resu<span class=\"_ _0\"></span>lt ma<span class=\"_ _0\"></span>rketa<span class=\"_ _0\"></span>ble se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>red at f<span class=\"_ _0\"></span>air valu<span class=\"_ _0\"></span>e thro<span class=\"_ _0\"></span>ugh p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t and l<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>his cla<span class=\"_ _0\"></span>ssif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is consi<span class=\"_ _0\"></span>stent w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e pri<span class=\"_ _0\"></span>or yea<span class=\"_ _0\"></span>r'<span class=\"_ _0\"></span>s clas<span class=\"_ _0\"></span>sifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on. T<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d at tra<span class=\"_ _0\"></span>de date<span class=\"_ _0\"></span>.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021US<span class=\"_ _0\"></span>D po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tf<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>io:Asset backed securi<span class=\"_ _3\"></span>ties<span class=\"_ _1e8\"> </span><span class=\"ls2 ws2\">24<span class=\"_ _2\"></span>,392<span class=\"_ _40\"> </span>0</span>Corporat<span class=\"_ _2\"></span>e bonds<span class=\"_ _1e0\"> </span><span class=\"ls2 ws2\">84,219<span class=\"_ _3c\"> </span>0</span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l US<span class=\"_ _0\"></span>D po<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>fol<span class=\"_ _0\"></span>io<span class=\"_ _10e\"> </span>108,611<span class=\"_ _3c\"> </span>0DKK portfolio<span class=\"_ _2\"></span>:Equit<span class=\"_ _0\"></span>y in<span class=\"_ _0\"></span>vest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in bo<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fol<span class=\"_ _0\"></span>io<span class=\"_ _1e9\"> </span>0<span class=\"_ _37\"> </span><span class=\"ls6b ws6e\">2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9,0<span class=\"_ _0\"></span>42</span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l DKK p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>fol<span class=\"_ _0\"></span>io<span class=\"_ _1ea\"> </span>0<span class=\"_ _89\"> </span><span class=\"ls6c ws6f\">299,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>42</span>T<span class=\"_ _71\"></span>otal portfolio<span class=\"_ _1eb\"> </span><span class=\"ls2 ws2\">108,611<span class=\"_ _4d\"> </span><span class=\"ls6c ws6f\">2<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>9,0<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>2</span></span>Per December 31, 2022, all outstanding securities matures within 3 months.4.6 Borro<span class=\"_ _3\"></span>wings <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesOn i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs ar<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue w<span class=\"_ _0\"></span>hich is g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ally e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>al to the p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>. Fair va<span class=\"_ _0\"></span>lue i<span class=\"_ _0\"></span>s allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>twe<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>ebt h<span class=\"_ _0\"></span>ost con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d, if a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lica<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>, an e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>a- tive<span class=\"_ _0\"></span>. T<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on cos<span class=\"_ _0\"></span>ts at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to the d<span class=\"_ _0\"></span>ebt h<span class=\"_ _0\"></span>ost cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t are d<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ucte<span class=\"_ _0\"></span>d fro<span class=\"_ _0\"></span>m the i<span class=\"_ _0\"></span>nitia<span class=\"_ _0\"></span>l fai<span class=\"_ _0\"></span>r va<span class=\"_ _0\"></span>lue an<span class=\"_ _0\"></span>d amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d over t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>m of the l<span class=\"_ _0\"></span>oan a<span class=\"_ _0\"></span>s par<span class=\"_ _0\"></span>t o<span class=\"_ _0\"></span>f the ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve inte<span class=\"_ _0\"></span>rest r<span class=\"_ _0\"></span>ate on th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n. T<span class=\"_ _3\"></span>ran<span class=\"_ _0\"></span>sac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s att<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>utab<span class=\"_ _0\"></span>le to a no<span class=\"_ _0\"></span>n-close<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d emb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dde<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves are e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ense<span class=\"_ _0\"></span>d on i<span class=\"_ _0\"></span>nit<span class=\"_ _0\"></span>ial re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. Su<span class=\"_ _0\"></span>bse-que<span class=\"_ _0\"></span>ntly, borrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs are m<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>t amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d cost.On i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>al reco<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s are ev<span class=\"_ _0\"></span>alua<span class=\"_ _0\"></span>ted for th<span class=\"_ _0\"></span>e exi<span class=\"_ _0\"></span>sten<span class=\"_ _0\"></span>ce of non-<span class=\"_ _0\"></span>close<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>lated e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>.e. ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows or p<span class=\"_ _0\"></span>oten<span class=\"_ _0\"></span>tial c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ows wh<span class=\"_ _0\"></span>ose e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mic ch<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>acte<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s and r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>re not close<span class=\"_ _0\"></span>ly rel<span class=\"_ _0\"></span>ated to the e<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>c cha<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>teris<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d risk<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>bt hos<span class=\"_ _0\"></span>t contra<span class=\"_ _0\"></span>ct su<span class=\"_ _0\"></span>ch as p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt opti<span class=\"_ _0\"></span>ons at a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ich are n<span class=\"_ _0\"></span>ot sub<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>lly e<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>l to the lo<span class=\"_ _0\"></span>an\u2019s amo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d cost<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e cash f<span class=\"_ _0\"></span>lows a<span class=\"_ _0\"></span>ttr<span class=\"_ _0\"></span>ib-utab<span class=\"_ _0\"></span>le to such n<span class=\"_ _0\"></span>on-cl<span class=\"_ _0\"></span>osel<span class=\"_ _0\"></span>y rel<span class=\"_ _0\"></span>ated e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>s are se<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>ated a<span class=\"_ _0\"></span>nd accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r as de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ve financial inst<span class=\"_ _3\"></span>ruments.Loan com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re not re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d. Le<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r fe<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on cos<span class=\"_ _0\"></span>ts at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le to uncon<span class=\"_ _0\"></span>di- tion<span class=\"_ _0\"></span>al lo<span class=\"_ _0\"></span>an com<span class=\"_ _0\"></span>mitm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re treate<span class=\"_ _0\"></span>d as pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>id tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s if the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to draw d<span class=\"_ _0\"></span>own o<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>acil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y. If the Grou<span class=\"_ _0\"></span>p has n<span class=\"_ _0\"></span>o sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ic p<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>s for dr<span class=\"_ _0\"></span>aw dow<span class=\"_ _0\"></span>n on th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt, t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion cost<span class=\"_ _0\"></span>s are am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tis<span class=\"_ _0\"></span>ed ove<span class=\"_ _0\"></span>r the co<span class=\"_ _0\"></span>mmi<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d.If a loa<span class=\"_ _0\"></span>n comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt is su<span class=\"_ _0\"></span>bj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to meet<span class=\"_ _0\"></span>ing ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, it is con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>d an u<span class=\"_ _0\"></span>ncon<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l loa<span class=\"_ _0\"></span>n comm<span class=\"_ _0\"></span>itme<span class=\"_ _0\"></span>nt if th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s it prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le tha<span class=\"_ _0\"></span>t the con<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l be me<span class=\"_ _0\"></span>t.Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dme<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e term<span class=\"_ _0\"></span>s of a lo<span class=\"_ _0\"></span>an is accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r as an e<span class=\"_ _0\"></span>xt<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>uish<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e ori<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>al lo<span class=\"_ _0\"></span>an an<span class=\"_ _0\"></span>d recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on of a n<span class=\"_ _0\"></span>ew lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed te<span class=\"_ _0\"></span>rms if th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d terms a<span class=\"_ _0\"></span>re sub<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>lly dif<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>ent fro<span class=\"_ _0\"></span>m the o<span class=\"_ _0\"></span>rig<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al term<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Both q<span class=\"_ _0\"></span>uant<span class=\"_ _0\"></span>itati<span class=\"_ _0\"></span>ve an<span class=\"_ _0\"></span>d qua<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>ve fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s are cons<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d. If th<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>sent valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>lows d<span class=\"_ _0\"></span>iscou<span class=\"_ _0\"></span>nted at th<span class=\"_ _0\"></span>e or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>nal ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ive in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rate dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rs by 10% or more<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt is trea<span class=\"_ _0\"></span>ted as a<span class=\"_ _0\"></span>n ex<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>gui<span class=\"_ _0\"></span>shme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh flow<span class=\"_ _0\"></span>s dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rs by le<span class=\"_ _0\"></span>ss th<span class=\"_ _0\"></span>an 10%<span class=\"_ _0\"></span>, Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>valu<span class=\"_ _0\"></span>ates qu<span class=\"_ _0\"></span>alit<span class=\"_ _0\"></span>ative f<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tors su<span class=\"_ _0\"></span>ch as: \u2022 <span class=\"_ _27\"> </span>Chan<span class=\"_ _0\"></span>ge in co<span class=\"_ _0\"></span>llate<span class=\"_ _0\"></span>ral a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>stri<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons o<span class=\"_ _0\"></span>f the us<span class=\"_ _0\"></span>e of pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds \u2022 <span class=\"_ _27\"> </span>Sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cant c<span class=\"_ _0\"></span>han<span class=\"_ _0\"></span>ge in t<span class=\"_ _0\"></span>he ter<span class=\"_ _0\"></span>m of the l<span class=\"_ _0\"></span>oan \u2022 <span class=\"_ _27\"> </span>Chan<span class=\"_ _0\"></span>ge in l<span class=\"_ _0\"></span>oan cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y and i<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>st ba<span class=\"_ _0\"></span>se All f<span class=\"_ _0\"></span>ees i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d in conn<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n with a m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of th<span class=\"_ _0\"></span>e term<span class=\"_ _0\"></span>s accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an ex<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ngu<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t are recog<span class=\"_ _0\"></span>nise<span class=\"_ _0\"></span>d as a<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021Bor<span class=\"_ _0\"></span>rowi<span class=\"_ _0\"></span>ngs at a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d cost<span class=\"_ _1d9\"> </span>320,7<span class=\"_ _2\"></span>43 <span class=\"_ _4e\"> </span><span class=\"ls41 ws44\">647<span class=\"_ _71\"></span>,<span class=\"_ _3\"></span>906 </span>Embedded deriva<span class=\"_ _3\"></span>tes<span class=\"_ _3\"></span> at fai<span class=\"_ _3\"></span>r value<span class=\"_ _f9\"> </span><span class=\"ls2 ws2\">80,603 <span class=\"_ _73\"> </span>0</span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>ng e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d der<span class=\"_ _0\"></span>ivat<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>s<span class=\"_ _c\"> </span>401,346<span class=\"_ _37\"> </span><span class=\"lsb6 wsbd\">6<span class=\"_ _79\"></span>47,<span class=\"_ _1\"></span>9<span class=\"_ _79\"></span>0<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span> </span>On D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2021<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d entere<span class=\"_ _0\"></span>d into a US<span class=\"_ _0\"></span>D 100 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on lo<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ob<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd.Follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g a cha<span class=\"_ _0\"></span>nge i<span class=\"_ _0\"></span>n the s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gy a<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ced on 3<span class=\"_ _0\"></span>0 Ma<span class=\"_ _0\"></span>rch 2022, th<span class=\"_ _0\"></span>e con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>ons fo<span class=\"_ _0\"></span>r rele<span class=\"_ _0\"></span>ase of t<span class=\"_ _0\"></span>he incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y cove<span class=\"_ _0\"></span>nant b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng tr<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>ing 6 m<span class=\"_ _0\"></span>ont<span class=\"_ _0\"></span>hs cum<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ative reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e of at lea<span class=\"_ _0\"></span>st US<span class=\"_ _0\"></span>D 50 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on wa<span class=\"_ _0\"></span>s consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>nli<span class=\"_ _0\"></span>kely to be m<span class=\"_ _0\"></span>et. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>erefo<span class=\"_ _0\"></span>re, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d wa<span class=\"_ _0\"></span>s as of th<span class=\"_ _0\"></span>is po<span class=\"_ _0\"></span>int in t<span class=\"_ _0\"></span>ime ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>ly res<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>cted f<span class=\"_ _0\"></span>rom obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ccess to th<span class=\"_ _0\"></span>e fun<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d's p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt op<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ose f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e was a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e imm<span class=\"_ _0\"></span>ateria<span class=\"_ _0\"></span>l up<span class=\"_ _0\"></span>on is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e of the l<span class=\"_ _0\"></span>oan<span class=\"_ _0\"></span>, wa<span class=\"_ _0\"></span>s consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red to have a s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt pos<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e as Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>c-tive<span class=\"_ _0\"></span>ly wou<span class=\"_ _0\"></span>ld no<span class=\"_ _0\"></span>t gai<span class=\"_ _0\"></span>n access to th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e pos<span class=\"_ _0\"></span>itive f<span class=\"_ _0\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e was d<span class=\"_ _0\"></span>eter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of futu<span class=\"_ _0\"></span>re cas<span class=\"_ _0\"></span>h flo<span class=\"_ _0\"></span>ws un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>, comp<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h the cos<span class=\"_ _0\"></span>t of pre<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s for m<span class=\"_ _0\"></span>eas-urin<span class=\"_ _0\"></span>g fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue w<span class=\"_ _0\"></span>as de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d to be an e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y (m<span class=\"_ _0\"></span>arket p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tic<span class=\"_ _0\"></span>ipa<span class=\"_ _0\"></span>nt) wh<span class=\"_ _0\"></span>ich w<span class=\"_ _0\"></span>as exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted n<span class=\"_ _0\"></span>ot to me<span class=\"_ _0\"></span>et the l<span class=\"_ _0\"></span>iqu<span class=\"_ _0\"></span>idit<span class=\"_ _1\"></span>y covenant a<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>hich n<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e fun<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. Fair valu<span class=\"_ _0\"></span>e wa<span class=\"_ _0\"></span>s deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ed to am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt to DKK 142.<span class=\"_ _0\"></span>1 million based on the<span class=\"_ _3\"></span> following assump<span class=\"_ _3\"></span>tions:Assumption<span class=\"_ _1d2\"> </span>Value<span class=\"_ _2\"></span> assigne<span class=\"_ _0\"></span>d to<span class=\"_ _2\"></span> assumptionUS LI<span class=\"_ _0\"></span>BOR r<span class=\"_ _0\"></span>ate (annu<span class=\"_ _0\"></span>al for<span class=\"_ _1\"></span>ward r<span class=\"_ _0\"></span>ates) + 6% + \u201c<span class=\"_ _3\"></span>catch up\u201d Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ow loa<span class=\"_ _0\"></span>npaym<span class=\"_ _0\"></span>ent to a<span class=\"_ _0\"></span>rri<span class=\"_ _0\"></span>ve at an IR<span class=\"_ _0\"></span>R of 9.75%Deposit income<span class=\"_ _1ec\"> </span><span class=\"ls2 ws2\">US LI<span class=\"_ _0\"></span>BOR r<span class=\"_ _0\"></span>ate (annu<span class=\"_ _0\"></span>al for<span class=\"_ _1\"></span>ward r<span class=\"_ _0\"></span>ates)</span>Discount rat<span class=\"_ _2\"></span>e<span class=\"_ _12f\"> </span><span class=\"lsc7 wscf\">11%</span>F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e was d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>inl<span class=\"_ _0\"></span>y bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n un<span class=\"_ _0\"></span>obs<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le dat<span class=\"_ _0\"></span>a (leve<span class=\"_ _0\"></span>l 3). Plea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to the move<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt tab<span class=\"_ _0\"></span>le p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted o<span class=\"_ _0\"></span>n the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g the f<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent 5<span class=\"_ _0\"></span>0% of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d's p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt op<span class=\"_ _0\"></span>tion w<span class=\"_ _0\"></span>as ut<span class=\"_ _0\"></span>ilized (<span class=\"_ _0\"></span>DKK 7<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n was recog<span class=\"_ _0\"></span>nized u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r los<span class=\"_ _0\"></span>s on s<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent of b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs). As a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, all reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e-rel<span class=\"_ _0\"></span>ated liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y covern<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s we<span class=\"_ _0\"></span>re lif<span class=\"_ _0\"></span>ted a<span class=\"_ _0\"></span>nd Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd g<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ss to th<span class=\"_ _0\"></span>e cas<span class=\"_ _0\"></span>h. T<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ium o<span class=\"_ _0\"></span>n rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of the lo<span class=\"_ _0\"></span>an w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>st fou<span class=\"_ _0\"></span>r year<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>as a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o inc<span class=\"_ _0\"></span>reas<span class=\"_ _0\"></span>ed. A<span class=\"_ _0\"></span>s a re<span class=\"_ _0\"></span>sult it i<span class=\"_ _0\"></span>s ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>'s ass<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>sme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s prep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n as of D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 is i<span class=\"_ _0\"></span>mma<span class=\"_ _0\"></span>teria<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>.Dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g the f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al yea<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, t<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ob<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>wi<span class=\"_ _0\"></span>ce.Oberland amendmen<span class=\"_ _2\"></span>t no. I <span class=\"ls2 ws2\"> </span>On M<span class=\"_ _0\"></span>ay 10, 2022, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d en<span class=\"_ _0\"></span>tered i<span class=\"_ _0\"></span>nto an agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent to a<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>d cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain te<span class=\"_ _0\"></span>rms of t<span class=\"_ _0\"></span>he O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d loa<span class=\"_ _0\"></span>n. T<span class=\"_ _0\"></span>he ame<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s were as fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>s: \u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Pre<span class=\"_ _0\"></span>paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of 50% of th<span class=\"_ _0\"></span>e USD 10<span class=\"_ _0\"></span>0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pal w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch incl<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>ng a pre<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m of 20% </span>amounts to USD 60<span class=\"_ _3\"></span> million\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Rem<span class=\"_ _0\"></span>ova<span class=\"_ _0\"></span>l of th<span class=\"_ _0\"></span>e liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y coven<span class=\"_ _0\"></span>ant m<span class=\"_ _0\"></span>ean<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>hat Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s no li<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of util<span class=\"_ _0\"></span>izing t<span class=\"_ _0\"></span>he </span>cas<span class=\"_ _0\"></span>h he<span class=\"_ _0\"></span>ld by th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r opt<span class=\"_ _0\"></span>ion re<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>goti<span class=\"_ _0\"></span>ated to inc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e adit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s </span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">In<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in pre<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>um wh<span class=\"_ _0\"></span>ich Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>red to pay i<span class=\"_ _0\"></span>n cas<span class=\"_ _0\"></span>e of rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>st fou<span class=\"_ _0\"></span>r year<span class=\"_ _0\"></span>s </span>of the a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent (refe<span class=\"_ _0\"></span>r to repay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt amo<span class=\"_ _0\"></span>unt s<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n be<span class=\"_ _0\"></span>low)\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Potent<span class=\"_ _0\"></span>ial fo<span class=\"_ _0\"></span>r a fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>her $<span class=\"_ _0\"></span>75 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on in<span class=\"_ _0\"></span>crem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ic eve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s</span>Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts to com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise ter<span class=\"_ _0\"></span>ms wh<span class=\"_ _0\"></span>ich a<span class=\"_ _0\"></span>re subs<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>lly di<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nt from t<span class=\"_ _0\"></span>he term ap<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e pri<span class=\"_ _0\"></span>or to the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. Co<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ly, the mod<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n accounte<span class=\"_ _0\"></span>d for as an ex<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>ish<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of the l<span class=\"_ _0\"></span>oan s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to the or<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>nal te<span class=\"_ _0\"></span>rms a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of a ne<span class=\"_ _0\"></span>w lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y. Unde<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d ter<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>, Man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates th<span class=\"_ _0\"></span>at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d pre<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt opti<span class=\"_ _0\"></span>on for t<span class=\"_ _0\"></span>he rema<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt i<span class=\"_ _0\"></span>s insi<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant d<span class=\"_ _0\"></span>ue to th<span class=\"_ _0\"></span>e fac<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>at rele<span class=\"_ _0\"></span>ase f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e liq<span class=\"_ _0\"></span>uid<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y coven<span class=\"_ _0\"></span>ant a mar<span class=\"_ _0\"></span>ket par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>icip<span class=\"_ _0\"></span>ant wo<span class=\"_ _0\"></span>uld n<span class=\"_ _0\"></span>ot be<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>it fro<span class=\"_ _0\"></span>m pre<span class=\"_ _0\"></span>payi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>an du<span class=\"_ _0\"></span>e to the fa<span class=\"_ _0\"></span>ct t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e fu<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>re avai<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ble for us<span class=\"_ _0\"></span>e for a ma<span class=\"_ _0\"></span>rket pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tici<span class=\"_ _0\"></span>pant<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>aid n<span class=\"_ _0\"></span>otio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l amo<span class=\"_ _0\"></span>unt of U<span class=\"_ _0\"></span>SD 50 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, DK<span class=\"_ _0\"></span>K 131<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>4 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n was re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d as lo<span class=\"_ _0\"></span>ss o<span class=\"_ _0\"></span>n set<span class=\"_ _0\"></span>tlem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ses utiliz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t opti<span class=\"_ _0\"></span>on (D<span class=\"_ _0\"></span>KK 71<span class=\"_ _0\"></span>.0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion) a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>remi<span class=\"_ _0\"></span>um on s<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>tlem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f debt<span class=\"_ _0\"></span>s (D<span class=\"_ _0\"></span>KK 60<span class=\"_ _0\"></span>.4 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n). The ca<span class=\"_ _0\"></span>sh o<span class=\"_ _0\"></span>utf<span class=\"_ _0\"></span>low f<span class=\"_ _0\"></span>rom de<span class=\"_ _0\"></span>bt<span class=\"_ _0\"></span>s of DKK 436<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m on se<span class=\"_ _0\"></span>ttl<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent of debt<span class=\"_ _0\"></span>s (D<span class=\"_ _0\"></span>KK 5<span class=\"_ _0\"></span>6.7 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion), rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of U<span class=\"_ _0\"></span>SD 51<span class=\"_ _0\"></span>.7 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on (D<span class=\"_ _0\"></span>KK 36<span class=\"_ _0\"></span>5.4 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion) a<span class=\"_ _0\"></span>nd a pre<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of US<span class=\"_ _0\"></span>D 2.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on (D<span class=\"_ _0\"></span>KK 14.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on) wh<span class=\"_ _0\"></span>ich w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e of<span class=\"_ _0\"></span>fs<span class=\"_ _0\"></span>et ag<span class=\"_ _0\"></span>ains<span class=\"_ _0\"></span>t fu<span class=\"_ _0\"></span>ture rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed lo<span class=\"_ _0\"></span>an (U<span class=\"_ _0\"></span>SD 50 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on) wa<span class=\"_ _0\"></span>s me<span class=\"_ _0\"></span>asure<span class=\"_ _0\"></span>d at D<span class=\"_ _0\"></span>KK 367<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>1 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n of wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r ca<span class=\"_ _0\"></span>ll opti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>ccounted fo<span class=\"_ _0\"></span>r DK<span class=\"_ _0\"></span>K 18.0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>. A los<span class=\"_ _0\"></span>s of DK<span class=\"_ _0\"></span>K 14.6 was re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized as a conse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce of the d<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. A<span class=\"_ _0\"></span>s d<span class=\"_ _0\"></span>iscus<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the s<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n \u201c<span class=\"_ _0\"></span>Fair valu<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>\u201d<span class=\"_ _3\"></span>, the len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r cal<span class=\"_ _0\"></span>l opti<span class=\"_ _0\"></span>on is a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>ed to have a s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue as o<span class=\"_ _0\"></span>f the m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on date a<span class=\"_ _0\"></span>nd ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en sep<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>ted fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ebt h<span class=\"_ _0\"></span>ost co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>. Oberland amendmen<span class=\"_ _2\"></span>t no. II<span class=\"_ _3\"></span> <span class=\"ls2 ws2\"> </span>On 20 S<span class=\"_ _0\"></span>eptem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2022, t<span class=\"_ _0\"></span>he Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny ente<span class=\"_ _0\"></span>red into th<span class=\"_ _0\"></span>e Se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dme<span class=\"_ _0\"></span>nt to the N<span class=\"_ _0\"></span>ote Purch<span class=\"_ _0\"></span>ase Agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent to ad<span class=\"_ _0\"></span>dre<span class=\"_ _0\"></span>ss cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n non-fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l event<span class=\"_ _0\"></span>s of d<span class=\"_ _0\"></span>efa<span class=\"_ _0\"></span>ult by Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d, w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch Ob<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd C<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l wai<span class=\"_ _0\"></span>ved p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>sua<span class=\"_ _0\"></span>nt to the am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e Se<span class=\"_ _0\"></span>con<span class=\"_ _0\"></span>d Am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent int<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ced t<span class=\"_ _0\"></span>wo co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e of the U<span class=\"_ _0\"></span>SD 50 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on h<span class=\"_ _0\"></span>eld i<span class=\"_ _0\"></span>n a Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rma A<span class=\"_ _0\"></span>/S a<span class=\"_ _0\"></span>ccount th<span class=\"_ _0\"></span>at is cont<span class=\"_ _0\"></span>rolle<span class=\"_ _0\"></span>d by O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>and C<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>, one o<span class=\"_ _0\"></span>f whi<span class=\"_ _0\"></span>ch was s<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. Up<span class=\"_ _0\"></span>on s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>cond con<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, wh<span class=\"_ _0\"></span>ich rel<span class=\"_ _0\"></span>ates to th<span class=\"_ _0\"></span>e fulf<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in p<span class=\"_ _0\"></span>ost-closin<span class=\"_ _0\"></span>g ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d may tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>fer f<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>s from s<span class=\"_ _0\"></span>uch a<span class=\"_ _0\"></span>ccount in i<span class=\"_ _0\"></span>ncrem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of USD 10 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on for p<span class=\"_ _0\"></span>urp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>es of o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ratin<span class=\"_ _0\"></span>g Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s busi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss in th<span class=\"_ _0\"></span>e ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y cou<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>e upo<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ior n<span class=\"_ _0\"></span>otice to Ob<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd C<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>ere are cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>tly no ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r out<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g eve<span class=\"_ _0\"></span>nts o<span class=\"_ _0\"></span>f def<span class=\"_ _0\"></span>ault u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e Note Purch<span class=\"_ _0\"></span>ase Agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ed lo<span class=\"_ _0\"></span>an (U<span class=\"_ _0\"></span>SD 50 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on) wa<span class=\"_ _0\"></span>s as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d to be DK<span class=\"_ _0\"></span>K 398.<span class=\"_ _0\"></span>8 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n of wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r ca<span class=\"_ _0\"></span>ll opti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>ccounted fo<span class=\"_ _0\"></span>r DK<span class=\"_ _0\"></span>K 45.0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>. A ga<span class=\"_ _0\"></span>in of DK<span class=\"_ _0\"></span>K 23<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>5 was re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized as a conse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ce of the d<span class=\"_ _0\"></span>ere<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n. P<span class=\"_ _0\"></span>leas<span class=\"_ _0\"></span>e refer to th<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on \u201c<span class=\"_ _0\"></span>Fair val<span class=\"_ _0\"></span>ue me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>\u201d for f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er infor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on ab<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>t the m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>urm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n. Loan ter<span class=\"_ _3\"></span>ms fol<span class=\"_ _3\"></span>low<span class=\"_ _3\"></span>ing amend<span class=\"_ _3\"></span>ment 2Loan a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>, tra<span class=\"_ _0\"></span>nch<span class=\"_ _0\"></span>e 1: <span class=\"_ _8\"> </span><span class=\"ls13 ws17\">USD 50 million</span>Matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y date: <span class=\"_ _e4\"> </span>Dece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 30<span class=\"_ _0\"></span>, 2028Repa<span class=\"_ _3\"></span>yment p<span class=\"_ _3\"></span>rofil<span class=\"_ _2\"></span>e:  <span class=\"_ _16f\"> </span><span class=\"ls75 ws7a\">Rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt at matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y:</span>Bas<span class=\"_ _0\"></span>e Intere<span class=\"_ _0\"></span>st: <span class=\"_ _2a\"> </span>3 months U<span class=\"_ _0\"></span>S Li<span class=\"_ _0\"></span>bor w<span class=\"_ _0\"></span>ith a f<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>or of 0.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5%Cred<span class=\"_ _0\"></span>it spre<span class=\"_ _0\"></span>ad:  <span class=\"_ _d\"> </span>6% p.<span class=\"_ _0\"></span>a.<span class=\"_ _0\"></span>, fixe<span class=\"_ _0\"></span>d over th<span class=\"_ _0\"></span>e term of t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>tRev<span class=\"_ _3\"></span>enue participa<span class=\"_ _3\"></span>tion pa<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span>ments:<span class=\"_ _3\"></span> <span class=\"_ _2c\"> </span><span class=\"ls2 ws2\">Draw dow<span class=\"_ _0\"></span>n on tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>che 1: 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>33<span class=\"_ _0\"></span>% of cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r </span>fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial ye<span class=\"_ _0\"></span>ar, not exceedi<span class=\"_ _0\"></span>ng 75 M<span class=\"_ _0\"></span>USD.Len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r cal<span class=\"_ _0\"></span>l opti<span class=\"_ _0\"></span>on to req<span class=\"_ _0\"></span>uire re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Chan<span class=\"_ _0\"></span>ge of co<span class=\"_ _0\"></span>ntrol ev<span class=\"_ _0\"></span>ent  of the d<span class=\"_ _0\"></span>ebt: Sa<span class=\"_ _0\"></span>le of as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s or l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>ses \u2013 p<span class=\"_ _0\"></span>rocee<span class=\"_ _0\"></span>ds f<span class=\"_ _0\"></span>rom s<span class=\"_ _0\"></span>ale to be u<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d to repay t<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>, howeve<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>, no m<span class=\"_ _0\"></span>ore th<span class=\"_ _0\"></span>an up to 75% of th<span class=\"_ _0\"></span>e net proc<span class=\"_ _2\"></span>eeds.Zeal<span class=\"_ _0\"></span>and o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n to prep<span class=\"_ _0\"></span>ay the d<span class=\"_ _0\"></span>ebt:  <span class=\"_ _48\"> </span>T<span class=\"_ _0\"></span>hro<span class=\"_ _0\"></span>ugh<span class=\"_ _0\"></span>out t<span class=\"_ _0\"></span>he term o<span class=\"_ _0\"></span>f the lo<span class=\"_ _0\"></span>an Repa<span class=\"_ _3\"></span>yment a<span class=\"_ _3\"></span>mount<span class=\"_ _3\"></span>:Unti<span class=\"_ _0\"></span>l Jan<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 1, 2027:<span class=\"_ _4c\"> </span>An amo<span class=\"_ _0\"></span>unt e<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>l to the gre<span class=\"_ _0\"></span>ater of 1<span class=\"_ _0\"></span>50.0% of t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>l amo<span class=\"_ _0\"></span>unt of t<span class=\"_ _0\"></span>he N<span class=\"_ _0\"></span>otes iss<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d the a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt (greate<span class=\"_ _0\"></span>r than ze<span class=\"_ _0\"></span>ro) that wo<span class=\"_ _0\"></span>uld g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ate an inter<span class=\"_ _0\"></span>nal r<span class=\"_ _0\"></span>ate of return to th<span class=\"_ _0\"></span>e len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r eq<span class=\"_ _0\"></span>ual to 12.<span class=\"_ _0\"></span>0% on th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>greg<span class=\"_ _0\"></span>ate purch<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce pai<span class=\"_ _0\"></span>d for su<span class=\"_ _0\"></span>ch Notes<span class=\"_ _0\"></span>, cal<span class=\"_ _0\"></span>cula<span class=\"_ _0\"></span>ted fro<span class=\"_ _0\"></span>m the Fi<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>t Purch<span class=\"_ _0\"></span>ase D<span class=\"_ _0\"></span>ate to the fi<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>th ann<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>y of the F<span class=\"_ _0\"></span>irs<span class=\"_ _0\"></span>t Purch<span class=\"_ _0\"></span>ase D<span class=\"_ _0\"></span>ate.In any c<span class=\"_ _0\"></span>ase l<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>ny intere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nue p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s alre<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>y pai<span class=\"_ _0\"></span>d.From Janu<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>y 1, 2027 un<span class=\"_ _0\"></span>til m<span class=\"_ _0\"></span>aturit<span class=\"_ _1\"></span>y:<span class=\"_ _98\"> </span>A<span class=\"_ _0\"></span>n amo<span class=\"_ _0\"></span>unt e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>al to the g<span class=\"_ _0\"></span>reater of 1<span class=\"_ _0\"></span>50.<span class=\"_ _0\"></span>0% of the p<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>cip<span class=\"_ _0\"></span>al amo<span class=\"_ _0\"></span>unt of t<span class=\"_ _0\"></span>he N<span class=\"_ _0\"></span>otes iss<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d the a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt (greate<span class=\"_ _0\"></span>r than ze<span class=\"_ _0\"></span>ro) that wo<span class=\"_ _0\"></span>uld g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ate an inter<span class=\"_ _0\"></span>nal r<span class=\"_ _0\"></span>ate of return to th<span class=\"_ _0\"></span>e len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r eq<span class=\"_ _0\"></span>ual to 11<span class=\"_ _0\"></span>.0% o<span class=\"_ _0\"></span>n the a<span class=\"_ _0\"></span>gg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate purcha<span class=\"_ _0\"></span>se p<span class=\"_ _0\"></span>rice pa<span class=\"_ _0\"></span>id fo<span class=\"_ _0\"></span>r such N<span class=\"_ _0\"></span>otes<span class=\"_ _0\"></span>, cal<span class=\"_ _0\"></span>cula<span class=\"_ _0\"></span>ted fro<span class=\"_ _0\"></span>m the Fi<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>t Purch<span class=\"_ _0\"></span>ase D<span class=\"_ _0\"></span>ate to the date of re<span class=\"_ _0\"></span>pay-ment<span class=\"_ _0\"></span>.In any c<span class=\"_ _0\"></span>ase l<span class=\"_ _0\"></span>ess a<span class=\"_ _0\"></span>ny intere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nue p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>tion a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s alre<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>y pai<span class=\"_ _0\"></span>d.At maturit<span class=\"_ _0\"></span>y:<span class=\"_ _6b\"> </span><span class=\"ls2 ws2\">At the pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt or i<span class=\"_ _0\"></span>f inves<span class=\"_ _0\"></span>tor IR<span class=\"_ _0\"></span>R is lowe<span class=\"_ _0\"></span>r tha<span class=\"_ _0\"></span>n 9.75% p.a<span class=\"_ _0\"></span>. </span>incl<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>ng inte<span class=\"_ _0\"></span>rest p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, reven<span class=\"_ _0\"></span>ue p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cipat<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>der-requi<span class=\"_ _0\"></span>red re<span class=\"_ _0\"></span>paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, an a<span class=\"_ _0\"></span>ddi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt Designat<span class=\"_ _3\"></span>ed deposit<span class=\"_ _3\"></span> accoun<span class=\"_ _2\"></span>tTh<span class=\"_ _0\"></span>e out<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng pr<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>cipa<span class=\"_ _0\"></span>l of US<span class=\"_ _0\"></span>D 50 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n mus<span class=\"_ _0\"></span>t b<span class=\"_ _0\"></span>e hel<span class=\"_ _0\"></span>d in an D<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ated D<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osit A<span class=\"_ _0\"></span>ccount un<span class=\"_ _0\"></span>til th<span class=\"_ _0\"></span>e follow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns hav<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>en m<span class=\"_ _0\"></span>et:\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d has a<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>eved t<span class=\"_ _0\"></span>he Q<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>lif<span class=\"_ _0\"></span>ied G<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>glut<span class=\"_ _0\"></span>ide En<span class=\"_ _0\"></span>dp<span class=\"_ _0\"></span>oint<span class=\"_ _0\"></span>, a<span class=\"_ _0\"></span>nd</span>\u2022 <span class=\"_ _27\"> </span><span class=\"ff2 fc3\">Al<span class=\"_ _0\"></span>l counter<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ties i<span class=\"_ _0\"></span>n Mater<span class=\"_ _0\"></span>ial P<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s hav<span class=\"_ _0\"></span>e del<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>red con<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>nts</span>A De<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nated D<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>osi<span class=\"_ _0\"></span>t Account i<span class=\"_ _0\"></span>s an acco<span class=\"_ _0\"></span>unt sub<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct to a so<span class=\"_ _0\"></span>-ca<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>d contro<span class=\"_ _0\"></span>l agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, i.e<span class=\"_ _0\"></span>. an ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>-me<span class=\"_ _0\"></span>nt und<span class=\"_ _0\"></span>er w<span class=\"_ _0\"></span>hich a b<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k accoun<span class=\"_ _0\"></span>t in the n<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Pha<span class=\"_ _0\"></span>rma i<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>d by the le<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er. The fu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s can b<span class=\"_ _0\"></span>e rel<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ed in i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of USD 10 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on for p<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>es of o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s busi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ss in t<span class=\"_ _0\"></span>he ordi<span class=\"_ _0\"></span>nar<span class=\"_ _1\"></span>y cour<span class=\"_ _0\"></span>se up<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>r noti<span class=\"_ _0\"></span>ce to Obe<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d Ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>.Accounting AssessmentMan<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d the co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct fo<span class=\"_ _0\"></span>r no<span class=\"_ _0\"></span>n close<span class=\"_ _0\"></span>ly re<span class=\"_ _0\"></span>lated e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d has conclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d tha<span class=\"_ _0\"></span>t the p<span class=\"_ _0\"></span>repay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt opt<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he le<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er ca<span class=\"_ _0\"></span>ll o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n are not cl<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>ly rel<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e debt hos<span class=\"_ _0\"></span>t contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t due to th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ct th<span class=\"_ _0\"></span>at the re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt am<span class=\"_ _0\"></span>ount co<span class=\"_ _0\"></span>uld d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fer w<span class=\"_ _0\"></span>ith mo<span class=\"_ _0\"></span>re tha<span class=\"_ _0\"></span>n an in<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant amo<span class=\"_ _0\"></span>unt f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>bts a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tise<span class=\"_ _0\"></span>d cos<span class=\"_ _0\"></span>t.Th<span class=\"_ _0\"></span>e reven<span class=\"_ _0\"></span>ue b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are not s<span class=\"_ _0\"></span>ep<span class=\"_ _0\"></span>arate<span class=\"_ _0\"></span>d from t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>bt ho<span class=\"_ _0\"></span>st cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t bu<span class=\"_ _0\"></span>t are in<span class=\"_ _0\"></span>itia<span class=\"_ _0\"></span>lly con<span class=\"_ _0\"></span>sid-ere<span class=\"_ _0\"></span>d par<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h flo<span class=\"_ _0\"></span>ws an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve intere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate. Th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>an is rem<span class=\"_ _0\"></span>easu<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>pon a re<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>ent of th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e-ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt. T<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>oan i<span class=\"_ _0\"></span>s rem<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ured to the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of t<span class=\"_ _0\"></span>he rev<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, d<span class=\"_ _0\"></span>iscou<span class=\"_ _0\"></span>nted at th<span class=\"_ _0\"></span>e or<span class=\"_ _0\"></span>igin<span class=\"_ _0\"></span>al ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tive r<span class=\"_ _0\"></span>ate, adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>ted for su<span class=\"_ _0\"></span>bse<span class=\"_ _0\"></span>-que<span class=\"_ _0\"></span>nt cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in th<span class=\"_ _0\"></span>e 3 Mo<span class=\"_ _0\"></span>nth L<span class=\"_ _0\"></span>ibo<span class=\"_ _0\"></span>r rate.  <span class=\"_ _70\"> </span>Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tes Fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue measu<span class=\"_ _3\"></span>rement o<span class=\"_ _3\"></span>f lender's<span class=\"_ _3\"></span> call o<span class=\"_ _3\"></span>ptionFollo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s cha<span class=\"_ _0\"></span>nge i<span class=\"_ _0\"></span>n str<span class=\"_ _0\"></span>ateg<span class=\"_ _0\"></span>y to acti<span class=\"_ _0\"></span>vel<span class=\"_ _0\"></span>y see<span class=\"_ _0\"></span>k pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rsh<span class=\"_ _0\"></span>ips a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ren<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>otiati<span class=\"_ _0\"></span>on of th<span class=\"_ _0\"></span>e le<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r cal<span class=\"_ _0\"></span>l opti<span class=\"_ _0\"></span>on to incl<span class=\"_ _0\"></span>ude m<span class=\"_ _0\"></span>ore a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th the a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ndm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t mad<span class=\"_ _0\"></span>e on 10 May 202<span class=\"_ _0\"></span>2, the l<span class=\"_ _0\"></span>ikeli<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>od of a<span class=\"_ _0\"></span>n even<span class=\"_ _0\"></span>t trig<span class=\"_ _0\"></span>ger<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt was s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cantl<span class=\"_ _0\"></span>y incre<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d. Fair v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of the l<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>der c<span class=\"_ _0\"></span>all o<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>on was d<span class=\"_ _0\"></span>eter-min<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s the d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nce be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of t<span class=\"_ _0\"></span>he pro<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y wei<span class=\"_ _0\"></span>ghte<span class=\"_ _0\"></span>d contra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al ca<span class=\"_ _0\"></span>sh flo<span class=\"_ _0\"></span>w up<span class=\"_ _0\"></span>on th<span class=\"_ _0\"></span>e occur<span class=\"_ _0\"></span>rence of a c<span class=\"_ _0\"></span>all o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n tri<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>r eve<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d the p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tual c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>lows with<span class=\"_ _0\"></span>out a ca<span class=\"_ _0\"></span>ll o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>t occurr<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>scoun<span class=\"_ _0\"></span>ted at th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>al rate of re<span class=\"_ _0\"></span>turn o<span class=\"_ _0\"></span>f 14.<span class=\"_ _0\"></span>3%<span class=\"_ _0\"></span>. It is as<span class=\"_ _0\"></span>sum<span class=\"_ _0\"></span>ed th<span class=\"_ _0\"></span>at any ca<span class=\"_ _0\"></span>ll o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>t wil<span class=\"_ _0\"></span>l result i<span class=\"_ _0\"></span>n fu<span class=\"_ _0\"></span>ll rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>. Fair va<span class=\"_ _0\"></span>lue as of 31 Dece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022 w<span class=\"_ _0\"></span>as de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>me me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d, b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on rev<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>nd ma<span class=\"_ _0\"></span>rket rates fo<span class=\"_ _0\"></span>r comp<span class=\"_ _0\"></span>ara<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>s of 31 De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 2<span class=\"_ _0\"></span>022. In l<span class=\"_ _0\"></span>ine w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e ann<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nced co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny go<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>s for 2023 to e<span class=\"_ _0\"></span>nga<span class=\"_ _0\"></span>ge in s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gic p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>ps, t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>kely<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>od of a le<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er c<span class=\"_ _0\"></span>all o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n tri<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>r eve<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span>in the n<span class=\"_ _0\"></span>ex<span class=\"_ _0\"></span>t t<span class=\"_ _0\"></span>wo year<span class=\"_ _0\"></span>s is as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sed a<span class=\"_ _0\"></span>s rea<span class=\"_ _0\"></span>listi<span class=\"_ _0\"></span>c. Fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue of th<span class=\"_ _0\"></span>e opti<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>nted to DK<span class=\"_ _0\"></span>K 18.0 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s of 10 May<span class=\"_ _3\"></span>, 2022 an<span class=\"_ _0\"></span>d DKK 8<span class=\"_ _0\"></span>0.6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on as of 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e, DKK 62<span class=\"_ _0\"></span>.6 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n, is inclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l item<span class=\"_ _0\"></span>s.Fair val<span class=\"_ _0\"></span>ue me<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent is to a si<span class=\"_ _0\"></span>gnif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>ant ex<span class=\"_ _0\"></span>tent b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on u<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>bser<span class=\"_ _1\"></span>vab<span class=\"_ _0\"></span>le in<span class=\"_ _0\"></span>put (le<span class=\"_ _0\"></span>vel 3) b<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e like-lih<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d and t<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>ng of a c<span class=\"_ _0\"></span>all o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r eve<span class=\"_ _0\"></span>nt. A de<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in li<span class=\"_ _0\"></span>keli<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>od of a tr<span class=\"_ _0\"></span>igg<span class=\"_ _0\"></span>er e<span class=\"_ _0\"></span>vent o<span class=\"_ _0\"></span>ccurri<span class=\"_ _0\"></span>ng and o<span class=\"_ _0\"></span>ccurre<span class=\"_ _0\"></span>nce at a l<span class=\"_ _0\"></span>ater po<span class=\"_ _0\"></span>int i<span class=\"_ _0\"></span>n tim<span class=\"_ _0\"></span>e tha<span class=\"_ _0\"></span>n antic<span class=\"_ _0\"></span>ipate<span class=\"_ _0\"></span>d wil<span class=\"_ _0\"></span>l de<span class=\"_ _0\"></span>crease t<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>egat<span class=\"_ _0\"></span>ive va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>. Fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er, the disco<span class=\"_ _0\"></span>unt ra<span class=\"_ _0\"></span>te will i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>act t<span class=\"_ _0\"></span>he va<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. An i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase in th<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>count r<span class=\"_ _0\"></span>ate wil<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve val<span class=\"_ _0\"></span>ue and v<span class=\"_ _0\"></span>ice ver<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>elow t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le sum<span class=\"_ _0\"></span>mar<span class=\"_ _0\"></span>izes the e<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of reaso<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>bly p<span class=\"_ _0\"></span>oss<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in the a<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>mp-tion a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>d. Fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>lly an i<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>ase in th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>D 3m Li<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>r wil<span class=\"_ _0\"></span>l decr<span class=\"_ _0\"></span>ease th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve va<span class=\"_ _0\"></span>lue of th<span class=\"_ _0\"></span>e opt<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, as it wil<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ual c<span class=\"_ _0\"></span>ash fl<span class=\"_ _0\"></span>ow of th<span class=\"_ _0\"></span>e contra<span class=\"_ _0\"></span>ct w<span class=\"_ _0\"></span>itho<span class=\"_ _0\"></span>ut a trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r eve<span class=\"_ _0\"></span>nt occur<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>. A de<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in USD 3m L<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>or w<span class=\"_ _0\"></span>ill h<span class=\"_ _0\"></span>ave the o<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>osite ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>.Cha<span class=\"_ _0\"></span>nge i<span class=\"_ _0\"></span>n vari<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le <span class=\"_ _130\"> </span>Ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e in fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue T<span class=\"_ _2\"></span>ri<span class=\"_ _0\"></span>gge<span class=\"_ _0\"></span>r even<span class=\"_ _0\"></span>t 3 mon<span class=\"_ _0\"></span>ths l<span class=\"_ _0\"></span>ater <span class=\"_ _1ed\"> </span>De<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in ne<span class=\"_ _0\"></span>gat<span class=\"_ _0\"></span>ive va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f DKK 1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ionDis<span class=\"_ _0\"></span>count r<span class=\"_ _0\"></span>ate + 1%<span class=\"_ _1ee\"> </span>Incre<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>n ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve val<span class=\"_ _0\"></span>ue of D<span class=\"_ _0\"></span>KK 7<span class=\"_ _2\"></span>.<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>nDis<span class=\"_ _0\"></span>count r<span class=\"_ _0\"></span>ate \u2013 1% <span class=\"_ _19e\"> </span>D<span class=\"_ _0\"></span>ecrea<span class=\"_ _0\"></span>se in n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ative v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of DK<span class=\"_ _0\"></span>K 7<span class=\"_ _2\"></span>.8 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>onUSD 3<span class=\"_ _0\"></span>m Lib<span class=\"_ _0\"></span>or + 1<span class=\"_ _0\"></span>%<span class=\"_ _1a6\"> </span>Decrea<span class=\"_ _0\"></span>se in n<span class=\"_ _0\"></span>eg<span class=\"_ _0\"></span>ative v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of DKK 1<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.1 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ionUSD 3<span class=\"_ _0\"></span>m Lib<span class=\"_ _0\"></span>or - 1<span class=\"_ _0\"></span>%<span class=\"_ _1ef\"> </span>Incre<span class=\"_ _0\"></span>ase i<span class=\"_ _0\"></span>n ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve val<span class=\"_ _0\"></span>ue of D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>2.<span class=\"_ _0\"></span>1 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>nTh<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>s up u<span class=\"_ _0\"></span>ntil n<span class=\"_ _0\"></span>ow not h<span class=\"_ _0\"></span>eld co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lex f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s onl<span class=\"_ _0\"></span>y recen<span class=\"_ _0\"></span>tly im<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nted p<span class=\"_ _0\"></span>roces<span class=\"_ _0\"></span>ses fo<span class=\"_ _0\"></span>r dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of su<span class=\"_ _0\"></span>ch ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>rd par<span class=\"_ _0\"></span>t<span class=\"_ _1\"></span>y valua<span class=\"_ _0\"></span>tion spe<span class=\"_ _0\"></span>cial<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en e<span class=\"_ _0\"></span>nga<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d to assis<span class=\"_ _0\"></span>t in d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e fa<span class=\"_ _0\"></span>ir va<span class=\"_ _0\"></span>lue of b<span class=\"_ _0\"></span>oth th<span class=\"_ _0\"></span>e Zeala<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt opti<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d the l<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r cal<span class=\"_ _0\"></span>l opti<span class=\"_ _0\"></span>on as of 10 May, 20 Septe<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er an<span class=\"_ _0\"></span>d 31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2022.Fair val<span class=\"_ _0\"></span>ue of th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing e<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ativ<span class=\"_ _0\"></span>es as of 31 D<span class=\"_ _0\"></span>ecem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2022 is a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>d to be eq<span class=\"_ _0\"></span>ual to it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt of D<span class=\"_ _0\"></span>KK 401 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n (31 De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2021: DK<span class=\"_ _0\"></span>K 656 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n). The as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>s<span class=\"_ _3\"></span>-men<span class=\"_ _0\"></span>t is bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n comp<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>son of th<span class=\"_ _0\"></span>e ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ve yie<span class=\"_ _0\"></span>ld of q<span class=\"_ _0\"></span>uote<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>nds fo<span class=\"_ _0\"></span>r CCC rated e<span class=\"_ _0\"></span>ntiti<span class=\"_ _0\"></span>es as of 31 De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 2022. Valuat<span class=\"_ _0\"></span>ion is b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>inl<span class=\"_ _0\"></span>y on un<span class=\"_ _0\"></span>obs<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e dat<span class=\"_ _0\"></span>a (leve<span class=\"_ _0\"></span>l 3).<span class=\"ff2\"> </span>Fa<span class=\"_ _3\"></span>ir va<span class=\"_ _3\"></span>lue measu<span class=\"_ _3\"></span>rement o<span class=\"_ _3\"></span>f Zea<span class=\"_ _3\"></span>land's prepa<span class=\"_ _2\"></span>yment optionFollo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g the f<span class=\"_ _0\"></span>ir<span class=\"_ _0\"></span>st am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rla<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>an a<span class=\"_ _0\"></span>ll reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e-rel<span class=\"_ _0\"></span>ated li<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y covena<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s were l<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>ted and Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d gai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ass<span class=\"_ _0\"></span>ess to th<span class=\"_ _0\"></span>e cash<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he pr<span class=\"_ _0\"></span>emi<span class=\"_ _0\"></span>um o<span class=\"_ _0\"></span>n rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e lo<span class=\"_ _0\"></span>an with<span class=\"_ _0\"></span>in th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>t four year<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t was al<span class=\"_ _0\"></span>so i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>sed<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt it is ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s asse<span class=\"_ _0\"></span>ssm<span class=\"_ _0\"></span>ent t<span class=\"_ _0\"></span>he th<span class=\"_ _0\"></span>e val<span class=\"_ _0\"></span>ue of Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s pre<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt opt<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 2022 i<span class=\"_ _0\"></span>s imm<span class=\"_ _0\"></span>ateri<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>.Collatera<span class=\"_ _3\"></span>l providedTh<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>loat<span class=\"_ _0\"></span>ing ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>atera<span class=\"_ _0\"></span>l coveri<span class=\"_ _0\"></span>ng w<span class=\"_ _0\"></span>ith all a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets i<span class=\"_ _0\"></span>n the co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny wh<span class=\"_ _0\"></span>ich c<span class=\"_ _0\"></span>an be coll<span class=\"_ _0\"></span>atera<span class=\"_ _0\"></span>lized, i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g sh<span class=\"_ _0\"></span>ares i<span class=\"_ _0\"></span>n sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, as co<span class=\"_ _0\"></span>llater<span class=\"_ _0\"></span>al fo<span class=\"_ _0\"></span>r the d<span class=\"_ _0\"></span>ebt to O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>.Chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s aris<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>rom O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>and l<span class=\"_ _0\"></span>oan a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent -<span class=\"ff2 ls19 ws1d\"> including ch<span class=\"_ _3\"></span>anges for<span class=\"_ _2\"></span> level 3 embedded der<span class=\"_ _3\"></span>ivativ<span class=\"_ _3\"></span>es</span>Cash changes<span class=\"_ _1f0\"> </span>Non-cash changesCarrying Repayment Carrying value as at of debt, Loss on debt Bifurcation Gain on debt value as at December including Payment of Loss on <span class=\"_ _87\"></span> recognition - of embedded recognition - Fair value Interests Currency December 31, 2021premiuminterestssettlementamendment I derivativesamendment IIadjustments <span class=\"_ _80\"> </span>Amortizationaccruedadjustments31, 2022Borrowings as amortized costs<span class=\"_ _15\"> </span> 647<span class=\"_ _2\"></span>,906 <span class=\"_ _8b\"> </span>-422,085<span class=\"_ _1f1\"> </span>0<span class=\"_ _2b\"> </span>60,387<span class=\"_ _128\"> </span>22,381<span class=\"_ _14c\"> </span>-18,<span class=\"_ _3\"></span>017<span class=\"_ _64\"> </span>-18,581<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f2\"> </span>1,337<span class=\"_ _1f1\"> </span>0<span class=\"_ _128\"> </span>47<span class=\"_ _71\"></span>,829<span class=\"_ _30\"> </span>320<span class=\"_ _3\"></span>,7<span class=\"_ _2\"></span>43 Embedded derivatives at fair value <span class=\"_ _2\"></span> 0<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _128\"> </span>71,050<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f3\"> </span>0<span class=\"_ _52\"> </span>-71,<span class=\"_ _2\"></span>050<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0- Zealand prepayment optionEmbedded derivatives at fair value <span class=\"_ _2\"></span> 0<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _15c\"> </span>18,<span class=\"_ _2\"></span>017<span class=\"_ _156\"> </span>0<span class=\"_ _5\"> </span>62,613<span class=\"_ _1f1\"> </span>0<span class=\"_ _1f4\"> </span>0<span class=\"_ _56\"> </span>-27<span class=\"_ _4a\"> </span>80<span class=\"_ _3\"></span>,603 - Lender call optionOther receivables<span class=\"_ _13e\"> </span>0<span class=\"_ _53\"> </span>-14,<span class=\"_ _2\"></span>003<span class=\"_ _93\"> </span>-32,651<span class=\"_ _1f4\"> </span>0<span class=\"_ _15c\"> </span>-7<span class=\"_ _2\"></span>,764<span class=\"_ _1f4\"> </span>0<span class=\"_ _19c\"> </span>-4,<span class=\"_ _3\"></span>890<span class=\"_ _1f4\"> </span>0<span class=\"_ _1f1\"> </span>0<span class=\"_ _2c\"> </span>54,<span class=\"_ _2\"></span>052<span class=\"_ _128\"> </span>-2,928<span class=\"_ _5\"> </span>-8,184T<span class=\"_ _71\"></span>otal impact from  Oberland loan agreement<span class=\"_ _1f5\"> </span> 647<span class=\"_ _2\"></span>,906 <span class=\"_ _89\"> </span>-436,088 <span class=\"_ _103\"> </span>-32,651<span class=\"_ _30\"> </span>131,437<span class=\"_ _2c\"> </span>14,617<span class=\"_ _1f4\"> </span>0<span class=\"_ _8a\"> </span>-23,471<span class=\"_ _2c\"> </span>-8,437<span class=\"_ _11b\"> </span>1,337 <span class=\"_ _52\"> </span>54,052<span class=\"_ _14c\"> </span>44,460<span class=\"_ _34\"> </span> 393,162 4.7 <span class=\"_ _147\"> </span>Financial items <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesFina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l items i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, as we<span class=\"_ _0\"></span>ll a<span class=\"_ _0\"></span>s forei<span class=\"_ _0\"></span>gn exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, fai<span class=\"_ _0\"></span>r val<span class=\"_ _0\"></span>ue ad<span class=\"_ _0\"></span>ju<span class=\"_ _0\"></span>stme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of othe<span class=\"_ _0\"></span>r inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>ritie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ds fro<span class=\"_ _0\"></span>m mar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le securitie<span class=\"_ _0\"></span>s.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Intere<span class=\"_ _0\"></span>st in<span class=\"_ _0\"></span>come<span class=\"_ _1cd\"> </span>6,542<span class=\"_ _1f6\"> </span><span class=\"lsca wsd2\">44<span class=\"_ _41\"> </span><span class=\"ls40 ws43\">895</span></span>Intere<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d ban<span class=\"_ _0\"></span>kin<span class=\"_ _0\"></span>g fee<span class=\"_ _0\"></span>s<span class=\"_ _1a6\"> </span>-56,<span class=\"_ _71\"></span>455<span class=\"_ _da\"> </span><span class=\"lsaf ws1f\">-4<span class=\"_ _0\"></span>,091<span class=\"_ _32\"> </span><span class=\"lsb3 wsba\">-2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5</span></span>F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves - Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd prepaymen<span class=\"_ _3\"></span>t opt<span class=\"_ _3\"></span>ion<span class=\"_ _f9\"> </span><span class=\"ls2 ws2\">71,050<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0</span>Loss o<span class=\"_ _0\"></span>n set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s<span class=\"_ _b3\"> </span>-131,<span class=\"_ _2\"></span>437<span class=\"_ _40\"> </span>0<span class=\"_ _3c\"> </span>0Loss o<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>bt reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ion - a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ndm<span class=\"_ _0\"></span>ent I<span class=\"_ _1f7\"> </span>-14<span class=\"_ _2\"></span>,617<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0Ga<span class=\"_ _0\"></span>in on d<span class=\"_ _0\"></span>ebt re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n - am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dme<span class=\"_ _0\"></span>nt II<span class=\"_ _1f8\"> </span>23,<span class=\"_ _71\"></span>471F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves - le<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er c<span class=\"_ _0\"></span>all option<span class=\"_ _1f9\"> </span><span class=\"ls2 ws2\">-62,613<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0</span>F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of mar<span class=\"_ _0\"></span>keta<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>ecur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s<span class=\"_ _1e\"> </span>-1,699<span class=\"_ _65\"> </span><span class=\"ls5c ws5f\">1<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span>52<span class=\"_ _55\"> </span><span class=\"ls2b ws2e\">-<span class=\"_ _2\"></span>2,103</span></span>F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of othe<span class=\"_ _0\"></span>r inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s <span class=\"_ _17a\"> </span>4,<span class=\"_ _2\"></span>036<span class=\"_ _da\"> </span><span class=\"ls39 ws3b\">-5<span class=\"_ _0\"></span>,426<span class=\"_ _67\"> </span><span class=\"lscb wsd3\">93<span class=\"_ _0\"></span>6</span></span>Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s (p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ly on U<span class=\"_ _0\"></span>SD de<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>s)<span class=\"_ _1fa\"> </span>25,<span class=\"_ _2\"></span>602<span class=\"_ _103\"> </span><span class=\"ls44 ws47\">3<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>524<span class=\"_ _2e\"> </span><span class=\"ls4d ws4f\">-3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>7</span></span>Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of loa<span class=\"_ _0\"></span>n cost<span class=\"_ _0\"></span>s<span class=\"_ _141\"> </span>-1,337<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Oth<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al item<span class=\"_ _0\"></span>s<span class=\"_ _1a8\"> </span>2,569<span class=\"_ _10b\"> </span><span class=\"ls4d ws4f\">-3<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>47<span class=\"_ _0\"></span>3<span class=\"_ _103\"> </span><span class=\"ls9 wsa\">-<span class=\"_ _0\"></span>4,6<span class=\"_ _0\"></span>20</span></span>Fina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al ite<span class=\"_ _0\"></span>ms i<span class=\"_ _0\"></span>n total<span class=\"_ _b7\"> </span>-134<span class=\"_ _2\"></span>,888<span class=\"_ _34\"> </span><span class=\"lsbd wsc4\">25,<span class=\"_ _0\"></span>430<span class=\"_ _48\"> </span><span class=\"lsb6 wsbd\">-<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>7,<span class=\"_ _79\"></span>2<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>4</span></span>Presen<span class=\"_ _3\"></span>tation<span class=\"_ _2\"></span> in financial<span class=\"_ _2\"></span> statement<span class=\"_ _3\"></span>:Financial income<span class=\"_ _1df\"> </span>133,270<span class=\"_ _30\"> </span><span class=\"ls32 ws34\">41,<span class=\"_ _1\"></span>21<span class=\"_ _1\"></span>1<span class=\"_ _2c\"> </span><span class=\"ls74 ws78\">1<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span>31</span></span>Financial expense<span class=\"_ _177\"> </span>-268,158<span class=\"_ _10d\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>1<span class=\"_ _2e\"> </span><span class=\"ls6b ws6e\">-<span class=\"_ _0\"></span>49,<span class=\"_ _0\"></span>10<span class=\"_ _0\"></span>5</span></span>Inter<span class=\"_ _0\"></span>st ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>ank<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g fees h<span class=\"_ _0\"></span>ave in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>ue to the l<span class=\"_ _0\"></span>oan a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d in no<span class=\"_ _0\"></span>te 4.<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>.F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d's p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt op<span class=\"_ _0\"></span>tion re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ate to the pre<span class=\"_ _0\"></span>paym<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the<span class=\"_ _0\"></span> loa<span class=\"_ _0\"></span>n agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d. Ple<span class=\"_ _0\"></span>ase re<span class=\"_ _0\"></span>fer to note 4.6 fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r infor<span class=\"_ _0\"></span>mati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.Loss o<span class=\"_ _0\"></span>n set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of bo<span class=\"_ _0\"></span>rrow<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ates to the ut<span class=\"_ _0\"></span>iliz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n from t<span class=\"_ _0\"></span>he lo<span class=\"_ _0\"></span>an ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span><span class=\"ls2\">-</span>me<span class=\"_ _0\"></span>nt with O<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>e the p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>al uti<span class=\"_ _0\"></span>lizat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt op<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m pai<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d the c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lized lo<span class=\"_ _0\"></span>an cos<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n ful<span class=\"_ _0\"></span>ly exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d. Refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce is ma<span class=\"_ _0\"></span>de to note 4.6 fo<span class=\"_ _0\"></span>r fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r info<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span><span class=\"ls2\">-</span>mation. Ga<span class=\"_ _0\"></span>in on d<span class=\"_ _0\"></span>ebt m<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>ons co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>rise t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>ccountin<span class=\"_ _0\"></span>g im<span class=\"_ _0\"></span>pac<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>wo am<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s to the O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>scrib<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d in note 4.<span class=\"_ _0\"></span>6.F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt of len<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r ca<span class=\"_ _0\"></span>ll opt<span class=\"_ _0\"></span>ion re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>s to the va<span class=\"_ _0\"></span>lue a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of O<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>erl<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d'<span class=\"_ _0\"></span>s opti<span class=\"_ _0\"></span>on to ca<span class=\"_ _0\"></span>ll for<span class=\"_ _0\"></span> repay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of th<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in con<span class=\"_ _0\"></span>ditio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. For f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nform<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ple<span class=\"_ _0\"></span>ase re<span class=\"_ _0\"></span>fer to note 4.6<span class=\"_ _0\"></span>.4.8 <span class=\"_ _c7\"> </span>Share capital <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesTh<span class=\"_ _0\"></span>e total am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nt pa<span class=\"_ _0\"></span>id to acqu<span class=\"_ _0\"></span>ire tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tly at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>but<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e cost<span class=\"_ _0\"></span>s and th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>cee<span class=\"_ _0\"></span>ds from th<span class=\"_ _0\"></span>e sa<span class=\"_ _0\"></span>le of tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y share<span class=\"_ _0\"></span>s are re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in re<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ear<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>. Ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s dire<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ly rel<span class=\"_ _0\"></span>ated to ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al incre<span class=\"_ _0\"></span>ases a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in e<span class=\"_ _0\"></span>quit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>.DKK thousand<span class=\"_ _1ad\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021January 1<span class=\"_ _1fb\"> </span><span class=\"ls2 ws2\">43,<span class=\"_ _2\"></span>634<span class=\"_ _5c\"> </span><span class=\"ls6b ws6e\">39,<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0</span></span>Sha<span class=\"_ _0\"></span>res is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>ed for c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h<span class=\"_ _1fc\"> </span>7<span class=\"_ _71\"></span>,867<span class=\"_ _62\"> </span><span class=\"ls18 ws1c\">3,83<span class=\"_ _0\"></span>4</span>Exercise<span class=\"_ _2\"></span> of warrants<span class=\"_ _1e0\"> </span><span class=\"ls2 ws2\">201<span class=\"_ _3c\"> </span>0</span>December 3<span class=\"_ _2\"></span>1<span class=\"_ _1fd\"> </span><span class=\"ls2 ws2\">51,702<span class=\"_ _88\"> </span><span class=\"lsbd wsc4\">43<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span>34</span></span>Th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>ly cons<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>s of o<span class=\"_ _0\"></span>ne cl<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>s of ord<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares a<span class=\"_ _0\"></span>ll is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d of D<span class=\"_ _0\"></span>KK 1 ea<span class=\"_ _0\"></span>ch and a<span class=\"_ _0\"></span>ll sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s ran<span class=\"_ _0\"></span>k eq<span class=\"_ _0\"></span>ual<span class=\"_ _0\"></span>ly. The sh<span class=\"_ _0\"></span>ares a<span class=\"_ _0\"></span>re ne<span class=\"_ _0\"></span>goti<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le ins<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s with n<span class=\"_ _0\"></span>o res<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>eir tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sfer<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y. All sha<span class=\"_ _0\"></span>res have b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en fu<span class=\"_ _0\"></span>lly p<span class=\"_ _0\"></span>aid<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e ann<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>eeti<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n Ap<span class=\"_ _0\"></span>ril 2<span class=\"_ _0\"></span>, 2020 Zeala<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>as au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rized to incre<span class=\"_ _0\"></span>ase t<span class=\"_ _0\"></span>he no<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>nal s<span class=\"_ _0\"></span>hare c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l by no<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y DKK 9,01<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>,665 d<span class=\"_ _0\"></span>urin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d unti<span class=\"_ _0\"></span>l Ap<span class=\"_ _0\"></span>ril 2<span class=\"_ _0\"></span>, 2025<span class=\"_ _0\"></span>. At De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 n<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>lly D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>,630,0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 of th<span class=\"_ _0\"></span>e auth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rem<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he <span class=\"_ _3\"></span>comp<span class=\"_ _3\"></span>any<span class=\"_ _3\"></span> ha<span class=\"_ _3\"></span>ve<span class=\"_ _3\"></span> a <span class=\"_ _2\"></span>unused auth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>on to iss<span class=\"_ _0\"></span>ue conve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tib<span class=\"_ _0\"></span>le de<span class=\"_ _0\"></span>bt in<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h access to conve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>ion to sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any of<span class=\"_ _0\"></span> up to a total of n<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>lly D<span class=\"_ _0\"></span>KK 10,8<span class=\"_ _0\"></span>50,1<span class=\"_ _0\"></span>36<span class=\"_ _0\"></span>.<span class=\"_ _3\"></span>Th<span class=\"_ _0\"></span>is aut<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>rizat<span class=\"_ _0\"></span>ion cove<span class=\"_ _0\"></span>rs th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d unt<span class=\"_ _0\"></span>il 1<span class=\"_ _0\"></span>5 Ap<span class=\"_ _0\"></span>ril 2026<span class=\"_ _0\"></span>.On J<span class=\"_ _0\"></span>une 1<span class=\"_ _0\"></span>, 202<span class=\"_ _0\"></span>2 Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ced a d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>ted is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e and p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>acem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of a total of 2<span class=\"_ _0\"></span>,8<span class=\"_ _0\"></span>92,<span class=\"_ _0\"></span>368 n<span class=\"_ _0\"></span>ew sha<span class=\"_ _0\"></span>res at a su<span class=\"_ _0\"></span>bscr<span class=\"_ _0\"></span>iptio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice of DK<span class=\"_ _0\"></span>K 95 pe<span class=\"_ _0\"></span>r sh<span class=\"_ _0\"></span>are. O<span class=\"_ _0\"></span>n O<span class=\"_ _0\"></span>ctob<span class=\"_ _0\"></span>er 4<span class=\"_ _0\"></span>, 2022, T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up an<span class=\"_ _0\"></span>nou<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d that a dire<span class=\"_ _0\"></span>cted i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>vate p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ceme<span class=\"_ _0\"></span>nt of 4,975,0<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>0 new s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>s ha<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>en co<span class=\"_ _0\"></span>mpl<span class=\"_ _0\"></span>eted at a sub<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce of DKK 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>8 pe<span class=\"_ _0\"></span>r sha<span class=\"_ _0\"></span>re. Dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 2022, a tot<span class=\"_ _0\"></span>al of 20<span class=\"_ _0\"></span>0,<span class=\"_ _0\"></span>58<span class=\"_ _0\"></span>8 new sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n iss<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d due to exe<span class=\"_ _0\"></span>rcise of w<span class=\"_ _0\"></span>arr<span class=\"_ _0\"></span>ant p<span class=\"_ _0\"></span>rogr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s with a net p<span class=\"_ _0\"></span>rocee<span class=\"_ _0\"></span>ds of D<span class=\"_ _0\"></span>KK 2<span class=\"_ _0\"></span>3.<span class=\"_ _0\"></span>8 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n corre<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ing to an ave<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>ge exe<span class=\"_ _0\"></span>rcise p<span class=\"_ _0\"></span>rice of D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>18<span class=\"_ _0\"></span>.8<span class=\"_ _0\"></span>. T<span class=\"_ _2\"></span>re<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>es At De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 2022<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span>re were 2<span class=\"_ _0\"></span>30,0<span class=\"_ _0\"></span>63 tre<span class=\"_ _0\"></span>asu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y sh<span class=\"_ _0\"></span>ares (<span class=\"_ _0\"></span>2021: 418,<span class=\"_ _0\"></span>247), e<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>ent to 0.4% (2021<span class=\"_ _0\"></span>: 1<span class=\"_ _0\"></span>.0%) o<span class=\"_ _0\"></span>f the s<span class=\"_ _0\"></span>hare c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e trea<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>res are a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>cated to p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>are un<span class=\"_ _0\"></span>its (<span class=\"_ _0\"></span>PS<span class=\"_ _0\"></span>Us) and rest<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>ted s<span class=\"_ _0\"></span>tock uni<span class=\"_ _0\"></span>ts (<span class=\"_ _0\"></span>RSUs).Rule<span class=\"_ _0\"></span>s on ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he A<span class=\"_ _0\"></span>rt<span class=\"_ _0\"></span>icle<span class=\"_ _0\"></span>s of A<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciat<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>nAll re<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>utio<span class=\"_ _0\"></span>ns p<span class=\"_ _0\"></span>ut to the vote of sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s at ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>l me<span class=\"_ _0\"></span>etin<span class=\"_ _0\"></span>gs are s<span class=\"_ _0\"></span>ubj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to ado<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n by a sim<span class=\"_ _0\"></span>ple maj<span class=\"_ _0\"></span>orit<span class=\"_ _1\"></span>y of votes, u<span class=\"_ _0\"></span>nle<span class=\"_ _0\"></span>ss th<span class=\"_ _0\"></span>e Dan<span class=\"_ _0\"></span>ish Co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>es A<span class=\"_ _0\"></span>ct '<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ska<span class=\"_ _0\"></span>bslove<span class=\"_ _0\"></span>n' or o<span class=\"_ _0\"></span>ur A<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ticle<span class=\"_ _0\"></span>s of A<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ociat<span class=\"_ _0\"></span>ion pres<span class=\"_ _0\"></span>crib<span class=\"_ _0\"></span>e oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>rem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.4.9 <span class=\"_ _c7\"> </span>Share<span class=\"_ _0\"></span>-based ins<span class=\"_ _3\"></span>trumentsIn ord<span class=\"_ _0\"></span>er to mot<span class=\"_ _0\"></span>ivate a<span class=\"_ _0\"></span>nd ret<span class=\"_ _0\"></span>ain key e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyee<span class=\"_ _0\"></span>s, m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>ard of d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s and to e<span class=\"_ _0\"></span>ncou<span class=\"_ _0\"></span>rag<span class=\"_ _0\"></span>e the a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent of com<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>n go<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>s for e<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>loyee<span class=\"_ _0\"></span>s, m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p has est<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>centi<span class=\"_ _0\"></span>ve pl<span class=\"_ _0\"></span>ans b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on R<span class=\"_ _0\"></span>est<span class=\"_ _0\"></span>ric<span class=\"_ _0\"></span>ted s<span class=\"_ _0\"></span>tock uni<span class=\"_ _0\"></span>ts (<span class=\"_ _0\"></span>RSUs), Pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance s<span class=\"_ _0\"></span>tock un<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s (PS<span class=\"_ _0\"></span>Us) and warrants.RSUs g<span class=\"_ _0\"></span>rant<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>iar<span class=\"_ _1\"></span>y the ri<span class=\"_ _0\"></span>ght to recei<span class=\"_ _0\"></span>ve on<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e comp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>'s alre<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>y iss<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res up<span class=\"_ _0\"></span>on vest<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>ere a<span class=\"_ _0\"></span>re no ve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s except tim<span class=\"_ _0\"></span>e.PSU<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>so g<span class=\"_ _0\"></span>rant t<span class=\"_ _0\"></span>he b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ciar<span class=\"_ _1\"></span>y the ri<span class=\"_ _0\"></span>ght to rece<span class=\"_ _0\"></span>ive on<span class=\"_ _0\"></span>e al<span class=\"_ _0\"></span>read<span class=\"_ _0\"></span>y ex<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g sha<span class=\"_ _0\"></span>re up<span class=\"_ _0\"></span>on ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g. Vest<span class=\"_ _0\"></span>ing cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns for P<span class=\"_ _0\"></span>SU<span class=\"_ _0\"></span>s conta<span class=\"_ _0\"></span>ins b<span class=\"_ _0\"></span>oth a ti<span class=\"_ _0\"></span>me an<span class=\"_ _0\"></span>d a p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ele<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Warran<span class=\"_ _0\"></span>ts g<span class=\"_ _0\"></span>rant<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e b<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>iar<span class=\"_ _1\"></span>y the opt<span class=\"_ _0\"></span>ion to p<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se a ne<span class=\"_ _0\"></span>w sha<span class=\"_ _0\"></span>re at a fixe<span class=\"_ _0\"></span>d pr<span class=\"_ _0\"></span>ice up<span class=\"_ _0\"></span>on ves<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g. T<span class=\"_ _0\"></span>he onl<span class=\"_ _0\"></span>y vest<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n is tim<span class=\"_ _0\"></span>e.PSU programsTh<span class=\"_ _0\"></span>e num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce sha<span class=\"_ _0\"></span>re uni<span class=\"_ _0\"></span>ts g<span class=\"_ _0\"></span>rante<span class=\"_ _0\"></span>d in 2022 co<span class=\"_ _0\"></span>nsis<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of 266<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>223 g<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nted on M<span class=\"_ _0\"></span>ay 25 an<span class=\"_ _0\"></span>d 20,59<span class=\"_ _0\"></span>0 gra<span class=\"_ _0\"></span>nted o<span class=\"_ _0\"></span>n De<span class=\"_ _0\"></span>c 2. T<span class=\"_ _0\"></span>he v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e is de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>'s sh<span class=\"_ _0\"></span>are pr<span class=\"_ _0\"></span>ice on N<span class=\"_ _0\"></span>asd<span class=\"_ _0\"></span>aq Cop<span class=\"_ _0\"></span>enh<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>en A<span class=\"_ _0\"></span>/S o<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>ay of th<span class=\"_ _0\"></span>e gra<span class=\"_ _0\"></span>nt.Th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>ms gr<span class=\"_ _0\"></span>anted i<span class=\"_ _0\"></span>n 2022 are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>ed at D<span class=\"_ _0\"></span>KK 28<span class=\"_ _0\"></span>.3 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion (<span class=\"_ _0\"></span>2021: D<span class=\"_ _0\"></span>KK 51<span class=\"_ _0\"></span>.7 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n). The P<span class=\"_ _0\"></span>SU<span class=\"_ _0\"></span>'s vest l<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ar o<span class=\"_ _0\"></span>r gra<span class=\"_ _0\"></span>dua<span class=\"_ _0\"></span>lly ove<span class=\"_ _0\"></span>r 3 year<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Movem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t tab<span class=\"_ _0\"></span>le of P<span class=\"_ _0\"></span>SU gr<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res b<span class=\"_ _0\"></span>elow<span class=\"_ _0\"></span>:No of PSUs<span class=\"_ _dc\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _5\"> </span></span>2021<span class=\"_ _2b\"> </span>2020Number of share unitsAt January 1<span class=\"_ _109\"> </span>271,<span class=\"_ _3\"></span>761<span class=\"_ _55\"> </span>19,<span class=\"_ _2\"></span>765<span class=\"_ _30\"> </span>19<span class=\"_ _2\"></span>,765Adjustments due to performance targets <span class=\"_ _1fe\"> </span>35,948<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Granted during the year<span class=\"_ _1ff\"> </span>286,813<span class=\"_ _33\"> </span>282,852<span class=\"_ _3c\"> </span>0Vested during the year<span class=\"_ _d0\"> </span>-71,780<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0Forfeited during the year<span class=\"_ _d2\"> </span>-164,941<span class=\"_ _29\"> </span>-30,856<span class=\"_ _3c\"> </span>0At December 31<span class=\"_ _108\"> </span>357<span class=\"_ _2\"></span>,801<span class=\"_ _48\"> </span>271,<span class=\"_ _2\"></span>761<span class=\"_ _da\"> </span>19,765RSU progr<span class=\"_ _3\"></span>amsTh<span class=\"_ _0\"></span>e num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of res<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>cte<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>re unit<span class=\"_ _0\"></span>s gr<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>d in 2022 con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s of 8,<span class=\"_ _0\"></span>51<span class=\"_ _0\"></span>1 gra<span class=\"_ _0\"></span>nted o<span class=\"_ _0\"></span>n Feb<span class=\"_ _0\"></span>rua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y 22<span class=\"_ _0\"></span>, 40,<span class=\"_ _0\"></span>50<span class=\"_ _0\"></span>0 gra<span class=\"_ _0\"></span>nted on A<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>il 20, an<span class=\"_ _0\"></span>d 99,420 gr<span class=\"_ _0\"></span>anted o<span class=\"_ _0\"></span>n May 2<span class=\"_ _0\"></span>5. T<span class=\"_ _0\"></span>he v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e is de<span class=\"_ _0\"></span>termi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>'s sha<span class=\"_ _0\"></span>re pri<span class=\"_ _0\"></span>ce on Na<span class=\"_ _0\"></span>sda<span class=\"_ _0\"></span>q Cop<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>n A<span class=\"_ _0\"></span>/S on th<span class=\"_ _0\"></span>e day of th<span class=\"_ _0\"></span>e gr<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e RSU<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted in 202<span class=\"_ _0\"></span>2 are in<span class=\"_ _0\"></span>itia<span class=\"_ _0\"></span>lly va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>d at DK<span class=\"_ _0\"></span>K 1<span class=\"_ _0\"></span>3.6 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on (202<span class=\"_ _0\"></span>1: DKK 92<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n). The R<span class=\"_ _0\"></span>SU<span class=\"_ _0\"></span>'s ves<span class=\"_ _0\"></span>t lin<span class=\"_ _0\"></span>ear o<span class=\"_ _0\"></span>r gra<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ally ove<span class=\"_ _0\"></span>r 3 yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.Movem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t tab<span class=\"_ _0\"></span>le of R<span class=\"_ _0\"></span>SU gra<span class=\"_ _0\"></span>nted s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>low:No of RSUs<span class=\"_ _dc\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2b\"> </span>2020Number of share unitsAt January 1<span class=\"_ _115\"> </span>460.089<span class=\"_ _2f\"> </span>27<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>466<span class=\"_ _3c\"> </span>0Granted during the year<span class=\"_ _200\"> </span>148,<span class=\"_ _71\"></span>431<span class=\"_ _120\"> </span>507<span class=\"_ _71\"></span>,<span class=\"_ _2\"></span>461<span class=\"_ _10b\"> </span>27<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>466Vested during the year<span class=\"_ _14d\"> </span>-116,563<span class=\"_ _158\"> </span>-163<span class=\"_ _3c\"> </span>0Forfeited during the year<span class=\"_ _c4\"> </span>-208,<span class=\"_ _3\"></span>685<span class=\"_ _120\"> </span>-7<span class=\"_ _3\"></span>4,<span class=\"_ _2\"></span>675<span class=\"_ _40\"> </span>0At December 31<span class=\"_ _14f\"> </span>283,272<span class=\"_ _4d\"> </span>460,089<span class=\"_ _160\"> </span>27<span class=\"_ _3\"></span>,466War<span class=\"_ _3\"></span>rant prog<span class=\"_ _3\"></span>ramsInce<span class=\"_ _0\"></span>ntive p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>s with o<span class=\"_ _0\"></span>ut<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g war<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of 2022 a<span class=\"_ _0\"></span>nd 202<span class=\"_ _0\"></span>1, re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive<span class=\"_ _0\"></span>ly, have be<span class=\"_ _0\"></span>en of<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>d und<span class=\"_ _0\"></span>er d<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>fere<span class=\"_ _0\"></span>nt wa<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of wa<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>ant<span class=\"_ _0\"></span>s gra<span class=\"_ _0\"></span>nted in 202<span class=\"_ _0\"></span>2 cons<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>s of 8<span class=\"_ _0\"></span>63,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>56 gra<span class=\"_ _0\"></span>nted on M<span class=\"_ _0\"></span>ay 25<span class=\"_ _0\"></span>, 19,79<span class=\"_ _0\"></span>6 gra<span class=\"_ _0\"></span>nted o<span class=\"_ _0\"></span>n Sep<span class=\"_ _0\"></span>temb<span class=\"_ _0\"></span>er 1<span class=\"_ _0\"></span>3 an<span class=\"_ _0\"></span>d 14,038 gr<span class=\"_ _0\"></span>ante<span class=\"_ _0\"></span>d on D<span class=\"_ _0\"></span>ecem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2.Th<span class=\"_ _0\"></span>e war<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>nts g<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ted in 2022 a<span class=\"_ _0\"></span>re init<span class=\"_ _0\"></span>ial<span class=\"_ _0\"></span>ly va<span class=\"_ _0\"></span>lue<span class=\"_ _0\"></span>d at DKK 3<span class=\"_ _0\"></span>8.9 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (202<span class=\"_ _0\"></span>1: DKK 0<span class=\"_ _0\"></span>.0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n). The war<span class=\"_ _0\"></span>rant<span class=\"_ _0\"></span>s ve<span class=\"_ _0\"></span>st li<span class=\"_ _0\"></span>nea<span class=\"_ _0\"></span>rly o<span class=\"_ _0\"></span>r gr<span class=\"_ _0\"></span>adu<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y over 3 yea<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>. The employee incentive programs ofWarrant programs existing during the period<span class=\"_ _1da\"> </span>2022<span class=\"_ _2b\"> </span>2020<span class=\"_ _5\"> </span>2015Maximum years of options granted<span class=\"_ _121\"> </span>5 and 10 5 and 10 yearsyears<span class=\"_ _34\"> </span>5 yearsMethod of settlement <span class=\"_ _1e7\"> </span>equity- equity-<span class=\"ls2 ws2\"> </span>equity- settledsettledsettled2022Warrants outstanding at the beginning of the period<span class=\"_ _125\"> </span>0<span class=\"_ _2e\"> </span>510,522<span class=\"_ _33\"> </span>966,672Granted during the period<span class=\"_ _6e\"> </span>896,<span class=\"_ _3\"></span>990<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Forfeited during the period<span class=\"_ _6e\"> </span>-76<span class=\"_ _3\"></span>,158<span class=\"_ _4e\"> </span>-134,051<span class=\"_ _29\"> </span>-20,<span class=\"_ _2\"></span>093Exercised during the period<span class=\"_ _c2\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _4f\"> </span>-200,588Expired during the period<span class=\"_ _177\"> </span>0<span class=\"_ _48\"> </span>-95,281<span class=\"_ _44\"> </span>-298,583Number of warrants outstanding at the end of the period <span class=\"_ _15e\"> </span>820,832<span class=\"_ _33\"> </span>281,190<span class=\"_ _37\"> </span>447<span class=\"_ _2\"></span>,408Exercisable at the end of the period<span class=\"_ _201\"> </span>0<span class=\"_ _30\"> </span>17<span class=\"_ _2\"></span>,750<span class=\"_ _20\"> </span>447<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>408Warrants outstanding at the end of the periodRange of exercise prices<span class=\"_ _c0\"> </span>90<span class=\"_ _3\"></span>.7-203<span class=\"_ _202\"> </span>216.8-22<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>4<span class=\"_ _120\"> </span>90-220Weighted-a<span class=\"_ _3\"></span>verage remaining contractual life<span class=\"_ _203\"> </span><span class=\"ls6a ws6d\">7.<span class=\"_ _0\"></span>9<span class=\"_ _91\"> </span>7.<span class=\"_ _1\"></span>3<span class=\"_ _204\"> </span><span class=\"ls14 ws18\">0.9</span></span>Number held by Executive Management<span class=\"_ _1fe\"> </span>136,<span class=\"_ _3\"></span>815<span class=\"_ _da\"> </span>23,325<span class=\"_ _120\"> </span>107<span class=\"_ _2\"></span>,961Th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard of D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s have n<span class=\"_ _0\"></span>ot be<span class=\"_ _0\"></span>en g<span class=\"_ _0\"></span>rante<span class=\"_ _0\"></span>d war<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>.The employee incentive programs ofWarrant programs existing during the period<span class=\"_ _72\"> </span>2020<span class=\"_ _5\"> </span>2015Maximum years of options granted<span class=\"_ _205\"> </span>10 years<span class=\"_ _34\"> </span>5 yearsMethod of settlement <span class=\"_ _e6\"> </span>equity- equity- settledsettled2021Warrants outstanding at the beginning of the period<span class=\"_ _198\"> </span>672,258<span class=\"_ _45\"> </span>1,299<span class=\"_ _3\"></span>,879Granted during the period<span class=\"_ _206\"> </span>0<span class=\"_ _3c\"> </span>0Forfeited during the period<span class=\"_ _164\"> </span>-137<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>403<span class=\"_ _120\"> </span>-44<span class=\"_ _3\"></span>,917Exercised during the period<span class=\"_ _ff\"> </span>0<span class=\"_ _38\"> </span>-233,595Expired during the period<span class=\"_ _de\"> </span>-2<span class=\"_ _2\"></span>4,333<span class=\"_ _25\"> </span>-54,695Number of warrants outstanding at the end of the period <span class=\"_ _207\"> </span>510,522<span class=\"_ _8b\"> </span>966,672Exercisable at the end of the period<span class=\"_ _fc\"> </span>67<span class=\"_ _71\"></span>,346<span class=\"_ _29\"> </span>483,323Warrants outstanding at the end of the periodRange of exercise prices<span class=\"_ _190\"> </span>216.8-22<span class=\"_ _2\"></span>4.<span class=\"_ _2\"></span>4<span class=\"_ _120\"> </span>90-220Weighted-a<span class=\"_ _3\"></span>verage remaining contractual life<span class=\"_ _c4\"> </span><span class=\"ls6e ws71\">8.<span class=\"_ _0\"></span>3<span class=\"_ _1a5\"> </span><span class=\"ls6c ws6f\">1<span class=\"_ _0\"></span>.7</span></span>Number held by Executive Management<span class=\"_ _d3\"> </span>86,238<span class=\"_ _88\"> </span>267<span class=\"_ _2\"></span>,171Warrants exercised during the period<span class=\"_ _1b8\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _5\"> </span></span>2021Weighted-a<span class=\"_ _3\"></span>verage share price at the date of exercise<span class=\"_ _a\"> </span>189.<span class=\"_ _2\"></span>0<span class=\"_ _2c\"> </span>186.1Weighted-a<span class=\"_ _3\"></span>verage exercise price for warrants expired during the period<span class=\"_ _1fa\"> </span>158.1<span class=\"_ _2b\"> </span>142.5Weighted-a<span class=\"_ _3\"></span>verage exercise price for warrants forfeited during the period<span class=\"_ _159\"> </span>175.2<span class=\"_ _62\"> </span>206.2Weighted-a<span class=\"_ _3\"></span>verage exercise price for warrants outstanding at period end<span class=\"_ _58\"> </span><span class=\"ls44 ws47\">124.<span class=\"_ _0\"></span>7<span class=\"_ _2c\"> </span></span>159<span class=\"_ _2\"></span>.65<span class=\"_ _98\"> </span> Ta<span class=\"_ _208\"></span>x5.<span class=\"_ _0\"></span>1 <span class=\"_ _80\"> </span>Corpo<span class=\"_ _0\"></span>rate tax <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesInco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>x on re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e year, which com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ses cur<span class=\"_ _0\"></span>rent t<span class=\"_ _0\"></span>ax an<span class=\"_ _0\"></span>d cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>, is reco<span class=\"_ _0\"></span>g- nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, e<span class=\"_ _0\"></span>xcept to the e<span class=\"_ _0\"></span>xte<span class=\"_ _0\"></span>nt that t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x is at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble to item<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ich di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tly rel<span class=\"_ _0\"></span>ate to shareh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs' equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y or oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>come<span class=\"_ _0\"></span>.Curre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t tax re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re mea<span class=\"_ _0\"></span>sure at th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be p<span class=\"_ _0\"></span>aid to or recove<span class=\"_ _0\"></span>red f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e tax a<span class=\"_ _0\"></span>utho<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x on all tem<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e carr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax ba<span class=\"_ _0\"></span>se of suc<span class=\"_ _0\"></span>h asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e tax v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of tax l<span class=\"_ _0\"></span>oses c<span class=\"_ _0\"></span>arri<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>war<span class=\"_ _0\"></span>d.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is ca<span class=\"_ _0\"></span>lcula<span class=\"_ _0\"></span>ted in a<span class=\"_ _0\"></span>ccordan<span class=\"_ _0\"></span>ce with th<span class=\"_ _0\"></span>e tax r<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n the l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al cou<span class=\"_ _0\"></span>ntrie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax rates exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be i<span class=\"_ _0\"></span>n force at th<span class=\"_ _0\"></span>e time t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax is uti<span class=\"_ _0\"></span>lized<span class=\"_ _0\"></span>. Chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x as a resu<span class=\"_ _0\"></span>lt of chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n tax r<span class=\"_ _0\"></span>ates are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y to the ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat it is p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e that f<span class=\"_ _0\"></span>uture t<span class=\"_ _0\"></span>axab<span class=\"_ _0\"></span>le prof<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l be avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces can b<span class=\"_ _0\"></span>e uti<span class=\"_ _0\"></span>lized. <span class=\"_ _70\"> </span>Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tes Zealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes d<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x base o<span class=\"_ _0\"></span>f tax lo<span class=\"_ _0\"></span>ss ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ward<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>f man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt asse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s that t<span class=\"_ _0\"></span>hese t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>n be of<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>set ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span>in a fore<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>eab<span class=\"_ _0\"></span>le fu<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is ju<span class=\"_ _0\"></span>dgm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e on a<span class=\"_ _0\"></span>n ong<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>sis an<span class=\"_ _0\"></span>d is ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rous f<span class=\"_ _0\"></span>acto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s, bud<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns for th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>ing ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e creati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>eut<span class=\"_ _0\"></span>ic pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e bi<span class=\"_ _0\"></span>otech<span class=\"_ _0\"></span>nol<span class=\"_ _0\"></span>ogy a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ceutic<span class=\"_ _0\"></span>al ind<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ble r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>nd u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e will b<span class=\"_ _0\"></span>e dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n by futu<span class=\"_ _0\"></span>re eve<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly sus<span class=\"_ _0\"></span>cepti<span class=\"_ _0\"></span>ble to fa<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>de of th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>ps cont<span class=\"_ _0\"></span>rol in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g outcom<span class=\"_ _0\"></span>es of clin<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l tria<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er ma<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.Du<span class=\"_ _0\"></span>e to the un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>inti<span class=\"_ _0\"></span>es d<span class=\"_ _0\"></span>escri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d, M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt has con<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d no de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets s<span class=\"_ _0\"></span>hou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized at D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 (no<span class=\"_ _0\"></span>ne re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in 202<span class=\"_ _0\"></span>1 or 2020<span class=\"_ _0\"></span>), except fo<span class=\"_ _0\"></span>r the U<span class=\"_ _0\"></span>S entit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to have p<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e du<span class=\"_ _0\"></span>e to the gro<span class=\"_ _0\"></span>ups t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sfer p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng set<span class=\"_ _0\"></span>up.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Net re<span class=\"_ _0\"></span>sult for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r befo<span class=\"_ _0\"></span>re ta<span class=\"_ _0\"></span>x<span class=\"_ _119\"> </span>-1,195,<span class=\"_ _2\"></span>491<span class=\"_ _98\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _38\"> </span><span class=\"ls6b ws6e\">-83<span class=\"_ _0\"></span>9,6<span class=\"_ _0\"></span>53</span></span>Corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate tax r<span class=\"_ _0\"></span>ate in De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark<span class=\"_ _b2\"> </span>22.0%<span class=\"_ _52\"> </span><span class=\"ls1a ws1e\">22.0%<span class=\"_ _93\"> </span>22.0%</span>Expected<span class=\"_ _2\"></span> tax benefi<span class=\"_ _3\"></span>t<span class=\"_ _175\"> </span>-263,008<span class=\"_ _38\"> </span><span class=\"ls2b ws2e\">-225,<span class=\"_ _3\"></span>927<span class=\"_ _3a\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>24</span></span>Adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt for fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n tax r<span class=\"_ _0\"></span>ates<span class=\"_ _201\"> </span>-806<span class=\"_ _68\"> </span><span class=\"ls9 wsa\">461<span class=\"_ _68\"> </span><span class=\"lsc1 wsc7\">76<span class=\"_ _0\"></span>9</span></span>Adjustment<span class=\"_ _2\"></span> for non-deductible<span class=\"_ _2\"></span> expenses<span class=\"_ _129\"> </span>1,052<span class=\"_ _64\"> </span><span class=\"lsac wsb4\">888<span class=\"_ _30\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>7</span></span>Adjustment<span class=\"_ _2\"></span> for non-<span class=\"_ _3\"></span>taxable i<span class=\"_ _3\"></span>ncome<span class=\"_ _7c\"> </span><span class=\"ls2 ws2\">-468<span class=\"_ _40\"> </span>0<span class=\"_ _93\"> </span><span class=\"lsce wsd6\">6,844</span></span>Adjustment f<span class=\"_ _3\"></span>or warrants<span class=\"_ _135\"> </span>5,<span class=\"_ _3\"></span>935<span class=\"_ _55\"> </span><span class=\"lsba wsc1\">11,573<span class=\"_ _32\"> </span><span class=\"lsb3 wsba\">-2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>87</span></span>Adjustment<span class=\"_ _2\"></span> for R&amp;D<span class=\"_ _3\"></span> extra deduction<span class=\"_ _20a\"> </span>-20,<span class=\"_ _3\"></span>960<span class=\"_ _48\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _2c\"> </span><span class=\"ls75 ws7a\">8,81<span class=\"_ _0\"></span>1</span></span>Adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt to prio<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r<span class=\"_ _20b\"> </span>800<span class=\"_ _2e\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _15\"> </span><span class=\"lscb wsd3\">-<span class=\"_ _0\"></span>931</span></span>Chan<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s (not reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d)<span class=\"_ _198\"> </span>283,<span class=\"_ _2\"></span>493<span class=\"_ _48\"> </span><span class=\"ls74 ws78\">231<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>5 <span class=\"_ _89\"> </span><span class=\"lsaf ws1f\">18<span class=\"_ _0\"></span>0,621</span></span>T<span class=\"_ _71\"></span>otal income<span class=\"_ _2\"></span> tax expense<span class=\"_ _3\"></span>/<span class=\"_ _2\"></span>(benefit)<span class=\"_ _b5\"> </span>6,644<span class=\"_ _35\"> </span><span class=\"lse wsf\">-8,790<span class=\"_ _65\"> </span><span class=\"lsb6 wsbd\">7,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6</span></span>- here<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f rel<span class=\"_ _0\"></span>ated to di<span class=\"_ _0\"></span>sconti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _20c\"> </span>-13,075<span class=\"_ _34\"> </span><span class=\"ls75 ws7a\">-4,8<span class=\"_ _0\"></span>42<span class=\"_ _29\"> </span><span class=\"lsbc wsc3\">-1<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0</span></span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e tax ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>/(bene<span class=\"_ _0\"></span>fit) fr<span class=\"_ _0\"></span>om  conti<span class=\"_ _3\"></span>nuing opera<span class=\"_ _3\"></span>tions<span class=\"_ _135\"> </span>-6,431<span class=\"_ _35\"> </span><span class=\"ls44 ws47\">-3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>49<span class=\"_ _103\"> </span><span class=\"ls5c ws5f\">-<span class=\"_ _0\"></span>4,814</span></span>.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts:T<span class=\"_ _2\"></span>ax los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>d for<span class=\"_ _1\"></span>ward (ava<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e ind<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>nitel<span class=\"_ _0\"></span>y)<span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>,312,022<span class=\"_ _99\"> </span><span class=\"ls74 ws78\">2,<span class=\"_ _0\"></span>231<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>49<span class=\"_ _42\"> </span><span class=\"lsc0 wsc6\">1,2<span class=\"_ _2\"></span>81,50<span class=\"_ _3\"></span>5</span></span>Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s<span class=\"_ _20d\"> </span>956,816<span class=\"_ _33\"> </span><span class=\"lsaf ws1f\">842<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>75<span class=\"_ _33\"> </span></span>732,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>89Intangible assets<span class=\"_ _20e\"> </span>107<span class=\"_ _71\"></span>,231<span class=\"_ _10b\"> </span><span class=\"lsc0 wsc6\">51,154<span class=\"_ _34\"> </span><span class=\"ls8e ws93\">40,37<span class=\"_ _0\"></span>3</span></span>Non-curren<span class=\"_ _3\"></span>t assets<span class=\"_ _106\"> </span>105,323<span class=\"_ _32\"> </span><span class=\"ls32 ws34\">89<span class=\"_ _0\"></span>,414<span class=\"_ _32\"> </span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,41<span class=\"_ _0\"></span>9</span>Liabilities<span class=\"_ _d5\"> </span><span class=\"ls2 ws2\">77<span class=\"_ _71\"></span>,168<span class=\"_ _120\"> </span><span class=\"ls29 ws2c\">1<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>74<span class=\"_ _2e\"> </span></span>1<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>,787</span>Othe<span class=\"_ _0\"></span>r<span class=\"_ _1fc\"> </span>103,278<span class=\"_ _32\"> </span><span class=\"ls8e ws93\">55,075<span class=\"_ _34\"> </span>58,4<span class=\"_ _0\"></span>83</span>T<span class=\"_ _71\"></span>otal tempora<span class=\"_ _3\"></span>ry differences<span class=\"_ _f8\"> </span>4,661,838<span class=\"_ _9b\"> </span><span class=\"ls1b ws20\">3,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>41<span class=\"_ _9b\"> </span><span class=\"lsb6 wsbd\">2<span class=\"_ _79\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>6</span></span>Ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated po<span class=\"_ _0\"></span>tentia<span class=\"_ _0\"></span>l defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et at lo<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ate<span class=\"_ _a2\"> </span>1,026<span class=\"_ _3\"></span>,257<span class=\"_ _25\"> </span><span class=\"ls2b ws2e\">7<span class=\"_ _3\"></span>49<span class=\"_ _3\"></span>,198<span class=\"_ _20\"> </span><span class=\"lsa wsb\">514<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>39</span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et not e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted to be uti<span class=\"_ _0\"></span>lized<span class=\"_ _86\"> </span>-1,024<span class=\"_ _2\"></span>,240<span class=\"_ _39\"> </span><span class=\"lscf wsd7\">-<span class=\"_ _71\"></span>735,6<span class=\"_ _3\"></span>73<span class=\"_ _45\"> </span><span class=\"ls39 ws3b\">-5<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>869</span></span>Reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sset<span class=\"_ _b8\"> </span>2,017<span class=\"_ _35\"> </span><span class=\"lsaf ws1f\">13<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>525<span class=\"_ _14c\"> </span><span class=\"lsd0 wsd8\">8,<span class=\"_ _0\"></span>370</span></span>Und<span class=\"_ _0\"></span>er D<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>sh t<span class=\"_ _0\"></span>ax le<span class=\"_ _0\"></span>gis<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to rece<span class=\"_ _0\"></span>ive DK<span class=\"_ _0\"></span>K 5.<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in 202<span class=\"_ _0\"></span>2 (DK<span class=\"_ _0\"></span>K 5.<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in 2021 an<span class=\"_ _0\"></span>d 2020) in t<span class=\"_ _0\"></span>ax retur<span class=\"_ _0\"></span>n ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n qu<span class=\"_ _0\"></span>alif<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Unre<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate to tax j<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>sdi<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark a<span class=\"_ _0\"></span>nd US<span class=\"_ _0\"></span>.6<span class=\"_ _98\"> </span> Other<span class=\"_ _1\"></span> <span class=\"ls2 ws2\"> </span>disclosure<span class=\"_ _1\"></span>s6.<span class=\"_ _0\"></span>1 <span class=\"_ _1f\"> </span>Remun<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the B<span class=\"_ _0\"></span>oar<span class=\"_ _0\"></span>d of Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s and E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>tive Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent2022<span class=\"_ _211\"> </span><span class=\"ff3 fc1\">2021<span class=\"_ _212\"> </span>2020</span>Base <span class=\"_ _87\"></span> Share-based T<span class=\"_ _71\"></span>otal <span class=\"_ _87\"></span> Base <span class=\"_ _87\"></span> Share-based T<span class=\"_ _71\"></span>otal <span class=\"_ _87\"></span> Base <span class=\"_ _87\"></span> Committee <span class=\"_ _87\"></span> T<span class=\"_ _71\"></span>otal <span class=\"_ _87\"></span> DKK thousandboard feescompensationfeesboard feescompensationfeesboard feesfeesfeesRemuneration to the Board of DirectorsMartin Nicklasson<span class=\"_ _213\"> </span>100<span class=\"_ _214\"> </span>968<span class=\"_ _65\"> </span>1,068<span class=\"_ _11b\"> </span>100<span class=\"_ _91\"> </span>1,181<span class=\"_ _128\"> </span>1,281<span class=\"_ _67\"> </span>750<span class=\"_ _67\"> </span>100<span class=\"_ _41\"> </span>850Kirsten Drejer<span class=\"_ _215\"> </span>100<span class=\"_ _214\"> </span>484<span class=\"_ _41\"> </span>584<span class=\"_ _67\"> </span>100<span class=\"_ _6c\"> </span>590<span class=\"_ _64\"> </span>690<span class=\"_ _41\"> </span>500<span class=\"_ _3c\"> </span>0<span class=\"_ _41\"> </span>500Alain Munoz<span class=\"_ _216\"> </span>100<span class=\"_ _3c\"> </span>545<span class=\"_ _41\"> </span>645<span class=\"_ _67\"> </span>100<span class=\"_ _214\"> </span>664<span class=\"_ _67\"> </span>764<span class=\"_ _64\"> </span>400<span class=\"_ _91\"> </span>50<span class=\"_ _41\"> </span>450Michael Owen<span class=\"_ _217\"> </span>100<span class=\"_ _3c\"> </span>545<span class=\"_ _41\"> </span>645<span class=\"_ _67\"> </span>100<span class=\"_ _214\"> </span>664<span class=\"_ _67\"> </span>764<span class=\"_ _64\"> </span>400<span class=\"_ _91\"> </span>50<span class=\"_ _41\"> </span>450Bernadette Mary Connaughton<span class=\"_ _1bf\"> </span>100<span class=\"_ _214\"> </span>484<span class=\"_ _11b\"> </span>584<span class=\"_ _67\"> </span>100<span class=\"_ _214\"> </span>590<span class=\"_ _41\"> </span>690<span class=\"_ _64\"> </span>400<span class=\"_ _1a2\"> </span>33<span class=\"_ _11b\"> </span>433Jeffrey Berkowitz<span class=\"_ _218\"> </span>100<span class=\"_ _214\"> </span>484<span class=\"_ _41\"> </span>584<span class=\"_ _67\"> </span>100<span class=\"_ _6c\"> </span>590<span class=\"_ _64\"> </span>690<span class=\"_ _64\"> </span>400<span class=\"_ _91\"> </span>50<span class=\"_ _41\"> </span>450Leonard Kruimer<span class=\"_ _219\"> </span>100<span class=\"_ _214\"> </span>666<span class=\"_ _67\"> </span>766<span class=\"_ _67\"> </span>100<span class=\"_ _1e1\"> </span>812<span class=\"_ _1f2\"> </span>912<span class=\"_ _64\"> </span>400<span class=\"_ _1f2\"> </span>150<span class=\"_ _11b\"> </span>5501Jens Peter Stenvang100<span class=\"_ _1e1\"> </span>182<span class=\"_ _11b\"> </span>282<span class=\"_ _67\"> </span>100<span class=\"_ _21a\"> </span>221<span class=\"_ _61\"> </span>321<span class=\"_ _64\"> </span>400<span class=\"_ _3c\"> </span>0<span class=\"_ _64\"> </span>4001,2Gertrud Koefoed Rasmussen0<span class=\"_ _8f\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _1a2\"> </span>67<span class=\"_ _8f\"> </span>0<span class=\"_ _1a2\"> </span>67<span class=\"_ _68\"> </span>267<span class=\"_ _3c\"> </span>0<span class=\"_ _68\"> </span>2671Frederik Barfoed Beck100<span class=\"_ _1e1\"> </span>182<span class=\"_ _11b\"> </span>282<span class=\"_ _67\"> </span>100<span class=\"_ _21a\"> </span>221<span class=\"_ _61\"> </span>321<span class=\"_ _68\"> </span>267<span class=\"_ _3c\"> </span>0<span class=\"_ _68\"> </span>267Iben Louise Gjelstrup\u00b9<span class=\"_ _1d1\"> </span>100<span class=\"_ _1e1\"> </span>182<span class=\"_ _67\"> </span>282<span class=\"_ _11b\"> </span>100<span class=\"_ _21a\"> </span>221<span class=\"_ _61\"> </span>321<span class=\"_ _68\"> </span>267<span class=\"_ _40\"> </span>0<span class=\"_ _68\"> </span>2671,2Hanne Heidenheim Bak0<span class=\"_ _8f\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _8f\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _69\"> </span>133<span class=\"_ _3c\"> </span>0<span class=\"_ _61\"> </span>1331,3Anneline Nansen100<span class=\"_ _1f5\"> </span>96<span class=\"_ _1f2\"> </span>196<span class=\"_ _1a2\"> </span>33<span class=\"_ _8f\"> </span>0<span class=\"_ _1a2\"> </span>33<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0T<span class=\"_ _71\"></span>otal<span class=\"_ _21b\"> </span>1,100<span class=\"_ _69\"> </span>4,818<span class=\"_ _10\"> </span>5,918<span class=\"_ _10\"> </span>1,100<span class=\"_ _94\"> </span>5,<span class=\"_ _2\"></span>754<span class=\"_ _14c\"> </span>6,854<span class=\"_ _51\"> </span>4,584<span class=\"_ _41\"> </span>433<span class=\"_ _4a\"> </span>5,0171 <span class=\"_\"> </span> <span class=\"_ _87\"></span>Em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oye<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>ele<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted b<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s; th<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e on<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s rem<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n for b<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>rd w<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>k.2 <span class=\"_\"> </span> <span class=\"_ _87\"></span>Ha<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nh<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>m Ba<span class=\"_ _0\"></span>k re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m the b<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard i<span class=\"_ _0\"></span>n 2020 a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ge<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ud Ko<span class=\"_ _0\"></span>efo<span class=\"_ _0\"></span>d Ra<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>n re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m the B<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard i<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.3 <span class=\"_\"> </span>Anne<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ne N<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>n jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard i<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ed r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on f<span class=\"_ _0\"></span>or b<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>rd m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es m<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>or m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ator<span class=\"_ _1\"></span>y soc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s pa<span class=\"_ _0\"></span>id b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny.It al<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>o exc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s rei<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>ith b<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>h as tr<span class=\"_ _0\"></span>ave<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>ccom<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.Other <span class=\"_ _87\"></span> Base <span class=\"_ _87\"></span> Pension <span class=\"_ _87\"></span> short term <span class=\"_ _87\"></span> Share-based Severance DKK thousandsalary<span class=\"_ _55\"> </span>Bonuscontributionbenefitscompensationpayments<span class=\"_ _2c\"> </span>T<span class=\"_ _2\"></span>otal2022Remuneration to the Executive Management1Adam Sinding Steensberg4,162<span class=\"_ _62\"> </span>2,366<span class=\"_ _3c\"> </span>832<span class=\"_ _1f2\"> </span>725<span class=\"_ _41\"> </span>11,061<span class=\"_ _3c\"> </span>0<span class=\"_ _30\"> </span>19<span class=\"_ _2\"></span>,1462Henriette Wennicke420<span class=\"_ _68\"> </span>168<span class=\"_ _1f5\"> </span>84<span class=\"_ _97\"> </span>41<span class=\"_ _40\"> </span>225<span class=\"_ _3c\"> </span>0<span class=\"_ _11b\"> </span>9383Emmanuel Dulac2,626<span class=\"_ _2c\"> </span>1,575<span class=\"_ _3c\"> </span>525<span class=\"_ _61\"> </span>122<span class=\"_ _28\"> </span>-3<span class=\"_ _3\"></span>,265<span class=\"_ _62\"> </span>6,564<span class=\"_ _2c\"> </span>8,1<span class=\"_ _2\"></span>474Matthew Donald Dallas2,248<span class=\"_ _64\"> </span>860<span class=\"_ _1f5\"> </span>46<span class=\"_ _67\"> </span>234<span class=\"_ _97\"> </span>-581<span class=\"_ _4a\"> </span>3,194<span class=\"_ _65\"> </span>6,001T<span class=\"_ _71\"></span>otal<span class=\"_ _21c\"> </span>9,<span class=\"_ _3\"></span>456<span class=\"_ _51\"> </span>4,969<span class=\"_ _19c\"> </span>1,487<span class=\"_ _4a\"> </span>1,122<span class=\"_ _69\"> </span>7<span class=\"_ _3\"></span>,440<span class=\"_ _10\"> </span>9,<span class=\"_ _3\"></span>758<span class=\"_ _160\"> </span>34,232T<span class=\"_ _71\"></span>otal Other Corporate Management\u2075<span class=\"_ _109\"> </span>9<span class=\"_ _2\"></span>,826<span class=\"_ _51\"> </span>4,204<span class=\"_ _69\"> </span>1,<span class=\"_ _3\"></span>009<span class=\"_ _11b\"> </span>879<span class=\"_ _158\"> </span>10,986<span class=\"_ _14c\"> </span>3,033<span class=\"_ _160\"> </span>29,<span class=\"_ _3\"></span>938T<span class=\"_ _71\"></span>otal<span class=\"_ _21d\"> </span>19,282<span class=\"_ _65\"> </span>9,173<span class=\"_ _61\"> </span>2,496<span class=\"_ _62\"> </span>2,001<span class=\"_ _158\"> </span>18,426<span class=\"_ _2f\"> </span>12,791<span class=\"_ _160\"> </span>64,1702021Remuneration to the Executive Management1Adam Sinding Steensberg3,<span class=\"_ _3\"></span>056<span class=\"_ _2c\"> </span>1,193<span class=\"_ _9f\"> </span>611<span class=\"_ _11b\"> </span>286<span class=\"_ _19c\"> </span>4<span class=\"_ _3\"></span>,829<span class=\"_ _3c\"> </span>0<span class=\"_ _4a\"> </span>9,9753Emmanuel Dulac5,<span class=\"_ _3\"></span>099<span class=\"_ _10\"> </span>3,059<span class=\"_ _94\"> </span>1,<span class=\"_ _2\"></span>020<span class=\"_ _68\"> </span><span class=\"ls28 ws2b\">243<span class=\"_ _41\"> </span></span>12,182<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>21,6034Matthew Donald Dallas2,878<span class=\"_ _2c\"> </span>1,182<span class=\"_ _21e\"> </span>37<span class=\"_ _1a5\"> </span>48<span class=\"_ _69\"> </span>4,086<span class=\"_ _3c\"> </span>0<span class=\"_ _65\"> </span>8,232T<span class=\"_ _71\"></span>otal<span class=\"_ _21f\"> </span>11,033<span class=\"_ _14c\"> </span>5,434<span class=\"_ _69\"> </span>1,668<span class=\"_ _68\"> </span>577<span class=\"_ _15\"> </span>21,097<span class=\"_ _3c\"> </span>0<span class=\"_ _34\"> </span>39<span class=\"_ _2\"></span>,809T<span class=\"_ _71\"></span>otal Other Corporate Management\u2075<span class=\"_ _109\"> </span>9,<span class=\"_ _2\"></span>022<span class=\"_ _62\"> </span><span class=\"lsbd wsc4\">3,429<span class=\"_ _6c\"> </span></span>497<span class=\"_ _41\"> </span>564<span class=\"_ _19c\"> </span>8,319<span class=\"_ _4a\"> </span>2,772<span class=\"_ _5c\"> </span>24,603T<span class=\"_ _71\"></span>otal<span class=\"_ _220\"> </span>20,055<span class=\"_ _51\"> </span>8,863<span class=\"_ _19c\"> </span>2,165<span class=\"_ _2c\"> </span>1,1<span class=\"_ _3\"></span>41<span class=\"_ _8d\"> </span>29,416<span class=\"_ _65\"> </span>2,772<span class=\"_ _160\"> </span>64,4122020Remuneration to the Executive Management1Adam Sinding Steensberg2,967<span class=\"_ _4a\"> </span>1,266<span class=\"_ _3c\"> </span>593<span class=\"_ _11b\"> </span>282<span class=\"_ _15a\"> </span>2,281<span class=\"_ _3c\"> </span>0<span class=\"_ _2b\"> </span>7<span class=\"_ _71\"></span>,3893Emmanuel Dulac4,<span class=\"_ _3\"></span>950<span class=\"_ _4a\"> </span>3,267<span class=\"_ _221\"> </span>990<span class=\"_ _41\"> </span>699<span class=\"_ _94\"> </span>2,534<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>12,<span class=\"_ _2\"></span>4404Matthew Donald Dallas2,721<span class=\"_ _f2\"> </span>1,191<span class=\"_ _58\"> </span>36<span class=\"_ _19d\"> </span>15<span class=\"_ _a4\"> </span>1,707<span class=\"_ _3c\"> </span>0<span class=\"_ _65\"> </span>5,<span class=\"_ _3\"></span>670T<span class=\"_ _71\"></span>otal<span class=\"_ _222\"> </span>10,638<span class=\"_ _10\"> </span><span class=\"ls6c ws6f\">5,724<span class=\"_ _15a\"> </span></span>1,619<span class=\"_ _64\"> </span>996<span class=\"_ _69\"> </span>6,522<span class=\"_ _3c\"> </span>0<span class=\"_ _34\"> </span>25,499T<span class=\"_ _71\"></span>otal other Corporate Management\u2075 <span class=\"_ _6a\"> </span>6,386<span class=\"_ _62\"> </span>2,739<span class=\"_ _40\"> </span>313<span class=\"_ _41\"> </span>286<span class=\"_ _69\"> </span><span class=\"lsbd wsc4\">3,4<span class=\"_ _0\"></span>23<span class=\"_ _3c\"> </span></span>0<span class=\"_ _10b\"> </span>13,147T<span class=\"_ _71\"></span>otal<span class=\"_ _21f\"> </span>17<span class=\"_ _71\"></span>,024<span class=\"_ _14c\"> </span>8,463<span class=\"_ _19c\"> </span>1,932<span class=\"_ _10\"> </span>1,282<span class=\"_ _69\"> </span>9,945<span class=\"_ _3c\"> </span>0<span class=\"_ _5c\"> </span>38,6461 <span class=\"_ _79\"> </span> <span class=\"_ _74\"></span>Fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r E<span class=\"_ _0\"></span>VP<span class=\"_ _3\"></span>, R&amp;D a<span class=\"_ _0\"></span>nd C<span class=\"_ _0\"></span>MO Ad<span class=\"_ _0\"></span>am S<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g Ste<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rg wa<span class=\"_ _0\"></span>s ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d CEO at M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ch 30, 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.2 <span class=\"_ _1\"></span> <span class=\"_ _74\"></span>He<span class=\"_ _0\"></span>nr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tte We<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>cke wa<span class=\"_ _0\"></span>s ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>s CFO at November<span class=\"_ _3\"></span> 1, 2022.3 <span class=\"_ _1\"></span> <span class=\"_ _74\"></span>Fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>er C<span class=\"_ _0\"></span>EO Emm<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>l Du<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>c re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>rom Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>t Ma<span class=\"_ _0\"></span>rch 30<span class=\"_ _0\"></span>, 202<span class=\"_ _0\"></span>2.4 <span class=\"_ _0\"></span> <span class=\"_ _74\"></span>F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r CFO M<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ew Donald Dallas<span class=\"_ _2\"></span> resigned from Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>t Au<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>st 31<span class=\"_ _0\"></span>, 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.5 <span class=\"_ _1\"></span> <span class=\"_ _74\"></span>Other Corpora<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> Manage<span class=\"ls2 ws2\">-</span>me<span class=\"_ _0\"></span>nt in 2<span class=\"_ _0\"></span>022 co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d fou<span class=\"_ _0\"></span>r me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1: th<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e and 20<span class=\"_ _3\"></span>20:<span class=\"_ _3\"></span> three.)6.<span class=\"_ _0\"></span>2 <span class=\"_ _147\"> </span>Bus<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>ss over<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ewZeal<span class=\"_ _0\"></span>and P<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma A<span class=\"_ _0\"></span>/S (N<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>daq: ZE<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>L) (<span class=\"_ _0\"></span>\"Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\", the \u201cComp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>\u201d<span class=\"_ _3\"></span>, the \u201cG<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u201d, \u201cZealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u201d an<span class=\"_ _0\"></span>d \u201cwe\u201d<span class=\"_ _0\"></span>) is a biote<span class=\"_ _0\"></span>chno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny focus<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n the d<span class=\"_ _0\"></span>iscove<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of in<span class=\"_ _0\"></span>nov<span class=\"_ _0\"></span>ative p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>-bas<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>i-cine<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>ups' do<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>cile is i<span class=\"_ _0\"></span>n Cop<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>hag<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>, De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark<span class=\"_ _0\"></span>.Owner-Voting DKK thousand<span class=\"_ _109\"> </span>DomicileshiprightsZealand Pharma A/S (ultimate parent) direct and indirect subsidiariesZP Holding SPV K/S<span class=\"_ _223\"> </span>Denmark<span class=\"_ _48\"> </span>100%<span class=\"_ _48\"> </span>100%ZP General Partner 1 ApS<span class=\"_ _d4\"> </span>Denmark<span class=\"_ _48\"> </span>100%<span class=\"_ _48\"> </span>100%Zealand Pharma US Inc.<span class=\"_ _1b7\"> </span>United States<span class=\"_ _48\"> </span>100%<span class=\"_ _48\"> </span>100%ZP SPV 3 K/S<span class=\"_ _1e8\"> </span>Denmark<span class=\"_ _48\"> </span>100%<span class=\"_ _2e\"> </span>100%ZP General Partner 3 ApS<span class=\"_ _224\"> </span>Denmark<span class=\"_ _48\"> </span>100%<span class=\"_ _48\"> </span>100%ZP SPV 1 K/S<span class=\"_ _e8\"> </span>Denmark<span class=\"_ _48\"> </span>100%<span class=\"_ _48\"> </span>100%ZP General Partner 2 ApS<span class=\"_ _224\"> </span>Denmark<span class=\"_ _48\"> </span>100%<span class=\"_ _48\"> </span>100%Zealand Pharma California US, LL<span class=\"_ _2\"></span>C.<span class=\"_ _1ee\"> </span>United States<span class=\"_ _48\"> </span>100%<span class=\"_ _48\"> </span>100%6.<span class=\"_ _0\"></span>3 <span class=\"_ _147\"> </span>Fee<span class=\"_ _0\"></span>s to au<span class=\"_ _0\"></span>dito<span class=\"_ _0\"></span>rs ap<span class=\"_ _0\"></span>poi<span class=\"_ _0\"></span>nted at t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>nnu<span class=\"_ _0\"></span>al ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>al me<span class=\"_ _0\"></span>etin<span class=\"_ _0\"></span>gDKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Audit<span class=\"_ _181\"> </span>7<span class=\"_ _71\"></span>,862<span class=\"_ _2b\"> </span>7<span class=\"_ _2\"></span>,053<span class=\"_ _4a\"> </span>5,941Audit-related services and other assurance engagements<span class=\"_ _a7\"> </span>1,760<span class=\"_ _4a\"> </span>1,265<span class=\"_ _4a\"> </span>1,002Other<span class=\"_ _225\"> </span>389<span class=\"_ _11b\"> </span>282<span class=\"_ _40\"> </span>0T<span class=\"_ _71\"></span>otal fees<span class=\"_ _226\"> </span>10,011<span class=\"_ _93\"> </span>8<span class=\"_ _3\"></span>,600<span class=\"_ _51\"> </span>6,943Th<span class=\"_ _0\"></span>e fee fo<span class=\"_ _0\"></span>r au<span class=\"_ _0\"></span>dit-<span class=\"_ _3\"></span>rel<span class=\"_ _0\"></span>ated se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er as<span class=\"_ _0\"></span>sur<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce eng<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices p<span class=\"_ _0\"></span>rovid<span class=\"_ _0\"></span>ed to th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up by E<span class=\"_ _0\"></span>Y G<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>kendt R<span class=\"_ _0\"></span>evis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>sel<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span>ab in 202<span class=\"_ _0\"></span>2, 2021 a<span class=\"_ _0\"></span>nd 2020 con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>ted of Au<span class=\"_ _0\"></span>dit of A<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ua<span class=\"_ _0\"></span>l Rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>, Au<span class=\"_ _0\"></span>dit of 20<span class=\"_ _0\"></span>-F SEC fil<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing S<span class=\"_ _0\"></span>OX 404<span class=\"_ _0\"></span>b at<span class=\"_ _0\"></span>test<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>cedu<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>, qua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>terl<span class=\"_ _0\"></span>y revi<span class=\"_ _0\"></span>ews<span class=\"_ _0\"></span>, othe<span class=\"_ _0\"></span>r aud<span class=\"_ _0\"></span>itor\u2019s re<span class=\"_ _0\"></span>por<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>n var<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>us st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for p<span class=\"_ _0\"></span>ub<span class=\"_ _0\"></span>lic a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>orit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er acco<span class=\"_ _0\"></span>untin<span class=\"_ _0\"></span>g ad<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>sor<span class=\"_ _1\"></span>y ser<span class=\"_ _1\"></span>vices<span class=\"_ _0\"></span>.6.4 <span class=\"_ _171\"> </span>Conti<span class=\"_ _3\"></span>ngent assets<span class=\"_ _3\"></span> and liabilitiesContingent<span class=\"_ _2\"></span> A<span class=\"_ _0\"></span>ssets and liabi<span class=\"_ _3\"></span>litiesZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s enti<span class=\"_ _0\"></span>tled to p<span class=\"_ _0\"></span>otentia<span class=\"_ _0\"></span>l mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d roya<span class=\"_ _0\"></span>lties o<span class=\"_ _0\"></span>n succe<span class=\"_ _0\"></span>ssf<span class=\"_ _0\"></span>ul com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>izati<span class=\"_ _0\"></span>on of prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>ed u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h par<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Sin<span class=\"_ _0\"></span>ce the s<span class=\"_ _0\"></span>ize and timi<span class=\"_ _0\"></span>ng of s<span class=\"_ _0\"></span>uch pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain u<span class=\"_ _0\"></span>ntil th<span class=\"_ _0\"></span>e mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s are rea<span class=\"_ _0\"></span>che<span class=\"_ _0\"></span>d or s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s are g<span class=\"_ _0\"></span>ene<span class=\"_ _0\"></span>rate<span class=\"_ _0\"></span>d, th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s m<span class=\"_ _0\"></span>ay qua<span class=\"_ _0\"></span>lif<span class=\"_ _1\"></span>y as contin<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s. H<span class=\"_ _0\"></span>oweve<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>, it is im<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le to me<span class=\"_ _0\"></span>asure t<span class=\"_ _0\"></span>he va<span class=\"_ _0\"></span>lue o<span class=\"_ _0\"></span>f contin-gen<span class=\"_ _0\"></span>t ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd as s<span class=\"_ _0\"></span>uch<span class=\"_ _0\"></span>, no as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d.A<span class=\"_ _0\"></span>s par<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s that Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as en<span class=\"_ _0\"></span>tered i<span class=\"_ _0\"></span>nto, once a pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct i<span class=\"_ _0\"></span>s deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ized, Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>ay be re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>red to ma<span class=\"_ _0\"></span>ke mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d royalt<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. It is not p<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le to mea<span class=\"_ _0\"></span>sure th<span class=\"_ _0\"></span>e va<span class=\"_ _0\"></span>lue of su<span class=\"_ _0\"></span>ch fu<span class=\"_ _0\"></span>ture pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, b<span class=\"_ _0\"></span>ut Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to gen<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ate futu<span class=\"_ _0\"></span>re inco<span class=\"_ _0\"></span>me fro<span class=\"_ _0\"></span>m such p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ts w<span class=\"_ _0\"></span>hi<span class=\"_ _0\"></span>ch wil<span class=\"_ _0\"></span>l excee<span class=\"_ _0\"></span>d any mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone a<span class=\"_ _0\"></span>nd roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s due<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d as su<span class=\"_ _0\"></span>ch, n<span class=\"_ _0\"></span>o liab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n recog<span class=\"_ _0\"></span>nized<span class=\"_ _0\"></span>.Refere<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e to note 6.<span class=\"_ _0\"></span>8 for d<span class=\"_ _0\"></span>escr<span class=\"_ _0\"></span>ipti<span class=\"_ _0\"></span>ons o<span class=\"_ _0\"></span>f Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>s coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>nd l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>.6.5 CommitmentsGuarantees and CollateralsTh<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up h<span class=\"_ _0\"></span>as prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>loat<span class=\"_ _0\"></span>ing ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>atera<span class=\"_ _0\"></span>l coveri<span class=\"_ _0\"></span>ng w<span class=\"_ _0\"></span>ith all a<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ets i<span class=\"_ _0\"></span>n the co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny wh<span class=\"_ _0\"></span>ich c<span class=\"_ _0\"></span>an be coll<span class=\"_ _0\"></span>atera<span class=\"_ _0\"></span>lized, i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g sh<span class=\"_ _0\"></span>ares i<span class=\"_ _0\"></span>n sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iari<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, as co<span class=\"_ _0\"></span>llater<span class=\"_ _0\"></span>al fo<span class=\"_ _0\"></span>r the d<span class=\"_ _0\"></span>ebt to O<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>rl<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>.Other Purcha<span class=\"_ _3\"></span>se Obligatio<span class=\"_ _3\"></span>nsAt De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 2022<span class=\"_ _0\"></span>, total co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s, incl<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>ng CRO<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unted to DK<span class=\"_ _0\"></span>K 220.<span class=\"_ _0\"></span>5 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n (D<span class=\"_ _0\"></span>KK 140.7 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r 2023 an<span class=\"_ _0\"></span>d DK<span class=\"_ _0\"></span>K 79.8 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r the ye<span class=\"_ _0\"></span>ars 2024 up to and i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g 2026).6.6 <span class=\"_ _171\"> </span>Related<span class=\"_ _2\"></span> partiesZeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as n<span class=\"_ _0\"></span>o rel<span class=\"_ _0\"></span>ated pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s with co<span class=\"_ _0\"></span>ntrol<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g intere<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s oth<span class=\"_ _0\"></span>er re<span class=\"_ _0\"></span>lated p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>es com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny\u2019s Bo<span class=\"_ _0\"></span>ard of D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d Cor<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>rate Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>e-me<span class=\"_ _0\"></span>nt. O<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>an th<span class=\"_ _0\"></span>e remu<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns re<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ng to th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard of D<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d Exe<span class=\"_ _0\"></span>c-utive M<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d in n<span class=\"_ _0\"></span>ote 6.<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re were n<span class=\"_ _0\"></span>o othe<span class=\"_ _0\"></span>r mater<span class=\"_ _0\"></span>ial re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y tra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 2022<span class=\"_ _0\"></span>, 2021 a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> 2020.6.7 <span class=\"_ _147\"> </span>C<span class=\"_ _0\"></span>ash flo<span class=\"_ _2\"></span>w adjustmentsDKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Deprecia<span class=\"_ _3\"></span>tion, amortiza<span class=\"_ _3\"></span>tion and<span class=\"_ _2\"></span> impairment<span class=\"_ _154\"> </span>117<span class=\"_ _2\"></span>,961<span class=\"_ _34\"> </span><span class=\"ls1b ws20\">42,9<span class=\"_ _0\"></span>4<span class=\"_ _0\"></span>6<span class=\"_ _35\"> </span><span class=\"lsaf ws1f\">42,692</span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d reven<span class=\"_ _0\"></span>ue<span class=\"_ _227\"> </span>-<span class=\"_ _1\"></span>6<span class=\"_ _79\"></span>7,<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>8<span class=\"_ _79\"></span>4<span class=\"_ _48\"> </span><span class=\"ls4d ws4f\">-3<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>5<span class=\"_ _25\"> </span><span class=\"lsaf ws1f\">-42,<span class=\"_ _0\"></span>881</span></span>Bargain purc<span class=\"_ _3\"></span>hase<span class=\"_ _ee\"> </span><span class=\"ls2 ws2\">0<span class=\"_ _40\"> </span>0<span class=\"_ _20\"> </span><span class=\"ls4d ws4f\">-3<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>5</span></span>Share-based c<span class=\"_ _2\"></span>o<span class=\"_ _0\"></span>mpensation expenses<span class=\"_ _228\"> </span>52,576<span class=\"_ _34\"> </span><span class=\"ls3e ws41\">53,<span class=\"_ _0\"></span>504<span class=\"_ _34\"> </span><span class=\"ls8e ws93\">30,485</span></span>In<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e t<span class=\"_ _0\"></span>a<span class=\"_ _0\"></span>x<span class=\"_ _e1\"> </span>9,893<span class=\"_ _55\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>1<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>0<span class=\"_ _10\"> </span><span class=\"ls6b ws6e\">9,<span class=\"_ _0\"></span>86<span class=\"_ _0\"></span>5</span></span>Financial income<span class=\"_ _229\"> </span>-37<span class=\"_ _71\"></span>,780<span class=\"_ _2f\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>6<span class=\"_ _93\"> </span><span class=\"lsc0 wsc6\">-<span class=\"_ _2\"></span>1,12<span class=\"_ _2\"></span>7</span></span>Financial<span class=\"_ _3\"></span> expenses<span class=\"_ _22a\"> </span>174<span class=\"_ _2\"></span>,927<span class=\"_ _10b\"> </span><span class=\"ls29 ws2c\">1<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>74<span class=\"_ _128\"> </span><span class=\"lsba wsc1\">3,511</span></span>F<span class=\"_ _3\"></span>air v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e adj<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _205\"> </span>-3,590<span class=\"_ _14c\"> </span><span class=\"ls9 wsa\">6,<span class=\"_ _0\"></span>520<span class=\"_ _40\"> </span></span>0Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _c4\"> </span>23,219<span class=\"_ _46\"> </span><span class=\"ls33 ws35\">-<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>8<span class=\"_ _0\"></span>,943<span class=\"_ _52\"> </span><span class=\"ls18 ws1c\">57<span class=\"_ _71\"></span>,712</span></span>T<span class=\"_ _71\"></span>otal adjustmen<span class=\"_ _2\"></span>ts<span class=\"_ _177\"> </span>269,<span class=\"_ _3\"></span>622<span class=\"_ _32\"> </span><span class=\"lsb6 wsbd\">1<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>0<span class=\"_ _34\"> </span><span class=\"ls75 ws7a\">63,<span class=\"_ _0\"></span>862</span></span>DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020(In<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e)/<span class=\"_ _2\"></span>de<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>es<span class=\"_ _22b\"> </span>18,221<span class=\"_ _8b\"> </span><span class=\"ls17 ws1b\">-<span class=\"_ _0\"></span>64<span class=\"_ _0\"></span>,494<span class=\"_ _51\"> </span><span class=\"lsbf wsc5\">-<span class=\"_ _0\"></span>7,<span class=\"_ _1\"></span>7<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>6</span></span>(In<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e)/<span class=\"_ _2\"></span>de<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in Inve<span class=\"_ _0\"></span>ntor<span class=\"_ _0\"></span>y<span class=\"_ _22c\"> </span>50,<span class=\"_ _2\"></span>691<span class=\"_ _48\"> </span><span class=\"ls39 ws3b\">-52,7<span class=\"_ _1\"></span>72<span class=\"_ _25\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>4</span></span>Incre<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>/(<span class=\"_ _3\"></span>de<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e) in paya<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _16b\"> </span>-58,<span class=\"_ _3\"></span>649<span class=\"_ _33\"> </span><span class=\"ls6b ws6e\">-<span class=\"_ _0\"></span>49,0<span class=\"_ _0\"></span>59<span class=\"_ _48\"> </span><span class=\"ls2f ws32\">119,<span class=\"_ _2\"></span>938</span></span>Cha<span class=\"_ _0\"></span>nge i<span class=\"_ _0\"></span>n work<span class=\"_ _0\"></span>ing c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l<span class=\"_ _ba\"> </span>10,263<span class=\"_ _3d\"> </span><span class=\"lsbc wsc3\">-1<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>5<span class=\"_ _da\"> </span><span class=\"lsb6 wsbd\">9<span class=\"_ _0\"></span>7,<span class=\"_ _79\"></span>8<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>8</span></span>6.8 <span class=\"_ _171\"> </span>Collaborations and technology<span class=\"_ _3\"></span> licensesCollabor<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span> and lic<span class=\"_ _3\"></span>ense agr<span class=\"_ _3\"></span>eementsZeal<span class=\"_ _0\"></span>and e<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>s into coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s with b<span class=\"_ _0\"></span>iote<span class=\"_ _0\"></span>chno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy an<span class=\"_ _0\"></span>d ph<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>mace<span class=\"_ _0\"></span>utic<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s to adv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce the deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of our p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>dates a<span class=\"_ _0\"></span>nd to sup<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ou<span class=\"_ _0\"></span>r inter<span class=\"_ _0\"></span>nal p<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>and s<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ks col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>at wi<span class=\"_ _0\"></span>ll all<span class=\"_ _0\"></span>ow Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d to retain s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt fut<span class=\"_ _0\"></span>ure pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ticip<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n in p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct sa<span class=\"_ _0\"></span>les th<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>gh eit<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>r royalt<span class=\"_ _0\"></span>ies p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d on ne<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>. Be<span class=\"_ _0\"></span>low is a<span class=\"_ _0\"></span>n over<span class=\"_ _1\"></span>view of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'s coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at have h<span class=\"_ _0\"></span>ad a si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>t imp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t or are e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted in th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>ar term to have a si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cant i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t on fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l resu<span class=\"_ _0\"></span>lts<span class=\"_ _0\"></span>.With refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to note 6.4<span class=\"_ _0\"></span>, each a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s mar<span class=\"_ _0\"></span>ked wi<span class=\"_ _0\"></span>th C<span class=\"_ _0\"></span>A (contin<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>t ass<span class=\"_ _0\"></span>et) a<span class=\"_ _0\"></span>nd CL (conti<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>nt liability) if applicable.Alexion<span class=\"_ _3\"></span> (Inflammation<span class=\"_ _3\"></span>) (CA)In Ma<span class=\"_ _0\"></span>rch 2019, Zeal<span class=\"_ _0\"></span>and e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d into a lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>, rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ale<span class=\"_ _0\"></span>xio<span class=\"_ _0\"></span>n to deve<span class=\"_ _0\"></span>lop n<span class=\"_ _0\"></span>ovel th<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>es to treat co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent-medi<span class=\"_ _0\"></span>ated dis<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion w<span class=\"_ _0\"></span>ith A<span class=\"_ _0\"></span>lexi<span class=\"_ _0\"></span>on in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es a le<span class=\"_ _0\"></span>ad p<span class=\"_ _0\"></span>rogr<span class=\"_ _0\"></span>am t<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>etin<span class=\"_ _0\"></span>g the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t pathw<span class=\"_ _0\"></span>ay and t<span class=\"_ _0\"></span>he potent<span class=\"_ _0\"></span>ial to wo<span class=\"_ _0\"></span>rk on th<span class=\"_ _0\"></span>e id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>nhi<span class=\"_ _0\"></span>bitor<span class=\"_ _0\"></span>s to up to thre<span class=\"_ _0\"></span>e add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l comp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>de. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>ill le<span class=\"_ _0\"></span>ad th<span class=\"_ _0\"></span>e joi<span class=\"_ _0\"></span>nt dis<span class=\"_ _0\"></span>cover<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch ef<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s thro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h the p<span class=\"_ _0\"></span>recl<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d Ale<span class=\"_ _0\"></span>xio<span class=\"_ _0\"></span>n wil<span class=\"_ _0\"></span>l lea<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ef<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s b<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>nni<span class=\"_ _0\"></span>ng w<span class=\"_ _0\"></span>ith IN<span class=\"_ _0\"></span>D fil<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e 1 stu<span class=\"_ _0\"></span>die<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>des A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion w<span class=\"_ _0\"></span>ith exclu<span class=\"_ _0\"></span>sive w<span class=\"_ _0\"></span>orl<span class=\"_ _0\"></span>dwi<span class=\"_ _0\"></span>de l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial r<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ts to th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ptid<span class=\"_ _0\"></span>e therapies de<span class=\"_ _3\"></span>veloped in<span class=\"_ _2\"></span> the collabora<span class=\"_ _3\"></span>tion.Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he Al<span class=\"_ _0\"></span>exio<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e, res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recei<span class=\"_ _0\"></span>ved a<span class=\"_ _0\"></span>n upf<span class=\"_ _0\"></span>ront no<span class=\"_ _0\"></span>n-re-fun<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>ble p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of U<span class=\"_ _0\"></span>SD 25<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on for t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in<span class=\"_ _0\"></span>hib<span class=\"_ _0\"></span>itor pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>m an<span class=\"_ _0\"></span>d a concu<span class=\"_ _0\"></span>rrent U<span class=\"_ _0\"></span>SD 15<span class=\"_ _0\"></span>.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on e<span class=\"_ _0\"></span>quit<span class=\"_ _1\"></span>y invest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d at a pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m to the m<span class=\"_ _0\"></span>arket p<span class=\"_ _0\"></span>rice. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>so provi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al for d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>-re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d mil<span class=\"_ _0\"></span>esto<span class=\"_ _0\"></span>nes o<span class=\"_ _0\"></span>f up to USD 1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n, as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s up to USD 495<span class=\"_ _0\"></span>.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es-base<span class=\"_ _0\"></span>d mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle- to low d<span class=\"_ _0\"></span>oub<span class=\"_ _0\"></span>le-<span class=\"_ _0\"></span>dig<span class=\"_ _0\"></span>it royalt<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to rece<span class=\"_ _0\"></span>ive fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e upfro<span class=\"_ _0\"></span>nt pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts o<span class=\"_ _0\"></span>f USD 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch for up to three a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal t<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>/regul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s plu<span class=\"_ _0\"></span>s royalti<span class=\"_ _0\"></span>es at a redu<span class=\"_ _0\"></span>ced r<span class=\"_ _0\"></span>ate to the lea<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>rget<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ves com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>is for ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent ser<span class=\"_ _1\"></span>vices d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>red un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>.Beta Bionics (Dasiglucagon for bi-hormonal<span class=\"_ _3\"></span> artificial pancreas systems)Das<span class=\"_ _0\"></span>iglu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>n is in cl<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>cal d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt for us<span class=\"_ _0\"></span>e in inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l bi-h<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>creas (<span class=\"_ _0\"></span>BHA<span class=\"_ _0\"></span>P) sy<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>s conta<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>oth in<span class=\"_ _0\"></span>suli<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d das<span class=\"_ _0\"></span>iglu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>n. In 2016, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ente<span class=\"_ _0\"></span>red in<span class=\"_ _0\"></span>to colla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on wit<span class=\"_ _0\"></span>h Bet<span class=\"_ _0\"></span>a Bi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>cs<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c.<span class=\"_ _0\"></span>, a me<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al tec<span class=\"_ _0\"></span>hno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy com<span class=\"_ _0\"></span>pany lever<span class=\"_ _0\"></span>agi<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>ifelo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>chin<span class=\"_ _0\"></span>e-lea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>telli<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ce to deve<span class=\"_ _0\"></span>lop a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ize the wor<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>\u2019s fir<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>utono<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>us b<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ic pa<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>hip a<span class=\"_ _0\"></span>ims to comb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s from e<span class=\"_ _0\"></span>ach p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y to adv<span class=\"_ _0\"></span>ance a n<span class=\"_ _0\"></span>ew du<span class=\"_ _0\"></span>al-hor<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>icia<span class=\"_ _0\"></span>l pan<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>s sy<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>. Su<span class=\"_ _0\"></span>ch a sy<span class=\"_ _0\"></span>stem h<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e pote<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>l to offe<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>le with d<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>etes o<span class=\"_ _0\"></span>n insu<span class=\"_ _0\"></span>lin t<span class=\"_ _0\"></span>her<span class=\"_ _0\"></span>apy m<span class=\"_ _0\"></span>ore ef<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>acio<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>, sa<span class=\"_ _0\"></span>fer a<span class=\"_ _0\"></span>nd ea<span class=\"_ _0\"></span>sie<span class=\"_ _0\"></span>r blo<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>d sug<span class=\"_ _0\"></span>ar contro<span class=\"_ _0\"></span>l for b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ter long-<span class=\"_ _2\"></span>term d<span class=\"_ _3\"></span>isease<span class=\"_ _3\"></span> management a<span class=\"_ _3\"></span>nd out<span class=\"_ _2\"></span>comes.A<span class=\"_ _0\"></span>s a par<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d has m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e an inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in Bet<span class=\"_ _0\"></span>a Bi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s. Re<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ce is m<span class=\"_ _0\"></span>ade to note 3.<span class=\"_ _0\"></span>4 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r info<span class=\"_ _0\"></span>rmat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>.Boehringer Ingelheim<span class=\"_ _3\"></span> (Obesity<span class=\"_ _3\"></span>/BI 4<span class=\"_ _3\"></span>56906) (<span class=\"_ _2\"></span>C<span class=\"_ _0\"></span>A)In Ju<span class=\"_ _0\"></span>ne 201<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d entere<span class=\"_ _0\"></span>d into a li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>, res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span> Bo<span class=\"_ _0\"></span>ehr<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>elh<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>m Intern<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l Gm<span class=\"_ _0\"></span>bH (<span class=\"_ _0\"></span>BI) to ad<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nce nove<span class=\"_ _0\"></span>l du<span class=\"_ _0\"></span>al ac<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g glu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>n/GLP-<span class=\"_ _3\"></span>1 pe<span class=\"_ _0\"></span>ptid<span class=\"_ _0\"></span>e receptor a<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e treatm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of pati<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>e 2 dia<span class=\"_ _0\"></span>bete<span class=\"_ _0\"></span>s and o<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>y. As p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt,<span class=\"_ _0\"></span> BI ob<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d glo<span class=\"_ _0\"></span>bal d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rig<span class=\"_ _0\"></span>hts to th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>d dru<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>idate, B<span class=\"_ _0\"></span>I 4569<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>. BI<span class=\"_ _0\"></span> fun<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>ll rese<span class=\"_ _0\"></span>arch<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.<span class=\"_ _0\"></span> A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to recei<span class=\"_ _0\"></span>ve lice<span class=\"_ _0\"></span>nse a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of u<span class=\"_ _0\"></span>p to EUR 345<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span> mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, rel<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of pre-sp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>d prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>so e<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ible to re<span class=\"_ _0\"></span>ceive t<span class=\"_ _0\"></span>iere<span class=\"_ _0\"></span>d roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s ran<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle-<span class=\"_ _0\"></span>dig<span class=\"_ _0\"></span>it to low dou<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>-di<span class=\"_ _0\"></span>git p<span class=\"_ _0\"></span>ercent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>n glo<span class=\"_ _0\"></span>bal s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s by BI o<span class=\"_ _0\"></span>f all p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s s<span class=\"_ _0\"></span>temm<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>is coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. In a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>i<span class=\"ls2\">-</span>tio<span class=\"_ _0\"></span>n, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d reta<span class=\"_ _0\"></span>ins co<span class=\"_ _0\"></span>-prom<span class=\"_ _0\"></span>otio<span class=\"_ _0\"></span>n rig<span class=\"_ _0\"></span>ht<span class=\"_ _0\"></span>s in Sc<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>a.DEK<span class=\"_ _1\"></span>A Rese<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>h &amp; Deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Cor<span class=\"_ _0\"></span>p. (CHI/dasig<span class=\"_ _0\"></span>luc<span class=\"_ _0\"></span>aco<span class=\"_ _0\"></span>n) (CL)In Nove<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>1 Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ced a col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt with D<span class=\"_ _0\"></span>EK<span class=\"_ _0\"></span>A to de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>p a contin<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>us infu<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n pu<span class=\"_ _0\"></span>mp, for w<span class=\"_ _0\"></span>hich Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>es a wor<span class=\"_ _0\"></span>ldw<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e, exclu<span class=\"_ _0\"></span>sive l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se, to b<span class=\"_ _0\"></span>e use<span class=\"_ _0\"></span>d in com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n with d<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>glu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>gon fo<span class=\"_ _0\"></span>r treat<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of CHI<span class=\"_ _0\"></span>. DEK<span class=\"_ _0\"></span>A i<span class=\"_ _0\"></span>s resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le for p<span class=\"_ _0\"></span>ump d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d pum<span class=\"_ _0\"></span>p ma<span class=\"_ _0\"></span>nuf<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ble for c<span class=\"_ _2\"></span>linical developmen<span class=\"_ _3\"></span>t arou<span class=\"_ _3\"></span>nd the d<span class=\"_ _3\"></span>rug-devic<span class=\"_ _2\"></span>e combina<span class=\"_ _3\"></span>tion and<span class=\"_ _2\"></span> commerciali<span class=\"_ _2\"></span>zation in al<span class=\"_ _3\"></span>l t<span class=\"_ _3\"></span>errit<span class=\"_ _2\"></span>ories.A<span class=\"_ _0\"></span>s consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on for a g<span class=\"_ _0\"></span>lob<span class=\"_ _0\"></span>al li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to use th<span class=\"_ _0\"></span>e inf<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>on pu<span class=\"_ _0\"></span>mp fo<span class=\"_ _0\"></span>r treatm<span class=\"_ _0\"></span>ent of CH<span class=\"_ _0\"></span>I, D<span class=\"_ _0\"></span>EK<span class=\"_ _0\"></span>A i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to recei<span class=\"_ _0\"></span>ve a low to hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle d<span class=\"_ _0\"></span>igit roy<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>ate of the gl<span class=\"_ _0\"></span>oba<span class=\"_ _0\"></span>l net s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t.Encycle<span class=\"_ _2\"></span> Therapeutics (C<span class=\"_ _3\"></span>L)In Oc<span class=\"_ _0\"></span>tob<span class=\"_ _0\"></span>er 2019, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d the a<span class=\"_ _0\"></span>cqui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on of En<span class=\"_ _0\"></span>cycle T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>cs to obt<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n a pre-c<span class=\"_ _0\"></span>lin-ica<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>set th<span class=\"_ _0\"></span>at comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s focus o<span class=\"_ _0\"></span>n deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g nex<span class=\"_ _0\"></span>t-gene<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>eut<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s for gas<span class=\"_ _0\"></span>troi<span class=\"_ _0\"></span>ntesti<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l dise<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g dev<span class=\"_ _0\"></span>elo<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d as an o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>lly de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>ptid<span class=\"_ _0\"></span>e dr<span class=\"_ _0\"></span>ug to ta<span class=\"_ _0\"></span>rget i<span class=\"_ _0\"></span>nte-grin a<span class=\"_ _0\"></span>lp<span class=\"_ _0\"></span>ha-<span class=\"_ _0\"></span>4-be<span class=\"_ _0\"></span>ta-<span class=\"_ _3\"></span>7<span class=\"_ _71\"></span>, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s invol<span class=\"_ _0\"></span>ved in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>atho<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>sis of i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>mator<span class=\"_ _0\"></span>y b<span class=\"_ _0\"></span>owe<span class=\"_ _0\"></span>l dis<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e (IB<span class=\"_ _0\"></span>D).A<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on for t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r own<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s of Enc<span class=\"_ _0\"></span>ycle are e<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le for up to US<span class=\"_ _0\"></span>D 80<span class=\"_ _0\"></span>.0 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n in deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les-ba<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s a potent<span class=\"_ _0\"></span>ial m<span class=\"_ _0\"></span>id-sin<span class=\"_ _0\"></span>gle d<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>t royalt<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>n global net<span class=\"_ _2\"></span> s<span class=\"_ _0\"></span>ales.MannKind Corporation<span class=\"_ _2\"></span> (<span class=\"_ _0\"></span>V-G<span class=\"_ _0\"></span>o) (<span class=\"_ _3\"></span>CA<span class=\"_ _0\"></span>)In May 202<span class=\"_ _0\"></span>2, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ann<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d A<span class=\"_ _0\"></span>sset P<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se A<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Man<span class=\"_ _0\"></span>nK<span class=\"_ _0\"></span>ind Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to sell th<span class=\"_ _0\"></span>e V-Go I<span class=\"_ _0\"></span>nsul<span class=\"_ _0\"></span>in D<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y Dev<span class=\"_ _0\"></span>ice. V-G<span class=\"_ _0\"></span>o is a o<span class=\"_ _0\"></span>nce-d<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, wear<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le, in<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>in de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>ce that h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ps prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e blo<span class=\"_ _0\"></span>od s<span class=\"_ _0\"></span>uga<span class=\"_ _0\"></span>r contro<span class=\"_ _0\"></span>l for eve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yday l<span class=\"_ _0\"></span>ifes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>yl<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. De<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d to be pat<span class=\"_ _0\"></span>ient-frien<span class=\"_ _0\"></span>dly, V<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>o is wo<span class=\"_ _0\"></span>rn li<span class=\"_ _0\"></span>ke a patch and e<span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ates the n<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>d for t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>ulti<span class=\"_ _0\"></span>ple d<span class=\"_ _0\"></span>aily s<span class=\"_ _0\"></span>hot<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is el<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>ble to rece<span class=\"_ _0\"></span>ive up to US<span class=\"_ _0\"></span>D 10.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on in s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-base<span class=\"_ _0\"></span>d mil<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>tones<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e mil<span class=\"_ _0\"></span>esto<span class=\"_ _0\"></span>nes i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnized a<span class=\"_ _0\"></span>s oth<span class=\"_ _0\"></span>er fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s cf. note 3.<span class=\"_ _0\"></span>7<span class=\"_ _71\"></span>.Novo<span class=\"_ _3\"></span> Nordisk (ZEGALOGUE/dasiglucagon<span class=\"_ _3\"></span> (CA)In Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>2, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d a glo<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>l lice<span class=\"_ _0\"></span>nse a<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>th Novo Nord<span class=\"_ _0\"></span>isk to com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ize ZEGALOGU<span class=\"_ _0\"></span>E (das<span class=\"_ _0\"></span>igl<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ago<span class=\"_ _0\"></span>n) for in<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. ZEGALOG<span class=\"_ _0\"></span>UE is a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roved by th<span class=\"_ _0\"></span>e U.S<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>od a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>g Ad<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n (FDA<span class=\"_ _0\"></span>) for th<span class=\"_ _0\"></span>e treat<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of seve<span class=\"_ _0\"></span>re hyp<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>lycem<span class=\"_ _0\"></span>ia in p<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iatri<span class=\"_ _0\"></span>c an<span class=\"_ _0\"></span>d adu<span class=\"_ _0\"></span>lt pati<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th dia<span class=\"_ _0\"></span>bete<span class=\"_ _0\"></span>s age<span class=\"_ _0\"></span>d 6 an<span class=\"_ _0\"></span>d ab<span class=\"_ _0\"></span>ove. Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent N<span class=\"_ _0\"></span>ovo No<span class=\"_ _0\"></span>dis<span class=\"_ _0\"></span>k is res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r the glob<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>mme<span class=\"_ _0\"></span>rcia<span class=\"_ _0\"></span>lizat<span class=\"_ _0\"></span>ion of ZEG<span class=\"_ _0\"></span>ALOG<span class=\"_ _0\"></span>UE wh<span class=\"_ _0\"></span>ile Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd is re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e for cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, developmen<span class=\"_ _3\"></span>t and man<span class=\"_ _3\"></span>ufacturing<span class=\"_ _3\"></span> activities<span class=\"_ _3\"></span> to<span class=\"_ _2\"></span> suppor<span class=\"_ _0\"></span>t further devel<span class=\"_ _3\"></span>opment and<span class=\"_ _3\"></span> appro<span class=\"_ _3\"></span>val outside o<span class=\"_ _2\"></span>f the U.S<span class=\"_ _0\"></span>. fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is e<span class=\"_ _0\"></span>ligi<span class=\"_ _0\"></span>ble to re<span class=\"_ _0\"></span>ceive a m<span class=\"_ _0\"></span>ix of d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, as we<span class=\"_ _0\"></span>ll as ti<span class=\"_ _0\"></span>me an<span class=\"_ _0\"></span>d mate-rial compensation. Zeal<span class=\"_ _0\"></span>and ret<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d all n<span class=\"_ _0\"></span>on-l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>ntelle<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s to the co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny\u2019s oth<span class=\"_ _0\"></span>er d<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>glu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>gon developmen<span class=\"_ _3\"></span>t prog<span class=\"_ _3\"></span>rams.Zeal<span class=\"_ _0\"></span>and re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved a<span class=\"_ _0\"></span>n upfro<span class=\"_ _0\"></span>nt pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of DK<span class=\"_ _0\"></span>K 25<span class=\"_ _0\"></span>.0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n and i<span class=\"_ _0\"></span>s el<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r up to DKK 45<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on in deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt mil<span class=\"_ _0\"></span>esto<span class=\"_ _0\"></span>nes a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>KK 220.<span class=\"_ _0\"></span>0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n in sa<span class=\"_ _0\"></span>les-ba<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s tie<span class=\"_ _0\"></span>red roy<span class=\"_ _0\"></span>altie<span class=\"_ _0\"></span>s ran<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle-<span class=\"_ _0\"></span>dig<span class=\"_ _0\"></span>it to low do<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>e-di<span class=\"_ _0\"></span>git p<span class=\"_ _0\"></span>ercent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>n wor<span class=\"_ _0\"></span>ldw<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e net s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s by Novo N<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>so e<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e for com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>is for cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t sup<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>.Protagonist Therapeutics (Rusfertide)<span class=\"_ _3\"></span> (CA)In Ju<span class=\"_ _0\"></span>ne, 201<span class=\"_ _0\"></span>2, Ze<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd Prot<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ist e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d into a coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion to d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>p dis<span class=\"_ _0\"></span>ulfi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>-rich p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s. Prota<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>t has s<span class=\"_ _0\"></span>ince t<span class=\"_ _0\"></span>aken ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e ful<span class=\"_ _0\"></span>l resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to rece<span class=\"_ _0\"></span>ive up to US<span class=\"_ _0\"></span>D 60.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s in reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, as we<span class=\"_ _0\"></span>ll as a low si<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>le dig<span class=\"_ _0\"></span>it roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y rate on gl<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>al net s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Sanofi/R<span class=\"_ _2\"></span>oyalty Pharma (Soliqua/<span class=\"_ _2\"></span>Sul<span class=\"_ _0\"></span>iqua/L<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span>xumia/<span class=\"_ _2\"></span>Adly<span class=\"_ _0\"></span>xin) (<span class=\"_ _3\"></span>CA)In Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>er 201<span class=\"_ _0\"></span>8, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d that a<span class=\"_ _0\"></span>ll fu<span class=\"_ _0\"></span>ture roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d all b<span class=\"_ _0\"></span>ut up to USD 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on of futu<span class=\"_ _0\"></span>re mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to the S<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span>fi L<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se Ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt were s<span class=\"_ _0\"></span>old to Roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 U<span class=\"_ _0\"></span>SD 10.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as st<span class=\"_ _0\"></span>ill o<span class=\"_ _0\"></span>uts<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>.6.9 <span class=\"_ _171\"> </span>Subsequent<span class=\"_ _3\"></span> even<span class=\"_ _2\"></span>tsNo eve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s have occu<span class=\"_ _0\"></span>rred s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>equ<span class=\"_ _0\"></span>ent to th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet d<span class=\"_ _0\"></span>ate that cou<span class=\"_ _0\"></span>ld sig<span class=\"_ _0\"></span>nif<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>antly a<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t the f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>an-cial s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 202<span class=\"_ _0\"></span>2.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNotesAndOtherExplanatoryInformationExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__21": {
   "value": "Zealand is a biotechnology company focused on the discovery and development of peptide-based medicines",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfNatureOfEntitysOperationsAndPrincipalActivities",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__22-1": {
   "value": "MaterialityZealand's Annual Report is based on the concept of materiality and the Company focuses on informa-tion that is considered material and relevant to the users of the consolidated financial statements. The consolidated financial statements consist of a large number of transactions. These transactions are aggregated into classes according to their nature or function and presented in classes of similar items in the consolidated financial statements as required by IFRS and the Danish Financial Statements Act. If items are individually immaterial, they are aggregated with other items of similar nature in the financial statements or in the notes.The disclosure requirements are substantial in IFRS and for Danish listed companies. Zealand provides these specific required disclosures unless the information is considered immaterial to the economic decision making of the readers of the consolidated financial statements or not applicableiXBRL reportingZealand Pharma is required to file its annual report in the European Single Electronic Format (\u2018ESEF\u2019) and The Annual Report is therefore prepared in the XHTML format that can be displayed in a standard browser. The primary statements in the consolidated financial statements are tagged using inline eXten sible Business Reporting Language (iXBRL). The iXBRL tags comply with the ESEF taxonomy, which is included in the ESEF Regulation and developed based on the IFRS taxonomy published by the IFRS Foundation. Where a financial statement line item is not defined in the ESEF taxonomy, an extension to the taxonomy has been created. Extensions are anchored to elements in the ESEF taxonomy, except for extensions which are subtotals. The Annual Report submitted to the Danish Financial Supervisory Authority consists of the XHTML document together with certain technical files, all included in a file named 549300ITBB1ULBL4CZ12-2022-12-31-en.zip.",
   "dimensions": {
    "concept": "ifrs-full:StatementOfIFRSCompliance",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__23": {
   "value": "Consolidated<span class=\"_ _3\"></span> Financial<span class=\"_ _2\"></span> StatementsTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d A<span class=\"_ _0\"></span>/S an<span class=\"_ _0\"></span>d sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s over wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>rent comp<span class=\"_ _0\"></span>any ha<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e pare<span class=\"_ _0\"></span>nt contro<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>s a subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e pare<span class=\"_ _0\"></span>nt is ex<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ed to, or h<span class=\"_ _0\"></span>as ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s to, vari<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e return<span class=\"_ _0\"></span>s from i<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>nvolve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s the a<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>ose retu<span class=\"_ _0\"></span>rns thro<span class=\"_ _0\"></span>ugh it<span class=\"_ _0\"></span>s p<span class=\"_ _0\"></span>ower to di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t the a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ties o<span class=\"_ _0\"></span>f the su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y. A Compa<span class=\"_ _0\"></span>ny over<span class=\"_ _1\"></span>view i<span class=\"_ _0\"></span>s incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ed in n<span class=\"_ _0\"></span>ote 6.<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s con<span class=\"_ _0\"></span>sol<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ated fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n pre<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d on t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>sis of t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>atem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any an<span class=\"_ _0\"></span>d su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s- prepa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>r Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d's a<span class=\"_ _0\"></span>ccount<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>icie<span class=\"_ _0\"></span>s- by combi<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g simi<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>r accou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g items o<span class=\"_ _0\"></span>n a lin<span class=\"_ _0\"></span>e-by-lin<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>. On con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, in<span class=\"_ _0\"></span>tercomp<span class=\"_ _0\"></span>any in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e and e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, intercom<span class=\"_ _0\"></span>pany re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ayab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd un<span class=\"_ _0\"></span>real<span class=\"_ _0\"></span>ized ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s on tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ons b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e conso<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dated co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s are e<span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>inate<span class=\"_ _0\"></span>d. Th<span class=\"_ _0\"></span>e recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ts i<span class=\"_ _0\"></span>n the con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>diar<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s is el<span class=\"_ _0\"></span>imi<span class=\"_ _0\"></span>nated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>por-tio<span class=\"_ _0\"></span>nate sha<span class=\"_ _0\"></span>re of th<span class=\"_ _0\"></span>e subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es' eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y. Subsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s are con<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>lid<span class=\"_ _0\"></span>ated fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>ate whe<span class=\"_ _0\"></span>n contro<span class=\"_ _0\"></span>l is tran<span class=\"_ _0\"></span>sfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the G<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s fo<span class=\"_ _0\"></span>r subs<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ith a dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>rent f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy th<span class=\"_ _0\"></span>an Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'s pre<span class=\"_ _0\"></span>sent<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y are tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d into Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'s p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntat<span class=\"_ _0\"></span>ion cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y at avera<span class=\"_ _0\"></span>ge e<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ates, a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce she<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s are tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d at the exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate in e<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t at the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date.Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate di<span class=\"_ _0\"></span>ff<span class=\"_ _0\"></span>eren<span class=\"_ _0\"></span>ces a<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>nsl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of fore<span class=\"_ _0\"></span>ign s<span class=\"_ _0\"></span>ubsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>areh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>s' equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y at th<span class=\"_ _0\"></span>e be<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>nin<span class=\"_ _0\"></span>g of th<span class=\"_ _0\"></span>e year a<span class=\"_ _0\"></span>nd exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces ar<span class=\"_ _0\"></span>isi<span class=\"_ _0\"></span>ng as a re<span class=\"_ _0\"></span>sult o<span class=\"_ _0\"></span>f forei<span class=\"_ _0\"></span>gn su<span class=\"_ _0\"></span>bsi<span class=\"_ _0\"></span>dia<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>s' incom<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated at aver<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e excha<span class=\"_ _0\"></span>nge r<span class=\"_ _0\"></span>ates are re<span class=\"_ _0\"></span>cord<span class=\"_ _0\"></span>ed in t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rese<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>s in sha<span class=\"_ _0\"></span>re-holders<span class=\"_ _3\"></span>' equi<span class=\"_ _3\"></span>ty.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBasisOfConsolidationExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__24": {
   "value": "Functi<span class=\"_ _3\"></span>onal and<span class=\"_ _3\"></span> Presentati<span class=\"_ _3\"></span>on Cur<span class=\"_ _3\"></span>rencyTh<span class=\"_ _0\"></span>e cons<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>dated f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anc<span class=\"_ _0\"></span>ial s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts h<span class=\"_ _0\"></span>ave be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d in Da<span class=\"_ _0\"></span>nish K<span class=\"_ _0\"></span>ron<span class=\"_ _0\"></span>er (D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>), whi<span class=\"_ _0\"></span>ch is th<span class=\"_ _0\"></span>e fu<span class=\"_ _0\"></span>nc-tio<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>ntat<span class=\"_ _0\"></span>ion cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>y of the p<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>nt comp<span class=\"_ _0\"></span>any.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFunctionalCurrencyExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__25": {
   "value": "Foreig<span class=\"_ _3\"></span>n Cur<span class=\"_ _3\"></span>rencyT<span class=\"_ _2\"></span>ra<span class=\"_ _0\"></span>nsa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s in fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>ncie<span class=\"_ _0\"></span>s are tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slate<span class=\"_ _0\"></span>d at the e<span class=\"_ _0\"></span>xchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ates in ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct at th<span class=\"_ _0\"></span>e date of th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>ns-action.Exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rate ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd lo<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s ar<span class=\"_ _0\"></span>isin<span class=\"_ _0\"></span>g be<span class=\"_ _0\"></span>tw<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on date a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e set<span class=\"_ _0\"></span>tle<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt date are re<span class=\"_ _0\"></span>cog-nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt as f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>come o<span class=\"_ _0\"></span>r exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se.Uns<span class=\"_ _0\"></span>ett<span class=\"_ _0\"></span>led m<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es in fo<span class=\"_ _0\"></span>reig<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>es are t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated at th<span class=\"_ _0\"></span>e excha<span class=\"_ _0\"></span>nge r<span class=\"_ _0\"></span>ates in ef<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t at the b<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date. E<span class=\"_ _0\"></span>xcha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rate ga<span class=\"_ _0\"></span>ins a<span class=\"_ _0\"></span>nd los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s ari<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g bet<span class=\"_ _0\"></span>we<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n date and t<span class=\"_ _0\"></span>he ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nce sh<span class=\"_ _0\"></span>eet d<span class=\"_ _0\"></span>ate are reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e inco<span class=\"_ _0\"></span>me s<span class=\"_ _0\"></span>tatem<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l incom<span class=\"_ _0\"></span>e or e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>e.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForForeignCurrencyTranslationExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__26": {
   "value": "Statem<span class=\"_ _0\"></span>ents of C<span class=\"_ _0\"></span>ash FlowsTh<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ow st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt is p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nted u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the i<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>t met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d with b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rofit b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are s<span class=\"_ _0\"></span>tated a<span class=\"_ _0\"></span>s the n<span class=\"_ _0\"></span>et pro<span class=\"_ _0\"></span>fit b<span class=\"_ _0\"></span>efore t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>sted fo<span class=\"_ _0\"></span>r net f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al items<span class=\"_ _0\"></span>, no<span class=\"_ _0\"></span>n-c<span class=\"_ _0\"></span>ash o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng item<span class=\"_ _0\"></span>s such a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>pre<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on, a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tizat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s, sh<span class=\"_ _0\"></span>are-b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s, p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, and fo<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ng as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, intere<span class=\"_ _0\"></span>st pa<span class=\"_ _0\"></span>id a<span class=\"_ _0\"></span>nd recei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>, intere<span class=\"_ _0\"></span>st e<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of le<span class=\"_ _0\"></span>ase p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate taxe<span class=\"_ _0\"></span>s pai<span class=\"_ _0\"></span>d or re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved<span class=\"_ _0\"></span>. Op<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s and l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>re ma<span class=\"_ _0\"></span>inl<span class=\"_ _0\"></span>y comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>ed of ch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n recei<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s and o<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r paya<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>s exclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g the ite<span class=\"_ _0\"></span>ms incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in c<span class=\"_ _0\"></span>ash a<span class=\"_ _0\"></span>nd c<span class=\"_ _0\"></span>ash e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>. Cha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>es in n<span class=\"_ _0\"></span>on-<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>nt as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n op<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, if re<span class=\"_ _0\"></span>lated to th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>in reven<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>-prod<span class=\"_ _0\"></span>ucin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m inve<span class=\"_ _0\"></span>stin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>t of pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>f mar<span class=\"_ _0\"></span>ketab<span class=\"_ _0\"></span>le se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d othe<span class=\"_ _0\"></span>r inves<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as pu<span class=\"_ _0\"></span>rchas<span class=\"_ _0\"></span>es of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>uip<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Ca<span class=\"_ _0\"></span>sh fl<span class=\"_ _0\"></span>ows fro<span class=\"_ _0\"></span>m fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cin<span class=\"_ _0\"></span>g ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate to the is<span class=\"_ _0\"></span>sua<span class=\"_ _0\"></span>nce of sh<span class=\"_ _0\"></span>ares<span class=\"_ _0\"></span>, p<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se of tre<span class=\"_ _0\"></span>asur<span class=\"_ _1\"></span>y sha<span class=\"_ _0\"></span>res an<span class=\"_ _0\"></span>d paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of l<span class=\"_ _0\"></span>oan<span class=\"_ _0\"></span>s inc<span class=\"_ _0\"></span>ludi<span class=\"_ _0\"></span>ng in<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s on lea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>iliti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>sh eq<span class=\"_ _0\"></span>ui<span class=\"_ _0\"></span>vale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are com<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d of ca<span class=\"_ _0\"></span>sh, b<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>its<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ith a matur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of le<span class=\"_ _0\"></span>ss th<span class=\"_ _0\"></span>an ni<span class=\"_ _0\"></span>net<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ays on t<span class=\"_ _0\"></span>he da<span class=\"_ _0\"></span>te of acqui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s of ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>not b<span class=\"_ _0\"></span>e der<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>d so<span class=\"_ _0\"></span>lely f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForCashFlowsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__28": {
   "value": "1.2  New accounting policies and disclosuresNew accounting policies and disclosures for 2022Zealand has, with effect from January 1, 2022, implemented the following standards and amendments:\u2022  Onerous contracts \u2013 Cost of fulfilling a contract \u2013 amendments to IAS 37\u2022  Reference to the conceptual framework \u2013 amendments to IFRS 3\u2022  Property, Plant and Equipment \u2013 Proceeds before intended use \u2013 amendments to IAS 16The implementation of the above amendments did not have any impact on amounts recognized in prior periods and is not expected to have a material impact in the current or future reporting periods.New accounting policies and disclosures effective in 2022 or laterThe IASB has issued a number of new standards and updated some existing standards, the majority of which are effective for accounting periods beginning on January 1, 2023 or later. Therefore, they are not incorporated in these consolidated financial statements. There are no standards presently known that are not yet effective and that would be expected to have a material impact on Zealand in current or future reporting periods and on foreseeable future transactions.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfInitialApplicationOfStandardsOrInterpretations",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__31": {
   "value": "1.3  Changes in accounting policiesReclassification of government grants related to refund of staff costsGovernment grants related to PhD scholarships have previously been presented as other income. Management have assessed that it will provide more relevant information to present the received amounts as a reduction of staff costs under research and development. The change has been applied retrospectively and as a result DKK 0.8 million for 2021 and DKK 0.6 million for 2020 has been reclassi-fied from other operating income to research and development expenses.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationsOrChangesInPresentationExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__30": {
   "value": "1.3  Changes in accounting policiesReclassification of government grants related to refund of staff costsGovernment grants related to PhD scholarships have previously been presented as other income. Management have assessed that it will provide more relevant information to present the received amounts as a reduction of staff costs under research and development. The change has been applied retrospectively and as a result DKK 0.8 million for 2021 and DKK 0.6 million for 2020 has been reclassi-fied from other operating income to research and development expenses.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__29": {
   "value": "1.3  Changes in accounting policiesReclassification of government grants related to refund of staff costsGovernment grants related to PhD scholarships have previously been presented as other income. Management have assessed that it will provide more relevant information to present the received amounts as a reduction of staff costs under research and development. The change has been applied retrospectively and as a result DKK 0.8 million for 2021 and DKK 0.6 million for 2020 has been reclassi-fied from other operating income to research and development expenses.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfChangesInAccountingPoliciesAccountingEstimatesAndErrorsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__33": {
   "value": "1.4  Management's judgements and estimates under IFRSIn preparing financial statements under IFRS, certain provisions in the standards require management's judgements, including various accounting estimates and assumptions. These judgements and estimates affect the application of accounting policies, as well as reported amounts within the consolidated finan-cial statements and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. An example would include management's estimation of useful lives of intangible assets.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. Examples would include management's judgements utilized in determining revenue recognition.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circum-stances may arise. Zealand is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Zealand are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.The areas involving a high degree of judgement and estimation that are significant to the consolidated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial state-ments.Key accounting estimates and  Note  Estimation Accounting topicjudgementsreferenceriskRevenue recognition Judgement in assessing the nature of combined per-2.1 Moderateformance obligations  within contractsJudgement in assessing the probability of attainment Lowof milestonesEstimation of stand-alone selling price for each iden-Moderatetified performance obligation Share-based Judgement in determine assumptions required for 2.5 Moderatecompensationvaluation of warrant grantsEstimate of instruments expected to vest ModerateDiscontinued opera-Judgments exercised by management in applying 2.8 ModeratetionsIFRS 5 as a result of the divestment of the US sales activities, including the V-Go activity and the transfer of the commercial rights for ZegalogueBorrowings Estimate of fair value of Oberland's call option for 4.6 Highrepayment of loanJudgement in respect of identification of embedded Moderatederivatives and debt modificationsInventory Estimate of net realizable value of  3.5 LowZegalogue raw materialsDeferred taxes Judgement and estimate regarding  5.1 Lowvaluation of deferred income tax assetsCapitalization of Judgement involved in determining  3.1 Lowresearch and develop-when a development project reached technological ment costsfeasibilityGoing concern as-Judgement in assessing operational cash-flow and 1.1 Lowsumptioncapital requirements for the forthcoming 12 months from the balance sheet date",
   "dimensions": {
    "concept": "ifrs-full:ExplanationOfAssumptionAboutFutureWithSignificantRiskOfResultingInMaterialAdjustments",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__32-1": {
   "value": "1.4  Management's judgements and estimates under IFRSIn preparing financial statements under IFRS, certain provisions in the standards require management's judgements, including various accounting estimates and assumptions. These judgements and estimates affect the application of accounting policies, as well as reported amounts within the consolidated finan-cial statements and disclosures.Determining the carrying amount of certain assets and liabilities requires judgements, estimates and assumptions concerning future events that are based on historical experience and other factors, which by their very nature are associated with uncertainty and unpredictability.Accounting estimates are based on historical experience and various other factors relative to the circumstances in which they are applied. Estimates are generally made based on information available at the time. An example would include management's estimation of useful lives of intangible assets.Accounting judgements are made in the process of applying accounting policies. These judgements are typically made based on the guidance and information available at the time of application. Examples would include management's judgements utilized in determining revenue recognition.These estimates and judgements may prove incomplete or incorrect, and unexpected events or circum-stances may arise. Zealand is also subject to risks and uncertainties which may lead actual results to differ from these estimates, both positively and negatively. Specific risks for Zealand are discussed in the relevant section of this Annual Report and in the notes to the consolidated financial statements.The areas involving a high degree of judgement and estimation that are significant to the consolidated financial statements are summarized below. Refer to the identified notes for further information on the key accounting estimates and judgements utilized in the preparation of the consolidated financial state-ments.Key accounting estimates and  Note  Estimation Accounting topicjudgementsreferenceriskRevenue recognition Judgement in assessing the nature of combined per-2.1 Moderateformance obligations  within contractsJudgement in assessing the probability of attainment Lowof milestonesEstimation of stand-alone selling price for each iden-Moderatetified performance obligation Share-based Judgement in determine assumptions required for 2.5 Moderatecompensationvaluation of warrant grantsEstimate of instruments expected to vest ModerateDiscontinued opera-Judgments exercised by management in applying 2.8 ModeratetionsIFRS 5 as a result of the divestment of the US sales activities, including the V-Go activity and the transfer of the commercial rights for ZegalogueBorrowings Estimate of fair value of Oberland's call option for 4.6 Highrepayment of loanJudgement in respect of identification of embedded Moderatederivatives and debt modificationsInventory Estimate of net realizable value of  3.5 LowZegalogue raw materialsDeferred taxes Judgement and estimate regarding  5.1 Lowvaluation of deferred income tax assetsCapitalization of Judgement involved in determining  3.1 Lowresearch and develop-when a development project reached technological ment costsfeasibilityGoing concern as-Judgement in assessing operational cash-flow and 1.1 Lowsumptioncapital requirements for the forthcoming 12 months from the balance sheet dateManagement judgements and estimatesRevenue RecognitionEvaluating the criteria for revenue recognition under license and collaboration agreements requires management's judgement to assess and determine the following:\u2022  Identification of performance obligations within the contract and determine the nature of perfor-mance obligations and whether they are distinct or should be combined with other performance obligations to determine whether the performance obligations are satisfied over time or at a point in time.\u2022  Determine the transaction price, including an assessment of whether the achievement of milestone payments is highly probable.\u2022  Allocation of transaction price to performance obligations to determine the stand-alone selling price of each performance obligation identified in the contract using key assumptions which may include forecasted revenues, development timelines, reimbursement rates for personnel costs, discount rates and probabilities of technical and regulatory success.Management's judgements and estimatesEstimate of fair value of share-based compensation programsIn accordance with IFRS 2, the fair value of the warrants at grant date is recognized as an expense in the income statement over the vesting period, the period of delivery of work. Subsequently, the fair value is not remeasured.The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022  The expected stock price volatility, which is based upon the historical volatility of Zealand's stock price;\u2022  The risk-free interest rate, which is determined based om the interest rate on Danish government bonds (bullet issues) with a maturity similar to the expected life of the option;\u2022  The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.\u2022  These assumptions can vary over time and can change the fair value of future warrants granted.Estimate of forfeiture rate for share-based compensation programsThe estimated number of shares expected to vest is based on a series of factors such as:\u2022  The historic rate of employee turnover adjusted for significant events.\u2022  Remaining time until vesting.\u2022  Expected achivement of performance goals for PSUs.Management's judgements and estimatesOn March 30, 2022, the group announced its intension to exit the US sales activities including the V-Go activity. The activities were successfully divested through an asset purchase agreement with Mann-Kind Corporation dated May 29, 2022. On September 7, 2022, the group announced the transfer of the commercial rights for Zegalogue to Novo Nordisk effectually ending all efforts to commercialize the group's products via own sales force in 2022. Management has exercised judgement in determining that the activities around commercialization of V-Go products via own sales force and transfer of commercial rights to Zegalogue met the criteria for classification as a discontinued operations and in the segregation of results from discontinued operation from results from continued operations for all periods presented. Accordingly, the activities, including the effect of the divestment of the V-GO disposal group, has been presented separately as a discontinued operation in the income statement. The results and the cash flow of the discontinued activities are presented below as a discontinued oper- ations for the period ended December 31, 2022, December 31, 2021 and December 31, 2020:Management's judgements and estimatesAccording to IAS 38, intangible assets arising from development projects should be recognized in the balance sheet. The criteria that must be met for capitalization are that:\u2022  the development project is clearly defined and identifiable and the attributable costs can be meas- ured reliably during the development period;\u2022  the technological feasibility, adequate resources to complete and a market for the product or an internal use of the product can be documented; and\u2022  management has the intent to produce and market the product or to use it internally.Such an intangible asset should be recognized if sufficient certainty can be documented that the future income from the development project will exceed the aggregate cost of production, development and sale and administration of the product.A development project involves a single product candidate undergoing a high number of tests to illus- trate its safety profile and its effect on humans prior to obtaining the necessary final approval of the product from the authorities. The future economic benefit associated with the individual development projects are dependent on obtaining such approval. Considering the significant risk and duration of the development period related to the development of biological products, management has concluded that the future economic benefits associated with the individual projects cannot be estimated with sufficient certainty until the project has been finalized and the necessary final regulatory approval of the product has been obtained. Accordingly, Zealand has not recognized such assets at this time and there- fore all research and development costs are recognized in the income statement when incurred.Management's judgements and estimatesWith the March 30, 2022, restructuring announcement an allowance for loss on Zegalogue raw mate-rials and finished goods of DKK 45.6 million were recognized due to uncertainties around the future sales channels for the product. The allowance is included as discontinued operations under other operating expenses as a restructuring cost. As all Zegalogue finished goods were transferred to Novo Nordisk as a result of the global license and development agreement announced in Q3, 2022, a partial reversal of the inventory allowance of DKK 22.6 million was recognized under other operating income from discontinued operations in 2022.As of December 31, 2022, Zegalogue related raw materials and semi-finished goods at costs amounts to DKK 33.6 million. Due to uncertainties whether the materials will be utilized in the production under the supply agreement with Novo Nordisk, management has estimated the net realizable value to be DKK 1.3 million. The estimated is based on current projections.Management's judgements and estimates Fair value measurement of lender's call optionFollowing Zealand's change in strategy to actively seek partnerships and the renegotiation of the lender call option to include more assets with the amendment made on 10 May 2022, the likelihood of an event triggering repayment was significantly increased. Fair value of the lender call option was deter-mined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. Fair value as of 31 December 2022 was determined using the same method, based on revised probabilities and market rates for comparable investments as of 31 December 2022. In line with the announced company goals for 2023 to engage in strategic partnerships, the likelyhood of a lender call option trigger event within the next two years is assessed as realistic. Fair value of the option amounted to DKK 18.0 million as of 10 May, 2022 and DKK 80.6 million as of 31 December 2022. The fair value change, DKK 62.6 million, is included in financial items.Fair value measurement is to a significant extent based on unobservable input (level 3) being the like-lihood and timing of a call option trigger event. A decrease in likelihood of a trigger event occurring and occurrence at a later point in time than anticipated will decrease the negative value. Further, the discount rate will impact the valuation. An increase in the discount rate will increase the negative value and vice versa. The below table summarizes the effect of reasonably possible changes in the assump-tion applied. Finally an increase in the USD 3m Libor will decrease the negative value of the option, as it will increase the contractual cash flow of the contract without a trigger event occuring. A decrease in USD 3m Libor will have the opposite effect.Change in variable  Change in fair value Trigger event 3 months later  Decrease in negative value of DKK 11.2 millionDiscount rate + 1% Increase in negative value of DKK 7.2 millionDiscount rate \u2013 1%  Decrease in negative value of DKK 7.8 millionUSD 3m Libor + 1% Decrease in negative value of DKK 12.1 millionUSD 3m Libor - 1% Increase in negative value of DKK 12.1 millionThe Group has up until now not held complex financial instruments measured at fair value and has only recently implemented processes for determining fair value of such instruments. Third party valuation specialists have been engaged to assist in determining the fair value of both the Zealand prepayment option and the lender call option as of 10 May, 20 September and 31 December 2022.Fair value of the loan agreement including embedded derivatives as of 31 December 2022 is assessed to be equal to its carrying amount of DKK 401 million (31 December 2021: DKK 656 million). The assess-ment is based on comparison of the effective yield of quoted bonds for CCC rated entities as of 31 December 2022. Valuation is based mainly on unobservable data (level 3). Fair value measurement of Zealand's prepayment optionFollowing the first amendment of the Oberland loan all revenue-related liquidity covenants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the the value of Zealand's prepayment option as of December 31, 2022 is immaterial.Collateral providedThe Group has provided floating charge collateral covering with all assets in the company which can be collateralized, including shares in subsidiaries, as collateral for the debt to Oberland.Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesCash changes Non-cash changesCarrying Repayment Carrying value as at of debt, Loss on debt Bifurcation Gain on debt value as at December including Payment of Loss on  recognition - of embedded recognition - Fair value Interests Currency December 31, 2021premiuminterestssettlementamendment I derivativesamendment IIadjustments  Amortizationaccruedadjustments31, 2022Borrowings as amortized costs  647,906  -422,085 0 60,387 22,381 -18,017 -18,581 0 1,337 0 47,829 320,743 Embedded derivatives at fair value  0 0 0 71,050 0 0 0 -71,050 0 0 0 0- Zealand prepayment optionEmbedded derivatives at fair value  0 0 0 0 0 18,017 0 62,613 0 0 -27 80,603 - Lender call optionOther receivables 0 -14,003 -32,651 0 -7,764 0 -4,890 0 0 54,052 -2,928 -8,184Total impact from  Oberland loan agreement  647,906  -436,088  -32,651 131,437 14,617 0 -23,471 -8,437 1,337  54,052 44,460  393,162 Management's judgements and estimates Zealand recognizes deferred tax assets, including the tax base of tax loss carryforwards, if management assesses that these tax assets can be offset against positive taxable income within a foreseeable future. This judgment is made on an ongoing basis and is based on numerous factors, including actual results, budgets and business plans for the coming years.The creation and development of therapeutic products within the biotechnology and pharmaceutical industry is subject to considerable risks and uncertainties. Zealand's future taxable income will be driven by future events that are highly susceptible to factors outside of the groups control including outcomes of clinical trials, regulatory approvals and other matters.Due to the uncertainties described, Management has concluded no deferred tax assets should be recognized at December 31, 2022 (none recognized in 2021 or 2020), except for the US entity, which is expected to have profitable taxable income due to the groups transfer pricing setup.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccountingJudgementsAndEstimatesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__36": {
   "value": "Accounti<span class=\"_ _3\"></span>ng policiesZealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue wh<span class=\"_ _0\"></span>en it<span class=\"_ _0\"></span>s cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l of prom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, in an amo<span class=\"_ _0\"></span>unt th<span class=\"_ _0\"></span>at ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s the con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to recei<span class=\"_ _0\"></span>ve in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>ose go<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ds or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces. T<span class=\"_ _3\"></span>o dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r arr<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t Zeala<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s are wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he scope o<span class=\"_ _0\"></span>f IFRS 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>, Zealan<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>s the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>teps: (i) id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>(s) with a custom<span class=\"_ _0\"></span>er; (ii) id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; (ii<span class=\"_ _0\"></span>i) dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice; (iv) all<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>te the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce to the pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; an<span class=\"_ _0\"></span>d (v) recog<span class=\"_ _0\"></span>nize reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n (or as) the e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ies a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y app<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s the f<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>-step mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l to contra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>n it is p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any wi<span class=\"_ _0\"></span>ll col<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e consi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n it is e<span class=\"_ _0\"></span>ntitle<span class=\"_ _0\"></span>d to in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>e goo<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vices it t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. At contr<span class=\"_ _0\"></span>act i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, on<span class=\"_ _0\"></span>ce the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t is de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d to be wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he scop<span class=\"_ _0\"></span>e of I<span class=\"_ _0\"></span>FRS 15<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s the g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vices p<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d withi<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch contra<span class=\"_ _0\"></span>ct and i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ies as a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n each g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice that i<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct. R<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in th<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt of t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce that is al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Royalt<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s: Cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _1\"></span>'s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-based roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>l of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the pre<span class=\"_ _0\"></span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nt item to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e royalti<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>late un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. As a re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>ccur<span class=\"_ _2\"></span>. Reimbur<span class=\"_ _3\"></span>sement R<span class=\"_ _2\"></span>evenue for<span class=\"_ _2\"></span> R&amp;D Services:<span class=\"_ _2\"></span> Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse-men<span class=\"_ _0\"></span>t or cost sh<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t for fu<span class=\"_ _0\"></span>ll-time e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>t em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es (F<span class=\"_ _1\"></span>TEs) at contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tual r<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>. R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me g<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e custo<span class=\"_ _0\"></span>mer simu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>neo<span class=\"_ _0\"></span>usly r<span class=\"_ _0\"></span>ecei<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd cons<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>s the b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>its p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by Zeala<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e for rese<span class=\"_ _0\"></span>arch and d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ser<span class=\"_ _1\"></span>vices is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized n<span class=\"_ _0\"></span>et of any p<span class=\"_ _0\"></span>ass-throu<span class=\"_ _0\"></span>gh cost i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er. The as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sme<span class=\"_ _0\"></span>nt of if a cost is i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e by eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of it<span class=\"_ _0\"></span>s pro<span class=\"_ _0\"></span>mise to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r the s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ci-fie<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vice to be p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to the custo<span class=\"_ _0\"></span>mer a<span class=\"_ _0\"></span>re contro<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>efore th<span class=\"_ _0\"></span>at go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice is tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d to the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>.Mile<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>ne Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e: At the i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d eva<span class=\"_ _0\"></span>luates w<span class=\"_ _0\"></span>het<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent of m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>stone<span class=\"_ _0\"></span>s is con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d hig<span class=\"_ _0\"></span>hly p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>t to be in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t like<span class=\"_ _0\"></span>ly amo<span class=\"_ _0\"></span>unt m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. If it is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le th<span class=\"_ _0\"></span>at a sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cant reven<span class=\"_ _0\"></span>ue rev<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>sal w<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d not o<span class=\"_ _0\"></span>ccur<span class=\"_ _3\"></span>, the as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce. Mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of Zeala<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, such as m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>d of re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, are n<span class=\"_ _0\"></span>ot consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e of be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g achi<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>d unti<span class=\"_ _0\"></span>l such re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>rova<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>re recei<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d to each p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for-man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a rel<span class=\"_ _0\"></span>ative s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ice basi<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>s or wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>re sat<span class=\"_ _0\"></span>isfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of eac<span class=\"_ _0\"></span>h subse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re-<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>luates th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of suc<span class=\"_ _0\"></span>h mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d any rel<span class=\"_ _0\"></span>ated cons<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>, and i<span class=\"_ _0\"></span>f nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y, adju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s esti<span class=\"_ _0\"></span>mate of th<span class=\"_ _0\"></span>e ove<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>l tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice. A<span class=\"_ _0\"></span>ny such a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>ust-men<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on a cum<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive c<span class=\"_ _0\"></span>atch-up ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch woul<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt.License Re<span class=\"_ _2\"></span>venue for Intellectual<span class=\"_ _3\"></span> Property: If the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s fun<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al inte<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed to be d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>t from t<span class=\"_ _0\"></span>he oth<span class=\"_ _0\"></span>er pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recog<span class=\"_ _0\"></span>nizes re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd-abl<span class=\"_ _0\"></span>e upfro<span class=\"_ _0\"></span>nt fe<span class=\"_ _0\"></span>es al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e licen<span class=\"_ _0\"></span>se at the p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt in ti<span class=\"_ _0\"></span>me th<span class=\"_ _0\"></span>e lice<span class=\"_ _0\"></span>nse is tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d to the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>see and t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>e is ab<span class=\"_ _0\"></span>le to use an<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit fro<span class=\"_ _0\"></span>m the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se. Fo<span class=\"_ _0\"></span>r licen<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>at are b<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>dle<span class=\"_ _0\"></span>d with ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r prom<span class=\"_ _0\"></span>ises<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d utilizes j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of the co<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on to deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on is s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e or at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d, if over ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s for pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses of re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nizin<span class=\"_ _0\"></span>g reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom non-<span class=\"_ _3\"></span>refundable,<span class=\"_ _2\"></span> upfront f<span class=\"_ _3\"></span>ees.Pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t sal<span class=\"_ _0\"></span>es: Reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom s<span class=\"_ _0\"></span>ale of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>en con<span class=\"_ _0\"></span>trol of th<span class=\"_ _0\"></span>e go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s is tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>d record<span class=\"_ _0\"></span>ed n<span class=\"_ _0\"></span>et of a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for re<span class=\"_ _0\"></span>bate<span class=\"_ _0\"></span>s and ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>acks<span class=\"_ _0\"></span>, al<span class=\"_ _0\"></span>l of wh<span class=\"_ _0\"></span>ich are e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mated at the ti<span class=\"_ _0\"></span>me of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>.Reco<span class=\"_ _0\"></span>gnized re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>n be s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s follo<span class=\"_ _0\"></span>ws for a<span class=\"_ _0\"></span>ll ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les:",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognitionOfRevenue",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__35": {
   "value": "2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1 Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesZealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue wh<span class=\"_ _0\"></span>en it<span class=\"_ _0\"></span>s cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l of prom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, in an amo<span class=\"_ _0\"></span>unt th<span class=\"_ _0\"></span>at ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s the con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to recei<span class=\"_ _0\"></span>ve in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>ose go<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ds or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces. T<span class=\"_ _3\"></span>o dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r arr<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t Zeala<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s are wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he scope o<span class=\"_ _0\"></span>f IFRS 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>, Zealan<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>s the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>teps: (i) id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>(s) with a custom<span class=\"_ _0\"></span>er; (ii) id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; (ii<span class=\"_ _0\"></span>i) dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice; (iv) all<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>te the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce to the pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; an<span class=\"_ _0\"></span>d (v) recog<span class=\"_ _0\"></span>nize reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n (or as) the e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ies a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y app<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s the f<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>-step mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l to contra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>n it is p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any wi<span class=\"_ _0\"></span>ll col<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e consi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n it is e<span class=\"_ _0\"></span>ntitle<span class=\"_ _0\"></span>d to in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>e goo<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vices it t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. At contr<span class=\"_ _0\"></span>act i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, on<span class=\"_ _0\"></span>ce the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t is de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d to be wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he scop<span class=\"_ _0\"></span>e of I<span class=\"_ _0\"></span>FRS 15<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s the g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vices p<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d withi<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch contra<span class=\"_ _0\"></span>ct and i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ies as a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n each g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice that i<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct. R<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in th<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt of t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce that is al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Royalt<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s: Cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _1\"></span>'s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-based roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>l of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the pre<span class=\"_ _0\"></span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nt item to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e royalti<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>late un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. As a re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>ccur<span class=\"_ _2\"></span>. Reimbur<span class=\"_ _3\"></span>sement R<span class=\"_ _2\"></span>evenue for<span class=\"_ _2\"></span> R&amp;D Services:<span class=\"_ _2\"></span> Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse-men<span class=\"_ _0\"></span>t or cost sh<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t for fu<span class=\"_ _0\"></span>ll-time e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>t em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es (F<span class=\"_ _1\"></span>TEs) at contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tual r<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>. R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me g<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e custo<span class=\"_ _0\"></span>mer simu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>neo<span class=\"_ _0\"></span>usly r<span class=\"_ _0\"></span>ecei<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd cons<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>s the b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>its p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by Zeala<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e for rese<span class=\"_ _0\"></span>arch and d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ser<span class=\"_ _1\"></span>vices is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized n<span class=\"_ _0\"></span>et of any p<span class=\"_ _0\"></span>ass-throu<span class=\"_ _0\"></span>gh cost i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er. The as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sme<span class=\"_ _0\"></span>nt of if a cost is i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e by eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of it<span class=\"_ _0\"></span>s pro<span class=\"_ _0\"></span>mise to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r the s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ci-fie<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vice to be p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to the custo<span class=\"_ _0\"></span>mer a<span class=\"_ _0\"></span>re contro<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>efore th<span class=\"_ _0\"></span>at go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice is tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d to the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>.Mile<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>ne Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e: At the i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d eva<span class=\"_ _0\"></span>luates w<span class=\"_ _0\"></span>het<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent of m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>stone<span class=\"_ _0\"></span>s is con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d hig<span class=\"_ _0\"></span>hly p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>t to be in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t like<span class=\"_ _0\"></span>ly amo<span class=\"_ _0\"></span>unt m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. If it is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le th<span class=\"_ _0\"></span>at a sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cant reven<span class=\"_ _0\"></span>ue rev<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>sal w<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d not o<span class=\"_ _0\"></span>ccur<span class=\"_ _3\"></span>, the as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce. Mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of Zeala<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, such as m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>d of re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, are n<span class=\"_ _0\"></span>ot consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e of be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g achi<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>d unti<span class=\"_ _0\"></span>l such re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>rova<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>re recei<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d to each p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for-man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a rel<span class=\"_ _0\"></span>ative s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ice basi<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>s or wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>re sat<span class=\"_ _0\"></span>isfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of eac<span class=\"_ _0\"></span>h subse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re-<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>luates th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of suc<span class=\"_ _0\"></span>h mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d any rel<span class=\"_ _0\"></span>ated cons<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>, and i<span class=\"_ _0\"></span>f nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y, adju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s esti<span class=\"_ _0\"></span>mate of th<span class=\"_ _0\"></span>e ove<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>l tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice. A<span class=\"_ _0\"></span>ny such a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>ust-men<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on a cum<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive c<span class=\"_ _0\"></span>atch-up ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch woul<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt.License Re<span class=\"_ _2\"></span>venue for Intellectual<span class=\"_ _3\"></span> Property: If the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s fun<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al inte<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed to be d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>t from t<span class=\"_ _0\"></span>he oth<span class=\"_ _0\"></span>er pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recog<span class=\"_ _0\"></span>nizes re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd-abl<span class=\"_ _0\"></span>e upfro<span class=\"_ _0\"></span>nt fe<span class=\"_ _0\"></span>es al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e licen<span class=\"_ _0\"></span>se at the p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt in ti<span class=\"_ _0\"></span>me th<span class=\"_ _0\"></span>e lice<span class=\"_ _0\"></span>nse is tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d to the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>see and t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>e is ab<span class=\"_ _0\"></span>le to use an<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit fro<span class=\"_ _0\"></span>m the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se. Fo<span class=\"_ _0\"></span>r licen<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>at are b<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>dle<span class=\"_ _0\"></span>d with ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r prom<span class=\"_ _0\"></span>ises<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d utilizes j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of the co<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on to deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on is s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e or at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d, if over ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s for pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses of re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nizin<span class=\"_ _0\"></span>g reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom non-<span class=\"_ _3\"></span>refundable,<span class=\"_ _2\"></span> upfront f<span class=\"_ _3\"></span>ees.Pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t sal<span class=\"_ _0\"></span>es: Reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom s<span class=\"_ _0\"></span>ale of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>en con<span class=\"_ _0\"></span>trol of th<span class=\"_ _0\"></span>e go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s is tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>d record<span class=\"_ _0\"></span>ed n<span class=\"_ _0\"></span>et of a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for re<span class=\"_ _0\"></span>bate<span class=\"_ _0\"></span>s and ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>acks<span class=\"_ _0\"></span>, al<span class=\"_ _0\"></span>l of wh<span class=\"_ _0\"></span>ich are e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mated at the ti<span class=\"_ _0\"></span>me of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>.Reco<span class=\"_ _0\"></span>gnized re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>n be s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s follo<span class=\"_ _0\"></span>ws for a<span class=\"_ _0\"></span>ll ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les:DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Boehringer Ingelheim International GmbH<span class=\"_ _121\"> </span>0<span class=\"_ _30\"> </span>22,311<span class=\"_ _48\"> </span>149,120Alexion Pharmaceuticals Inc.<span class=\"_ _c5\"> </span>69<span class=\"_ _2\"></span>,027<span class=\"_ _da\"> </span>30,185<span class=\"_ _32\"> </span>42,881Protagonist Therapeutics, Inc.<span class=\"_ _14d\"> </span>0<span class=\"_ _10b\"> </span>25,381<span class=\"_ _3c\"> </span>0Sanofi-A<span class=\"_ _3\"></span>ventis Deutschland GmbH<span class=\"_ _14e\"> </span>0<span class=\"_ _35\"> </span>30<span class=\"_ _3\"></span>,669<span class=\"_ _3c\"> </span>0Novo Nordisk A/S<span class=\"_ _14f\"> </span>34,<span class=\"_ _3\"></span>959<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>otal revenue from license and collaboration agreements<span class=\"_ _8a\"> </span>103,986<span class=\"_ _37\"> </span>108,546<span class=\"_ _33\"> </span>192,001Gross product sales<span class=\"_ _150\"> </span>164,<span class=\"_ _2\"></span>651<span class=\"_ _29\"> </span>354,599<span class=\"_ _33\"> </span>303,<span class=\"_ _3\"></span>658Sales rebates<span class=\"_ _151\"> </span>-69<span class=\"_ _3\"></span>,526<span class=\"_ _89\"> </span>-157<span class=\"_ _2\"></span>,016<span class=\"_ _39\"> </span>-133,92<span class=\"_ _2\"></span>4Returns and sales reductions<span class=\"_ _140\"> </span>-7<span class=\"_ _2\"></span>,513<span class=\"_ _120\"> </span>-13,562<span class=\"_ _55\"> </span>-8,<span class=\"_ _2\"></span>421T<span class=\"_ _71\"></span>otal net product sales<span class=\"_ _152\"> </span><span class=\"ff2\">87<span class=\"_ _71\"></span>,612<span class=\"_ _48\"> </span>184<span class=\"_ _3\"></span>,021<span class=\"_ _3e\"> </span>161,313</span>- Hereof related to discontinued operations<span class=\"_ _96\"> </span>-87<span class=\"_ _71\"></span>,612<span class=\"_ _4e\"> </span>-184<span class=\"_ _2\"></span>,021<span class=\"_ _37\"> </span>-161,313T<span class=\"_ _71\"></span>otal net product sales from continuing operations<span class=\"_ _153\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>otal revenue from continuing operations<span class=\"_ _154\"> </span>103,986<span class=\"_ _37\"> </span>108,546<span class=\"_ _33\"> </span>192,001T<span class=\"_ _71\"></span>otal revenue recognized over time from continuing operations<span class=\"_ _5c\"> </span>76,181<span class=\"_ _2f\"> </span>30,185<span class=\"_ _103\"> </span>42,881T<span class=\"_ _71\"></span>otal revenue recognized at a point in time from continuing operations<span class=\"_ _155\"> </span>27<span class=\"_ _71\"></span>,805<span class=\"_ _10b\"> </span>78,361<span class=\"_ _48\"> </span>149<span class=\"_ _2\"></span>,120T<span class=\"_ _71\"></span>otal revenue recognized at a point in time from discontinued operations<span class=\"_ _e1\"> </span>87<span class=\"_ _2\"></span>,612<span class=\"_ _2e\"> </span>184,021<span class=\"_ _3e\"> </span>161,313Nov<span class=\"_ _3\"></span>o Nordis<span class=\"_ _3\"></span>k A/S L<span class=\"_ _3\"></span>icense<span class=\"_ _3\"></span> and Dev<span class=\"_ _2\"></span>elopment AgreementOn S<span class=\"_ _0\"></span>eptem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 7<span class=\"_ _2\"></span>, 2022, Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d a glo<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>l lice<span class=\"_ _0\"></span>nse a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent wi<span class=\"_ _0\"></span>th Novo Nord<span class=\"_ _0\"></span>isk to com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ize ZEGALOGU<span class=\"_ _0\"></span>E (das<span class=\"_ _0\"></span>igl<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ago<span class=\"_ _0\"></span>n) for in<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recei<span class=\"_ _0\"></span>ved D<span class=\"_ _0\"></span>KK 25 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>n upfro<span class=\"_ _0\"></span>nt pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>s el<span class=\"_ _0\"></span>igib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r up to DKK 45 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>KK 220 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in n<span class=\"_ _0\"></span>et sa<span class=\"_ _0\"></span>les-ba<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a tim<span class=\"_ _0\"></span>e and mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith Novo N<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>isk i<span class=\"_ _0\"></span>s consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red a con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ct w<span class=\"_ _0\"></span>ith a cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r as de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed in IFR<span class=\"_ _0\"></span>S 15<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>hus<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d reco<span class=\"_ _0\"></span>gnizes a<span class=\"_ _0\"></span>s reven<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>rom res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ount o<span class=\"_ _0\"></span>f the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice th<span class=\"_ _0\"></span>at is all<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to the re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>-man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is sat<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d.With<span class=\"_ _0\"></span>in thi<span class=\"_ _0\"></span>s Novo A<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d fiv<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns: 1<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of licen<span class=\"_ _0\"></span>se for ZEG<span class=\"_ _0\"></span>ALOGU<span class=\"_ _0\"></span>E, 2. deli<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f tra<span class=\"_ _0\"></span>nsiti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _0\"></span>, 3. deli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of R&amp;D ser<span class=\"_ _1\"></span>vices<span class=\"_ _0\"></span>, 4. <span class=\"_ _2\"></span>su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU m<span class=\"_ _0\"></span>arketi<span class=\"_ _0\"></span>ng au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rizat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, 5. <span class=\"_ _2\"></span>de<span class=\"_ _0\"></span>livery of spec<span class=\"_ _3\"></span>ified dev<span class=\"_ _3\"></span>elopment act<span class=\"_ _3\"></span>ivities. Th<span class=\"_ _0\"></span>e total t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rice un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>as dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d to be DK<span class=\"_ _0\"></span>K 55 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es the u<span class=\"_ _0\"></span>pfront p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of D<span class=\"_ _0\"></span>KK 2<span class=\"_ _0\"></span>5 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n and D<span class=\"_ _0\"></span>KK 30 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion of t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>uture p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s. Whil<span class=\"_ _0\"></span>e deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice to be a<span class=\"_ _0\"></span>lloc<span class=\"_ _0\"></span>ated to pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as dee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s of DK<span class=\"_ _0\"></span>K 30 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n to be hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>ly prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le an<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>likel<span class=\"_ _0\"></span>y that a si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l wou<span class=\"_ _0\"></span>ld occur. As th<span class=\"_ _0\"></span>e rem<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es are co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of the o<span class=\"_ _0\"></span>ccurre<span class=\"_ _0\"></span>nce of f<span class=\"_ _0\"></span>uture eve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of the co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny, such mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnized w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>eir a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent is dee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d to be h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le, a<span class=\"_ _0\"></span>nd a s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt reven<span class=\"_ _0\"></span>ue reve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>al wo<span class=\"_ _0\"></span>uld n<span class=\"_ _0\"></span>ot occu<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>. Roy<span class=\"_ _0\"></span>alti<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d net sa<span class=\"_ _0\"></span>les-bas<span class=\"_ _0\"></span>ed mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>his a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, wil<span class=\"_ _0\"></span>l be re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>lated s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es occu<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>.A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sate<span class=\"_ _0\"></span>d on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>is for d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of tran<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>nd R&amp;D ser<span class=\"_ _1\"></span>vices a<span class=\"_ _0\"></span>s lis<span class=\"_ _0\"></span>ted ab<span class=\"_ _0\"></span>ove, t<span class=\"_ _0\"></span>he tota<span class=\"_ _0\"></span>l tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce of DKK 55 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n all<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to the th<span class=\"_ _0\"></span>ree rema<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZE<span class=\"_ _3\"></span>G<span class=\"_ _0\"></span>ALOGU<span class=\"_ _0\"></span>E, s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ated to submission<span class=\"_ _3\"></span> of E<span class=\"_ _2\"></span>U marke<span class=\"_ _3\"></span>ting aut<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>oriza<span class=\"_ _3\"></span>tion applica<span class=\"_ _3\"></span>tion and<span class=\"_ _2\"></span> de<span class=\"_ _0\"></span>livery of spec<span class=\"_ _3\"></span>ified dev<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>lopment act<span class=\"_ _3\"></span>ivi<span class=\"ls2 ws2\">-</span>tie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>\u2019s es<span class=\"_ _0\"></span>timate of re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alo<span class=\"_ _0\"></span>ne se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rices<span class=\"_ _0\"></span>. For p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces rel<span class=\"_ _0\"></span>ated to sub<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU ma<span class=\"_ _0\"></span>rketin<span class=\"_ _0\"></span>g aut<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>izati<span class=\"_ _0\"></span>on app<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd-alo<span class=\"_ _0\"></span>ne se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n intern<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the s<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on sch<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ule<span class=\"_ _0\"></span>s as a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nd N<span class=\"_ _0\"></span>ovo No<span class=\"_ _0\"></span>rdis<span class=\"_ _0\"></span>k. T<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd-alo<span class=\"_ _0\"></span>ne s<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce for de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZEGALOGU<span class=\"_ _0\"></span>E wa<span class=\"_ _0\"></span>s est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e resi<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e allo<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice to the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>li-gatio<span class=\"_ _0\"></span>ns n<span class=\"_ _0\"></span>ot comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sate<span class=\"_ _0\"></span>d on a ti<span class=\"_ _0\"></span>me a mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>is is s<span class=\"_ _0\"></span>umm<span class=\"_ _0\"></span>arize<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low:1<span class=\"_ _0\"></span>. De<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f licen<span class=\"_ _0\"></span>se for ZEG<span class=\"_ _0\"></span>ALOG<span class=\"_ _0\"></span>UE: DK<span class=\"_ _0\"></span>K 28 mill<span class=\"_ _0\"></span>ion4. Su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU ma<span class=\"_ _0\"></span>rketin<span class=\"_ _0\"></span>g au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rizat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n: DKK 1<span class=\"_ _0\"></span>3 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on5. D<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>iver<span class=\"_ _1\"></span>y of sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es: DK<span class=\"_ _0\"></span>K 14 milli<span class=\"_ _0\"></span>onTh<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to the d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZEGALOGU<span class=\"_ _0\"></span>E were co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>leted at a p<span class=\"_ _0\"></span>oint in tim<span class=\"_ _0\"></span>e (Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 2022) as s<span class=\"_ _0\"></span>uch reve<span class=\"_ _0\"></span>nue o<span class=\"_ _0\"></span>f DK 28 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wa<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 2022. Fo<span class=\"_ _0\"></span>r the re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to ser<span class=\"_ _1\"></span>vices re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ated to subm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of EU mar<span class=\"_ _0\"></span>keting a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pli-cati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch are com<span class=\"_ _0\"></span>plete<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me as t<span class=\"_ _0\"></span>he ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es prog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s. Re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e is m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ured b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate of act<span class=\"_ _0\"></span>ual e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ile re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ng the s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d to pl<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vice p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s and b<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gete<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>put b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d (bu<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>et exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses) w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he tim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of sat<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s as th<span class=\"_ _0\"></span>e ser<span class=\"_ _1\"></span>vices re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted to subm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of EU mar<span class=\"_ _0\"></span>keting a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion and d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ed by a<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ate num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ac<span class=\"_ _0\"></span>ts ove<span class=\"_ _0\"></span>r the de<span class=\"_ _2\"></span>velopment t<span class=\"_ _2\"></span>imeline.Alexio<span class=\"_ _3\"></span>n Phar<span class=\"_ _3\"></span>maceuticals I<span class=\"_ _3\"></span>nc AgreementIn Ma<span class=\"_ _0\"></span>rch 2019, Zeal<span class=\"_ _0\"></span>and e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d into a lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>, rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ale<span class=\"_ _0\"></span>xio<span class=\"_ _0\"></span>n Pha<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>ceuti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c. (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion) to deve<span class=\"_ _0\"></span>lop n<span class=\"_ _0\"></span>ovel t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s to treat comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>diated d<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>is ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt provi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an im<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate c<span class=\"_ _0\"></span>ash i<span class=\"_ _0\"></span>nje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r ex<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dati<span class=\"_ _0\"></span>on of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s pe<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bor<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n wit<span class=\"_ _0\"></span>h Alex<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is not l<span class=\"_ _0\"></span>imite<span class=\"_ _0\"></span>d to the pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct C<span class=\"_ _0\"></span>3 bu<span class=\"_ _0\"></span>t of<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al to wor<span class=\"_ _0\"></span>k on id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>nhi<span class=\"_ _0\"></span>bitor<span class=\"_ _0\"></span>s to up to thre<span class=\"_ _0\"></span>e add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l comp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e compl<span class=\"_ _2\"></span>ement cascade.<span class=\"_ _2\"></span> Zeal<span class=\"_ _0\"></span>and w<span class=\"_ _0\"></span>ill h<span class=\"_ _0\"></span>ave resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y for the C<span class=\"_ _0\"></span>3 p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct a<span class=\"_ _0\"></span>nd oth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s up to IND a<span class=\"_ _0\"></span>nd A<span class=\"_ _0\"></span>lexi<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>ill th<span class=\"_ _0\"></span>en prog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s into cli<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se, re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved a<span class=\"_ _0\"></span>n upf<span class=\"_ _0\"></span>ront no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of USD 2<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n for th<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>3 prog<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>m and a co<span class=\"_ _0\"></span>ncur<span class=\"_ _0\"></span>rent US<span class=\"_ _0\"></span>D 1<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y inve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t in Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d at a pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m to the ma<span class=\"_ _0\"></span>rket price. Th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>so prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e pote<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>l for de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent-related mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s of up to US<span class=\"_ _0\"></span>D 11<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, as wel<span class=\"_ _0\"></span>l as up to US<span class=\"_ _0\"></span>D 495 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n in s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-related m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d hi<span class=\"_ _0\"></span>gh sin<span class=\"_ _0\"></span>gle<span class=\"_ _0\"></span>- to low do<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>e-di<span class=\"_ _0\"></span>git roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he 3 a<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rogr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l provi<span class=\"_ _0\"></span>de f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er n<span class=\"_ _0\"></span>on-ref<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le upf<span class=\"_ _0\"></span>ront pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s (US<span class=\"_ _0\"></span>D 15 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion e<span class=\"_ _0\"></span>ach), deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d royalti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>on-ref<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le up-fro<span class=\"_ _0\"></span>nt fee was a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>cated to th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e, res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vices<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d as reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>lon<span class=\"_ _0\"></span>g wit<span class=\"_ _0\"></span>h provi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>ead p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>. Ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s to provi<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d. Fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er, the pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m over th<span class=\"_ _0\"></span>e mar<span class=\"_ _0\"></span>ket sha<span class=\"_ _0\"></span>re pri<span class=\"_ _0\"></span>ce on th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res su<span class=\"_ _0\"></span>bscr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d by Al<span class=\"_ _0\"></span>exio<span class=\"_ _0\"></span>n, D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>2.7 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, is at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bute<span class=\"_ _0\"></span>d to the Agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o recog<span class=\"_ _0\"></span>nized ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d over w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>he R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d.  <span class=\"_ _70\"> </span>Management<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tesRevenu<span class=\"_ _0\"></span>e Reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ionEvaluati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue re<span class=\"_ _0\"></span>cogni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt'<span class=\"_ _0\"></span>s j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e foll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for-</span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>heth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>hey a<span class=\"_ _0\"></span>re dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct or s<span class=\"_ _0\"></span>hou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h othe<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s to determ<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e whe<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns are s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d over t<span class=\"_ _0\"></span>ime o<span class=\"_ _0\"></span>r at a po<span class=\"_ _0\"></span>int i<span class=\"_ _0\"></span>n time.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">D<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ine t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of whe<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>evem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e </span>paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice to pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons to de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine t<span class=\"_ _0\"></span>he st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e sel<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g pri<span class=\"_ _0\"></span>ce </span>of each p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g key assu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s whi<span class=\"_ _0\"></span>ch may i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de fore<span class=\"_ _0\"></span>caste<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt tim<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s, re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt rates fo<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>onn<span class=\"_ _0\"></span>el cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>scoun<span class=\"_ _0\"></span>t rates and probabilit<span class=\"_ _3\"></span>ies of<span class=\"_ _3\"></span> technical<span class=\"_ _3\"></span> and regulat<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y succ<span class=\"_ _3\"></span>ess.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueFromContractsWithCustomersExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__34": {
   "value": "2<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1 Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesZealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue wh<span class=\"_ _0\"></span>en it<span class=\"_ _0\"></span>s cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>s contro<span class=\"_ _0\"></span>l of prom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>, in an amo<span class=\"_ _0\"></span>unt th<span class=\"_ _0\"></span>at ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s the con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e ent<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s to recei<span class=\"_ _0\"></span>ve in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>ose go<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ds or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces. T<span class=\"_ _3\"></span>o dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on fo<span class=\"_ _0\"></span>r arr<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t Zeala<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s are wit<span class=\"_ _0\"></span>hin t<span class=\"_ _0\"></span>he scope o<span class=\"_ _0\"></span>f IFRS 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>, Zealan<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>s the fo<span class=\"_ _0\"></span>llow<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>teps: (i) id<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>(s) with a custom<span class=\"_ _0\"></span>er; (ii) id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>if<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; (ii<span class=\"_ _0\"></span>i) dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice; (iv) all<span class=\"_ _0\"></span>oca<span class=\"_ _0\"></span>te the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce to the pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bli<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns i<span class=\"_ _0\"></span>n the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t; an<span class=\"_ _0\"></span>d (v) recog<span class=\"_ _0\"></span>nize reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n (or as) the e<span class=\"_ _0\"></span>ntit<span class=\"_ _0\"></span>y s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ies a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y app<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s the f<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>-step mo<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>l to contra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s whe<span class=\"_ _0\"></span>n it is p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any wi<span class=\"_ _0\"></span>ll col<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>t th<span class=\"_ _0\"></span>e consi<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n it is e<span class=\"_ _0\"></span>ntitle<span class=\"_ _0\"></span>d to in exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e for th<span class=\"_ _0\"></span>e goo<span class=\"_ _0\"></span>ds o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vices it t<span class=\"_ _0\"></span>rans<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. At contr<span class=\"_ _0\"></span>act i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>, on<span class=\"_ _0\"></span>ce the cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t is de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d to be wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he scop<span class=\"_ _0\"></span>e of I<span class=\"_ _0\"></span>FRS 15<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s the g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds an<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vices p<span class=\"_ _0\"></span>rom<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d withi<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch contra<span class=\"_ _0\"></span>ct and i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ies as a p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n each g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>d or se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice that i<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct. R<span class=\"_ _0\"></span>even<span class=\"_ _0\"></span>ue is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in th<span class=\"_ _0\"></span>e amo<span class=\"_ _0\"></span>unt of t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tion p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce that is al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e resp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tion i<span class=\"_ _0\"></span>s sati<span class=\"_ _0\"></span>sfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Royalt<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s: Cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _1\"></span>'s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-based roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s inclu<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ng comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e leve<span class=\"_ _0\"></span>l of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n de<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ed to b<span class=\"_ _0\"></span>e the pre<span class=\"_ _0\"></span>dom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nt item to wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e royalti<span class=\"_ _0\"></span>es re<span class=\"_ _0\"></span>late un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>cense a<span class=\"_ _0\"></span>nd col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>. As a re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n the re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les o<span class=\"_ _0\"></span>ccur<span class=\"_ _2\"></span>. Reimbur<span class=\"_ _3\"></span>sement R<span class=\"_ _2\"></span>evenue for<span class=\"_ _2\"></span> R&amp;D Services:<span class=\"_ _2\"></span> Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019<span class=\"_ _0\"></span>s rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n agr<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e prov<span class=\"_ _0\"></span>isio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse-men<span class=\"_ _0\"></span>t or cost sh<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ng fo<span class=\"_ _0\"></span>r rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces an<span class=\"_ _0\"></span>d pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t for fu<span class=\"_ _0\"></span>ll-time e<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>iva<span class=\"_ _0\"></span>len<span class=\"_ _0\"></span>t em<span class=\"_ _0\"></span>ploye<span class=\"_ _0\"></span>es (F<span class=\"_ _1\"></span>TEs) at contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tual r<span class=\"_ _0\"></span>ates<span class=\"_ _0\"></span>. R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me g<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n that th<span class=\"_ _0\"></span>e custo<span class=\"_ _0\"></span>mer simu<span class=\"_ _0\"></span>lta<span class=\"_ _0\"></span>neo<span class=\"_ _0\"></span>usly r<span class=\"_ _0\"></span>ecei<span class=\"_ _0\"></span>ves a<span class=\"_ _0\"></span>nd cons<span class=\"_ _0\"></span>ume<span class=\"_ _0\"></span>s the b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>nef<span class=\"_ _0\"></span>its p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d by Zeala<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e for rese<span class=\"_ _0\"></span>arch and d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ser<span class=\"_ _1\"></span>vices is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>refore re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e. A<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt is re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized n<span class=\"_ _0\"></span>et of any p<span class=\"_ _0\"></span>ass-throu<span class=\"_ _0\"></span>gh cost i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er. The as<span class=\"_ _0\"></span>ses<span class=\"_ _0\"></span>sme<span class=\"_ _0\"></span>nt of if a cost is i<span class=\"_ _0\"></span>ncu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d on be<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>lf of th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e by eva<span class=\"_ _0\"></span>luati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of it<span class=\"_ _0\"></span>s pro<span class=\"_ _0\"></span>mise to th<span class=\"_ _0\"></span>e custom<span class=\"_ _0\"></span>er i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r the s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ci-fie<span class=\"_ _0\"></span>d go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _1\"></span>vice to be p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d to the custo<span class=\"_ _0\"></span>mer a<span class=\"_ _0\"></span>re contro<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>d by th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any b<span class=\"_ _0\"></span>efore th<span class=\"_ _0\"></span>at go<span class=\"_ _0\"></span>od o<span class=\"_ _0\"></span>r ser<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice is tr<span class=\"_ _0\"></span>ansf<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d to the cu<span class=\"_ _0\"></span>stome<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>.Mile<span class=\"_ _0\"></span>sto<span class=\"_ _0\"></span>ne Reve<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>e: At the i<span class=\"_ _0\"></span>ncep<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f each a<span class=\"_ _0\"></span>rra<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>at incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d eva<span class=\"_ _0\"></span>luates w<span class=\"_ _0\"></span>het<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent of m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>stone<span class=\"_ _0\"></span>s is con<span class=\"_ _0\"></span>side<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>d hig<span class=\"_ _0\"></span>hly p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mates th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>t to be in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed in th<span class=\"_ _0\"></span>e tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e mos<span class=\"_ _0\"></span>t like<span class=\"_ _0\"></span>ly amo<span class=\"_ _0\"></span>unt m<span class=\"_ _0\"></span>eth<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>. If it is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le th<span class=\"_ _0\"></span>at a sign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cant reven<span class=\"_ _0\"></span>ue rev<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>sal w<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d not o<span class=\"_ _0\"></span>ccur<span class=\"_ _3\"></span>, the as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e valu<span class=\"_ _0\"></span>e is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce. Mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are n<span class=\"_ _0\"></span>ot wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of Zeala<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, such as m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>one<span class=\"_ _0\"></span>d of re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, are n<span class=\"_ _0\"></span>ot consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e of be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g achi<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>d unti<span class=\"_ _0\"></span>l such re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>rova<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>re recei<span class=\"_ _0\"></span>ve<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice is t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n allo<span class=\"_ _0\"></span>cate<span class=\"_ _0\"></span>d to each p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for-man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a rel<span class=\"_ _0\"></span>ative s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>llin<span class=\"_ _0\"></span>g pr<span class=\"_ _0\"></span>ice basi<span class=\"_ _0\"></span>s, fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch Zeala<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>izes reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>s or wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act a<span class=\"_ _0\"></span>re sat<span class=\"_ _0\"></span>isfi<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of eac<span class=\"_ _0\"></span>h subse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent rep<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd re-<span class=\"_ _0\"></span>eva<span class=\"_ _0\"></span>luates th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y of ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of suc<span class=\"_ _0\"></span>h mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d any rel<span class=\"_ _0\"></span>ated cons<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>, and i<span class=\"_ _0\"></span>f nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y, adju<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s it<span class=\"_ _0\"></span>s esti<span class=\"_ _0\"></span>mate of th<span class=\"_ _0\"></span>e ove<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>l tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ctio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice. A<span class=\"_ _0\"></span>ny such a<span class=\"_ _0\"></span>dj<span class=\"_ _0\"></span>ust-men<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recor<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d on a cum<span class=\"_ _0\"></span>ula<span class=\"_ _0\"></span>tive c<span class=\"_ _0\"></span>atch-up ba<span class=\"_ _0\"></span>sis<span class=\"_ _0\"></span>, whi<span class=\"_ _0\"></span>ch woul<span class=\"_ _0\"></span>d af<span class=\"_ _0\"></span>fec<span class=\"_ _0\"></span>t reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>nd e<span class=\"_ _0\"></span>arn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d of ad<span class=\"_ _0\"></span>jus<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt.License Re<span class=\"_ _2\"></span>venue for Intellectual<span class=\"_ _3\"></span> Property: If the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to Zealan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s fun<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al inte<span class=\"_ _0\"></span>lle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is d<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed to be d<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>inc<span class=\"_ _0\"></span>t from t<span class=\"_ _0\"></span>he oth<span class=\"_ _0\"></span>er pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifie<span class=\"_ _0\"></span>d in t<span class=\"_ _0\"></span>he ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recog<span class=\"_ _0\"></span>nizes re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>es fro<span class=\"_ _0\"></span>m no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd-abl<span class=\"_ _0\"></span>e upfro<span class=\"_ _0\"></span>nt fe<span class=\"_ _0\"></span>es al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e licen<span class=\"_ _0\"></span>se at the p<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>nt in ti<span class=\"_ _0\"></span>me th<span class=\"_ _0\"></span>e lice<span class=\"_ _0\"></span>nse is tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d to the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>see and t<span class=\"_ _0\"></span>he li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>e is ab<span class=\"_ _0\"></span>le to use an<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>fit fro<span class=\"_ _0\"></span>m the l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se. Fo<span class=\"_ _0\"></span>r licen<span class=\"_ _0\"></span>ses th<span class=\"_ _0\"></span>at are b<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>dle<span class=\"_ _0\"></span>d with ot<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r prom<span class=\"_ _0\"></span>ises<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d utilizes j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of the co<span class=\"_ _0\"></span>mbi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>on to deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>ethe<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on is s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d ove<span class=\"_ _0\"></span>r tim<span class=\"_ _0\"></span>e or at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d, if over ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>, the a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>ropr<span class=\"_ _0\"></span>iate met<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>d of me<span class=\"_ _0\"></span>asur<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s for pu<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>oses of re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nizin<span class=\"_ _0\"></span>g reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom non-<span class=\"_ _3\"></span>refundable,<span class=\"_ _2\"></span> upfront f<span class=\"_ _3\"></span>ees.Pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t sal<span class=\"_ _0\"></span>es: Reve<span class=\"_ _0\"></span>nue f<span class=\"_ _0\"></span>rom s<span class=\"_ _0\"></span>ale of g<span class=\"_ _0\"></span>oo<span class=\"_ _0\"></span>ds is re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized at a p<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>t in tim<span class=\"_ _0\"></span>e wh<span class=\"_ _0\"></span>en con<span class=\"_ _0\"></span>trol of th<span class=\"_ _0\"></span>e go<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s is tra<span class=\"_ _0\"></span>nsfe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d to the cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r an<span class=\"_ _0\"></span>d record<span class=\"_ _0\"></span>ed n<span class=\"_ _0\"></span>et of a<span class=\"_ _0\"></span>dju<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s for re<span class=\"_ _0\"></span>bate<span class=\"_ _0\"></span>s and ch<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>eb<span class=\"_ _0\"></span>acks<span class=\"_ _0\"></span>, al<span class=\"_ _0\"></span>l of wh<span class=\"_ _0\"></span>ich are e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mated at the ti<span class=\"_ _0\"></span>me of s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>.Reco<span class=\"_ _0\"></span>gnized re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>n be s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>s follo<span class=\"_ _0\"></span>ws for a<span class=\"_ _0\"></span>ll ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les:DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Boehringer Ingelheim International GmbH<span class=\"_ _121\"> </span>0<span class=\"_ _30\"> </span>22,311<span class=\"_ _48\"> </span>149,120Alexion Pharmaceuticals Inc.<span class=\"_ _c5\"> </span>69<span class=\"_ _2\"></span>,027<span class=\"_ _da\"> </span>30,185<span class=\"_ _32\"> </span>42,881Protagonist Therapeutics, Inc.<span class=\"_ _14d\"> </span>0<span class=\"_ _10b\"> </span>25,381<span class=\"_ _3c\"> </span>0Sanofi-A<span class=\"_ _3\"></span>ventis Deutschland GmbH<span class=\"_ _14e\"> </span>0<span class=\"_ _35\"> </span>30<span class=\"_ _3\"></span>,669<span class=\"_ _3c\"> </span>0Novo Nordisk A/S<span class=\"_ _14f\"> </span>34,<span class=\"_ _3\"></span>959<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>otal revenue from license and collaboration agreements<span class=\"_ _8a\"> </span>103,986<span class=\"_ _37\"> </span>108,546<span class=\"_ _33\"> </span>192,001Gross product sales<span class=\"_ _150\"> </span>164,<span class=\"_ _2\"></span>651<span class=\"_ _29\"> </span>354,599<span class=\"_ _33\"> </span>303,<span class=\"_ _3\"></span>658Sales rebates<span class=\"_ _151\"> </span>-69<span class=\"_ _3\"></span>,526<span class=\"_ _89\"> </span>-157<span class=\"_ _2\"></span>,016<span class=\"_ _39\"> </span>-133,92<span class=\"_ _2\"></span>4Returns and sales reductions<span class=\"_ _140\"> </span>-7<span class=\"_ _2\"></span>,513<span class=\"_ _120\"> </span>-13,562<span class=\"_ _55\"> </span>-8,<span class=\"_ _2\"></span>421T<span class=\"_ _71\"></span>otal net product sales<span class=\"_ _152\"> </span><span class=\"ff2\">87<span class=\"_ _71\"></span>,612<span class=\"_ _48\"> </span>184<span class=\"_ _3\"></span>,021<span class=\"_ _3e\"> </span>161,313</span>- Hereof related to discontinued operations<span class=\"_ _96\"> </span>-87<span class=\"_ _71\"></span>,612<span class=\"_ _4e\"> </span>-184<span class=\"_ _2\"></span>,021<span class=\"_ _37\"> </span>-161,313T<span class=\"_ _71\"></span>otal net product sales from continuing operations<span class=\"_ _153\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>otal revenue from continuing operations<span class=\"_ _154\"> </span>103,986<span class=\"_ _37\"> </span>108,546<span class=\"_ _33\"> </span>192,001T<span class=\"_ _71\"></span>otal revenue recognized over time from continuing operations<span class=\"_ _5c\"> </span>76,181<span class=\"_ _2f\"> </span>30,185<span class=\"_ _103\"> </span>42,881T<span class=\"_ _71\"></span>otal revenue recognized at a point in time from continuing operations<span class=\"_ _155\"> </span>27<span class=\"_ _71\"></span>,805<span class=\"_ _10b\"> </span>78,361<span class=\"_ _48\"> </span>149<span class=\"_ _2\"></span>,120T<span class=\"_ _71\"></span>otal revenue recognized at a point in time from discontinued operations<span class=\"_ _e1\"> </span>87<span class=\"_ _2\"></span>,612<span class=\"_ _2e\"> </span>184,021<span class=\"_ _3e\"> </span>161,313Nov<span class=\"_ _3\"></span>o Nordis<span class=\"_ _3\"></span>k A/S L<span class=\"_ _3\"></span>icense<span class=\"_ _3\"></span> and Dev<span class=\"_ _2\"></span>elopment AgreementOn S<span class=\"_ _0\"></span>eptem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 7<span class=\"_ _2\"></span>, 2022, Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d a glo<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>l lice<span class=\"_ _0\"></span>nse a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent wi<span class=\"_ _0\"></span>th Novo Nord<span class=\"_ _0\"></span>isk to com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ize ZEGALOGU<span class=\"_ _0\"></span>E (das<span class=\"_ _0\"></span>igl<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ago<span class=\"_ _0\"></span>n) for in<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recei<span class=\"_ _0\"></span>ved D<span class=\"_ _0\"></span>KK 25 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>n upfro<span class=\"_ _0\"></span>nt pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s and i<span class=\"_ _0\"></span>s el<span class=\"_ _0\"></span>igib<span class=\"_ _0\"></span>le fo<span class=\"_ _0\"></span>r up to DKK 45 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on i<span class=\"_ _0\"></span>n deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>KK 220 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in n<span class=\"_ _0\"></span>et sa<span class=\"_ _0\"></span>les-ba<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on o<span class=\"_ _0\"></span>n a tim<span class=\"_ _0\"></span>e and mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>ith Novo N<span class=\"_ _0\"></span>ord<span class=\"_ _0\"></span>isk i<span class=\"_ _0\"></span>s consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>red a con<span class=\"_ _0\"></span>tra<span class=\"_ _0\"></span>ct w<span class=\"_ _0\"></span>ith a cus<span class=\"_ _0\"></span>tome<span class=\"_ _0\"></span>r as de<span class=\"_ _0\"></span>fin<span class=\"_ _0\"></span>ed in IFR<span class=\"_ _0\"></span>S 15<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>hus<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d reco<span class=\"_ _0\"></span>gnizes a<span class=\"_ _0\"></span>s reven<span class=\"_ _0\"></span>ue f<span class=\"_ _0\"></span>rom res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ice<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ount o<span class=\"_ _0\"></span>f the tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice th<span class=\"_ _0\"></span>at is all<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to the re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>tive p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>-man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n whe<span class=\"_ _0\"></span>n (or as) th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n is sat<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d.With<span class=\"_ _0\"></span>in thi<span class=\"_ _0\"></span>s Novo A<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, Zeala<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d fiv<span class=\"_ _0\"></span>e dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns: 1<span class=\"_ _0\"></span>. <span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of licen<span class=\"_ _0\"></span>se for ZEG<span class=\"_ _0\"></span>ALOGU<span class=\"_ _0\"></span>E, 2. deli<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f tra<span class=\"_ _0\"></span>nsiti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices<span class=\"_ _0\"></span>, 3. deli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of R&amp;D ser<span class=\"_ _1\"></span>vices<span class=\"_ _0\"></span>, 4. <span class=\"_ _2\"></span>su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU m<span class=\"_ _0\"></span>arketi<span class=\"_ _0\"></span>ng au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rizat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n, 5. <span class=\"_ _2\"></span>de<span class=\"_ _0\"></span>livery of spec<span class=\"_ _3\"></span>ified dev<span class=\"_ _3\"></span>elopment act<span class=\"_ _3\"></span>ivities. Th<span class=\"_ _0\"></span>e total t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rice un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent w<span class=\"_ _0\"></span>as dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d to be DK<span class=\"_ _0\"></span>K 55 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wh<span class=\"_ _0\"></span>ich in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es the u<span class=\"_ _0\"></span>pfront p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of D<span class=\"_ _0\"></span>KK 2<span class=\"_ _0\"></span>5 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n and D<span class=\"_ _0\"></span>KK 30 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion of t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>uture p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s. Whil<span class=\"_ _0\"></span>e deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pr<span class=\"_ _0\"></span>ice to be a<span class=\"_ _0\"></span>lloc<span class=\"_ _0\"></span>ated to pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as dee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s of DK<span class=\"_ _0\"></span>K 30 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n to be hi<span class=\"_ _0\"></span>gh<span class=\"_ _0\"></span>ly prob<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le an<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>likel<span class=\"_ _0\"></span>y that a si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue rever<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l wou<span class=\"_ _0\"></span>ld occur. As th<span class=\"_ _0\"></span>e rem<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es are co<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>nt of the o<span class=\"_ _0\"></span>ccurre<span class=\"_ _0\"></span>nce of f<span class=\"_ _0\"></span>uture eve<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e contro<span class=\"_ _0\"></span>l of the co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny, such mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es w<span class=\"_ _0\"></span>ill b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnized w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>eir a<span class=\"_ _0\"></span>chie<span class=\"_ _0\"></span>vem<span class=\"_ _0\"></span>ent is dee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d to be h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le, a<span class=\"_ _0\"></span>nd a s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt reven<span class=\"_ _0\"></span>ue reve<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>al wo<span class=\"_ _0\"></span>uld n<span class=\"_ _0\"></span>ot occu<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>. Roy<span class=\"_ _0\"></span>alti<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d net sa<span class=\"_ _0\"></span>les-bas<span class=\"_ _0\"></span>ed mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>his a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, wil<span class=\"_ _0\"></span>l be re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized wh<span class=\"_ _0\"></span>en t<span class=\"_ _0\"></span>he re<span class=\"_ _0\"></span>lated s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es occu<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>.A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sate<span class=\"_ _0\"></span>d on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>is for d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y of tran<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices a<span class=\"_ _0\"></span>nd R&amp;D ser<span class=\"_ _1\"></span>vices a<span class=\"_ _0\"></span>s lis<span class=\"_ _0\"></span>ted ab<span class=\"_ _0\"></span>ove, t<span class=\"_ _0\"></span>he tota<span class=\"_ _0\"></span>l tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce of DKK 55 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion h<span class=\"_ _0\"></span>as b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n all<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>ated to the th<span class=\"_ _0\"></span>ree rema<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gatio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>, be<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZE<span class=\"_ _3\"></span>G<span class=\"_ _0\"></span>ALOGU<span class=\"_ _0\"></span>E, s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ated to submission<span class=\"_ _3\"></span> of E<span class=\"_ _2\"></span>U marke<span class=\"_ _3\"></span>ting aut<span class=\"_ _2\"></span>h<span class=\"_ _0\"></span>oriza<span class=\"_ _3\"></span>tion applica<span class=\"_ _3\"></span>tion and<span class=\"_ _2\"></span> de<span class=\"_ _0\"></span>livery of spec<span class=\"_ _3\"></span>ified dev<span class=\"_ _2\"></span>e<span class=\"_ _0\"></span>lopment act<span class=\"_ _3\"></span>ivi<span class=\"ls2 ws2\">-</span>tie<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>\u2019s es<span class=\"_ _0\"></span>timate of re<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>ive s<span class=\"_ _0\"></span>tan<span class=\"_ _0\"></span>d-alo<span class=\"_ _0\"></span>ne se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rices<span class=\"_ _0\"></span>. For p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>man<span class=\"_ _0\"></span>ce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t of se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces rel<span class=\"_ _0\"></span>ated to sub<span class=\"_ _0\"></span>mi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU ma<span class=\"_ _0\"></span>rketin<span class=\"_ _0\"></span>g aut<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>izati<span class=\"_ _0\"></span>on app<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s, t<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd-alo<span class=\"_ _0\"></span>ne se<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>ng p<span class=\"_ _0\"></span>rice<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n intern<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the s<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>e tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on sch<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>ule<span class=\"_ _0\"></span>s as a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nd N<span class=\"_ _0\"></span>ovo No<span class=\"_ _0\"></span>rdis<span class=\"_ _0\"></span>k. T<span class=\"_ _0\"></span>he s<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd-alo<span class=\"_ _0\"></span>ne s<span class=\"_ _0\"></span>ell<span class=\"_ _0\"></span>ing p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce for de<span class=\"_ _0\"></span>live<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZEGALOGU<span class=\"_ _0\"></span>E wa<span class=\"_ _0\"></span>s est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usin<span class=\"_ _0\"></span>g th<span class=\"_ _0\"></span>e resi<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e allo<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on pr<span class=\"_ _0\"></span>ice to the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>li-gatio<span class=\"_ _0\"></span>ns n<span class=\"_ _0\"></span>ot comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sate<span class=\"_ _0\"></span>d on a ti<span class=\"_ _0\"></span>me a mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>is is s<span class=\"_ _0\"></span>umm<span class=\"_ _0\"></span>arize<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low:1<span class=\"_ _0\"></span>. De<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f licen<span class=\"_ _0\"></span>se for ZEG<span class=\"_ _0\"></span>ALOG<span class=\"_ _0\"></span>UE: DK<span class=\"_ _0\"></span>K 28 mill<span class=\"_ _0\"></span>ion4. Su<span class=\"_ _0\"></span>bmi<span class=\"_ _0\"></span>ssi<span class=\"_ _0\"></span>on of EU ma<span class=\"_ _0\"></span>rketin<span class=\"_ _0\"></span>g au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rizat<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n: DKK 1<span class=\"_ _0\"></span>3 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on5. D<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>iver<span class=\"_ _1\"></span>y of sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es: DK<span class=\"_ _0\"></span>K 14 milli<span class=\"_ _0\"></span>onTh<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to the d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to ZEGALOGU<span class=\"_ _0\"></span>E were co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>leted at a p<span class=\"_ _0\"></span>oint in tim<span class=\"_ _0\"></span>e (Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r 2022) as s<span class=\"_ _0\"></span>uch reve<span class=\"_ _0\"></span>nue o<span class=\"_ _0\"></span>f DK 28 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wa<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n 2022. Fo<span class=\"_ _0\"></span>r the re<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to ser<span class=\"_ _1\"></span>vices re<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ated to subm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of EU mar<span class=\"_ _0\"></span>keting a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pli-cati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y of s<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>cif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch are com<span class=\"_ _0\"></span>plete<span class=\"_ _0\"></span>d over ti<span class=\"_ _0\"></span>me as t<span class=\"_ _0\"></span>he ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es prog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s. Re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e is m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ured b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ate of act<span class=\"_ _0\"></span>ual e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ile re<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>ng the s<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d com<span class=\"_ _0\"></span>pare<span class=\"_ _0\"></span>d to pl<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d ser<span class=\"_ _1\"></span>vice p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od<span class=\"_ _0\"></span>s and b<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gete<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s su<span class=\"_ _0\"></span>ch, Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>put b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ed m<span class=\"_ _0\"></span>etho<span class=\"_ _0\"></span>d (bu<span class=\"_ _0\"></span>dg<span class=\"_ _0\"></span>et exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses) w<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>n deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ing t<span class=\"_ _0\"></span>he tim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g of sat<span class=\"_ _0\"></span>isf<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>ance o<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s as th<span class=\"_ _0\"></span>e ser<span class=\"_ _1\"></span>vices re<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ted to subm<span class=\"_ _0\"></span>is<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of EU mar<span class=\"_ _0\"></span>keting a<span class=\"_ _0\"></span>uth<span class=\"_ _0\"></span>oriz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ap<span class=\"_ _0\"></span>pli<span class=\"_ _0\"></span>cat<span class=\"_ _0\"></span>ion and d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y of sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fie<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>ed by a<span class=\"_ _0\"></span>n in<span class=\"_ _0\"></span>deter<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ate num<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r of ac<span class=\"_ _0\"></span>ts ove<span class=\"_ _0\"></span>r the de<span class=\"_ _2\"></span>velopment t<span class=\"_ _2\"></span>imeline.Alexio<span class=\"_ _3\"></span>n Phar<span class=\"_ _3\"></span>maceuticals I<span class=\"_ _3\"></span>nc AgreementIn Ma<span class=\"_ _0\"></span>rch 2019, Zeal<span class=\"_ _0\"></span>and e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d into a lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>, rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ale<span class=\"_ _0\"></span>xio<span class=\"_ _0\"></span>n Pha<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>ceuti<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c. (<span class=\"_ _0\"></span>A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion) to deve<span class=\"_ _0\"></span>lop n<span class=\"_ _0\"></span>ovel t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>s to treat comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t me<span class=\"_ _0\"></span>diated d<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s. Th<span class=\"_ _0\"></span>is ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt provi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an im<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>diate c<span class=\"_ _0\"></span>ash i<span class=\"_ _0\"></span>nje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r ex<span class=\"_ _0\"></span>tern<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>dati<span class=\"_ _0\"></span>on of Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s pe<span class=\"_ _0\"></span>pti<span class=\"_ _0\"></span>de p<span class=\"_ _0\"></span>lat<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bor<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n wit<span class=\"_ _0\"></span>h Alex<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n is not l<span class=\"_ _0\"></span>imite<span class=\"_ _0\"></span>d to the pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct C<span class=\"_ _0\"></span>3 bu<span class=\"_ _0\"></span>t of<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al to wor<span class=\"_ _0\"></span>k on id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>nhi<span class=\"_ _0\"></span>bitor<span class=\"_ _0\"></span>s to up to thre<span class=\"_ _0\"></span>e add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l comp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e compl<span class=\"_ _2\"></span>ement cascade.<span class=\"_ _2\"></span> Zeal<span class=\"_ _0\"></span>and w<span class=\"_ _0\"></span>ill h<span class=\"_ _0\"></span>ave resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y for the C<span class=\"_ _0\"></span>3 p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct a<span class=\"_ _0\"></span>nd oth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s up to IND a<span class=\"_ _0\"></span>nd A<span class=\"_ _0\"></span>lexi<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>ill th<span class=\"_ _0\"></span>en prog<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s into cli<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>al d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se, re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ha<span class=\"_ _0\"></span>s recei<span class=\"_ _0\"></span>ved a<span class=\"_ _0\"></span>n upf<span class=\"_ _0\"></span>ront no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of USD 2<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n for th<span class=\"_ _0\"></span>e C<span class=\"_ _0\"></span>3 prog<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>m and a co<span class=\"_ _0\"></span>ncur<span class=\"_ _0\"></span>rent US<span class=\"_ _0\"></span>D 1<span class=\"_ _0\"></span>5 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y inve<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t in Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d at a pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m to the ma<span class=\"_ _0\"></span>rket price. Th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>so prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e pote<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>l for de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent-related mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s of up to US<span class=\"_ _0\"></span>D 11<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, as wel<span class=\"_ _0\"></span>l as up to US<span class=\"_ _0\"></span>D 495 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n in s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-related m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d hi<span class=\"_ _0\"></span>gh sin<span class=\"_ _0\"></span>gle<span class=\"_ _0\"></span>- to low do<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>e-di<span class=\"_ _0\"></span>git roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he 3 a<span class=\"_ _0\"></span>ddit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rogr<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l provi<span class=\"_ _0\"></span>de f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er n<span class=\"_ _0\"></span>on-ref<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le upf<span class=\"_ _0\"></span>ront pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s (US<span class=\"_ _0\"></span>D 15 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion e<span class=\"_ _0\"></span>ach), deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d royalti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he n<span class=\"_ _0\"></span>on-ref<span class=\"_ _0\"></span>und<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le up-fro<span class=\"_ _0\"></span>nt fee was a<span class=\"_ _0\"></span>llo<span class=\"_ _0\"></span>cated to th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ed li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e, res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent s<span class=\"_ _0\"></span>er<span class=\"_ _1\"></span>vices<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d as reve<span class=\"_ _0\"></span>nue a<span class=\"_ _0\"></span>lon<span class=\"_ _0\"></span>g wit<span class=\"_ _0\"></span>h provi<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the l<span class=\"_ _0\"></span>ead p<span class=\"_ _0\"></span>rog<span class=\"_ _0\"></span>ram<span class=\"_ _0\"></span>. Ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s to provi<span class=\"_ _0\"></span>de th<span class=\"_ _0\"></span>e se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en in<span class=\"_ _0\"></span>curre<span class=\"_ _0\"></span>d. Fur<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>er, the pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m over th<span class=\"_ _0\"></span>e mar<span class=\"_ _0\"></span>ket sha<span class=\"_ _0\"></span>re pri<span class=\"_ _0\"></span>ce on th<span class=\"_ _0\"></span>e Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d sha<span class=\"_ _0\"></span>res su<span class=\"_ _0\"></span>bscr<span class=\"_ _0\"></span>ibe<span class=\"_ _0\"></span>d by Al<span class=\"_ _0\"></span>exio<span class=\"_ _0\"></span>n, D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>2.7 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>, is at<span class=\"_ _0\"></span>tri<span class=\"_ _0\"></span>bute<span class=\"_ _0\"></span>d to the Agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>s fur<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>r consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d cons<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>ntly a<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>o recog<span class=\"_ _0\"></span>nized ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d over w<span class=\"_ _0\"></span>hich t<span class=\"_ _0\"></span>he R&amp;D se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>vi<span class=\"_ _0\"></span>ces are p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d.  <span class=\"_ _70\"> </span>Management<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tesRevenu<span class=\"_ _0\"></span>e Reco<span class=\"_ _0\"></span>gnit<span class=\"_ _0\"></span>ionEvaluati<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>ven<span class=\"_ _0\"></span>ue re<span class=\"_ _0\"></span>cogni<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n und<span class=\"_ _0\"></span>er l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e and co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt'<span class=\"_ _0\"></span>s j<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t to asses<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e foll<span class=\"_ _0\"></span>owin<span class=\"_ _0\"></span>g:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Id<span class=\"_ _0\"></span>enti<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons w<span class=\"_ _0\"></span>ithi<span class=\"_ _0\"></span>n the con<span class=\"_ _0\"></span>trac<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne th<span class=\"_ _0\"></span>e natu<span class=\"_ _0\"></span>re of pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>for-</span>man<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igati<span class=\"_ _0\"></span>ons a<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>heth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>hey a<span class=\"_ _0\"></span>re dis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>ct or s<span class=\"_ _0\"></span>hou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d wit<span class=\"_ _0\"></span>h othe<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obl<span class=\"_ _0\"></span>igat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s to determ<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e whe<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r the p<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>liga<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns are s<span class=\"_ _0\"></span>atisf<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d over t<span class=\"_ _0\"></span>ime o<span class=\"_ _0\"></span>r at a po<span class=\"_ _0\"></span>int i<span class=\"_ _0\"></span>n time.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">D<span class=\"_ _0\"></span>eterm<span class=\"_ _0\"></span>ine t<span class=\"_ _0\"></span>he tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n pri<span class=\"_ _0\"></span>ce, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>n ass<span class=\"_ _0\"></span>ess<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of whe<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r the a<span class=\"_ _0\"></span>chi<span class=\"_ _0\"></span>evem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e </span>paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s is h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly pro<span class=\"_ _0\"></span>bab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>.\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">Al<span class=\"_ _0\"></span>loc<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rice to pe<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>form<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce obli<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ons to de<span class=\"_ _0\"></span>term<span class=\"_ _0\"></span>ine t<span class=\"_ _0\"></span>he st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d-alon<span class=\"_ _0\"></span>e sel<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>g pri<span class=\"_ _0\"></span>ce </span>of each p<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rfo<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>nce ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ide<span class=\"_ _0\"></span>ntif<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>act u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g key assu<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>s whi<span class=\"_ _0\"></span>ch may i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de fore<span class=\"_ _0\"></span>caste<span class=\"_ _0\"></span>d reve<span class=\"_ _0\"></span>nue<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt tim<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>s, re<span class=\"_ _0\"></span>im<span class=\"_ _0\"></span>bu<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt rates fo<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>onn<span class=\"_ _0\"></span>el cos<span class=\"_ _0\"></span>ts<span class=\"_ _0\"></span>, di<span class=\"_ _0\"></span>scoun<span class=\"_ _0\"></span>t rates and probabilit<span class=\"_ _3\"></span>ies of<span class=\"_ _3\"></span> technical<span class=\"_ _3\"></span> and regulat<span class=\"_ _2\"></span>or<span class=\"_ _0\"></span>y succ<span class=\"_ _3\"></span>ess.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRevenueExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__41": {
   "value": "2.2  Information about geographic areasNon-current Non-current Non-current Revenueassets Revenueassets Revenueassets(DKK million) 2022 2021 2020Denmark 35.0 143.8 0 184.8 0 184.0Germany 0 0 53.0 0 149.1 0United States 69.0 21.7 55.5 106.9 42.9 71.1Total continuing operations 104.0 165.5 108.5 291.7 192.0 255.1United States 87.6 0 184.0 0 161.3 0Total discontin-ued operations 87.6 0 184.0 0 161.3 0Zealand is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, marketed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting. Accordingly, it has been concluded that it is not relevant to include segment disclosures in the consoli-dated financial statements as Zealand's business activities are not organized on the basis of differences in related product and geographical areas.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSegmentReportingExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__40": {
   "value": "2.2  Information about geographic areasNon-current Non-current Non-current Revenueassets Revenueassets Revenueassets(DKK million) 2022 2021 2020Denmark 35.0 143.8 0 184.8 0 184.0Germany 0 0 53.0 0 149.1 0United States 69.0 21.7 55.5 106.9 42.9 71.1Total continuing operations 104.0 165.5 108.5 291.7 192.0 255.1United States 87.6 0 184.0 0 161.3 0Total discontin-ued operations 87.6 0 184.0 0 161.3 0Zealand is managed and operated as one business unit, which is reflected in the organizational structure and internal reporting. No separate lines of business or separate business entities have been identified with respect to any licensed products, marketed products, product candidates or geographical markets and no segment information is currently prepared for internal reporting. Accordingly, it has been concluded that it is not relevant to include segment disclosures in the consoli-dated financial statements as Zealand's business activities are not organized on the basis of differences in related product and geographical areas.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEntitysReportableSegmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__44": {
   "value": "2.3  Research and development expenses  Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities.Research and development expenses are recognized in the income statement as incurred and in the period in which they relate, except for development expenses for which the capitalization criteria are met.Please see note 3.1 for a more detailed description on the treatment of Zealand's research and develop-ment expenses related to internal development projects.DKK thousand 2022 2021 2020Staff costs -233,474 -238,753 -203,608Amortization, depreciation, impairment losses on intangible assets, property plant and equipment, and right of use assets -23,851 -20,636 -17,417Other external research and development expenses -361,632 -328,305 -382,454Total research and development expenses -618,957 -587,694 -603,479- Hereof related to discontinued operations 4,913 6,183 7,632Total research and development expenses from  continuing operations -614,044 -581,511 -595,847",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__43-1": {
   "value": "2.3  Research and development expenses  Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities.Research and development expenses are recognized in the income statement as incurred and in the period in which they relate, except for development expenses for which the capitalization criteria are met.Please see note 3.1 for a more detailed description on the treatment of Zealand's research and develop-ment expenses related to internal development projects.DKK thousand 2022 2021 2020Staff costs -233,474 -238,753 -203,608Amortization, depreciation, impairment losses on intangible assets, property plant and equipment, and right of use assets -23,851 -20,636 -17,417Other external research and development expenses -361,632 -328,305 -382,454Total research and development expenses -618,957 -587,694 -603,479- Hereof related to discontinued operations 4,913 6,183 7,632Total research and development expenses from  continuing operations -614,044 -581,511 -595,8472.4  Selling and marketing expenses  Accounting policiesSelling and marketing expenses relate to Zealands commercial activities, including costs related to preparing the market for Zealands products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.DKK thousand 2022 2021 2020Staff costs -75,346 -145,245 -130,568Depreciation and impairment losses on property,  plant and equipment and right-of-use assets -23 -92 -640Other external selling  and marketing expenses -88,567 -229,932 -154,048Total selling and marketing expenses -163,936 -375,269 -285,256- Hereof related to discontinued operations 131,638 312,669 264,461Total selling and marketing expenses from  continuing operations -32,298 -62,600 -20,7952.5  General and administrative expenses  Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.DKK thousand 2022 2021 2020Staff costs -118,308 -127,630 -78,639Depreciation and impairment losses on property,  plant and equipment and right-of-use assets -5,662 -4,390 -5,042Other external general and administrative expenses -130,365 -128,967 -119,089Total general and administrative expenses -254,335 -260,987 -202,770- Hereof related to discontinued operations 17,125 25,378 1,176Total general and administrative expenses from  continuing operations -237,210 -235,609 -201,594",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesByNatureExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__42-1": {
   "value": "2.3  Research and development expenses  Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities.Research and development expenses are recognized in the income statement as incurred and in the period in which they relate, except for development expenses for which the capitalization criteria are met.Please see note 3.1 for a more detailed description on the treatment of Zealand's research and develop-ment expenses related to internal development projects.DKK thousand 2022 2021 2020Staff costs -233,474 -238,753 -203,608Amortization, depreciation, impairment losses on intangible assets, property plant and equipment, and right of use assets -23,851 -20,636 -17,417Other external research and development expenses -361,632 -328,305 -382,454Total research and development expenses -618,957 -587,694 -603,479- Hereof related to discontinued operations 4,913 6,183 7,632Total research and development expenses from  continuing operations -614,044 -581,511 -595,8472.4  Selling and marketing expenses  Accounting policiesSelling and marketing expenses relate to Zealands commercial activities, including costs related to preparing the market for Zealands products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.DKK thousand 2022 2021 2020Staff costs -75,346 -145,245 -130,568Depreciation and impairment losses on property,  plant and equipment and right-of-use assets -23 -92 -640Other external selling  and marketing expenses -88,567 -229,932 -154,048Total selling and marketing expenses -163,936 -375,269 -285,256- Hereof related to discontinued operations 131,638 312,669 264,461Total selling and marketing expenses from  continuing operations -32,298 -62,600 -20,7952.5  General and administrative expenses  Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.DKK thousand 2022 2021 2020Staff costs -118,308 -127,630 -78,639Depreciation and impairment losses on property,  plant and equipment and right-of-use assets -5,662 -4,390 -5,042Other external general and administrative expenses -130,365 -128,967 -119,089Total general and administrative expenses -254,335 -260,987 -202,770- Hereof related to discontinued operations 17,125 25,378 1,176Total general and administrative expenses from  continuing operations -237,210 -235,609 -201,5942.6  Staff costs  Accounting policiesWages and saleriesWages and salaries are being recognized in the income statement in the period in which services for wages and salaries is rendered to the Company. Share-based compensationThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instrument vest. The offsetting entry to this is recognized under equity. An estimate is made of the number of instruments expected to vest. Subsequently, an adjustment is made for changes in the estimate of the number of instruments, which will vest, so the total expense is equal to fair value of the actual number of instruments which vest. The fair value of instruments granted is estimated using the Black\u2013Scholes pricing model whereas the closing share price of the day prior to grant is used for RSU and PSUs.  Management's judgements and estimatesEstimate of fair value of share-based compensation programsIn accordance with IFRS 2, the fair value of the warrants at grant date is recognized as an expense in the income statement over the vesting period, the period of delivery of work. Subsequently, the fair value is not remeasured.The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022  The expected stock price volatility, which is based upon the historical volatility of Zealand's stock price;\u2022  The risk-free interest rate, which is determined based om the interest rate on Danish government bonds (bullet issues) with a maturity similar to the expected life of the option;\u2022  The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.\u2022  These assumptions can vary over time and can change the fair value of future warrants granted.Estimate of forfeiture rate for share-based compensation programsThe estimated number of shares expected to vest is based on a series of factors such as:\u2022  The historic rate of employee turnover adjusted for significant events.\u2022  Remaining time until vesting.\u2022  Expected achivement of performance goals for PSUs.DKK thousand 2022 2021 2020Total staff costs can be specified as follows:Wages and salaries 369,311 410,007 337,295Share-based compensation 52,286 53,737 30,485Pension schemes (defined contribution plans) 19,672 23,993 16,716Government grants -5 -759 -602Other payroll and staff-related costs 31,676 54,541 37,241Total staff costs 472,940 541,519 421,135The amount is charged as:Research and development expenses 231,022 236,060 200,335Selling and marketing expenses 7,870 13,568 0General and administrative expenses 104,524 108,668 72,059Other operating items - restructuring costs cf. note 2.7 19,098 0 0Discontinued operations 110,426 183,223 149,041Total staff costs 472,940 541,519 421,435Average number of employees 247 346 297Total share-based costs split on share-based type 2022 2021 2020PSUs 11,510 14,765 900RSUs 16,789 23,701 1,100Warrants 23,987 15,271 28,485Total 52,286 53,737 30,485Total share-based costs split on cost type 2022 2021 2020Research and development expenses 33,837 22,038 13,939Selling and Marketing expenses 649 415 0General and administrative expenses 31,696 26,627 9,998Other operating items cf. note 2.7 -11,241 0 0Discontinued operations -2,655 4,657 6,548Total 52,286 53,737 30,485The comparative figures for 2020 and 2021 have been restated as a consequence of the accounting treatment of discontinued operations cf. note 2.8. The total costs in 2020 and 2021 remain unchanged.Determination of fair value of the instruments granted during the periodFor warrants granted after April 19, 2018, the exercise price is determined by the closing price of Zealand\u2019s shares on Nasdaq Copenhagen on the day prior to the grant date. For warrants granted before April 19, 2018, the exercise price was determined by the closing price of Zealand\u2019s shares on Nasdaq Copenhagen on the day prior to the grant date plus 10%.Warrants granted prior to April 15, 2020 expire automatically after five years. Warrants vest either after 3 years of service, with 1/36 each month from the grant date, or with 1/3 after one year, 1/3 after two years and 1/3 after three years. The service cost is recognized over the respective vesting periods.Warrants granted from April 15, 2020 and going forward expires automatically after 5 or 10 years for warrants granted to Corporate Management and employees, repectively.Warrants may be exercised four times a year during a four-week period starting from the date of the publication of Zealand\u2019s Annual Report or interim reports. Dividends are not expected.For warrants granted before January 1, 2019, the volatility rate used is based on the 5-year historical volatility of the Zealand share price. For warrants granted after January 1, 2019, the volatility rate used is based on a historical volatility of the Zealand share price calculated as the vesting period of 3 years plus 50% of the exercise period of 7 years i.e. 6.5 years (2021 and 2020:6.5 years)For RSUs and PSUs the fair value of instruments granted is determined as the closing share price of the day prior to grant.The fair value of the warrants granted in 2022 and 2020 was determined using the Black-Scholes model using the following inputs as at day of grant:Grant year 2022 2022 2022 2021 2021 2020 2020Type Warrants PSUs RSUs PSUs RSUs RSUs WarrantsUp to 120 Up to 36 Up to 36 Up to 120 Termmonthsmonthsmonths 36 months  36 months  36 monthsmonthsShare price at  90.7 to 90.7 to 90.7 to 185.9 to 131.2 to 216.8 to 216.8 to grant date (DKK)203.0203.0100.2191.6207.6224.4224.4Exercise price  90.7 to 216.8 to (DKK)203.0 0 0 0 0 0224.444.68 to Volatility (%) 48.6 to 61.2 N/A N/A N/A N/A N/A46.45Risk-free  -0.31 interest rate (%) 0.86 to 2.14 N/A N/A N/A N/A N/Ato -0.41Exercise period  May '23 to Apr'21 to to-fromSep '32 N/A N/A N/A N/A N/AApr'30No. granted 896,990 286,813 148,431 282,852 507,461  27,466  631,28890.7 to 185.9 to 131.2 to 216.8  48.4  Cost price (DKK) 36.7 to 89.8 90.7 to 203100.2191.6207.6to 224.4to 95.4Please refer to note 4.9 for information about status of the share-based compensation programs.2.7  Other operating items  Accounting policiesOther operating items comprises non-revenue income and expenses related to Zealand\u2019s operation that is assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2022 2021 2020Restructuring costs - continuing operations -19,098 0 0Insurance -37,033 0 0Loss on retirement of fixed assets -1,456 -2,173 0Total other operating items from continuing operations -57,587 -2,173 0Restructuring costs - discontinued operations -56,738 0 0Impairment of production eqiupment (Note 3.2) -9,725 0 0Reversal of inventory write-off (Note 3.5) 22,564 0 0Loss on disposal group V-GO (Note 2.8) -40,743 0 0Gain from bargain purchase 0 0 36,395Total other operating items from discontinued operations -84,642 0 36,395Insurance comprises a one-off costs to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations comprises severance costs (DKK -13.8 million), reversal of costs related to forfeited share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK -45.6 million) while restructuring costs from continuing oper-ations comprises severance costs (DKK -30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.The partial reversal of the inventory write-off of DKK 22.6 million primarely relates to Zegalogue finished goods which was transferred to Novo Nordisk as a result of the global license and development agree-ment as announced in September, 2022.Impairment of production equipment relates to equipment acquired in order to be able to upscale the production of Zegalogue. Divestment of V-GO covers the accoutning loss incurred as a result of the divestment of the V-GO activities. Please refer to note 2.8 for further information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__45": {
   "value": "Accounting policiesResearch and development expenses primarily include salaries, benefits and other employee related costs of Zealand's research and development staff, license costs, manufacturing costs, preclinical costs, clinical trials, contractors and outside service fees, amortization and impairment of licenses and rights related to intangible assets, and depreciation of property and equipment, to the extent that such costs are related to the Group's research and development activities.Research and development expenses are recognized in the income statement as incurred and in the period in which they relate, except for development expenses for which the capitalization criteria are met.Please see note 3.1 for a more detailed description on the treatment of Zealand's research and develop-ment expenses related to internal development projects.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForResearchAndDevelopmentExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__48": {
   "value": "2.4  Selling and marketing expenses  Accounting policiesSelling and marketing expenses relate to Zealands commercial activities, including costs related to preparing the market for Zealands products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.DKK thousand 2022 2021 2020Staff costs -75,346 -145,245 -130,568Depreciation and impairment losses on property,  plant and equipment and right-of-use assets -23 -92 -640Other external selling  and marketing expenses -88,567 -229,932 -154,048Total selling and marketing expenses -163,936 -375,269 -285,256- Hereof related to discontinued operations 131,638 312,669 264,461Total selling and marketing expenses from  continuing operations -32,298 -62,600 -20,795",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDepreciationAndAmortisationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__49-1": {
   "value": "Accounting policiesSelling and marketing expenses relate to Zealands commercial activities, including costs related to preparing the market for Zealands products and administration of commercial partnerships. This includes salaries, benefits and other headcount costs related to commercial minded departments as well as third-party costs.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to commercial functions are also included. Selling and marketing expenses are recognized in the income statement in the period to which they relate.Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDepreciationExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__52": {
   "value": "2.5  General and administrative expenses  Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.DKK thousand 2022 2021 2020Staff costs -118,308 -127,630 -78,639Depreciation and impairment losses on property,  plant and equipment and right-of-use assets -5,662 -4,390 -5,042Other external general and administrative expenses -130,365 -128,967 -119,089Total general and administrative expenses -254,335 -260,987 -202,770- Hereof related to discontinued operations 17,125 25,378 1,176Total general and administrative expenses from  continuing operations -237,210 -235,609 -201,594",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfGeneralAndAdministrativeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__54-1": {
   "value": "Accounting policiesGeneral and administrative expenses relate to the recurring management and administration of Zealand. This includes salaries, benefits and other headcount costs related to management and support func-tions including human resources and the finance departments.In addition, depreciation and impairment of property and equipment, to the extent such expenses are related to administrative functions are also included. General and administrative expenses are recog-nized in the income statement in the period to which they relate.If circumstances or changes in Zealand's operations indicate that the carrying amount of the intangible assets may not be recoverable, Management will review the intangibles for impairment. Intangible assets not ready for use are reviewed for impairment on an annual basis.If circumstances or changes in Zealand's operations indicate that the carrying amount of property, plant and equipment may not be recoverable, management reviews that asset for impairment.The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the asset.If the carrying amount is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment  is identified.Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__57": {
   "value": "2.6  Staff costs  Accounting policiesWages and saleriesWages and salaries are being recognized in the income statement in the period in which services for wages and salaries is rendered to the Company. Share-based compensationThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instrument vest. The offsetting entry to this is recognized under equity. An estimate is made of the number of instruments expected to vest. Subsequently, an adjustment is made for changes in the estimate of the number of instruments, which will vest, so the total expense is equal to fair value of the actual number of instruments which vest. The fair value of instruments granted is estimated using the Black\u2013Scholes pricing model whereas the closing share price of the day prior to grant is used for RSU and PSUs.  Management's judgements and estimatesEstimate of fair value of share-based compensation programsIn accordance with IFRS 2, the fair value of the warrants at grant date is recognized as an expense in the income statement over the vesting period, the period of delivery of work. Subsequently, the fair value is not remeasured.The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022  The expected stock price volatility, which is based upon the historical volatility of Zealand's stock price;\u2022  The risk-free interest rate, which is determined based om the interest rate on Danish government bonds (bullet issues) with a maturity similar to the expected life of the option;\u2022  The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.\u2022  These assumptions can vary over time and can change the fair value of future warrants granted.Estimate of forfeiture rate for share-based compensation programsThe estimated number of shares expected to vest is based on a series of factors such as:\u2022  The historic rate of employee turnover adjusted for significant events.\u2022  Remaining time until vesting.\u2022  Expected achivement of performance goals for PSUs.DKK thousand 2022 2021 2020Total staff costs can be specified as follows:Wages and salaries 369,311 410,007 337,295Share-based compensation 52,286 53,737 30,485Pension schemes (defined contribution plans) 19,672 23,993 16,716Government grants -5 -759 -602Other payroll and staff-related costs 31,676 54,541 37,241Total staff costs 472,940 541,519 421,135The amount is charged as:Research and development expenses 231,022 236,060 200,335Selling and marketing expenses 7,870 13,568 0General and administrative expenses 104,524 108,668 72,059Other operating items - restructuring costs cf. note 2.7 19,098 0 0Discontinued operations 110,426 183,223 149,041Total staff costs 472,940 541,519 421,435Average number of employees 247 346 297Total share-based costs split on share-based type 2022 2021 2020PSUs 11,510 14,765 900RSUs 16,789 23,701 1,100Warrants 23,987 15,271 28,485Total 52,286 53,737 30,485Total share-based costs split on cost type 2022 2021 2020Research and development expenses 33,837 22,038 13,939Selling and Marketing expenses 649 415 0General and administrative expenses 31,696 26,627 9,998Other operating items cf. note 2.7 -11,241 0 0Discontinued operations -2,655 4,657 6,548Total 52,286 53,737 30,485The comparative figures for 2020 and 2021 have been restated as a consequence of the accounting treatment of discontinued operations cf. note 2.8. The total costs in 2020 and 2021 remain unchanged.Determination of fair value of the instruments granted during the periodFor warrants granted after April 19, 2018, the exercise price is determined by the closing price of Zealand\u2019s shares on Nasdaq Copenhagen on the day prior to the grant date. For warrants granted before April 19, 2018, the exercise price was determined by the closing price of Zealand\u2019s shares on Nasdaq Copenhagen on the day prior to the grant date plus 10%.Warrants granted prior to April 15, 2020 expire automatically after five years. Warrants vest either after 3 years of service, with 1/36 each month from the grant date, or with 1/3 after one year, 1/3 after two years and 1/3 after three years. The service cost is recognized over the respective vesting periods.Warrants granted from April 15, 2020 and going forward expires automatically after 5 or 10 years for warrants granted to Corporate Management and employees, repectively.Warrants may be exercised four times a year during a four-week period starting from the date of the publication of Zealand\u2019s Annual Report or interim reports. Dividends are not expected.For warrants granted before January 1, 2019, the volatility rate used is based on the 5-year historical volatility of the Zealand share price. For warrants granted after January 1, 2019, the volatility rate used is based on a historical volatility of the Zealand share price calculated as the vesting period of 3 years plus 50% of the exercise period of 7 years i.e. 6.5 years (2021 and 2020:6.5 years)For RSUs and PSUs the fair value of instruments granted is determined as the closing share price of the day prior to grant.The fair value of the warrants granted in 2022 and 2020 was determined using the Black-Scholes model using the following inputs as at day of grant:Grant year 2022 2022 2022 2021 2021 2020 2020Type Warrants PSUs RSUs PSUs RSUs RSUs WarrantsUp to 120 Up to 36 Up to 36 Up to 120 Termmonthsmonthsmonths 36 months  36 months  36 monthsmonthsShare price at  90.7 to 90.7 to 90.7 to 185.9 to 131.2 to 216.8 to 216.8 to grant date (DKK)203.0203.0100.2191.6207.6224.4224.4Exercise price  90.7 to 216.8 to (DKK)203.0 0 0 0 0 0224.444.68 to Volatility (%) 48.6 to 61.2 N/A N/A N/A N/A N/A46.45Risk-free  -0.31 interest rate (%) 0.86 to 2.14 N/A N/A N/A N/A N/Ato -0.41Exercise period  May '23 to Apr'21 to to-fromSep '32 N/A N/A N/A N/A N/AApr'30No. granted 896,990 286,813 148,431 282,852 507,461  27,466  631,28890.7 to 185.9 to 131.2 to 216.8  48.4  Cost price (DKK) 36.7 to 89.8 90.7 to 203100.2191.6207.6to 224.4to 95.4Please refer to note 4.9 for information about status of the share-based compensation programs.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutEmployeesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__56": {
   "value": "2.6  Staff costs  Accounting policiesWages and saleriesWages and salaries are being recognized in the income statement in the period in which services for wages and salaries is rendered to the Company. Share-based compensationThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instrument vest. The offsetting entry to this is recognized under equity. An estimate is made of the number of instruments expected to vest. Subsequently, an adjustment is made for changes in the estimate of the number of instruments, which will vest, so the total expense is equal to fair value of the actual number of instruments which vest. The fair value of instruments granted is estimated using the Black\u2013Scholes pricing model whereas the closing share price of the day prior to grant is used for RSU and PSUs.  Management's judgements and estimatesEstimate of fair value of share-based compensation programsIn accordance with IFRS 2, the fair value of the warrants at grant date is recognized as an expense in the income statement over the vesting period, the period of delivery of work. Subsequently, the fair value is not remeasured.The fair value of each warrant granted during the year is calculated using the Black-Scholes pricing model. This pricing model requires the input of subjective assumptions such as:\u2022  The expected stock price volatility, which is based upon the historical volatility of Zealand's stock price;\u2022  The risk-free interest rate, which is determined based om the interest rate on Danish government bonds (bullet issues) with a maturity similar to the expected life of the option;\u2022  The expected life of warrants, which is based on vesting terms, expected rate of exercise and life terms in the current warrant program.\u2022  These assumptions can vary over time and can change the fair value of future warrants granted.Estimate of forfeiture rate for share-based compensation programsThe estimated number of shares expected to vest is based on a series of factors such as:\u2022  The historic rate of employee turnover adjusted for significant events.\u2022  Remaining time until vesting.\u2022  Expected achivement of performance goals for PSUs.DKK thousand 2022 2021 2020Total staff costs can be specified as follows:Wages and salaries 369,311 410,007 337,295Share-based compensation 52,286 53,737 30,485Pension schemes (defined contribution plans) 19,672 23,993 16,716Government grants -5 -759 -602Other payroll and staff-related costs 31,676 54,541 37,241Total staff costs 472,940 541,519 421,135The amount is charged as:Research and development expenses 231,022 236,060 200,335Selling and marketing expenses 7,870 13,568 0General and administrative expenses 104,524 108,668 72,059Other operating items - restructuring costs cf. note 2.7 19,098 0 0Discontinued operations 110,426 183,223 149,041Total staff costs 472,940 541,519 421,435Average number of employees 247 346 297Total share-based costs split on share-based type 2022 2021 2020PSUs 11,510 14,765 900RSUs 16,789 23,701 1,100Warrants 23,987 15,271 28,485Total 52,286 53,737 30,485Total share-based costs split on cost type 2022 2021 2020Research and development expenses 33,837 22,038 13,939Selling and Marketing expenses 649 415 0General and administrative expenses 31,696 26,627 9,998Other operating items cf. note 2.7 -11,241 0 0Discontinued operations -2,655 4,657 6,548Total 52,286 53,737 30,485The comparative figures for 2020 and 2021 have been restated as a consequence of the accounting treatment of discontinued operations cf. note 2.8. The total costs in 2020 and 2021 remain unchanged.Determination of fair value of the instruments granted during the periodFor warrants granted after April 19, 2018, the exercise price is determined by the closing price of Zealand\u2019s shares on Nasdaq Copenhagen on the day prior to the grant date. For warrants granted before April 19, 2018, the exercise price was determined by the closing price of Zealand\u2019s shares on Nasdaq Copenhagen on the day prior to the grant date plus 10%.Warrants granted prior to April 15, 2020 expire automatically after five years. Warrants vest either after 3 years of service, with 1/36 each month from the grant date, or with 1/3 after one year, 1/3 after two years and 1/3 after three years. The service cost is recognized over the respective vesting periods.Warrants granted from April 15, 2020 and going forward expires automatically after 5 or 10 years for warrants granted to Corporate Management and employees, repectively.Warrants may be exercised four times a year during a four-week period starting from the date of the publication of Zealand\u2019s Annual Report or interim reports. Dividends are not expected.For warrants granted before January 1, 2019, the volatility rate used is based on the 5-year historical volatility of the Zealand share price. For warrants granted after January 1, 2019, the volatility rate used is based on a historical volatility of the Zealand share price calculated as the vesting period of 3 years plus 50% of the exercise period of 7 years i.e. 6.5 years (2021 and 2020:6.5 years)For RSUs and PSUs the fair value of instruments granted is determined as the closing share price of the day prior to grant.The fair value of the warrants granted in 2022 and 2020 was determined using the Black-Scholes model using the following inputs as at day of grant:Grant year 2022 2022 2022 2021 2021 2020 2020Type Warrants PSUs RSUs PSUs RSUs RSUs WarrantsUp to 120 Up to 36 Up to 36 Up to 120 Termmonthsmonthsmonths 36 months  36 months  36 monthsmonthsShare price at  90.7 to 90.7 to 90.7 to 185.9 to 131.2 to 216.8 to 216.8 to grant date (DKK)203.0203.0100.2191.6207.6224.4224.4Exercise price  90.7 to 216.8 to (DKK)203.0 0 0 0 0 0224.444.68 to Volatility (%) 48.6 to 61.2 N/A N/A N/A N/A N/A46.45Risk-free  -0.31 interest rate (%) 0.86 to 2.14 N/A N/A N/A N/A N/Ato -0.41Exercise period  May '23 to Apr'21 to to-fromSep '32 N/A N/A N/A N/A N/AApr'30No. granted 896,990 286,813 148,431 282,852 507,461  27,466  631,28890.7 to 185.9 to 131.2 to 216.8  48.4  Cost price (DKK) 36.7 to 89.8 90.7 to 203100.2191.6207.6to 224.4to 95.4Please refer to note 4.9 for information about status of the share-based compensation programs.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__60": {
   "value": "Accounting policiesWages and saleriesWages and salaries are being recognized in the income statement in the period in which services for wages and salaries is rendered to the Company. Share-based compensationThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instrument vest. The offsetting entry to this is recognized under equity. An estimate is made of the number of instruments expected to vest. Subsequently, an adjustment is made for changes in the estimate of the number of instruments, which will vest, so the total expense is equal to fair value of the actual number of instruments which vest. The fair value of instruments granted is estimated using the Black\u2013Scholes pricing model whereas the closing share price of the day prior to grant is used for RSU and PSUs.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForWarrantsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__59": {
   "value": "Accounting policiesWages and saleriesWages and salaries are being recognized in the income statement in the period in which services for wages and salaries is rendered to the Company. Share-based compensationThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instrument vest. The offsetting entry to this is recognized under equity. An estimate is made of the number of instruments expected to vest. Subsequently, an adjustment is made for changes in the estimate of the number of instruments, which will vest, so the total expense is equal to fair value of the actual number of instruments which vest. The fair value of instruments granted is estimated using the Black\u2013Scholes pricing model whereas the closing share price of the day prior to grant is used for RSU and PSUs.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForSharebasedPaymentTransactionsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__58": {
   "value": "Accounting policiesWages and saleriesWages and salaries are being recognized in the income statement in the period in which services for wages and salaries is rendered to the Company. Share-based compensationThe value of services received as consideration for share-based compensation is measured at the fair value of the granted instrument. The fair value of equity settled share-based compensation is determined at the grant date and is recognized in the income statement as employee benefit expense over the period in which the instrument vest. The offsetting entry to this is recognized under equity. An estimate is made of the number of instruments expected to vest. Subsequently, an adjustment is made for changes in the estimate of the number of instruments, which will vest, so the total expense is equal to fair value of the actual number of instruments which vest. The fair value of instruments granted is estimated using the Black\u2013Scholes pricing model whereas the closing share price of the day prior to grant is used for RSU and PSUs.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEmployeeBenefitsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__65": {
   "value": "2.7  Other operating items  Accounting policiesOther operating items comprises non-revenue income and expenses related to Zealand\u2019s operation that is assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2022 2021 2020Restructuring costs - continuing operations -19,098 0 0Insurance -37,033 0 0Loss on retirement of fixed assets -1,456 -2,173 0Total other operating items from continuing operations -57,587 -2,173 0Restructuring costs - discontinued operations -56,738 0 0Impairment of production eqiupment (Note 3.2) -9,725 0 0Reversal of inventory write-off (Note 3.5) 22,564 0 0Loss on disposal group V-GO (Note 2.8) -40,743 0 0Gain from bargain purchase 0 0 36,395Total other operating items from discontinued operations -84,642 0 36,395Insurance comprises a one-off costs to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations comprises severance costs (DKK -13.8 million), reversal of costs related to forfeited share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK -45.6 million) while restructuring costs from continuing oper-ations comprises severance costs (DKK -30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.The partial reversal of the inventory write-off of DKK 22.6 million primarely relates to Zegalogue finished goods which was transferred to Novo Nordisk as a result of the global license and development agree-ment as announced in September, 2022.Impairment of production equipment relates to equipment acquired in order to be able to upscale the production of Zegalogue. Divestment of V-GO covers the accoutning loss incurred as a result of the divestment of the V-GO activities. Please refer to note 2.8 for further information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__64": {
   "value": "2.7  Other operating items  Accounting policiesOther operating items comprises non-revenue income and expenses related to Zealand\u2019s operation that is assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2022 2021 2020Restructuring costs - continuing operations -19,098 0 0Insurance -37,033 0 0Loss on retirement of fixed assets -1,456 -2,173 0Total other operating items from continuing operations -57,587 -2,173 0Restructuring costs - discontinued operations -56,738 0 0Impairment of production eqiupment (Note 3.2) -9,725 0 0Reversal of inventory write-off (Note 3.5) 22,564 0 0Loss on disposal group V-GO (Note 2.8) -40,743 0 0Gain from bargain purchase 0 0 36,395Total other operating items from discontinued operations -84,642 0 36,395Insurance comprises a one-off costs to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations comprises severance costs (DKK -13.8 million), reversal of costs related to forfeited share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK -45.6 million) while restructuring costs from continuing oper-ations comprises severance costs (DKK -30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.The partial reversal of the inventory write-off of DKK 22.6 million primarely relates to Zegalogue finished goods which was transferred to Novo Nordisk as a result of the global license and development agree-ment as announced in September, 2022.Impairment of production equipment relates to equipment acquired in order to be able to upscale the production of Zegalogue. Divestment of V-GO covers the accoutning loss incurred as a result of the divestment of the V-GO activities. Please refer to note 2.8 for further information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__63": {
   "value": "2.7  Other operating items  Accounting policiesOther operating items comprises non-revenue income and expenses related to Zealand\u2019s operation that is assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write downs, loss on revaluation of disposal group and other significant one-time transaction expenses.DKK thousand 2022 2021 2020Restructuring costs - continuing operations -19,098 0 0Insurance -37,033 0 0Loss on retirement of fixed assets -1,456 -2,173 0Total other operating items from continuing operations -57,587 -2,173 0Restructuring costs - discontinued operations -56,738 0 0Impairment of production eqiupment (Note 3.2) -9,725 0 0Reversal of inventory write-off (Note 3.5) 22,564 0 0Loss on disposal group V-GO (Note 2.8) -40,743 0 0Gain from bargain purchase 0 0 36,395Total other operating items from discontinued operations -84,642 0 36,395Insurance comprises a one-off costs to cover any claims against directors and officers that would arise following the delisting from the US stock exchange. Restructuring costs from discontinued operations comprises severance costs (DKK -13.8 million), reversal of costs related to forfeited share-based incentive programs (DKK 2.7 million) and an allowance for loss on Zegalogue inventories (DKK -45.6 million) while restructuring costs from continuing oper-ations comprises severance costs (DKK -30.3 million) and reversal of costs related to forfeited share-based incentive programs (DKK 11.2 million). All restructuring costs were incurred as a result of the March 30, 2022, company announcement.The partial reversal of the inventory write-off of DKK 22.6 million primarely relates to Zegalogue finished goods which was transferred to Novo Nordisk as a result of the global license and development agree-ment as announced in September, 2022.Impairment of production equipment relates to equipment acquired in order to be able to upscale the production of Zegalogue. Divestment of V-GO covers the accoutning loss incurred as a result of the divestment of the V-GO activities. Please refer to note 2.8 for further information.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherOperatingIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__66": {
   "value": "Accounting policiesOther operating items comprises non-revenue income and expenses related to Zealand\u2019s operation that is assessed to be non-recurring and significant for the understanding of the financial performance of Zealand.Other operating items also includes expenses as result of restructuring activities, including insurance costs, impairment charges, reversal of inventory write downs, loss on revaluation of disposal group and other significant one-time transaction expenses.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForExpensesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__67": {
   "value": "2.8  Discontinued operations   Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations.  Management's judgements and estimatesOn March 30, 2022, the group announced its intension to exit the US sales activities including the V-Go activity. The activities were successfully divested through an asset purchase agreement with Mann-Kind Corporation dated May 29, 2022. On September 7, 2022, the group announced the transfer of the commercial rights for Zegalogue to Novo Nordisk effectually ending all efforts to commercialize the group's products via own sales force in 2022. Management has exercised judgement in determining that the activities around commercialization of V-Go products via own sales force and transfer of commercial rights to Zegalogue met the criteria for classification as a discontinued operations and in the segregation of results from discontinued operation from results from continued operations for all periods presented. Accordingly, the activities, including the effect of the divestment of the V-GO disposal group, has been presented separately as a discontinued operation in the income statement. The results and the cash flow of the discontinued activities are presented below as a discontinued oper- ations for the period ended December 31, 2022, December 31, 2021 and December 31, 2020:DKK thousand 2022 2021 2020Revenue 87,613 184,021 161,313Cost of goods sold -70,688 -107,844 -90,565Gross margin 16,925 76,177 70,748Research and development expenses -4,913 -6,183 -7,632Sales and marketing expenses -133,695 -312,669 -264,461General and administrative expenses -17,125 -25,378 -1,176Other operating items -84,642 0 36,395Total Operating expenses -240,375 -344,230 -236,874Result before tax -223,450 -268,053 -166,126Corporate tax -13,075 4,842 -11,890Net result from discontinued operations -236,525 -263,211 -178,016DKK thousand 2022 2021 2020Cash flows from discontinued operationsNet cash inflow (outflow) from operating activities -155,238 -368,052 -131,927Net cash inflow (outflow) from investing activities 106,380 -1,585 -170,034Net cash (outflow) from financing activities -1,064 -2,319 -1,506Net cash increase (decrease) generated from  the discontinued operation -49,922 -371,956 -303,467All assets and liabilities included in the V-Go disposal group was derecognized as of May 29, 2022 with the closure of the asset purchase agreement with MannKind. As a result, no assets or liabilities are clas- sified as held for sale in relation to the discontinued operation as of December 31, 2022.The derecognized assets and liabilities, recognized consideration and net impact on profit and loss from the divestment of V-Go are presented below:DKK thousand May 29, 2022Assets included in disposal groupIntangible assets 52,082Property, plant and equipment 20,586Right-of-use assets 8,128Deposits and prepayments 1,871Inventories 79,872Total assets of disposal group 162,539Liabilities directly associated with assets included in disposal groupLease liabilities 8,837Total liabilities of disposal group 8,837Net assets of disposal group 153,702Consideration:Cash consideration 111,553Purchase price adjustment -5,167Other financial assets 6,573Total consideration 112,959Loss on sale of disposal group - recognized as other operating items from discontinued operations -40,743As a part of the license and development agreement with Novo Nordisk A/S as described in note 2.1, finished goods with a value of DKK 21.3 was transfered as a part of the contract.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfNoncurrentAssetsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__68": {
   "value": "2.8  Discontinued operations   Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations.  Management's judgements and estimatesOn March 30, 2022, the group announced its intension to exit the US sales activities including the V-Go activity. The activities were successfully divested through an asset purchase agreement with Mann-Kind Corporation dated May 29, 2022. On September 7, 2022, the group announced the transfer of the commercial rights for Zegalogue to Novo Nordisk effectually ending all efforts to commercialize the group's products via own sales force in 2022. Management has exercised judgement in determining that the activities around commercialization of V-Go products via own sales force and transfer of commercial rights to Zegalogue met the criteria for classification as a discontinued operations and in the segregation of results from discontinued operation from results from continued operations for all periods presented. Accordingly, the activities, including the effect of the divestment of the V-GO disposal group, has been presented separately as a discontinued operation in the income statement. The results and the cash flow of the discontinued activities are presented below as a discontinued oper- ations for the period ended December 31, 2022, December 31, 2021 and December 31, 2020:DKK thousand 2022 2021 2020Revenue 87,613 184,021 161,313Cost of goods sold -70,688 -107,844 -90,565Gross margin 16,925 76,177 70,748Research and development expenses -4,913 -6,183 -7,632Sales and marketing expenses -133,695 -312,669 -264,461General and administrative expenses -17,125 -25,378 -1,176Other operating items -84,642 0 36,395Total Operating expenses -240,375 -344,230 -236,874Result before tax -223,450 -268,053 -166,126Corporate tax -13,075 4,842 -11,890Net result from discontinued operations -236,525 -263,211 -178,016DKK thousand 2022 2021 2020Cash flows from discontinued operationsNet cash inflow (outflow) from operating activities -155,238 -368,052 -131,927Net cash inflow (outflow) from investing activities 106,380 -1,585 -170,034Net cash (outflow) from financing activities -1,064 -2,319 -1,506Net cash increase (decrease) generated from  the discontinued operation -49,922 -371,956 -303,467All assets and liabilities included in the V-Go disposal group was derecognized as of May 29, 2022 with the closure of the asset purchase agreement with MannKind. As a result, no assets or liabilities are clas- sified as held for sale in relation to the discontinued operation as of December 31, 2022.The derecognized assets and liabilities, recognized consideration and net impact on profit and loss from the divestment of V-Go are presented below:DKK thousand May 29, 2022Assets included in disposal groupIntangible assets 52,082Property, plant and equipment 20,586Right-of-use assets 8,128Deposits and prepayments 1,871Inventories 79,872Total assets of disposal group 162,539Liabilities directly associated with assets included in disposal groupLease liabilities 8,837Total liabilities of disposal group 8,837Net assets of disposal group 153,702Consideration:Cash consideration 111,553Purchase price adjustment -5,167Other financial assets 6,573Total consideration 112,959Loss on sale of disposal group - recognized as other operating items from discontinued operations -40,743As a part of the license and development agreement with Novo Nordisk A/S as described in note 2.1, finished goods with a value of DKK 21.3 was transfered as a part of the contract.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__70": {
   "value": "Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__69": {
   "value": "Accounting policiesA discontinued operation is a component of the entity that has been disposed of or is classified as held for sale and that represents a separate major line of business or geographical area of operations, is part of a single coordinated plan to dispose of such a line of business or area of operations, or is a subsidiary acquired exclusively with a view to resale. The results of discontinued operations are presented sepa-rately in the statement of profit or loss. Comparatives in the statement of profit and loss for previous periods are restated to reflect the result of discontinued operations.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForNoncurrentAssetsOrDisposalGroupsClassifiedAsHeldForSaleAndDiscontinuedOperationsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__71": {
   "value": "2.9  Earnings per share  Accounting policiesBasic result per shareBasic result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding treasury shares held by the company.Diluted result per shareDiluted result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding the treasury shares, and adjusted for the dilutive effect of share equivalents.DKK thousand 2022 2021 2020Net result used in the calculation of basic and diluted earnings/losses per share from continuing operations -965,610 -754,938 -668,713Net result used in the calculation of basic and diluted earnings/losses per share from discontinued operations -236,525 -263,211 -178,016Net result used in the calculation of basic and diluted  earnings/losses per share -1,202,135 -1,018,149 -846,729Weighted average number of ordinary shares 46,502,969 43,192,383 38,433,923Weighted average number of treasury shares -302,817 -322,988 -64,223Weighted average number of ordinary shares used  in the calculation of basic/diluted earnings per share 46,200,152 42,869,395 38,369,700Earnings/(loss) per share from continuing operations \u2013  basic/diluted (DKK) -20.90 -17.61 -17.43Earnings/(loss) per share from discontinued operations \u2013 basic/diluted (DKK) -5.12 -6.14 -4.64Total earnings/(loss) per share \u2013 basic/diluted (DKK) -26.02 -23.75 -22.07In the calculation of the diluted loss per share for 2022, 2,190,503 potential ordinary shares related to share-based payment instruments have been excluded as they are anti-dilutive (2,209,044 for 2021 and 2,019,368 for 2020). ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__72": {
   "value": "Accounting policiesBasic result per shareBasic result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding treasury shares held by the company.Diluted result per shareDiluted result per share is calculated as the net result for the period, divided by the weighted average number of ordinary shares outstanding, excluding the treasury shares, and adjusted for the dilutive effect of share equivalents.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForEarningsPerShareExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__74": {
   "value": "3.<span class=\"_ _0\"></span>1 <span class=\"_ _1f\"> </span>Intangible assetsAccoun<span class=\"_ _3\"></span>ting policiesResearc<span class=\"_ _3\"></span>h and<span class=\"_ _3\"></span> devel<span class=\"_ _3\"></span>opmentZealan<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y has n<span class=\"_ _0\"></span>ot recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, as the criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of an as<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>et as de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.Acquired licenses and rig<span class=\"_ _3\"></span>htsAcqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the n<span class=\"_ _0\"></span>et pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t valu<span class=\"_ _0\"></span>e of any fu<span class=\"_ _0\"></span>ture p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of a<span class=\"_ _0\"></span>ny futu<span class=\"_ _0\"></span>re pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized a<span class=\"_ _0\"></span>s a liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. Wh<span class=\"_ _0\"></span>en trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e cost to acqu<span class=\"_ _0\"></span>ire li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>s such s<span class=\"_ _0\"></span>ubse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>res are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>search &amp; De<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s if the<span class=\"_ _0\"></span>y do not s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on as a<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>t.AmortizationLice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e meth<span class=\"_ _0\"></span>od ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>fe whi<span class=\"_ _0\"></span>ch is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r use<span class=\"_ _0\"></span>. Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d ga<span class=\"_ _0\"></span>in or loss<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch &amp; De<span class=\"_ _0\"></span>vel- opme<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>.Impairme<span class=\"_ _0\"></span>ntIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le asse<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>ll rev<span class=\"_ _0\"></span>iew th<span class=\"_ _0\"></span>e int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>les fo<span class=\"_ _0\"></span>r imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble asse<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot rea<span class=\"_ _0\"></span>dy fo<span class=\"_ _0\"></span>r use are re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>wed fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l basi<span class=\"_ _0\"></span>s. Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and esti<span class=\"_ _3\"></span>matesAccord<span class=\"_ _0\"></span>ing to IA<span class=\"_ _0\"></span>S 38<span class=\"_ _0\"></span>, int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d be re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in t<span class=\"_ _0\"></span>he bal<span class=\"_ _0\"></span>ance sh<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he crite<span class=\"_ _0\"></span>ria th<span class=\"_ _0\"></span>at mu<span class=\"_ _0\"></span>st be m<span class=\"_ _0\"></span>et fo<span class=\"_ _0\"></span>r cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizati<span class=\"_ _0\"></span>on are t<span class=\"_ _0\"></span>hat:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct is cle<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y def<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifia<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble cos<span class=\"_ _0\"></span>ts c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>s- </span>ure<span class=\"_ _0\"></span>d reli<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ly du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d;\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">th<span class=\"_ _0\"></span>e techn<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>al fe<span class=\"_ _0\"></span>asib<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y, ade<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>te resou<span class=\"_ _0\"></span>rces to comp<span class=\"_ _0\"></span>lete an<span class=\"_ _0\"></span>d a mar<span class=\"_ _0\"></span>ket for th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct or a<span class=\"_ _0\"></span>n </span>inter<span class=\"_ _0\"></span>nal u<span class=\"_ _0\"></span>se of the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t can b<span class=\"_ _0\"></span>e do<span class=\"_ _0\"></span>cum<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d; and\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e intent to p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uce an<span class=\"_ _0\"></span>d mar<span class=\"_ _0\"></span>ket the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t or to use it i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>ally.</span>Such a<span class=\"_ _0\"></span>n inta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t sho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d if suf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cien<span class=\"_ _0\"></span>t cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y ca<span class=\"_ _0\"></span>n be d<span class=\"_ _0\"></span>ocum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ted tha<span class=\"_ _0\"></span>t the f<span class=\"_ _0\"></span>uture incom<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t wil<span class=\"_ _0\"></span>l excee<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate cost of pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sal<span class=\"_ _0\"></span>e and a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t.A deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct in<span class=\"_ _0\"></span>volve<span class=\"_ _0\"></span>s a sing<span class=\"_ _0\"></span>le pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ate und<span class=\"_ _0\"></span>erg<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng a hi<span class=\"_ _0\"></span>gh nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of te<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s to illus- trate it<span class=\"_ _0\"></span>s safe<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y prof<span class=\"_ _0\"></span>ile a<span class=\"_ _0\"></span>nd it<span class=\"_ _0\"></span>s ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct on h<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ans p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>r to obta<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>y fin<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>al of th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t fro<span class=\"_ _0\"></span>m the au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ritie<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ic b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efit a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d with th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ual d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing s<span class=\"_ _0\"></span>uch ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>. Consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant ri<span class=\"_ _0\"></span>sk an<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to the de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f bio<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s, m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt has co<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mic b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>t be es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>ith suf<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>ent ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>til th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>lized an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval of t<span class=\"_ _0\"></span>he pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en o<span class=\"_ _0\"></span>btai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>ccordi<span class=\"_ _0\"></span>ngl<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, Zealan<span class=\"_ _0\"></span>d has n<span class=\"_ _0\"></span>ot re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized such a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>is tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>re- fore al<span class=\"_ _0\"></span>l rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt cost<span class=\"_ _0\"></span>s are r<span class=\"_ _0\"></span>ecog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wh<span class=\"_ _0\"></span>en in<span class=\"_ _0\"></span>curr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2022<span class=\"_ _c2\"> </span>2,530<span class=\"_ _10b\"> </span>13,<span class=\"_ _2\"></span>692<span class=\"_ _10b\"> </span>65,613Disposals<span class=\"_ _db\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _12d\"> </span>0<span class=\"_ _48\"> </span>-13,692<span class=\"_ _25\"> </span>-69,<span class=\"_ _71\"></span>443Currency translation <span class=\"_ _190\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10\"> </span>3,830Cost at December 31, 2022<span class=\"_ _c2\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization and impairment at January 1, 2022<span class=\"_ _191\"> </span>0<span class=\"_ _2f\"> </span>13,692<span class=\"_ _10b\"> </span>14,353Impairment for the year<span class=\"_ _192\"> </span>2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization for the year<span class=\"_ _162\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _65\"> </span>2,057Disposals<span class=\"_ _db\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _12d\"> </span>0<span class=\"_ _48\"> </span>-13,692<span class=\"_ _5c\"> </span>-17<span class=\"_ _71\"></span>,361Currency translation<span class=\"_ _107\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _61\"> </span>951Amortization and impairment at December 31, 2022<span class=\"_ _1a\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _3c\"> </span>0Carrying amount at December 31, 2022<span class=\"_ _193\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization and impairment for the financial year has been charged as:Research and development expenses<span class=\"_ _194\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Discontinued operations<span class=\"_ _f3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>-2,057T<span class=\"_ _71\"></span>otal<span class=\"_ _195\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>-2,057A<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>sted u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er In<span class=\"_ _0\"></span>telle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d Phy<span class=\"_ _0\"></span>sici<span class=\"_ _0\"></span>an rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hip we<span class=\"_ _0\"></span>re all d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of as a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e V-GO dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>. Plea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to note 2.<span class=\"_ _0\"></span>8 for f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r info<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>.Lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s at Jan<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 1, 202<span class=\"_ _0\"></span>2, com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to the le<span class=\"_ _0\"></span>ad p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>did<span class=\"_ _0\"></span>ate acqu<span class=\"_ _0\"></span>ired w<span class=\"_ _0\"></span>ith En<span class=\"_ _0\"></span>cycle T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>cs in O<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tobe<span class=\"_ _0\"></span>r 2019. Du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g 2022 th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>m wit<span class=\"_ _0\"></span>h the lea<span class=\"_ _0\"></span>d can<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>date was a<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d it wa<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>cide<span class=\"_ _0\"></span>d to move o<span class=\"_ _0\"></span>n with a<span class=\"_ _0\"></span>noth<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>date fro<span class=\"_ _0\"></span>m the sam<span class=\"_ _0\"></span>e pate<span class=\"_ _0\"></span>nt ins<span class=\"_ _0\"></span>tead<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt the re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>as im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>nd di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2021<span class=\"_ _122\"> </span>2,530<span class=\"_ _10b\"> </span>13,692<span class=\"_ _35\"> </span>60,576Additions<span class=\"_ _196\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Currency translation <span class=\"_ _190\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _4a\"> </span>5,037Cost at December 31, 2021<span class=\"_ _c1\"> </span>2,530<span class=\"_ _103\"> </span>13,692<span class=\"_ _35\"> </span>65,613Amortization and impairment at January 1, 2021<span class=\"_ _14\"> </span>0<span class=\"_ _2f\"> </span>13,<span class=\"_ _3\"></span>692<span class=\"_ _2c\"> </span>5<span class=\"_ _3\"></span>,621Amortization for the year<span class=\"_ _162\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _2b\"> </span>7<span class=\"_ _71\"></span>,859Currency translation<span class=\"_ _107\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _67\"> </span>873Amortization and impairment at December 31, 2021<span class=\"_ _197\"> </span>0<span class=\"_ _103\"> </span>13,692<span class=\"_ _103\"> </span>14,353Carrying amount at December 31, 2021<span class=\"_ _198\"> </span>2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _35\"> </span>51,260Amortization for the financial year has been charged as:Discontinued operations<span class=\"_ _f3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _55\"> </span>-7<span class=\"_ _2\"></span>,859T<span class=\"_ _71\"></span>otal<span class=\"_ _199\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>-7<span class=\"_ _2\"></span>,859Remaining amortization period<span class=\"_ _19a\"> </span>-<span class=\"_ _14b\"> </span>-<span class=\"_ _110\"> </span>6.25 years",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__73": {
   "value": "3.<span class=\"_ _0\"></span>1 <span class=\"_ _1f\"> </span>Intangible assetsAccoun<span class=\"_ _3\"></span>ting policiesResearc<span class=\"_ _3\"></span>h and<span class=\"_ _3\"></span> devel<span class=\"_ _3\"></span>opmentZealan<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y has n<span class=\"_ _0\"></span>ot recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, as the criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of an as<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>et as de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.Acquired licenses and rig<span class=\"_ _3\"></span>htsAcqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the n<span class=\"_ _0\"></span>et pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t valu<span class=\"_ _0\"></span>e of any fu<span class=\"_ _0\"></span>ture p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of a<span class=\"_ _0\"></span>ny futu<span class=\"_ _0\"></span>re pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized a<span class=\"_ _0\"></span>s a liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. Wh<span class=\"_ _0\"></span>en trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e cost to acqu<span class=\"_ _0\"></span>ire li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>s such s<span class=\"_ _0\"></span>ubse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>res are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>search &amp; De<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s if the<span class=\"_ _0\"></span>y do not s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on as a<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>t.AmortizationLice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e meth<span class=\"_ _0\"></span>od ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>fe whi<span class=\"_ _0\"></span>ch is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r use<span class=\"_ _0\"></span>. Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d ga<span class=\"_ _0\"></span>in or loss<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch &amp; De<span class=\"_ _0\"></span>vel- opme<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>.Impairme<span class=\"_ _0\"></span>ntIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le asse<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>ll rev<span class=\"_ _0\"></span>iew th<span class=\"_ _0\"></span>e int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>les fo<span class=\"_ _0\"></span>r imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble asse<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot rea<span class=\"_ _0\"></span>dy fo<span class=\"_ _0\"></span>r use are re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>wed fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l basi<span class=\"_ _0\"></span>s. Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and esti<span class=\"_ _3\"></span>matesAccord<span class=\"_ _0\"></span>ing to IA<span class=\"_ _0\"></span>S 38<span class=\"_ _0\"></span>, int<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>ib<span class=\"_ _0\"></span>le ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>risi<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>rom de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s sh<span class=\"_ _0\"></span>oul<span class=\"_ _0\"></span>d be re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in t<span class=\"_ _0\"></span>he bal<span class=\"_ _0\"></span>ance sh<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he crite<span class=\"_ _0\"></span>ria th<span class=\"_ _0\"></span>at mu<span class=\"_ _0\"></span>st be m<span class=\"_ _0\"></span>et fo<span class=\"_ _0\"></span>r cap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>lizati<span class=\"_ _0\"></span>on are t<span class=\"_ _0\"></span>hat:\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct is cle<span class=\"_ _0\"></span>arl<span class=\"_ _0\"></span>y def<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifia<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>nd th<span class=\"_ _0\"></span>e at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble cos<span class=\"_ _0\"></span>ts c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e mea<span class=\"_ _0\"></span>s- </span>ure<span class=\"_ _0\"></span>d reli<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>ly du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d;\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">th<span class=\"_ _0\"></span>e techn<span class=\"_ _0\"></span>olo<span class=\"_ _0\"></span>gic<span class=\"_ _0\"></span>al fe<span class=\"_ _0\"></span>asib<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y, ade<span class=\"_ _0\"></span>qua<span class=\"_ _0\"></span>te resou<span class=\"_ _0\"></span>rces to comp<span class=\"_ _0\"></span>lete an<span class=\"_ _0\"></span>d a mar<span class=\"_ _0\"></span>ket for th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct or a<span class=\"_ _0\"></span>n </span>inter<span class=\"_ _0\"></span>nal u<span class=\"_ _0\"></span>se of the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t can b<span class=\"_ _0\"></span>e do<span class=\"_ _0\"></span>cum<span class=\"_ _0\"></span>ente<span class=\"_ _0\"></span>d; and\u2022 <span class=\"_ _27\"> </span><span class=\"ff9 fc3\">ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent h<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e intent to p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uce an<span class=\"_ _0\"></span>d mar<span class=\"_ _0\"></span>ket the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t or to use it i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>ally.</span>Such a<span class=\"_ _0\"></span>n inta<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e asse<span class=\"_ _0\"></span>t sho<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d if suf<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cien<span class=\"_ _0\"></span>t cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>int<span class=\"_ _0\"></span>y ca<span class=\"_ _0\"></span>n be d<span class=\"_ _0\"></span>ocum<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ted tha<span class=\"_ _0\"></span>t the f<span class=\"_ _0\"></span>uture incom<span class=\"_ _0\"></span>e fro<span class=\"_ _0\"></span>m the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t wil<span class=\"_ _0\"></span>l excee<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate cost of pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sal<span class=\"_ _0\"></span>e and a<span class=\"_ _0\"></span>dm<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>stra<span class=\"_ _0\"></span>tion o<span class=\"_ _0\"></span>f the p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t.A deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>ct in<span class=\"_ _0\"></span>volve<span class=\"_ _0\"></span>s a sing<span class=\"_ _0\"></span>le pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ate und<span class=\"_ _0\"></span>erg<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng a hi<span class=\"_ _0\"></span>gh nu<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er of te<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s to illus- trate it<span class=\"_ _0\"></span>s safe<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y prof<span class=\"_ _0\"></span>ile a<span class=\"_ _0\"></span>nd it<span class=\"_ _0\"></span>s ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct on h<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ans p<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>r to obta<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>cess<span class=\"_ _0\"></span>ar<span class=\"_ _1\"></span>y fin<span class=\"_ _0\"></span>al ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>al of th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t fro<span class=\"_ _0\"></span>m the au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ritie<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re eco<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ic b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efit a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d with th<span class=\"_ _0\"></span>e in<span class=\"_ _0\"></span>div<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>ual d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt proj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n obt<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing s<span class=\"_ _0\"></span>uch ap<span class=\"_ _0\"></span>prov<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>. Consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g the si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>ant ri<span class=\"_ _0\"></span>sk an<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of the deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>od re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d to the de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f bio<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s, m<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt has co<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>e futu<span class=\"_ _0\"></span>re e<span class=\"_ _0\"></span>cono<span class=\"_ _0\"></span>mic b<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>ts as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e ind<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>idu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>nno<span class=\"_ _0\"></span>t be es<span class=\"_ _0\"></span>tim<span class=\"_ _0\"></span>ated w<span class=\"_ _0\"></span>ith suf<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>ent ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>y un<span class=\"_ _0\"></span>til th<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>lized an<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e nece<span class=\"_ _0\"></span>ss<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>y f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>al reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval of t<span class=\"_ _0\"></span>he pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en o<span class=\"_ _0\"></span>btai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d. A<span class=\"_ _0\"></span>ccordi<span class=\"_ _0\"></span>ngl<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, Zealan<span class=\"_ _0\"></span>d has n<span class=\"_ _0\"></span>ot re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized such a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s at th<span class=\"_ _0\"></span>is tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d the<span class=\"_ _0\"></span>re- fore al<span class=\"_ _0\"></span>l rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt cost<span class=\"_ _0\"></span>s are r<span class=\"_ _0\"></span>ecog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wh<span class=\"_ _0\"></span>en in<span class=\"_ _0\"></span>curr<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2022<span class=\"_ _c2\"> </span>2,530<span class=\"_ _10b\"> </span>13,<span class=\"_ _2\"></span>692<span class=\"_ _10b\"> </span>65,613Disposals<span class=\"_ _db\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _12d\"> </span>0<span class=\"_ _48\"> </span>-13,692<span class=\"_ _25\"> </span>-69,<span class=\"_ _71\"></span>443Currency translation <span class=\"_ _190\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10\"> </span>3,830Cost at December 31, 2022<span class=\"_ _c2\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization and impairment at January 1, 2022<span class=\"_ _191\"> </span>0<span class=\"_ _2f\"> </span>13,692<span class=\"_ _10b\"> </span>14,353Impairment for the year<span class=\"_ _192\"> </span>2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization for the year<span class=\"_ _162\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _65\"> </span>2,057Disposals<span class=\"_ _db\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0T<span class=\"_ _71\"></span>ransferred to V<span class=\"_ _2\"></span>-GO disposal group (Note 2.8)<span class=\"_ _12d\"> </span>0<span class=\"_ _48\"> </span>-13,692<span class=\"_ _5c\"> </span>-17<span class=\"_ _71\"></span>,361Currency translation<span class=\"_ _107\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _61\"> </span>951Amortization and impairment at December 31, 2022<span class=\"_ _1a\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _3c\"> </span>0Carrying amount at December 31, 2022<span class=\"_ _193\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Amortization and impairment for the financial year has been charged as:Research and development expenses<span class=\"_ _194\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Discontinued operations<span class=\"_ _f3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>-2,057T<span class=\"_ _71\"></span>otal<span class=\"_ _195\"> </span>-2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>-2,057A<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s li<span class=\"_ _0\"></span>sted u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er In<span class=\"_ _0\"></span>telle<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al p<span class=\"_ _0\"></span>rope<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d Phy<span class=\"_ _0\"></span>sici<span class=\"_ _0\"></span>an rel<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>hip we<span class=\"_ _0\"></span>re all d<span class=\"_ _0\"></span>isp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d of as a p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e V-GO dis<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>al g<span class=\"_ _0\"></span>roup<span class=\"_ _0\"></span>. Plea<span class=\"_ _0\"></span>se refe<span class=\"_ _0\"></span>r to note 2.<span class=\"_ _0\"></span>8 for f<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r info<span class=\"_ _0\"></span>rma<span class=\"_ _0\"></span>tion<span class=\"_ _0\"></span>.Lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s at Jan<span class=\"_ _0\"></span>uar<span class=\"_ _1\"></span>y 1, 202<span class=\"_ _0\"></span>2, com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d the l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>e to the le<span class=\"_ _0\"></span>ad p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct c<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>did<span class=\"_ _0\"></span>ate acqu<span class=\"_ _0\"></span>ired w<span class=\"_ _0\"></span>ith En<span class=\"_ _0\"></span>cycle T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>cs in O<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>tobe<span class=\"_ _0\"></span>r 2019. Du<span class=\"_ _0\"></span>rin<span class=\"_ _0\"></span>g 2022 th<span class=\"_ _0\"></span>e deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>m wit<span class=\"_ _0\"></span>h the lea<span class=\"_ _0\"></span>d can<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>date was a<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>ndo<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d it wa<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>cide<span class=\"_ _0\"></span>d to move o<span class=\"_ _0\"></span>n with a<span class=\"_ _0\"></span>noth<span class=\"_ _0\"></span>er p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>date fro<span class=\"_ _0\"></span>m the sam<span class=\"_ _0\"></span>e pate<span class=\"_ _0\"></span>nt ins<span class=\"_ _0\"></span>tead<span class=\"_ _0\"></span>. A<span class=\"_ _0\"></span>s a resu<span class=\"_ _0\"></span>lt the re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized as<span class=\"_ _0\"></span>set w<span class=\"_ _0\"></span>as im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>red a<span class=\"_ _0\"></span>nd di<span class=\"_ _0\"></span>spo<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d.Licenses, rights and Intellectual Physician DKK thousandpatentspropertyrelationshipCost at January 1, 2021<span class=\"_ _122\"> </span>2,530<span class=\"_ _10b\"> </span>13,692<span class=\"_ _35\"> </span>60,576Additions<span class=\"_ _196\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0Currency translation <span class=\"_ _190\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _4a\"> </span>5,037Cost at December 31, 2021<span class=\"_ _c1\"> </span>2,530<span class=\"_ _103\"> </span>13,692<span class=\"_ _35\"> </span>65,613Amortization and impairment at January 1, 2021<span class=\"_ _14\"> </span>0<span class=\"_ _2f\"> </span>13,<span class=\"_ _3\"></span>692<span class=\"_ _2c\"> </span>5<span class=\"_ _3\"></span>,621Amortization for the year<span class=\"_ _162\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _2b\"> </span>7<span class=\"_ _71\"></span>,859Currency translation<span class=\"_ _107\"> </span>0<span class=\"_ _40\"> </span>0<span class=\"_ _67\"> </span>873Amortization and impairment at December 31, 2021<span class=\"_ _197\"> </span>0<span class=\"_ _103\"> </span>13,692<span class=\"_ _103\"> </span>14,353Carrying amount at December 31, 2021<span class=\"_ _198\"> </span>2,530<span class=\"_ _3c\"> </span>0<span class=\"_ _35\"> </span>51,260Amortization for the financial year has been charged as:Discontinued operations<span class=\"_ _f3\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _55\"> </span>-7<span class=\"_ _2\"></span>,859T<span class=\"_ _71\"></span>otal<span class=\"_ _199\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>-7<span class=\"_ _2\"></span>,859Remaining amortization period<span class=\"_ _19a\"> </span>-<span class=\"_ _14b\"> </span>-<span class=\"_ _110\"> </span>6.25 years",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__76": {
   "value": "Accoun<span class=\"_ _3\"></span>ting policiesResearc<span class=\"_ _3\"></span>h and<span class=\"_ _3\"></span> devel<span class=\"_ _3\"></span>opmentZealan<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y has n<span class=\"_ _0\"></span>ot recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, as the criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of an as<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>et as de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.Acquired licenses and rig<span class=\"_ _3\"></span>htsAcqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the n<span class=\"_ _0\"></span>et pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t valu<span class=\"_ _0\"></span>e of any fu<span class=\"_ _0\"></span>ture p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of a<span class=\"_ _0\"></span>ny futu<span class=\"_ _0\"></span>re pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized a<span class=\"_ _0\"></span>s a liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. Wh<span class=\"_ _0\"></span>en trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e cost to acqu<span class=\"_ _0\"></span>ire li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>s such s<span class=\"_ _0\"></span>ubse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>res are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>search &amp; De<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s if the<span class=\"_ _0\"></span>y do not s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on as a<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>t.AmortizationLice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e meth<span class=\"_ _0\"></span>od ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>fe whi<span class=\"_ _0\"></span>ch is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r use<span class=\"_ _0\"></span>. Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d ga<span class=\"_ _0\"></span>in or loss<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch &amp; De<span class=\"_ _0\"></span>vel- opme<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>.Impairme<span class=\"_ _0\"></span>ntIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le asse<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>ll rev<span class=\"_ _0\"></span>iew th<span class=\"_ _0\"></span>e int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>les fo<span class=\"_ _0\"></span>r imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble asse<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot rea<span class=\"_ _0\"></span>dy fo<span class=\"_ _0\"></span>r use are re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>wed fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l basi<span class=\"_ _0\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsOtherThanGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__75": {
   "value": "Accoun<span class=\"_ _3\"></span>ting policiesResearc<span class=\"_ _3\"></span>h and<span class=\"_ _3\"></span> devel<span class=\"_ _3\"></span>opmentZealan<span class=\"_ _0\"></span>d cur<span class=\"_ _0\"></span>rentl<span class=\"_ _0\"></span>y has n<span class=\"_ _0\"></span>ot recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>ntern<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y ge<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>ated i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s fro<span class=\"_ _0\"></span>m deve<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>pme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>, as the criter<span class=\"_ _0\"></span>ia for re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of an as<span class=\"_ _0\"></span>set a<span class=\"_ _0\"></span>re not m<span class=\"_ _0\"></span>et as de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d be<span class=\"_ _0\"></span>low.Acquired licenses and rig<span class=\"_ _3\"></span>htsAcqu<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are i<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>ally m<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>ure<span class=\"_ _0\"></span>d at cost an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e the n<span class=\"_ _0\"></span>et pre<span class=\"_ _0\"></span>sen<span class=\"_ _0\"></span>t valu<span class=\"_ _0\"></span>e of any fu<span class=\"_ _0\"></span>ture p<span class=\"_ _0\"></span>ayme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e net p<span class=\"_ _0\"></span>rese<span class=\"_ _0\"></span>nt va<span class=\"_ _0\"></span>lue of a<span class=\"_ _0\"></span>ny futu<span class=\"_ _0\"></span>re pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts i<span class=\"_ _0\"></span>s recog<span class=\"_ _0\"></span>nized a<span class=\"_ _0\"></span>s a liab<span class=\"_ _0\"></span>ilit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>. Wh<span class=\"_ _0\"></span>en trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>red<span class=\"_ _0\"></span>, mil<span class=\"_ _0\"></span>eston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts a<span class=\"_ _0\"></span>re accou<span class=\"_ _0\"></span>nted for a<span class=\"_ _0\"></span>s an in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e in th<span class=\"_ _0\"></span>e cost to acqu<span class=\"_ _0\"></span>ire li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>s, r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>s such s<span class=\"_ _0\"></span>ubse<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>itu<span class=\"_ _0\"></span>res are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>search &amp; De<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s if the<span class=\"_ _0\"></span>y do not s<span class=\"_ _0\"></span>atis<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns for re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>niti<span class=\"_ _0\"></span>on as a<span class=\"_ _0\"></span>n asse<span class=\"_ _0\"></span>t.AmortizationLice<span class=\"_ _0\"></span>nses<span class=\"_ _0\"></span>, ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, and p<span class=\"_ _0\"></span>atent<span class=\"_ _0\"></span>s are a<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tized usi<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e str<span class=\"_ _0\"></span>aig<span class=\"_ _0\"></span>ht<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e meth<span class=\"_ _0\"></span>od ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e est<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d usef<span class=\"_ _0\"></span>ul li<span class=\"_ _0\"></span>fe whi<span class=\"_ _0\"></span>ch is dete<span class=\"_ _0\"></span>rmi<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>en th<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r use<span class=\"_ _0\"></span>. Am<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>tiz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns, i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>air<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt los<span class=\"_ _0\"></span>ses an<span class=\"_ _0\"></span>d ga<span class=\"_ _0\"></span>in or loss<span class=\"_ _0\"></span>es on th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>spos<span class=\"_ _0\"></span>al of i<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>re recog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e sta<span class=\"_ _0\"></span>teme<span class=\"_ _0\"></span>nt as Re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch &amp; De<span class=\"_ _0\"></span>vel- opme<span class=\"_ _0\"></span>nt exp<span class=\"_ _0\"></span>enses<span class=\"_ _0\"></span>.Impairme<span class=\"_ _0\"></span>ntIf circum<span class=\"_ _0\"></span>sta<span class=\"_ _0\"></span>nces o<span class=\"_ _0\"></span>r cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>icate th<span class=\"_ _0\"></span>at the c<span class=\"_ _0\"></span>arr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f the i<span class=\"_ _0\"></span>ntan<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le asse<span class=\"_ _0\"></span>ts m<span class=\"_ _0\"></span>ay not b<span class=\"_ _0\"></span>e recove<span class=\"_ _0\"></span>rab<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>, Man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>ll rev<span class=\"_ _0\"></span>iew th<span class=\"_ _0\"></span>e int<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>les fo<span class=\"_ _0\"></span>r imp<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt. I<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>ngi<span class=\"_ _0\"></span>ble asse<span class=\"_ _0\"></span>ts n<span class=\"_ _0\"></span>ot rea<span class=\"_ _0\"></span>dy fo<span class=\"_ _0\"></span>r use are re<span class=\"_ _0\"></span>vie<span class=\"_ _0\"></span>wed fo<span class=\"_ _0\"></span>r im<span class=\"_ _0\"></span>pai<span class=\"_ _0\"></span>rme<span class=\"_ _0\"></span>nt on a<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>nua<span class=\"_ _0\"></span>l basi<span class=\"_ _0\"></span>s.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIntangibleAssetsAndGoodwillExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__78": {
   "value": "3.2  Property, plant and equipment  Accounting policiesProperty, plant and equipment is mainly comprised of plant and machinery, other fixtures and fittings, leasehold improvements and assets under construction, which are measured at cost less accumulated depreciation. and any impairment losses.The cost is comprised of the acquisition price and costs directly related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciaionDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Leasehold improvements 5-13 years, but never longer than the lease term  Plant and machinery 5-10 years Other fixtures and fittings 3-5 yearsThe useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of property, plant and equipment may not be recoverable, management reviews that asset for impairment.The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the asset.If the carrying amount is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment  is identified.Other Leasehold Assets Plant and fixtures and improve-under con-DKK thousandmachineryfittingsmentsstructionCost at January 1, 2022 90,797 15,835 36,600 12,112Transfer 268 1,644 2,915 -4,827Additions 2,985 73 293 6,089Disposals -1,433 -905 0 -10,092Transferred to V-GO disposal group (Note 2.8) -25,790 -763 -1,801 -2,563Currency translation 1 113 186 151Cost at December 31, 2022 66,828 15,997 38,193 870Accumulated depreciation at January 1, 2022 54,216 9,240 5,434 0Depreciation for the year 7,903 3,145 3,187 0Impairment 742 71 0 10,092Disposals -1,433 -905 0 -10,092Transferred to V-GO disposal group (Note 2.8) -9,090 -357 -884 0Currency translation 1 39 51 0Accumulated depreciation and impairment at December 31, 2022 52,339 11,233 7,788 0Carrying amount at December 31, 2022 14,489 4,764 30,405 870Depreciation for the financial year has been charged as:Research and development expenses -6,214 -2,315 -2,417 0Selling and marketing expenses 0 -23 0 0General and administrative expenses 0 -779 -770 0Other operating items -742 -71 0 -362Discontinued operations -1,689 -28 0 -9,730Total -8,645 -3,216 -3,187 -10,092Impairment of assets under construction relates to production equipment for Zegalogue which is not expected to be used by the company. The amount is recognized as other operating items from discontinued operations.Other Leasehold Assets Plant and fixtures and improve-under con-DKK thousandmachineryfittingsmentsstructionCost at January 1, 2021 85,898 15,279 34,104 3,023Transfer 949 664 0 -1,613Addition from business combinationsAdditions 7,118 1,444 2,449 11,122Disposals -3,169 -1,630 -84 -419Currency translation 1 78 131 -1Cost at December 31, 2021 90,797 15,835 36,600 12,112Accumulated depreciation at January 1, 2021 43,987 6,942 2,335 0Transfer 0 0 0 0Depreciation for the year 11,558 3,461 3,128 0Disposals -1,330 -1,203 -73 0Currency translation 1 40 44 0Accumulated depreciation and impairment at December 31, 2021 54,216 9,240 5,434 0Carrying amount at December 31, 2021 36,581 6,595 31,166 12,112Depreciation for the financial year has been charged as:Research and development expenses -3,621 -2,568 -2,715 0Selling and marketing expenses 0 -92 0 0General and administrative expenses -786 -680 -413 0Discontinued operations -7,151 -121 0 0Total -11,558 -3,461 -3,128 0",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__79": {
   "value": "Accounting policiesProperty, plant and equipment is mainly comprised of plant and machinery, other fixtures and fittings, leasehold improvements and assets under construction, which are measured at cost less accumulated depreciation. and any impairment losses.The cost is comprised of the acquisition price and costs directly related to the acquisition until the asset is ready for use. Costs include direct costs and costs to subcontractors.DepreciaionDepreciation is calculated on a straight-line basis to allocate the cost of the assets, net of any residual value, over the estimated useful lives, which are as follows:Leasehold improvements 5-13 years, but never longer than the lease term  Plant and machinery 5-10 years Other fixtures and fittings 3-5 yearsThe useful lives and residual values are reviewed and adjusted if appropriate on a yearly basis. Assets under construction are not depreciated.ImpairmentIf circumstances or changes in Zealand's operations indicate that the carrying amount of property, plant and equipment may not be recoverable, management reviews that asset for impairment.The basis for the review is the recoverable amount of the assets, determined as the greater of the fair value less cost to sell or its value in use. Value in use is calculated as the net present value of future cash inflow or savings generated from the asset.If the carrying amount is greater than the recoverable amount, the asset is written down to the recoverable amount. An impairment loss is recognized in the income statement when the impairment  is identified.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForPropertyPlantAndEquipmentExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__88": {
   "value": "3.3  Right-of-use assets and lease liabilities  Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2022 133,371 1,623Additions 0 736Depreciation expense -13,710 -778Transfer to V-GO disposal group (Note 2.8) -8,128 0Currency translation 1,846 0As at December 31, 2022 113,379 1,581As at January 1, 2021 126,821 1,177Additions 18,677 1,512Depreciation expense -13,177 -1,066Currency translation 1,050 0As at December 31, 2021 133,371 1,623The Group leases office buildings, equipment and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has been made for a minimum period of 16 years with the oportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2022 2021As at January 1 139,523 130,119Additions 992 20,189Accretion of interest 3,286 2,953Payments -13,719 -14,715Transfer to V-GO disposal group (Note 2.8) -8,836 0Currency translation 1,483 977As at December 31 122,729 139,523Current 14,729 14,897Non-current 108,000 124,626The following are the amounts recognized in income statement:Depreciation expense of right-of-use assets -14,488 -14,243Interest expense on lease liabilities -3,286 -2,953Total amount recognized in profit and loss -17,774 -17,196Cash flow -13,825 -14,715Total cash outflow for leases -13,825 -14,715Depreciation for the financial year has been charged as:Research and development expenses -10,375 -11,732General and administrative expenses -4,113 -2,511Total -14,488 -14,243",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__84": {
   "value": "3.3  Right-of-use assets and lease liabilities  Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2022 133,371 1,623Additions 0 736Depreciation expense -13,710 -778Transfer to V-GO disposal group (Note 2.8) -8,128 0Currency translation 1,846 0As at December 31, 2022 113,379 1,581As at January 1, 2021 126,821 1,177Additions 18,677 1,512Depreciation expense -13,177 -1,066Currency translation 1,050 0As at December 31, 2021 133,371 1,623The Group leases office buildings, equipment and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has been made for a minimum period of 16 years with the oportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2022 2021As at January 1 139,523 130,119Additions 992 20,189Accretion of interest 3,286 2,953Payments -13,719 -14,715Transfer to V-GO disposal group (Note 2.8) -8,836 0Currency translation 1,483 977As at December 31 122,729 139,523Current 14,729 14,897Non-current 108,000 124,626The following are the amounts recognized in income statement:Depreciation expense of right-of-use assets -14,488 -14,243Interest expense on lease liabilities -3,286 -2,953Total amount recognized in profit and loss -17,774 -17,196Cash flow -13,825 -14,715Total cash outflow for leases -13,825 -14,715Depreciation for the financial year has been charged as:Research and development expenses -10,375 -11,732General and administrative expenses -4,113 -2,511Total -14,488 -14,243",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__83": {
   "value": "3.3  Right-of-use assets and lease liabilities  Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2022 133,371 1,623Additions 0 736Depreciation expense -13,710 -778Transfer to V-GO disposal group (Note 2.8) -8,128 0Currency translation 1,846 0As at December 31, 2022 113,379 1,581As at January 1, 2021 126,821 1,177Additions 18,677 1,512Depreciation expense -13,177 -1,066Currency translation 1,050 0As at December 31, 2021 133,371 1,623The Group leases office buildings, equipment and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has been made for a minimum period of 16 years with the oportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2022 2021As at January 1 139,523 130,119Additions 992 20,189Accretion of interest 3,286 2,953Payments -13,719 -14,715Transfer to V-GO disposal group (Note 2.8) -8,836 0Currency translation 1,483 977As at December 31 122,729 139,523Current 14,729 14,897Non-current 108,000 124,626The following are the amounts recognized in income statement:Depreciation expense of right-of-use assets -14,488 -14,243Interest expense on lease liabilities -3,286 -2,953Total amount recognized in profit and loss -17,774 -17,196Cash flow -13,825 -14,715Total cash outflow for leases -13,825 -14,715Depreciation for the financial year has been charged as:Research and development expenses -10,375 -11,732General and administrative expenses -4,113 -2,511Total -14,488 -14,243",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__82": {
   "value": "3.3  Right-of-use assets and lease liabilities  Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2022 133,371 1,623Additions 0 736Depreciation expense -13,710 -778Transfer to V-GO disposal group (Note 2.8) -8,128 0Currency translation 1,846 0As at December 31, 2022 113,379 1,581As at January 1, 2021 126,821 1,177Additions 18,677 1,512Depreciation expense -13,177 -1,066Currency translation 1,050 0As at December 31, 2021 133,371 1,623The Group leases office buildings, equipment and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has been made for a minimum period of 16 years with the oportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2022 2021As at January 1 139,523 130,119Additions 992 20,189Accretion of interest 3,286 2,953Payments -13,719 -14,715Transfer to V-GO disposal group (Note 2.8) -8,836 0Currency translation 1,483 977As at December 31 122,729 139,523Current 14,729 14,897Non-current 108,000 124,626The following are the amounts recognized in income statement:Depreciation expense of right-of-use assets -14,488 -14,243Interest expense on lease liabilities -3,286 -2,953Total amount recognized in profit and loss -17,774 -17,196Cash flow -13,825 -14,715Total cash outflow for leases -13,825 -14,715Depreciation for the financial year has been charged as:Research and development expenses -10,375 -11,732General and administrative expenses -4,113 -2,511Total -14,488 -14,243",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__81": {
   "value": "3.3  Right-of-use assets and lease liabilities  Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.Amounts recognized in the statement of financial positionThe statement of financial position shows the following amounts relating to right-of-use assets:Other Office fixtures and DKK thousandBuildingsfittingsAs at January 1, 2022 133,371 1,623Additions 0 736Depreciation expense -13,710 -778Transfer to V-GO disposal group (Note 2.8) -8,128 0Currency translation 1,846 0As at December 31, 2022 113,379 1,581As at January 1, 2021 126,821 1,177Additions 18,677 1,512Depreciation expense -13,177 -1,066Currency translation 1,050 0As at December 31, 2021 133,371 1,623The Group leases office buildings, equipment and vehicles. The rental contract for the HQ office building has been made for a minimum period of 13 years (terminable by the landlord after 15 years). Management has assessed the lease period to be 13 years. The rental contract for the US office site has been made for a minimum period of 16 years with the oportunity to sublease. Equipment and vehicles are leased over a period of 3-4 years with no extension option.Set out below are the carrying amounts of lease liabilities and the movements during the period:DKK thousand 2022 2021As at January 1 139,523 130,119Additions 992 20,189Accretion of interest 3,286 2,953Payments -13,719 -14,715Transfer to V-GO disposal group (Note 2.8) -8,836 0Currency translation 1,483 977As at December 31 122,729 139,523Current 14,729 14,897Non-current 108,000 124,626The following are the amounts recognized in income statement:Depreciation expense of right-of-use assets -14,488 -14,243Interest expense on lease liabilities -3,286 -2,953Total amount recognized in profit and loss -17,774 -17,196Cash flow -13,825 -14,715Total cash outflow for leases -13,825 -14,715Depreciation for the financial year has been charged as:Research and development expenses -10,375 -11,732General and administrative expenses -4,113 -2,511Total -14,488 -14,243",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfImpairmentOfAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__89": {
   "value": "Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLeasesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__87": {
   "value": "Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfNonfinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__86": {
   "value": "Accounting policiesZealand determines if an arrangement is a lease at inception. Zealand leases comprise various proper-ties and cars. Rental contracts are typically made for fixed periods. Lease terms are negotiated on an individual basis and contain a wide range of different terms and conditions. All leases are recognized in the balance sheet as a right-of-use (\"ROU\") asset with a corresponding lease liability, except for short term assets in which the lease term is 12 months or less, or low value assets.ROU assets represent Zealand's right to use an underlying asset for the lease term and lease liabilities represent Zealand's obligation to make lease payments arising from the lease. Liabilities arising from a lease are initially measured on a present value basis. Lease liabilities include the net present value of fixed payments, less any lease incentives. As Zealand's leases do not provide an implicit interest rate, Zealand uses an incremental borrowing rate based on the information available at the commencement date of the lease in determining the present value of lease payments. Lease terms utilized by Zealand may include options to extend or terminate the lease when it is reasonably certain that Zealand will exercise that option. In determining the lease term, management considers all facts and circumstances that create an economic incentive to exercise an extension option, or not exercise a termination option. Extension options (or periods after termination options) are only included in the lease term if the lease is reasonably certain to be extended (or not terminated). Interest expenses related to the lease liability are classified in financial items.ROU assets are measured at cost and include the amount of the initial measurement of lease liability, any lease payments made at or before the commencement date less any lease incentives received, any initial direct costs, and restoration costs. ROU assets are depreciated over the shorter of the asset's useful life and the lease term on a straight-line basis over the lease term. The ROU assets are also subject to impairment considerations. Refer to accounting policies in note 3.2.Payments associated with short-term leases and leases of low-value assets are recognized on a straight- line basis as an expense in the income statement. Short-term leases are leases with a lease term of 12 months or less and low-value assets comprise IT equipment and small items of office furniture.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForImpairmentOfFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__91": {
   "value": "Accounting policiesOther investments are measured at fair value on initial recognition and subsequently. Changes in fair value are recognized in the income statement under financial items.The Group\u2019s other investments consist of an investment in Beta Bionics, Inc., the developer of iLet\u2122, a fully integrated dual-hormone pump (bionic pancreas) for autonomous diabetes care. The investment in Beta Bionics, Inc. is measured at fair value through profit and loss. This investment represents 1.5 % (2021 :1.6%) ownership of Beta Bionics, Inc., and is measured at a fair value of DKK 30.9 million as of December 31, 2022 (DKK 26.9 million as of December 31, 2021).Zealand is using the share price determined in the most recent share capital issuances by Beta Bionics, adjusted for value infliction points, as an indicator of the fair value of the shares. In particular, Beta Bionics closed a series C financing in February, 2022, which is used as the basis for determining fair value",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInvestmentInAssociatesAndJointVenturesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__90": {
   "value": "3.4  Other investments  Accounting policiesOther investments are measured at fair value on initial recognition and subsequently. Changes in fair value are recognized in the income statement under financial items.The Group\u2019s other investments consist of an investment in Beta Bionics, Inc., the developer of iLet\u2122, a fully integrated dual-hormone pump (bionic pancreas) for autonomous diabetes care. The investment in Beta Bionics, Inc. is measured at fair value through profit and loss. This investment represents 1.5 % (2021 :1.6%) ownership of Beta Bionics, Inc., and is measured at a fair value of DKK 30.9 million as of December 31, 2022 (DKK 26.9 million as of December 31, 2021).Zealand is using the share price determined in the most recent share capital issuances by Beta Bionics, adjusted for value infliction points, as an indicator of the fair value of the shares. In particular, Beta Bionics closed a series C financing in February, 2022, which is used as the basis for determining fair value.The following have been recognized as financial items:DKK thousand 2022 2021Other investments at January 1 26,907 32,333Fair value adjustments 4,036 -5,426Other investments at December 31 30,943 26,907Reference is made to note 4.3 for fair value disclosures.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInvestmentsAccountedForUsingEquityMethodExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__93": {
   "value": "Accounting policiesRaw materials, work in progress and finished goods are measured at the lower of cost and net realiz- able value. Cost is determined on a first in, first out basis and comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of busi- ness less the estimated costs of completion and the estimated costs necessary to complete the sale.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalized but immedi- ately provided for, until there is a high probability of regulatory approval for the product. A write-down is made against inventory, and the cost is recognized in the income statement as research and devel- opment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.We review our inventory for excess or obsolescence and write down inventory that has no alternative uses to its net realizable. Economic conditions, customer demand and changes in purchasing and distribution can affect the carrying value of inventory. As circumstances warrant, we record provisions for potentially obsolete or slow-moving inventory and lower of cost or net realizable value inventory adjustments. In some instances, these adjustments can have a material effect on the financial results of an annual or interim period. In order to determine such adjustments, we evaluate the age, inventory turns, future sales forecasts and the estimated fair value of inventory.Cost of goods soldCost of goods sold includes raw materials, labor costs, manufacturing overhead expenses and reserves for anticipated scrap and inventory obsolescence ",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForMeasuringInventories",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__92": {
   "value": "3.5 Inventories  Accounting policiesRaw materials, work in progress and finished goods are measured at the lower of cost and net realiz- able value. Cost is determined on a first in, first out basis and comprises direct materials, direct labor and an appropriate proportion of variable and fixed overhead expenditure, the latter being allocated on the basis of normal operating capacity. Costs of purchased inventory are determined after deducting rebates and discounts. Net realizable value is the estimated selling price in the ordinary course of busi- ness less the estimated costs of completion and the estimated costs necessary to complete the sale.Inventory manufactured prior to regulatory approval (prelaunch inventory) is capitalized but immedi- ately provided for, until there is a high probability of regulatory approval for the product. A write-down is made against inventory, and the cost is recognized in the income statement as research and devel- opment costs. Once there is a high probability of regulatory approval being obtained, the write-down is reversed, up to no more than the original cost.We review our inventory for excess or obsolescence and write down inventory that has no alternative uses to its net realizable. Economic conditions, customer demand and changes in purchasing and distribution can affect the carrying value of inventory. As circumstances warrant, we record provisions for potentially obsolete or slow-moving inventory and lower of cost or net realizable value inventory adjustments. In some instances, these adjustments can have a material effect on the financial results of an annual or interim period. In order to determine such adjustments, we evaluate the age, inventory turns, future sales forecasts and the estimated fair value of inventory.Cost of goods soldCost of goods sold includes raw materials, labor costs, manufacturing overhead expenses and reserves for anticipated scrap and inventory obsolescence DKK thousand 2022 2021Raw materials 1,286 35,816Work in process 0 29,588Finished goods 0 53,032Total 1,286 118,436Write downs on inventory were comprised as follows:DKK thousand 2022 2021Accumulated write downs, January 1 -25,653 -27,409Write downs in the reporting period -45,547 -10,766Utilization of write downs 16,867 12,641Reversal of write downs 22,623 0Exchange differences -547 -119Accumulated write downs, December 31 -32,257 -25,653The write down and the reversal of write downs on inventory recognized in 2022 are included in other operating items. Please refer to note 2.7.  Management's judgements and estimatesWith the March 30, 2022, restructuring announcement an allowance for loss on Zegalogue raw mate-rials and finished goods of DKK 45.6 million were recognized due to uncertainties around the future sales channels for the product. The allowance is included as discontinued operations under other operating expenses as a restructuring cost. As all Zegalogue finished goods were transferred to Novo Nordisk as a result of the global license and development agreement announced in Q3, 2022, a partial reversal of the inventory allowance of DKK 22.6 million was recognized under other operating income from discontinued operations in 2022.As of December 31, 2022, Zegalogue related raw materials and semi-finished goods at costs amounts to DKK 33.6 million. Due to uncertainties whether the materials will be utilized in the production under the supply agreement with Novo Nordisk, management has estimated the net realizable value to be DKK 1.3 million. The estimated is based on current projections.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInventoriesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__96": {
   "value": "3.6  Trade and other receivables  Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2022 and December 31, 2021 is immaterial.Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are meas-ured at nominal value.DKK thousand 2022 2021Trade receivables 1,361 66,257Receivables related to collaboration agreements 56,431 6,768Prepaid expenses 63,088 81,082Deposits 9,409 12,638Other receivables 3,438 15,802Total other receivables 133,727 182,547Non-current  18,105 29,094Current 115,622 153,453",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__95": {
   "value": "3.6  Trade and other receivables  Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2022 and December 31, 2021 is immaterial.Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are meas-ured at nominal value.DKK thousand 2022 2021Trade receivables 1,361 66,257Receivables related to collaboration agreements 56,431 6,768Prepaid expenses 63,088 81,082Deposits 9,409 12,638Other receivables 3,438 15,802Total other receivables 133,727 182,547Non-current  18,105 29,094Current 115,622 153,453",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAllowanceForCreditLossesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__94": {
   "value": "3.6  Trade and other receivables  Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2022 and December 31, 2021 is immaterial.Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are meas-ured at nominal value.DKK thousand 2022 2021Trade receivables 1,361 66,257Receivables related to collaboration agreements 56,431 6,768Prepaid expenses 63,088 81,082Deposits 9,409 12,638Other receivables 3,438 15,802Total other receivables 133,727 182,547Non-current  18,105 29,094Current 115,622 153,453",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfPrepaymentsAndOtherAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__97": {
   "value": "Accounting policiesReceivables are designated as financial assets measured at amortized cost and are initially measured at fair value or transaction price and subsequently measured in the balance sheet at amortized cost, which generally corresponds to nominal value less expected credit loss provision. Zealand utilizes a simplified approach to measuring expected credit losses and uses a lifetime expected loss allowance for all receivables. To measure the expected credit losses, receivables have been grouped based on credit risk characteristics and the days past due. Expected credit losses as of December 31, 2022 and December 31, 2021 is immaterial.Prepaid expenses include expenditures related to a future financial period. Prepaid expenses are meas-ured at nominal value.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__98": {
   "value": "3.7  Other financial assets  Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.DKK thousand 2022 2021Other financial assets at January 1 0 0Additions during the year 6,573 0Fair value adjustments 319 0Currency adjustments 9 0Other financial assets at December 31 6,901 0Other financial assets comprise the sales-related milestones from the divestment of V-Go. A maximum of four milestones of USD 2.5 million each can be achieved under the contract based on annual sales. The fair value has been determined using the risk-adjusted net present value method using a discount rate of 10% and an estimated probability of 50% and 25% respectively to reach the first two sales-related milestones.Reference is made to note 4.3 for fair value disclosures.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAvailableforsaleAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__99": {
   "value": "3.8  Deferred revenue The Group has recognized the following liabilities related to contracts with customers.DKK thousand 2022 2021Deferred revenue at January 1 67,584 97,769Revenue recognized during the year -67,584 -30,185Total deferred revenue 0 67,584Non-current 0 14,551Current 0 53,033Total deferred revenue 0  67,584Deferred revenue occurred in connection with the agreement with Alexion Pharmaceuticals, Inc. as disclosed in Note 6.8. An up-front payment of DKK 177.3 million was received of which DKK 67.6 million has been recognized during DKK 2022 (2021: DKK 30.2  million and 2020: DKK 42.9 million).All performance obligations associated with the upfront payment have been delivered by December 31, 2022. Future services delivered under the agreement with Alexion Pharmaceuticals will be compensated on a time and material basis.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__100": {
   "value": "3.9  Trade and other payables  Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.Discount and rebate liabilities represent amounts payable or credited to customers, usually based on the quantity or value of product sales to the customer for specific products in a certain period. Product sales rebates, which relate to product sales that occur over a period of time, are normally issued retro-spectively. At the time product sales are invoiced, rebates and deductions that the Group expects to pay, are estimated. These rebates typically arise from sales contracts with government agencies, wholesalers, retail pharmacies, Managed Care and other customers, which are recorded at the time the related revenues are recorded or when the incentives are offered.DKK thousand 2022 2021Trade payables 53,156 88,996Employee benefits 58,348 84,800Accruals development projects 34,063 22,547Payable treasury shares 41,600 41,600Discount and rebate liabilities 2,201 28,695Other payables 10,452 18,175Total trade and other payables 199.820 284,813Non-current 19,058 18,426Current 180,762 266,387",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAccruedExpensesAndOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__101": {
   "value": "3.9  Trade and other payables  Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.Discount and rebate liabilities represent amounts payable or credited to customers, usually based on the quantity or value of product sales to the customer for specific products in a certain period. Product sales rebates, which relate to product sales that occur over a period of time, are normally issued retro-spectively. At the time product sales are invoiced, rebates and deductions that the Group expects to pay, are estimated. These rebates typically arise from sales contracts with government agencies, wholesalers, retail pharmacies, Managed Care and other customers, which are recorded at the time the related revenues are recorded or when the incentives are offered.DKK thousand 2022 2021Trade payables 53,156 88,996Employee benefits 58,348 84,800Accruals development projects 34,063 22,547Payable treasury shares 41,600 41,600Discount and rebate liabilities 2,201 28,695Other payables 10,452 18,175Total trade and other payables 199.820 284,813Non-current 19,058 18,426Current 180,762 266,387",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__102": {
   "value": "3.9  Trade and other payables  Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.Discount and rebate liabilities represent amounts payable or credited to customers, usually based on the quantity or value of product sales to the customer for specific products in a certain period. Product sales rebates, which relate to product sales that occur over a period of time, are normally issued retro-spectively. At the time product sales are invoiced, rebates and deductions that the Group expects to pay, are estimated. These rebates typically arise from sales contracts with government agencies, wholesalers, retail pharmacies, Managed Care and other customers, which are recorded at the time the related revenues are recorded or when the incentives are offered.DKK thousand 2022 2021Trade payables 53,156 88,996Employee benefits 58,348 84,800Accruals development projects 34,063 22,547Payable treasury shares 41,600 41,600Discount and rebate liabilities 2,201 28,695Other payables 10,452 18,175Total trade and other payables 199.820 284,813Non-current 19,058 18,426Current 180,762 266,387",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherNoncurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__103": {
   "value": "3.9  Trade and other payables  Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.Discount and rebate liabilities represent amounts payable or credited to customers, usually based on the quantity or value of product sales to the customer for specific products in a certain period. Product sales rebates, which relate to product sales that occur over a period of time, are normally issued retro-spectively. At the time product sales are invoiced, rebates and deductions that the Group expects to pay, are estimated. These rebates typically arise from sales contracts with government agencies, wholesalers, retail pharmacies, Managed Care and other customers, which are recorded at the time the related revenues are recorded or when the incentives are offered.DKK thousand 2022 2021Trade payables 53,156 88,996Employee benefits 58,348 84,800Accruals development projects 34,063 22,547Payable treasury shares 41,600 41,600Discount and rebate liabilities 2,201 28,695Other payables 10,452 18,175Total trade and other payables 199.820 284,813Non-current 19,058 18,426Current 180,762 266,387",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherCurrentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__104": {
   "value": "3.9  Trade and other payables  Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.Discount and rebate liabilities represent amounts payable or credited to customers, usually based on the quantity or value of product sales to the customer for specific products in a certain period. Product sales rebates, which relate to product sales that occur over a period of time, are normally issued retro-spectively. At the time product sales are invoiced, rebates and deductions that the Group expects to pay, are estimated. These rebates typically arise from sales contracts with government agencies, wholesalers, retail pharmacies, Managed Care and other customers, which are recorded at the time the related revenues are recorded or when the incentives are offered.DKK thousand 2022 2021Trade payables 53,156 88,996Employee benefits 58,348 84,800Accruals development projects 34,063 22,547Payable treasury shares 41,600 41,600Discount and rebate liabilities 2,201 28,695Other payables 10,452 18,175Total trade and other payables 199.820 284,813Non-current 19,058 18,426Current 180,762 266,387",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__106": {
   "value": "Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.Discount and rebate liabilities represent amounts payable or credited to customers, usually based on the quantity or value of product sales to the customer for specific products in a certain period. Product sales rebates, which relate to product sales that occur over a period of time, are normally issued retro-spectively. At the time product sales are invoiced, rebates and deductions that the Group expects to pay, are estimated. These rebates typically arise from sales contracts with government agencies, wholesalers, retail pharmacies, Managed Care and other customers, which are recorded at the time the related revenues are recorded or when the incentives are offered.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDiscountsAndRebatesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__105": {
   "value": "Accounting policiesPlease refer to accounting policies for financial assets and liabillities in note 4.3.Discount and rebate liabilities represent amounts payable or credited to customers, usually based on the quantity or value of product sales to the customer for specific products in a certain period. Product sales rebates, which relate to product sales that occur over a period of time, are normally issued retro-spectively. At the time product sales are invoiced, rebates and deductions that the Group expects to pay, are estimated. These rebates typically arise from sales contracts with government agencies, wholesalers, retail pharmacies, Managed Care and other customers, which are recorded at the time the related revenues are recorded or when the incentives are offered.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTradeAndOtherPayablesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__108": {
   "value": "4.1  Capital managementCapital ManagementZealand\u2019s goal is to maintain a strong capital base to maintain investor, creditor and market confidence, and a continuous advancement of Zealand\u2019s product pipeline and business in general. Zealand is primarily financed through capital increases, long-term borrowings and partnership collaboration income. The Group had, as of December 31, 2022, a cash position of DKK 1,069.2 million of which DKK 348.6 million was subject to certain conditions as described in note 4.4. The cash position supports the advancement of our product pipeline and operations.The adequacy of our available funds will depend on varius factors, including progress in our research and development programs, our commitments to existing and new clinical collaborators, our ability to establish commercial and licensing arrangements, our capital expenditures, market developments, and any future partnerships and acquisitions. Accordingly, we plan to raise additional funds through equity or debt financ-ings, collaborative agreements with partners, or from other sources. At the Zealand Annual Meeting held on April 6, 2022, the shareholders authorized the company to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136 without pre-emption rights for existing shareholders in accordance with the  Company\u2019s Articles of Association. This authorization covers the period until 15 April 2026, but has not been utilized as of December 31, 2022. At the annual general meeting on April 2, 2020 Zealand was authorized to increase the share capital by nominally DKK 9,013,665 during the period until April 2, 2025. At December 31, 2022 nomi-nally DKK 1,630,000 of the authorization remains.In December 2021 Zealand entered a USD 100.0 million long term borrowings agreement with Oberland. The loan was amended and partially repaid during 2022. Please refer to note 4.6 for further details. In June of 2022 the company received gross proceeds of DKK 274.8 million from a directed issue and private placement. Zealand issued a total of 2,892,368 new shares at a subscription price of DKK 95 per share. In October 2022, the company received gross proceeds of DKK 786 million from a directed issue and private placement. Zealand issued a total of 4,975,000 new shares at a subscription price of DKK 158 per share. In August 2022, the company announced Voluntary Delisting of American Depositary Shares from the U.S.-Based Nasdaq Global Select Market. The delisting was completed during Q4 2022.The Company and the Board of Directors monitors the share and capital structure to ensure that Zealand\u2019s capital resources support the strategic goals. There was no change in the group\u2019s approach to capital management procedures in 2022. Neither Zealand Pharma A/S nor any of its subsidiaries are subject to exter-nally imposed capital requirements other than the conditions related to the borrowing agreement (note 4.6).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfObjectivesPoliciesAndProcessesForManagingCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__107-1": {
   "value": "4.1 <span class=\"_ _147\"> </span>Capital managementCapital ManagementZeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s go<span class=\"_ _0\"></span>al is to m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ain a s<span class=\"_ _0\"></span>tron<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al b<span class=\"_ _0\"></span>ase to m<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ain i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>tor<span class=\"_ _3\"></span>, credi<span class=\"_ _0\"></span>tor and m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket confi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nce, a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span> contin<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>us ad<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>ncem<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>ipe<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess i<span class=\"_ _0\"></span>n ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>ral<span class=\"_ _0\"></span>. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd is p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ari<span class=\"_ _0\"></span>ly fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>nced<span class=\"_ _0\"></span> thro<span class=\"_ _0\"></span>ugh c<span class=\"_ _0\"></span>ap<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>l incre<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s, l<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>g-term bo<span class=\"_ _0\"></span>rrowi<span class=\"_ _0\"></span>ngs a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>tn<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>shi<span class=\"_ _0\"></span>p coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e. T<span class=\"_ _0\"></span>he G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up ha<span class=\"_ _0\"></span>d, a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, a ca<span class=\"_ _0\"></span>sh po<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on of D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>,069.<span class=\"_ _0\"></span>2 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n of wh<span class=\"_ _0\"></span>ich D<span class=\"_ _0\"></span>KK 3<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>.6 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n wa<span class=\"_ _0\"></span>s subj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t to cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>in cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns as d<span class=\"_ _0\"></span>esc<span class=\"_ _0\"></span>rib<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>n note 4.4<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e ca<span class=\"_ _0\"></span>sh p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>on su<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s the a<span class=\"_ _0\"></span>dv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ceme<span class=\"_ _0\"></span>nt of o<span class=\"_ _0\"></span>ur pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct p<span class=\"_ _0\"></span>ipe<span class=\"_ _0\"></span>lin<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d operations.Th<span class=\"_ _0\"></span>e ad<span class=\"_ _0\"></span>eq<span class=\"_ _0\"></span>uac<span class=\"_ _0\"></span>y of o<span class=\"_ _0\"></span>ur ava<span class=\"_ _0\"></span>ila<span class=\"_ _0\"></span>ble f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds wi<span class=\"_ _0\"></span>ll de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd o<span class=\"_ _0\"></span>n va<span class=\"_ _0\"></span>riu<span class=\"_ _0\"></span>s fac<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s, in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g pro<span class=\"_ _0\"></span>gres<span class=\"_ _0\"></span>s in ou<span class=\"_ _0\"></span>r rese<span class=\"_ _0\"></span>arch a<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span> deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>ms<span class=\"_ _0\"></span>, our co<span class=\"_ _0\"></span>mmi<span class=\"_ _0\"></span>tme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s to exis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g and n<span class=\"_ _0\"></span>ew cli<span class=\"_ _0\"></span>nic<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rator<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>ur ab<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y to est<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>lis<span class=\"_ _0\"></span>h comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>l an<span class=\"_ _0\"></span>d lice<span class=\"_ _0\"></span>nsin<span class=\"_ _0\"></span>g ar<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s, o<span class=\"_ _0\"></span>ur c<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>diture<span class=\"_ _0\"></span>s, m<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ket deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d any f<span class=\"_ _0\"></span>uture<span class=\"_ _0\"></span> par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ner<span class=\"_ _0\"></span>sh<span class=\"_ _0\"></span>ips a<span class=\"_ _0\"></span>nd acq<span class=\"_ _0\"></span>uis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>. Accord<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>ly, we plan to ra<span class=\"_ _0\"></span>ise a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal f<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>ds th<span class=\"_ _0\"></span>roug<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>r deb<span class=\"_ _0\"></span>t fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>c<span class=\"ls2\">-</span>ing<span class=\"_ _0\"></span>s, co<span class=\"_ _0\"></span>lla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ve agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s w<span class=\"_ _0\"></span>ith pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, or f<span class=\"_ _0\"></span>rom oth<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>ource<span class=\"_ _0\"></span>s.<span class=\"_ _0\"></span> At the Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd A<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ual M<span class=\"_ _0\"></span>eet<span class=\"_ _0\"></span>ing h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>d on A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 6, 202<span class=\"_ _0\"></span>2, th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>reh<span class=\"_ _0\"></span>old<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s auth<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ized the co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>any to iss<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span> conver<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ble d<span class=\"_ _0\"></span>ebt i<span class=\"_ _0\"></span>nst<span class=\"_ _0\"></span>rum<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s w<span class=\"_ _0\"></span>ith acces<span class=\"_ _0\"></span>s to conver<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n to sha<span class=\"_ _0\"></span>res in th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny of up to a total o<span class=\"_ _0\"></span>f nom<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ally<span class=\"_ _0\"></span> DKK 10,<span class=\"_ _0\"></span>850,<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>36 wi<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>ut pre-<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n rig<span class=\"_ _0\"></span>ht<span class=\"_ _0\"></span>s for exi<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>ho<span class=\"_ _0\"></span>lde<span class=\"_ _0\"></span>rs in a<span class=\"_ _0\"></span>ccorda<span class=\"_ _0\"></span>nce wi<span class=\"_ _0\"></span>th the  C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>\u2019s Ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>cles of A<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is aut<span class=\"_ _0\"></span>hor<span class=\"_ _0\"></span>izati<span class=\"_ _0\"></span>on cover<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d unt<span class=\"_ _0\"></span>il 1<span class=\"_ _0\"></span>5 Ap<span class=\"_ _0\"></span>ril 2026<span class=\"_ _0\"></span>, but h<span class=\"_ _0\"></span>as n<span class=\"_ _0\"></span>ot be<span class=\"_ _0\"></span>en ut<span class=\"_ _0\"></span>ilized a<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>. At th<span class=\"_ _0\"></span>e ann<span class=\"_ _0\"></span>ual g<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>eeti<span class=\"_ _0\"></span>ng o<span class=\"_ _0\"></span>n Ap<span class=\"_ _0\"></span>ril 2<span class=\"_ _0\"></span>, 2020 Zeala<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>as au<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>rized to in<span class=\"_ _0\"></span>creas<span class=\"_ _0\"></span>e the<span class=\"_ _0\"></span> sha<span class=\"_ _0\"></span>re cap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al by n<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nal<span class=\"_ _0\"></span>ly DK<span class=\"_ _0\"></span>K 9,013<span class=\"_ _0\"></span>,665 d<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d unt<span class=\"_ _0\"></span>il A<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>l 2, 2025<span class=\"_ _0\"></span>. At D<span class=\"_ _0\"></span>ecem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 31, 202<span class=\"_ _0\"></span>2 no<span class=\"_ _0\"></span>mi<span class=\"ls2\">-</span>nal<span class=\"_ _0\"></span>ly DKK 1<span class=\"_ _0\"></span>,6<span class=\"_ _0\"></span>30,0<span class=\"_ _0\"></span>00 o<span class=\"_ _0\"></span>f the a<span class=\"_ _0\"></span>utho<span class=\"_ _0\"></span>riz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rema<span class=\"_ _0\"></span>ins<span class=\"_ _0\"></span>.In De<span class=\"_ _0\"></span>cem<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r 2021 Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d ente<span class=\"_ _0\"></span>red a U<span class=\"_ _0\"></span>SD 100<span class=\"_ _0\"></span>.0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n lon<span class=\"_ _0\"></span>g term b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ob<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e loa<span class=\"_ _0\"></span>n was a<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nde<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>d pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tia<span class=\"_ _0\"></span>lly rep<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>ing 202<span class=\"_ _0\"></span>2. Pl<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e refer to note 4<span class=\"_ _0\"></span>.6 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r det<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span> In Ju<span class=\"_ _0\"></span>ne of 202<span class=\"_ _0\"></span>2 the com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny recei<span class=\"_ _0\"></span>ved g<span class=\"_ _0\"></span>ross p<span class=\"_ _0\"></span>roce<span class=\"_ _0\"></span>eds o<span class=\"_ _0\"></span>f DKK 274.8 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n from a d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>ted i<span class=\"_ _0\"></span>ssu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>acem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d a total o<span class=\"_ _0\"></span>f 2,8<span class=\"_ _0\"></span>92,<span class=\"_ _0\"></span>368 n<span class=\"_ _0\"></span>ew sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s at a subs<span class=\"_ _0\"></span>cript<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>ce of DKK 95 p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>. In<span class=\"_ _0\"></span> Oc<span class=\"_ _0\"></span>tobe<span class=\"_ _0\"></span>r 2022, t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny recei<span class=\"_ _0\"></span>ved g<span class=\"_ _0\"></span>ross p<span class=\"_ _0\"></span>rocee<span class=\"_ _0\"></span>ds of D<span class=\"_ _0\"></span>KK 78<span class=\"_ _0\"></span>6 mill<span class=\"_ _0\"></span>ion f<span class=\"_ _0\"></span>rom a d<span class=\"_ _0\"></span>irec<span class=\"_ _0\"></span>ted is<span class=\"_ _0\"></span>su<span class=\"_ _0\"></span>e and p<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vate pl<span class=\"_ _0\"></span>acem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is<span class=\"_ _0\"></span>sue<span class=\"_ _0\"></span>d a total o<span class=\"_ _0\"></span>f 4,975,0<span class=\"_ _0\"></span>00 n<span class=\"_ _0\"></span>ew sh<span class=\"_ _0\"></span>ares at a s<span class=\"_ _0\"></span>ubs<span class=\"_ _0\"></span>cripti<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>rice of D<span class=\"_ _0\"></span>KK 1<span class=\"_ _0\"></span>58 p<span class=\"_ _0\"></span>er s<span class=\"_ _0\"></span>hare<span class=\"_ _0\"></span>. In Au<span class=\"_ _0\"></span>gus<span class=\"_ _0\"></span>t 2022<span class=\"_ _0\"></span>, the com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny ann<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nced Volu<span class=\"_ _0\"></span>nta<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y D<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>ng of A<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>can D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>ita<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y Sh<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>s from th<span class=\"_ _0\"></span>e U.<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>.-Bas<span class=\"_ _0\"></span>ed N<span class=\"_ _0\"></span>asd<span class=\"_ _0\"></span>aq G<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>bal S<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>t Mar<span class=\"_ _0\"></span>ket. T<span class=\"_ _0\"></span>he d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ing w<span class=\"_ _0\"></span>as com<span class=\"_ _0\"></span>plete<span class=\"_ _0\"></span>d dur<span class=\"_ _0\"></span>ing Q<span class=\"_ _0\"></span>4 2022<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e Com<span class=\"_ _0\"></span>pany a<span class=\"_ _0\"></span>nd t<span class=\"_ _0\"></span>he B<span class=\"_ _0\"></span>oard o<span class=\"_ _0\"></span>f Dire<span class=\"_ _0\"></span>cto<span class=\"_ _0\"></span>rs m<span class=\"_ _0\"></span>onito<span class=\"_ _0\"></span>rs th<span class=\"_ _0\"></span>e sha<span class=\"_ _0\"></span>re an<span class=\"_ _0\"></span>d ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al s<span class=\"_ _0\"></span>tru<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>re to ensu<span class=\"_ _0\"></span>re that Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s cap<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>al res<span class=\"_ _0\"></span>ource<span class=\"_ _0\"></span>s sup<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>t the s<span class=\"_ _0\"></span>trate<span class=\"_ _0\"></span>gic g<span class=\"_ _0\"></span>oal<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>re was n<span class=\"_ _0\"></span>o cha<span class=\"_ _0\"></span>nge i<span class=\"_ _0\"></span>n the g<span class=\"_ _0\"></span>roup\u2019s ap<span class=\"_ _0\"></span>pro<span class=\"_ _0\"></span>ach to ca<span class=\"_ _0\"></span>pit<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span> man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roced<span class=\"_ _0\"></span>ures i<span class=\"_ _0\"></span>n 2022. N<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r Zeal<span class=\"_ _0\"></span>and P<span class=\"_ _0\"></span>ha<span class=\"_ _0\"></span>rma A<span class=\"_ _0\"></span>/S n<span class=\"_ _0\"></span>or a<span class=\"_ _0\"></span>ny of it<span class=\"_ _0\"></span>s sub<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>iar<span class=\"_ _0\"></span>ies a<span class=\"_ _0\"></span>re sub<span class=\"_ _0\"></span>jec<span class=\"_ _0\"></span>t to ex<span class=\"_ _0\"></span>ter<span class=\"_ _3\"></span><span class=\"ls2\">-</span>nal<span class=\"_ _0\"></span>ly imp<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ed c<span class=\"_ _0\"></span>apit<span class=\"_ _0\"></span>al re<span class=\"_ _0\"></span>qu<span class=\"_ _0\"></span>irem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s oth<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>han t<span class=\"_ _0\"></span>he con<span class=\"_ _0\"></span>diti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ated to the b<span class=\"_ _0\"></span>orro<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent (n<span class=\"_ _0\"></span>ote 4.6).4.2 <span class=\"_ _171\"> </span>Financial risksZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to var<span class=\"_ _0\"></span>iou<span class=\"_ _0\"></span>s fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cial r<span class=\"_ _0\"></span>isk<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>ng fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rate ris<span class=\"_ _0\"></span>k<span class=\"_ _0\"></span>, credi<span class=\"_ _0\"></span>t risk and liquidity risk.Th<span class=\"_ _0\"></span>e obj<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>ve of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d\u2019s f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y is to red<span class=\"_ _0\"></span>uce the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up\u2019s sen<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>vit<span class=\"_ _0\"></span>y to f<span class=\"_ _0\"></span>luc<span class=\"_ _0\"></span>tua- tio<span class=\"_ _0\"></span>ns in exch<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ge rates<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rates<span class=\"_ _0\"></span>, cred<span class=\"_ _0\"></span>it rati<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y. Zeala<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n en<span class=\"_ _0\"></span>do<span class=\"_ _0\"></span>rse<span class=\"_ _0\"></span>d by Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s Aud<span class=\"_ _0\"></span>it Com<span class=\"_ _0\"></span>mit<span class=\"_ _0\"></span>tee a<span class=\"_ _0\"></span>nd ult<span class=\"_ _0\"></span>imatel<span class=\"_ _0\"></span>y app<span class=\"_ _0\"></span>roved by Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s Bo<span class=\"_ _0\"></span>ard of D<span class=\"_ _0\"></span>ire<span class=\"_ _0\"></span>c- tor<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>.Exchange<span class=\"_ _3\"></span> rate<span class=\"_ _3\"></span> riskMos<span class=\"_ _0\"></span>t of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d\u2019s f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns are i<span class=\"_ _0\"></span>n DKK<span class=\"_ _1\"></span>, USD an<span class=\"_ _0\"></span>d EUR<span class=\"_ _0\"></span>.Du<span class=\"_ _0\"></span>e to Den<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>rk<span class=\"_ _1\"></span>\u2019s long-st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g fi<span class=\"_ _0\"></span>xed exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy v<span class=\"_ _0\"></span>is-\u00e0-vis the EUR<span class=\"_ _0\"></span>, Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as eva<span class=\"_ _0\"></span>luate<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>ere i<span class=\"_ _0\"></span>s no mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>osure o<span class=\"_ _0\"></span>r excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rate ris<span class=\"_ _0\"></span>k reg<span class=\"_ _0\"></span>ardi<span class=\"_ _0\"></span>ng tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in EU<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>d in fore<span class=\"_ _0\"></span>ign cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncie<span class=\"_ _0\"></span>s, n<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ely U<span class=\"_ _0\"></span>SD an<span class=\"_ _0\"></span>d EUR<span class=\"_ _0\"></span>. H<span class=\"_ _0\"></span>oweve<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, as mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s are u<span class=\"_ _0\"></span>npre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le in ter<span class=\"_ _0\"></span>ms of tim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, th<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are not i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ic exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk e<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>uatio<span class=\"_ _0\"></span>n.Curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>gard<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>ur U<span class=\"_ _0\"></span>S act<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d by hav<span class=\"_ _0\"></span>ing re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses i<span class=\"_ _0\"></span>n the sam<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy. An on<span class=\"_ _0\"></span>goi<span class=\"_ _0\"></span>ng e<span class=\"_ _0\"></span>xpo<span class=\"_ _0\"></span>sure as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ssm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s cond<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ted.A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s cl<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>nd toxico<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>y st<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>es aro<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d the wo<span class=\"_ _0\"></span>rld a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es in U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk<span class=\"_ _0\"></span>s as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ted curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y, which is p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ily USD b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on vo<span class=\"_ _0\"></span>lum<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d flu<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>nst D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>. T<span class=\"_ _2\"></span>o d<span class=\"_ _0\"></span>ate, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s pol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e the tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>nd tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>isk a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d with t<span class=\"_ _0\"></span>he US<span class=\"_ _0\"></span>D pas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vely, by havin<span class=\"_ _0\"></span>g a po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up's cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>uiv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in a US<span class=\"_ _0\"></span>D account to cover f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re paym<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s den<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>i-nated i<span class=\"_ _0\"></span>n USD.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d hol<span class=\"_ _0\"></span>ds DK<span class=\"_ _0\"></span>K 46<span class=\"_ _0\"></span>0.4 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n (2021<span class=\"_ _0\"></span>: DKK 8<span class=\"_ _0\"></span>62.9 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n) of it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>sh in US<span class=\"_ _0\"></span>D. Of th<span class=\"_ _0\"></span>ese D<span class=\"_ _0\"></span>KK 3<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>.6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (U<span class=\"_ _0\"></span>SD 50 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on) is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to cert<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns (note 4.<span class=\"_ _0\"></span>4). Addit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as a f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al de<span class=\"_ _0\"></span>bt of DK<span class=\"_ _0\"></span>K 336<span class=\"_ _0\"></span>.8 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves of D<span class=\"_ _0\"></span>KK 8<span class=\"_ _0\"></span>0.6 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n, both d<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nated i<span class=\"_ _0\"></span>n USD.Interest rate riskZeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as a p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy o<span class=\"_ _0\"></span>f avoid<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at exp<span class=\"_ _0\"></span>ose th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup to an<span class=\"_ _0\"></span>y unin<span class=\"_ _0\"></span>tend<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>n-cial risks.Dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 2022, a<span class=\"_ _0\"></span>ll ca<span class=\"_ _0\"></span>sh ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en h<span class=\"_ _0\"></span>eld i<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>nt ba<span class=\"_ _0\"></span>nk acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s in US<span class=\"_ _0\"></span>D, EUR and D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t rates o<span class=\"_ _0\"></span>n ban<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n low to ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve for an e<span class=\"_ _0\"></span>xten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od of t<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>, but h<span class=\"_ _0\"></span>ave ris<span class=\"_ _0\"></span>en in l<span class=\"_ _0\"></span>ate 2022 wi<span class=\"_ _0\"></span>th the worl<span class=\"_ _2\"></span>dwide changes t<span class=\"_ _3\"></span>o the<span class=\"_ _3\"></span> economical lands<span class=\"_ _3\"></span>cape.Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as inve<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d in low-ri<span class=\"_ _0\"></span>sk ma<span class=\"_ _0\"></span>rketa<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup\u2019s ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es com<span class=\"_ _0\"></span>pany b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>set b<span class=\"_ _0\"></span>acked s<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es in U<span class=\"_ _0\"></span>SD. All b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds h<span class=\"_ _0\"></span>eld a<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date matu<span class=\"_ _0\"></span>res wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>irs<span class=\"_ _0\"></span>t thre<span class=\"_ _0\"></span>e mo<span class=\"_ _0\"></span>nths o<span class=\"_ _0\"></span>f 2023<span class=\"_ _0\"></span>.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d has b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g to DKK 33<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>8 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2021: D<span class=\"_ _0\"></span>KK 65<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>1 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n), emb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing to D<span class=\"_ _0\"></span>KK 80.<span class=\"_ _0\"></span>6 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2021: D<span class=\"_ _0\"></span>KK 0) an<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es amo<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>ng to DK<span class=\"_ _0\"></span>K 12<span class=\"_ _0\"></span>2.7 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion (202<span class=\"_ _0\"></span>1: DK<span class=\"_ _0\"></span>K 1<span class=\"_ _0\"></span>39.5 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on). Bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs is m<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at a fixe<span class=\"_ _0\"></span>d intere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate at 14.<span class=\"_ _0\"></span>3%<span class=\"_ _0\"></span>. Cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t rates h<span class=\"_ _0\"></span>as an ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>. Ple<span class=\"_ _0\"></span>ase refer to note 4.<span class=\"_ _0\"></span>6 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. An in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rates wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>ted in a i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se in i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me fro<span class=\"_ _0\"></span>m the g<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>.Credit riskZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to credi<span class=\"_ _0\"></span>t risk i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>nk ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nces a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>um credi<span class=\"_ _0\"></span>t risk co<span class=\"_ _0\"></span>rres<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s to the ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>lieve<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t credi<span class=\"_ _0\"></span>t risk i<span class=\"_ _0\"></span>s lim<span class=\"_ _0\"></span>ited<span class=\"_ _0\"></span>, as th<span class=\"_ _0\"></span>e counter<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies to th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>de re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re la<span class=\"_ _0\"></span>rge g<span class=\"_ _0\"></span>lob<span class=\"_ _0\"></span>al ph<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>mace<span class=\"_ _0\"></span>utic<span class=\"_ _0\"></span>al com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ler<span class=\"_ _0\"></span>s.Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>re not d<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d to be su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to cre<span class=\"_ _0\"></span>dit ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span>, as th<span class=\"_ _0\"></span>e counte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s are ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>s with i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>- me<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>de r<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>gs (i.e<span class=\"_ _0\"></span>. BB<span class=\"_ _0\"></span>B- or h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>rom St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard &amp; Po<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>\u2019s).Liquidity riskTh<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rpo<span class=\"_ _0\"></span>se of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s cas<span class=\"_ _0\"></span>h man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent is to e<span class=\"_ _0\"></span>nsure t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>lexib<span class=\"_ _0\"></span>le fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial re<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>urces at it<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l at all ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span>rm li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>tored by m<span class=\"_ _0\"></span>ean<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>\u2019s qua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>terl<span class=\"_ _0\"></span>y bud<span class=\"_ _0\"></span>get revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s to bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce the d<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>and fo<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>ize the Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny\u2019s in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me by m<span class=\"_ _0\"></span>atching its f<span class=\"_ _0\"></span>ree c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h in fi<span class=\"_ _0\"></span>xed-rate, f<span class=\"_ _0\"></span>ixe<span class=\"_ _0\"></span>d-term ban<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s and b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds w<span class=\"_ _0\"></span>ith it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h bur<span class=\"_ _0\"></span>n.Refere<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e to goin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cern con<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in n<span class=\"_ _0\"></span>ote 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n of the g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g conc<span class=\"_ _2\"></span>ern assessment.Sensitivit<span class=\"_ _0\"></span>y analysisTh<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>how<span class=\"_ _0\"></span>s the ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>/los<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y of rea<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>ly li<span class=\"_ _0\"></span>kely ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>ria-ble<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l pos<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n.2022<span class=\"_ _1d8\"> </span><span class=\"ff3 fc1\">2021</span>DKK thousand<span class=\"_ _af\"> </span>Fluctuation<span class=\"_ _93\"> </span>Effect<span class=\"_ _18c\"> </span>Fluctuation<span class=\"_ _52\"> </span>EffectUSD<span class=\"_ _1d9\"> </span>+10%<span class=\"_ _32\"> </span>21,209<span class=\"_ _4a\"> </span>+10%<span class=\"_ _32\"> </span>20,675Contractual maturity (liquidit<span class=\"_ _0\"></span>y risk)A brea<span class=\"_ _0\"></span>kdown o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ris<span class=\"_ _0\"></span>k on fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s is gi<span class=\"_ _0\"></span>ven b<span class=\"_ _0\"></span>elow.Th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g ta<span class=\"_ _0\"></span>ble d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s rem<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>aturit<span class=\"_ _1\"></span>y for it<span class=\"_ _0\"></span>s fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith agre<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the u<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nted ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows fo<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an- cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e ear<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>st d<span class=\"_ _0\"></span>ate on wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>d to pay. The t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s both i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s. T<span class=\"_ _2\"></span>o t<span class=\"_ _0\"></span>he ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ic ti<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>g of intere<span class=\"_ _0\"></span>st o<span class=\"_ _0\"></span>r pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pal f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s is de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n futu<span class=\"_ _0\"></span>re event<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>\u2019s be<span class=\"_ _0\"></span>st e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate of such ti<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>g at th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of the re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e ear<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>st d<span class=\"_ _0\"></span>ate on whi<span class=\"_ _0\"></span>ch the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up may b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>d to pay.With th<span class=\"_ _0\"></span>e excepti<span class=\"_ _0\"></span>on of l<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span>re are n<span class=\"_ _0\"></span>o interes<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows to b<span class=\"_ _0\"></span>e incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>elow fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e exis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s as th<span class=\"_ _0\"></span>ey are n<span class=\"_ _0\"></span>ot intere<span class=\"_ _0\"></span>st-beari<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Carrying DKK thousand<span class=\"_ _12\"> </span>&lt; 12 months<span class=\"_ _4f\"> </span>1-5 Years<span class=\"_ _38\"> </span>&gt; 5 Y<span class=\"_ _2\"></span>ears<span class=\"_ _128\"> </span>T<span class=\"_ _2\"></span>otalamountBorrowings including  embedded derivatives<span class=\"_ _179\"> </span>260,970<span class=\"_ _10d\"> </span>191,515<span class=\"_ _2f\"> </span>37<span class=\"_ _2\"></span>,996<span class=\"_ _29\"> </span>490,<span class=\"_ _2\"></span>481<span class=\"_ _29\"> </span>401,346Leasing liabilities<span class=\"_ _1da\"> </span>14<span class=\"_ _2\"></span>,995<span class=\"_ _da\"> </span>59,553<span class=\"_ _32\"> </span>62,237<span class=\"_ _48\"> </span>136,785<span class=\"_ _48\"> </span>122,<span class=\"_ _2\"></span>729T<span class=\"_ _71\"></span>rade and other payables<span class=\"_ _e\"> </span>180,762<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>19,<span class=\"_ _2\"></span>058<span class=\"_ _20\"> </span>199,820<span class=\"_ _29\"> </span>199,820T<span class=\"_ _71\"></span>otal financial liabilities  at December 31, 2022<span class=\"_ _1db\"> </span>456,727<span class=\"_ _46\"> </span>251,068<span class=\"_ _25\"> </span>119,291<span class=\"_ _46\"> </span>827<span class=\"_ _2\"></span>,086<span class=\"_ _46\"> </span>723,895Borrowings<span class=\"_ _1d2\"> </span>50,954<span class=\"_ _33\"> </span>252,042<span class=\"_ _2e\"> </span>736,<span class=\"_ _2\"></span>410<span class=\"_ _42\"> </span>1,039<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>406<span class=\"_ _29\"> </span>647<span class=\"_ _2\"></span>,906Leasing liabilities<span class=\"_ _1dc\"> </span><span class=\"ls14 ws18\">14,60<span class=\"_ _0\"></span>8<span class=\"_ _32\"> </span></span>62,558<span class=\"_ _30\"> </span>75,<span class=\"_ _2\"></span>415<span class=\"_ _120\"> </span>152,581<span class=\"_ _48\"> </span>139<span class=\"_ _2\"></span>,523T<span class=\"_ _71\"></span>rade and other payables<span class=\"_ _19\"> </span>266,387<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>18,<span class=\"_ _71\"></span>426<span class=\"_ _2e\"> </span>284<span class=\"_ _2\"></span>,813<span class=\"_ _25\"> </span>284,813T<span class=\"_ _71\"></span>otal financial liabilities  at December 31, 2021<span class=\"_ _18e\"> </span>331,949<span class=\"_ _37\"> </span>314,600<span class=\"_ _46\"> </span>830,251<span class=\"_ _9b\"> </span>1,476,800<span class=\"_ _99\"> </span>1,072,2<span class=\"_ _3\"></span>42All c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s are no<span class=\"_ _0\"></span>n-di<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nted an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e all l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s but n<span class=\"_ _0\"></span>ot contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>a- tio<span class=\"_ _0\"></span>ns rel<span class=\"_ _0\"></span>ated to pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s for d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing CR<span class=\"_ _0\"></span>Os<span class=\"_ _0\"></span>, as di<span class=\"_ _0\"></span>sclos<span class=\"_ _0\"></span>ed in note 6.<span class=\"_ _0\"></span>5 , a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span>ir mat<span class=\"_ _0\"></span>urit<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ates are u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n.Th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s from b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g emb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dde<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves are p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ented as ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>'s p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y we<span class=\"_ _0\"></span>ighte<span class=\"_ _0\"></span>d es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>te for pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low is s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>itive to th<span class=\"_ _0\"></span>e occur<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce of an ca<span class=\"_ _0\"></span>ll op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r event  a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d in no<span class=\"_ _0\"></span>te 4.6. Paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in U<span class=\"_ _0\"></span>SD are e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n USD 3<span class=\"_ _0\"></span>m Lib<span class=\"_ _0\"></span>or r<span class=\"_ _0\"></span>ates as of 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022 t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated into DKK at th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>D/DKK rates a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le as of 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialRiskManagementExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__110": {
   "value": "Mos<span class=\"_ _0\"></span>t of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d\u2019s f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns are i<span class=\"_ _0\"></span>n DKK<span class=\"_ _1\"></span>, USD an<span class=\"_ _0\"></span>d EUR<span class=\"_ _0\"></span>.Du<span class=\"_ _0\"></span>e to Den<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>rk<span class=\"_ _1\"></span>\u2019s long-st<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g fi<span class=\"_ _0\"></span>xed exch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>e rate po<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>cy v<span class=\"_ _0\"></span>is-\u00e0-vis the EUR<span class=\"_ _0\"></span>, Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as eva<span class=\"_ _0\"></span>luate<span class=\"_ _0\"></span>d that th<span class=\"_ _0\"></span>ere i<span class=\"_ _0\"></span>s no mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l tra<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n exp<span class=\"_ _0\"></span>osure o<span class=\"_ _0\"></span>r excha<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>e rate ris<span class=\"_ _0\"></span>k reg<span class=\"_ _0\"></span>ardi<span class=\"_ _0\"></span>ng tr<span class=\"_ _0\"></span>ans<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>ns in EU<span class=\"_ _0\"></span>R<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>d in fore<span class=\"_ _0\"></span>ign cu<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>ncie<span class=\"_ _0\"></span>s, n<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>ely U<span class=\"_ _0\"></span>SD an<span class=\"_ _0\"></span>d EUR<span class=\"_ _0\"></span>. H<span class=\"_ _0\"></span>oweve<span class=\"_ _0\"></span>r<span class=\"_ _2\"></span>, as mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s are u<span class=\"_ _0\"></span>npre<span class=\"_ _0\"></span>di<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le in ter<span class=\"_ _0\"></span>ms of tim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g, th<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s are not i<span class=\"_ _0\"></span>nclu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e bas<span class=\"_ _0\"></span>ic exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk e<span class=\"_ _0\"></span>val<span class=\"_ _0\"></span>uatio<span class=\"_ _0\"></span>n.Curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y exp<span class=\"_ _0\"></span>osu<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>gard<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>ur U<span class=\"_ _0\"></span>S act<span class=\"_ _0\"></span>iv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s are ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>d by hav<span class=\"_ _0\"></span>ing re<span class=\"_ _0\"></span>venu<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ses i<span class=\"_ _0\"></span>n the sam<span class=\"_ _0\"></span>e cur<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>cy. An on<span class=\"_ _0\"></span>goi<span class=\"_ _0\"></span>ng e<span class=\"_ _0\"></span>xpo<span class=\"_ _0\"></span>sure as<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>ssm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s cond<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ted.A<span class=\"_ _0\"></span>s Zeala<span class=\"_ _0\"></span>nd co<span class=\"_ _0\"></span>ndu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s cl<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>ls a<span class=\"_ _0\"></span>nd toxico<span class=\"_ _0\"></span>log<span class=\"_ _0\"></span>y st<span class=\"_ _0\"></span>udi<span class=\"_ _0\"></span>es aro<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>d the wo<span class=\"_ _0\"></span>rld a<span class=\"_ _0\"></span>nd h<span class=\"_ _0\"></span>as ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es in U<span class=\"_ _0\"></span>S<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to exchan<span class=\"_ _0\"></span>ge r<span class=\"_ _0\"></span>ate risk<span class=\"_ _0\"></span>s as<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>ciated w<span class=\"_ _0\"></span>ith th<span class=\"_ _0\"></span>e de<span class=\"_ _0\"></span>nom<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ted curre<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>y, which is p<span class=\"_ _0\"></span>rim<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ily USD b<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>d on vo<span class=\"_ _0\"></span>lum<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d flu<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns a<span class=\"_ _0\"></span>gai<span class=\"_ _0\"></span>nst D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>. T<span class=\"_ _2\"></span>o d<span class=\"_ _0\"></span>ate, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s pol<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>y has b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n to man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>e the tran<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ion a<span class=\"_ _0\"></span>nd tr<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>slat<span class=\"_ _0\"></span>ion r<span class=\"_ _0\"></span>isk a<span class=\"_ _0\"></span>sso<span class=\"_ _0\"></span>ciate<span class=\"_ _0\"></span>d with t<span class=\"_ _0\"></span>he US<span class=\"_ _0\"></span>D pas<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>vely, by havin<span class=\"_ _0\"></span>g a po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n of th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up's cas<span class=\"_ _0\"></span>h an<span class=\"_ _0\"></span>d cas<span class=\"_ _0\"></span>h eq<span class=\"_ _0\"></span>uiv<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s in a US<span class=\"_ _0\"></span>D account to cover f<span class=\"_ _0\"></span>utu<span class=\"_ _0\"></span>re paym<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>f Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s exp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s den<span class=\"_ _0\"></span>om<span class=\"_ _0\"></span>i-nated i<span class=\"_ _0\"></span>n USD.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d hol<span class=\"_ _0\"></span>ds DK<span class=\"_ _0\"></span>K 46<span class=\"_ _0\"></span>0.4 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n (2021<span class=\"_ _0\"></span>: DKK 8<span class=\"_ _0\"></span>62.9 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n) of it<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>sh in US<span class=\"_ _0\"></span>D. Of th<span class=\"_ _0\"></span>ese D<span class=\"_ _0\"></span>KK 3<span class=\"_ _0\"></span>48<span class=\"_ _0\"></span>.6 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on (U<span class=\"_ _0\"></span>SD 50 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on) is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>t to cert<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n cond<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>ns (note 4.<span class=\"_ _0\"></span>4). Addit<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>all<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as a f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al de<span class=\"_ _0\"></span>bt of DK<span class=\"_ _0\"></span>K 336<span class=\"_ _0\"></span>.8 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>s well a<span class=\"_ _0\"></span>s em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves of D<span class=\"_ _0\"></span>KK 8<span class=\"_ _0\"></span>0.6 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n, both d<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>omi<span class=\"_ _0\"></span>nated i<span class=\"_ _0\"></span>n USD.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEffectOfChangesInForeignExchangeRatesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__111": {
   "value": "Interest rate riskZeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as a p<span class=\"_ _0\"></span>oli<span class=\"_ _0\"></span>cy o<span class=\"_ _0\"></span>f avoid<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>anci<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>str<span class=\"_ _0\"></span>um<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at exp<span class=\"_ _0\"></span>ose th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup to an<span class=\"_ _0\"></span>y unin<span class=\"_ _0\"></span>tend<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>n-cial risks.Dur<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g 2022, a<span class=\"_ _0\"></span>ll ca<span class=\"_ _0\"></span>sh ha<span class=\"_ _0\"></span>s be<span class=\"_ _0\"></span>en h<span class=\"_ _0\"></span>eld i<span class=\"_ _0\"></span>n curre<span class=\"_ _0\"></span>nt ba<span class=\"_ _0\"></span>nk acco<span class=\"_ _0\"></span>unt<span class=\"_ _0\"></span>s in US<span class=\"_ _0\"></span>D, EUR and D<span class=\"_ _0\"></span>KK<span class=\"_ _0\"></span>. I<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t rates o<span class=\"_ _0\"></span>n ban<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s have b<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>n low to ne<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ve for an e<span class=\"_ _0\"></span>xten<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d p<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>od of t<span class=\"_ _0\"></span>ime<span class=\"_ _0\"></span>, but h<span class=\"_ _0\"></span>ave ris<span class=\"_ _0\"></span>en in l<span class=\"_ _0\"></span>ate 2022 wi<span class=\"_ _0\"></span>th the worl<span class=\"_ _2\"></span>dwide changes t<span class=\"_ _3\"></span>o the<span class=\"_ _3\"></span> economical lands<span class=\"_ _3\"></span>cape.Zeal<span class=\"_ _0\"></span>and h<span class=\"_ _0\"></span>as inve<span class=\"_ _0\"></span>ste<span class=\"_ _0\"></span>d in low-ri<span class=\"_ _0\"></span>sk ma<span class=\"_ _0\"></span>rketa<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup\u2019s ma<span class=\"_ _0\"></span>rket<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e secu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es p<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>foli<span class=\"_ _0\"></span>o comp<span class=\"_ _0\"></span>ris<span class=\"_ _0\"></span>es com<span class=\"_ _0\"></span>pany b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>nd as<span class=\"_ _0\"></span>set b<span class=\"_ _0\"></span>acked s<span class=\"_ _0\"></span>ecu<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es in U<span class=\"_ _0\"></span>SD. All b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds h<span class=\"_ _0\"></span>eld a<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce she<span class=\"_ _0\"></span>et date matu<span class=\"_ _0\"></span>res wi<span class=\"_ _0\"></span>thin t<span class=\"_ _0\"></span>he f<span class=\"_ _0\"></span>irs<span class=\"_ _0\"></span>t thre<span class=\"_ _0\"></span>e mo<span class=\"_ _0\"></span>nths o<span class=\"_ _0\"></span>f 2023<span class=\"_ _0\"></span>.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d has b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs a<span class=\"_ _0\"></span>mou<span class=\"_ _0\"></span>ntin<span class=\"_ _0\"></span>g to DKK 33<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>8 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n (2021: D<span class=\"_ _0\"></span>KK 65<span class=\"_ _0\"></span>6.<span class=\"_ _0\"></span>1 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n), emb<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>riv<span class=\"_ _0\"></span>ative<span class=\"_ _0\"></span>s am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>ing to D<span class=\"_ _0\"></span>KK 80.<span class=\"_ _0\"></span>6 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n (2021: D<span class=\"_ _0\"></span>KK 0) an<span class=\"_ _0\"></span>d lea<span class=\"_ _0\"></span>se li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es amo<span class=\"_ _0\"></span>unti<span class=\"_ _0\"></span>ng to DK<span class=\"_ _0\"></span>K 12<span class=\"_ _0\"></span>2.7 m<span class=\"_ _0\"></span>ill<span class=\"_ _0\"></span>ion (202<span class=\"_ _0\"></span>1: DK<span class=\"_ _0\"></span>K 1<span class=\"_ _0\"></span>39.5 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on). Bor<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs is m<span class=\"_ _0\"></span>ea<span class=\"_ _0\"></span>sure<span class=\"_ _0\"></span>d at a fixe<span class=\"_ _0\"></span>d intere<span class=\"_ _0\"></span>st r<span class=\"_ _0\"></span>ate at 14.<span class=\"_ _0\"></span>3%<span class=\"_ _0\"></span>. Cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in inte<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>t rates h<span class=\"_ _0\"></span>as an ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e fai<span class=\"_ _0\"></span>r valu<span class=\"_ _0\"></span>e of th<span class=\"_ _0\"></span>e em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>eri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves<span class=\"_ _0\"></span>. Ple<span class=\"_ _0\"></span>ase refer to note 4.<span class=\"_ _0\"></span>6 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r<span class=\"_ _3\"></span>. An in<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>se in in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t rates wo<span class=\"_ _0\"></span>uld b<span class=\"_ _0\"></span>e ref<span class=\"_ _0\"></span>lec<span class=\"_ _0\"></span>ted in a i<span class=\"_ _0\"></span>ncrea<span class=\"_ _0\"></span>se in i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me fro<span class=\"_ _0\"></span>m the g<span class=\"_ _0\"></span>roup's c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ces<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfMarketRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__112": {
   "value": "Credit riskZeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ose<span class=\"_ _0\"></span>d to credi<span class=\"_ _0\"></span>t risk i<span class=\"_ _0\"></span>n resp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>ct of re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>nk ba<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nces a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>um credi<span class=\"_ _0\"></span>t risk co<span class=\"_ _0\"></span>rres<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>s to the ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g am<span class=\"_ _0\"></span>ount<span class=\"_ _0\"></span>. Ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t be<span class=\"_ _0\"></span>lieve<span class=\"_ _0\"></span>s tha<span class=\"_ _0\"></span>t credi<span class=\"_ _0\"></span>t risk i<span class=\"_ _0\"></span>s lim<span class=\"_ _0\"></span>ited<span class=\"_ _0\"></span>, as th<span class=\"_ _0\"></span>e counter<span class=\"_ _0\"></span>par<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ies to th<span class=\"_ _0\"></span>e tra<span class=\"_ _0\"></span>de re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re la<span class=\"_ _0\"></span>rge g<span class=\"_ _0\"></span>lob<span class=\"_ _0\"></span>al ph<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>mace<span class=\"_ _0\"></span>utic<span class=\"_ _0\"></span>al com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ole<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>ler<span class=\"_ _0\"></span>s.Ca<span class=\"_ _0\"></span>sh an<span class=\"_ _0\"></span>d bo<span class=\"_ _0\"></span>nds a<span class=\"_ _0\"></span>re not d<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>d to be su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to cre<span class=\"_ _0\"></span>dit ri<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span>, as th<span class=\"_ _0\"></span>e counte<span class=\"_ _0\"></span>rpa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tie<span class=\"_ _0\"></span>s are ba<span class=\"_ _0\"></span>nk<span class=\"_ _0\"></span>s with i<span class=\"_ _0\"></span>nves<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>- me<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>de r<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>gs (i.e<span class=\"_ _0\"></span>. BB<span class=\"_ _0\"></span>B- or h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>er f<span class=\"_ _0\"></span>rom St<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>ard &amp; Po<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>\u2019s).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCreditRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__113": {
   "value": "Liquidity riskTh<span class=\"_ _0\"></span>e pu<span class=\"_ _0\"></span>rpo<span class=\"_ _0\"></span>se of Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>\u2019s cas<span class=\"_ _0\"></span>h man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent is to e<span class=\"_ _0\"></span>nsure t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup h<span class=\"_ _0\"></span>as suf<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ici<span class=\"_ _0\"></span>ent an<span class=\"_ _0\"></span>d f<span class=\"_ _0\"></span>lexib<span class=\"_ _0\"></span>le fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial re<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>urces at it<span class=\"_ _0\"></span>s dis<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>sa<span class=\"_ _0\"></span>l at all ti<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>s.Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>\u2019s sh<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>t-<span class=\"_ _2\"></span>te<span class=\"_ _0\"></span>rm li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y i<span class=\"_ _0\"></span>s man<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>ed a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>tored by m<span class=\"_ _0\"></span>ean<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e Comp<span class=\"_ _0\"></span>any<span class=\"_ _0\"></span>\u2019s qua<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>terl<span class=\"_ _0\"></span>y bud<span class=\"_ _0\"></span>get revis<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s to bal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce the d<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>and fo<span class=\"_ _0\"></span>r li<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>dit<span class=\"_ _0\"></span>y an<span class=\"_ _0\"></span>d ma<span class=\"_ _0\"></span>xim<span class=\"_ _0\"></span>ize the Co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny\u2019s in<span class=\"_ _0\"></span>teres<span class=\"_ _0\"></span>t inco<span class=\"_ _0\"></span>me by m<span class=\"_ _0\"></span>atching its f<span class=\"_ _0\"></span>ree c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h in fi<span class=\"_ _0\"></span>xed-rate, f<span class=\"_ _0\"></span>ixe<span class=\"_ _0\"></span>d-term ban<span class=\"_ _0\"></span>k de<span class=\"_ _0\"></span>pos<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s and b<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ds w<span class=\"_ _0\"></span>ith it<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cted f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>h bur<span class=\"_ _0\"></span>n.Refere<span class=\"_ _0\"></span>nce is m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e to goin<span class=\"_ _0\"></span>g con<span class=\"_ _0\"></span>cern con<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>der<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>ns in n<span class=\"_ _0\"></span>ote 1<span class=\"_ _0\"></span>.<span class=\"_ _0\"></span>1 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>ptio<span class=\"_ _0\"></span>n of the g<span class=\"_ _0\"></span>oin<span class=\"_ _0\"></span>g conc<span class=\"_ _2\"></span>ern assessment.Sensitivit<span class=\"_ _0\"></span>y analysisTh<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>ble s<span class=\"_ _0\"></span>how<span class=\"_ _0\"></span>s the ef<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ct o<span class=\"_ _0\"></span>n prof<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>/los<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d eq<span class=\"_ _0\"></span>uit<span class=\"_ _0\"></span>y of rea<span class=\"_ _0\"></span>so<span class=\"_ _0\"></span>nab<span class=\"_ _0\"></span>ly li<span class=\"_ _0\"></span>kely ch<span class=\"_ _0\"></span>ang<span class=\"_ _0\"></span>es i<span class=\"_ _0\"></span>n the f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>nci<span class=\"_ _0\"></span>al va<span class=\"_ _0\"></span>ria-ble<span class=\"_ _0\"></span>s in th<span class=\"_ _0\"></span>e st<span class=\"_ _0\"></span>ateme<span class=\"_ _0\"></span>nt of fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l pos<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n.2022<span class=\"_ _1d8\"> </span><span class=\"ff3 fc1\">2021</span>DKK thousand<span class=\"_ _af\"> </span>Fluctuation<span class=\"_ _93\"> </span>Effect<span class=\"_ _18c\"> </span>Fluctuation<span class=\"_ _52\"> </span>EffectUSD<span class=\"_ _1d9\"> </span>+10%<span class=\"_ _32\"> </span>21,209<span class=\"_ _4a\"> </span>+10%<span class=\"_ _32\"> </span>20,675Contractual maturity (liquidit<span class=\"_ _0\"></span>y risk)A brea<span class=\"_ _0\"></span>kdown o<span class=\"_ _0\"></span>f the G<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>p\u2019s agg<span class=\"_ _0\"></span>reg<span class=\"_ _0\"></span>ate liqu<span class=\"_ _0\"></span>idi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y ris<span class=\"_ _0\"></span>k on fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s is gi<span class=\"_ _0\"></span>ven b<span class=\"_ _0\"></span>elow.Th<span class=\"_ _0\"></span>e follo<span class=\"_ _0\"></span>win<span class=\"_ _0\"></span>g ta<span class=\"_ _0\"></span>ble d<span class=\"_ _0\"></span>eta<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>e Gro<span class=\"_ _0\"></span>up\u2019s rem<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>ing co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>aturit<span class=\"_ _1\"></span>y for it<span class=\"_ _0\"></span>s fin<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies w<span class=\"_ _0\"></span>ith agre<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>ds<span class=\"_ _0\"></span>. T<span class=\"_ _0\"></span>he t<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le has b<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>en pre<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>red u<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>g the u<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nted ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows fo<span class=\"_ _0\"></span>r fin<span class=\"_ _0\"></span>an- cial l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>, ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e ear<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>st d<span class=\"_ _0\"></span>ate on wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e G<span class=\"_ _0\"></span>roup c<span class=\"_ _0\"></span>an b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>d to pay. The t<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>s both i<span class=\"_ _0\"></span>nteres<span class=\"_ _0\"></span>t an<span class=\"_ _0\"></span>d pri<span class=\"_ _0\"></span>ncip<span class=\"_ _0\"></span>al c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s. T<span class=\"_ _2\"></span>o t<span class=\"_ _0\"></span>he ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat th<span class=\"_ _0\"></span>e sp<span class=\"_ _0\"></span>ecif<span class=\"_ _0\"></span>ic ti<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>g of intere<span class=\"_ _0\"></span>st o<span class=\"_ _0\"></span>r pr<span class=\"_ _0\"></span>inci<span class=\"_ _0\"></span>pal f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s is de<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ent o<span class=\"_ _0\"></span>n futu<span class=\"_ _0\"></span>re event<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le h<span class=\"_ _0\"></span>as be<span class=\"_ _0\"></span>en p<span class=\"_ _0\"></span>rep<span class=\"_ _0\"></span>are<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>\u2019s be<span class=\"_ _0\"></span>st e<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>mate of such ti<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>g at th<span class=\"_ _0\"></span>e en<span class=\"_ _0\"></span>d of the re<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g pe<span class=\"_ _0\"></span>rio<span class=\"_ _0\"></span>d. T<span class=\"_ _0\"></span>he co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al m<span class=\"_ _0\"></span>aturi<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y is ba<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d on th<span class=\"_ _0\"></span>e ear<span class=\"_ _0\"></span>lie<span class=\"_ _0\"></span>st d<span class=\"_ _0\"></span>ate on whi<span class=\"_ _0\"></span>ch the G<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>up may b<span class=\"_ _0\"></span>e req<span class=\"_ _0\"></span>uire<span class=\"_ _0\"></span>d to pay.With th<span class=\"_ _0\"></span>e excepti<span class=\"_ _0\"></span>on of l<span class=\"_ _0\"></span>easi<span class=\"_ _0\"></span>ng a<span class=\"_ _0\"></span>nd b<span class=\"_ _0\"></span>orrow<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>gs<span class=\"_ _0\"></span>, the<span class=\"_ _0\"></span>re are n<span class=\"_ _0\"></span>o interes<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>sh f<span class=\"_ _0\"></span>lows to b<span class=\"_ _0\"></span>e incl<span class=\"_ _0\"></span>ude<span class=\"_ _0\"></span>d in th<span class=\"_ _0\"></span>e tab<span class=\"_ _0\"></span>le b<span class=\"_ _0\"></span>elow fo<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e exis<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g fi<span class=\"_ _0\"></span>nan<span class=\"_ _0\"></span>cia<span class=\"_ _0\"></span>l lia<span class=\"_ _0\"></span>bil<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s as th<span class=\"_ _0\"></span>ey are n<span class=\"_ _0\"></span>ot intere<span class=\"_ _0\"></span>st-beari<span class=\"_ _0\"></span>ng f<span class=\"_ _0\"></span>ina<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Carrying DKK thousand<span class=\"_ _12\"> </span>&lt; 12 months<span class=\"_ _4f\"> </span>1-5 Years<span class=\"_ _38\"> </span>&gt; 5 Y<span class=\"_ _2\"></span>ears<span class=\"_ _128\"> </span>T<span class=\"_ _2\"></span>otalamountBorrowings including  embedded derivatives<span class=\"_ _179\"> </span>260,970<span class=\"_ _10d\"> </span>191,515<span class=\"_ _2f\"> </span>37<span class=\"_ _2\"></span>,996<span class=\"_ _29\"> </span>490,<span class=\"_ _2\"></span>481<span class=\"_ _29\"> </span>401,346Leasing liabilities<span class=\"_ _1da\"> </span>14<span class=\"_ _2\"></span>,995<span class=\"_ _da\"> </span>59,553<span class=\"_ _32\"> </span>62,237<span class=\"_ _48\"> </span>136,785<span class=\"_ _48\"> </span>122,<span class=\"_ _2\"></span>729T<span class=\"_ _71\"></span>rade and other payables<span class=\"_ _e\"> </span>180,762<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>19,<span class=\"_ _2\"></span>058<span class=\"_ _20\"> </span>199,820<span class=\"_ _29\"> </span>199,820T<span class=\"_ _71\"></span>otal financial liabilities  at December 31, 2022<span class=\"_ _1db\"> </span>456,727<span class=\"_ _46\"> </span>251,068<span class=\"_ _25\"> </span>119,291<span class=\"_ _46\"> </span>827<span class=\"_ _2\"></span>,086<span class=\"_ _46\"> </span>723,895Borrowings<span class=\"_ _1d2\"> </span>50,954<span class=\"_ _33\"> </span>252,042<span class=\"_ _2e\"> </span>736,<span class=\"_ _2\"></span>410<span class=\"_ _42\"> </span>1,039<span class=\"_ _2\"></span>,<span class=\"_ _2\"></span>406<span class=\"_ _29\"> </span>647<span class=\"_ _2\"></span>,906Leasing liabilities<span class=\"_ _1dc\"> </span><span class=\"ls14 ws18\">14,60<span class=\"_ _0\"></span>8<span class=\"_ _32\"> </span></span>62,558<span class=\"_ _30\"> </span>75,<span class=\"_ _2\"></span>415<span class=\"_ _120\"> </span>152,581<span class=\"_ _48\"> </span>139<span class=\"_ _2\"></span>,523T<span class=\"_ _71\"></span>rade and other payables<span class=\"_ _19\"> </span>266,387<span class=\"_ _3c\"> </span>0<span class=\"_ _10b\"> </span>18,<span class=\"_ _71\"></span>426<span class=\"_ _2e\"> </span>284<span class=\"_ _2\"></span>,813<span class=\"_ _25\"> </span>284,813T<span class=\"_ _71\"></span>otal financial liabilities  at December 31, 2021<span class=\"_ _18e\"> </span>331,949<span class=\"_ _37\"> </span>314,600<span class=\"_ _46\"> </span>830,251<span class=\"_ _9b\"> </span>1,476,800<span class=\"_ _99\"> </span>1,072,2<span class=\"_ _3\"></span>42All c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s are no<span class=\"_ _0\"></span>n-di<span class=\"_ _0\"></span>scou<span class=\"_ _0\"></span>nted an<span class=\"_ _0\"></span>d in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>e all l<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>ies u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s but n<span class=\"_ _0\"></span>ot contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>tua<span class=\"_ _0\"></span>l ob<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>a- tio<span class=\"_ _0\"></span>ns rel<span class=\"_ _0\"></span>ated to pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s und<span class=\"_ _0\"></span>er a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>eme<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s for d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>roje<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing CR<span class=\"_ _0\"></span>Os<span class=\"_ _0\"></span>, as di<span class=\"_ _0\"></span>sclos<span class=\"_ _0\"></span>ed in note 6.<span class=\"_ _0\"></span>5 , a<span class=\"_ _0\"></span>s the<span class=\"_ _0\"></span>ir mat<span class=\"_ _0\"></span>urit<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>ates are u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n.Th<span class=\"_ _0\"></span>e exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted f<span class=\"_ _0\"></span>uture c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low<span class=\"_ _0\"></span>s from b<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>rowin<span class=\"_ _0\"></span>gs in<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g emb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>dde<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>ri<span class=\"_ _0\"></span>vati<span class=\"_ _0\"></span>ves are p<span class=\"_ _0\"></span>res<span class=\"_ _0\"></span>ented as ma<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>gem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>'s p<span class=\"_ _0\"></span>roba<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y we<span class=\"_ _0\"></span>ighte<span class=\"_ _0\"></span>d es<span class=\"_ _0\"></span>tima<span class=\"_ _0\"></span>te for pay<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>ts u<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>er th<span class=\"_ _0\"></span>e contr<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t. T<span class=\"_ _0\"></span>he c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted c<span class=\"_ _0\"></span>ash f<span class=\"_ _0\"></span>low is s<span class=\"_ _0\"></span>ens<span class=\"_ _0\"></span>itive to th<span class=\"_ _0\"></span>e occur<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce of an ca<span class=\"_ _0\"></span>ll op<span class=\"_ _0\"></span>tio<span class=\"_ _0\"></span>n trig<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>r event  a<span class=\"_ _0\"></span>s de<span class=\"_ _0\"></span>scri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d in no<span class=\"_ _0\"></span>te 4.6. Paym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s in U<span class=\"_ _0\"></span>SD are e<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>imate<span class=\"_ _0\"></span>d bas<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>n USD 3<span class=\"_ _0\"></span>m Lib<span class=\"_ _0\"></span>or r<span class=\"_ _0\"></span>ates as of 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022 t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sl<span class=\"_ _0\"></span>ated into DKK at th<span class=\"_ _0\"></span>e US<span class=\"_ _0\"></span>D/DKK rates a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>lic<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le as of 31 D<span class=\"_ _0\"></span>ece<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 2022<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfLiquidityRiskExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__118": {
   "value": "4.3  Financial assets and liabilities  Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand 2022 2021Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 70,640 101,465Financial assets at amortized costs 70,640 101,465Marketable securities 108,611 299,042Other investments 30,943 26,907Other financial assets 6,901 0Financial assets measured at fair value through profit or loss 146,455 325,949Borrowings 320,743 647,906Lease liabilities 122,729 139,523Trade and other payables 199,820 284,813Financial liabilities measured at amortized cost 643,292 1,072,242Embedded derivates cf. note 4.6 80,603 0Financial liabilities measured at fair value through profit or loss 80,603 02022 2021DKK thousand Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets measured at fair value:Marketable securities 4.5 0 108,611 0 108,611 299,042 0 0 299,042Other investments 3.4 0 0 30,943 30,943 0 0 26,907 26,907Other financial assets 3.7 0 0 6,901 6,901 0 0 0 0Financial assets measured at fair value through profit or loss 0 108,611 37,844 146.455 299,042 0 26,907 325,949Liabilities measured at fair value:Embedded derivates 4.6 0 0 80,603 80,603 0 0 0 0Financial liabilities measured at fair value through profit or loss 0 0 80,603 80,603 0 0 0 0No transfer between fair value levels have occurred during 2022. The shift between level 1 and level 2 for marketable securities is caused by sale and acquisition of the portfolio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsDesignatedAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__117": {
   "value": "4.3  Financial assets and liabilities  Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand 2022 2021Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 70,640 101,465Financial assets at amortized costs 70,640 101,465Marketable securities 108,611 299,042Other investments 30,943 26,907Other financial assets 6,901 0Financial assets measured at fair value through profit or loss 146,455 325,949Borrowings 320,743 647,906Lease liabilities 122,729 139,523Trade and other payables 199,820 284,813Financial liabilities measured at amortized cost 643,292 1,072,242Embedded derivates cf. note 4.6 80,603 0Financial liabilities measured at fair value through profit or loss 80,603 02022 2021DKK thousand Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets measured at fair value:Marketable securities 4.5 0 108,611 0 108,611 299,042 0 0 299,042Other investments 3.4 0 0 30,943 30,943 0 0 26,907 26,907Other financial assets 3.7 0 0 6,901 6,901 0 0 0 0Financial assets measured at fair value through profit or loss 0 108,611 37,844 146.455 299,042 0 26,907 325,949Liabilities measured at fair value:Embedded derivates 4.6 0 0 80,603 80,603 0 0 0 0Financial liabilities measured at fair value through profit or loss 0 0 80,603 80,603 0 0 0 0No transfer between fair value levels have occurred during 2022. The shift between level 1 and level 2 for marketable securities is caused by sale and acquisition of the portfolio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__116": {
   "value": "4.3  Financial assets and liabilities  Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand 2022 2021Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 70,640 101,465Financial assets at amortized costs 70,640 101,465Marketable securities 108,611 299,042Other investments 30,943 26,907Other financial assets 6,901 0Financial assets measured at fair value through profit or loss 146,455 325,949Borrowings 320,743 647,906Lease liabilities 122,729 139,523Trade and other payables 199,820 284,813Financial liabilities measured at amortized cost 643,292 1,072,242Embedded derivates cf. note 4.6 80,603 0Financial liabilities measured at fair value through profit or loss 80,603 02022 2021DKK thousand Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets measured at fair value:Marketable securities 4.5 0 108,611 0 108,611 299,042 0 0 299,042Other investments 3.4 0 0 30,943 30,943 0 0 26,907 26,907Other financial assets 3.7 0 0 6,901 6,901 0 0 0 0Financial assets measured at fair value through profit or loss 0 108,611 37,844 146.455 299,042 0 26,907 325,949Liabilities measured at fair value:Embedded derivates 4.6 0 0 80,603 80,603 0 0 0 0Financial liabilities measured at fair value through profit or loss 0 0 80,603 80,603 0 0 0 0No transfer between fair value levels have occurred during 2022. The shift between level 1 and level 2 for marketable securities is caused by sale and acquisition of the portfolio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__114": {
   "value": "4.3  Financial assets and liabilities  Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.DKK thousand 2022 2021Categories of financial instrumentsTrade and other receivables excluding prepaid expenses 70,640 101,465Financial assets at amortized costs 70,640 101,465Marketable securities 108,611 299,042Other investments 30,943 26,907Other financial assets 6,901 0Financial assets measured at fair value through profit or loss 146,455 325,949Borrowings 320,743 647,906Lease liabilities 122,729 139,523Trade and other payables 199,820 284,813Financial liabilities measured at amortized cost 643,292 1,072,242Embedded derivates cf. note 4.6 80,603 0Financial liabilities measured at fair value through profit or loss 80,603 02022 2021DKK thousand Note Level 1 Level 2 Level 3 Total Level 1 Level 2 Level 3 TotalAssets measured at fair value:Marketable securities 4.5 0 108,611 0 108,611 299,042 0 0 299,042Other investments 3.4 0 0 30,943 30,943 0 0 26,907 26,907Other financial assets 3.7 0 0 6,901 6,901 0 0 0 0Financial assets measured at fair value through profit or loss 0 108,611 37,844 146.455 299,042 0 26,907 325,949Liabilities measured at fair value:Embedded derivates 4.6 0 0 80,603 80,603 0 0 0 0Financial liabilities measured at fair value through profit or loss 0 0 80,603 80,603 0 0 0 0No transfer between fair value levels have occurred during 2022. The shift between level 1 and level 2 for marketable securities is caused by sale and acquisition of the portfolio.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__123": {
   "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForLoansAndReceivablesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__122": {
   "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__121": {
   "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__120": {
   "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__119": {
   "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__115": {
   "value": "Accounting policiesClassification of Categories of Financial Assets and Liabilities:Zealand classifies its financial assets held into the following measurement categories:\u2022  those to be measured subsequently at fair value (either through other comprehensive income, or through profit or loss), and\u2022  those to be measured at amortized cost.The classification depends on the business model for managing the financial assets and the contractual terms of the cash flows.For assets measured at fair value, gains and losses will either be recorded in profit or loss or other comprehensive income.Zealand reclassifies debt investments only when its business model for managing those assets changes.Further details about the accounting policy for each of the categories are outlined in the respective notes.Fair Value MeasurementZealand measures financial instruments, such as marketable securities, at fair value at each balance sheet date. Management assessed that the fair value of financial assets and liabilities measured at amor-tized cost such as bank deposits, receivables and other payables approximate their carrying amounts largely due to the short-term maturities of these instruments.Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction between market participants at the measurement date. The fair value measurement is based on the presumption that the transaction to sell the asset or transfer the liability takes place either:\u2022  In the principal market for the asset or liability, or\u2022  In the absence of a principal market, in the most advantageous market for the asset or liability.The principal or the most advantageous market must be accessible by Zealand.The fair value of an asset or a liability is measured using the assumptions that market participants would use when pricing the asset or liability, assuming that market participants act in their economic best interest.Zealand uses valuation techniques that are appropriate in the circumstances and for which sufficient data are available to measure fair value, maximizing the use of relevant observable inputs and mini-mizing the use of unobservable inputs.For financial instruments that are measured in the balance sheet at fair value, IFRS 13 for financial instru-ments requires disclosure of fair value measurements by level of the following fair value measurement hierarchy for:\u2022  Level 1 - Quoted prices (unadjusted) in active markets for identical assets or liabilities\u2022  Level 2 - Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices) or indirectly (that is, derived from prices)\u2022  Level 3 - Inputs for the asset or liability that are not based on observable market data (that is, unob-servable inputs).For assets and liabilities that are recognized in the financial statements on a recurring basis, Zealand determines whether transfers have occurred between levels in the hierarchy by re-assessing categoriza-tion (based on the lowest level input that is significant to the fair value measurement as a whole) at the end of each reporting period. Any transfers between the different levels are carried out at the end of the reporting period.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFairValueMeasurementExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__125": {
   "value": "4.4  Cash and cash equivalents  Accounting policiesCash is measured on intitial recognition at cost.DKK thousand 2022 2021Cash and cash equivalents  720,626   472,525 Cash and cash equivalents (subject to certain conditions)  348,608   656,578 Total cash and cash equivalents  1,069,234   1,129,103 As of December 31, 2021, USD 100 million was subject to a liquidity covenant under which the Group had to hold the cash in a designated account until certain conditions were met. This covenant was lifted in 2022 as a consequense of the amendments to the loan agreement with Oberland as described in note 4.6.Under the second amendment to the Oberland loan agreement signed on September 20, 2022, the outstanding principal of USD 50 million is to be held in a designated deposit account. As a result the amount is presented as cash and cash equivalents subject to certain conditions. The cash and securities can be released in increments of minimum USD 10.0 million upon request from the group subject to certain conditions as described in note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRestrictedCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__124": {
   "value": "4.4  Cash and cash equivalents  Accounting policiesCash is measured on intitial recognition at cost.DKK thousand 2022 2021Cash and cash equivalents  720,626   472,525 Cash and cash equivalents (subject to certain conditions)  348,608   656,578 Total cash and cash equivalents  1,069,234   1,129,103 As of December 31, 2021, USD 100 million was subject to a liquidity covenant under which the Group had to hold the cash in a designated account until certain conditions were met. This covenant was lifted in 2022 as a consequense of the amendments to the loan agreement with Oberland as described in note 4.6.Under the second amendment to the Oberland loan agreement signed on September 20, 2022, the outstanding principal of USD 50 million is to be held in a designated deposit account. As a result the amount is presented as cash and cash equivalents subject to certain conditions. The cash and securities can be released in increments of minimum USD 10.0 million upon request from the group subject to certain conditions as described in note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashAndCashEquivalentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__126": {
   "value": "Accounting policiesCash is measured on intitial recognition at cost.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyToDetermineComponentsOfCashAndCashEquivalents",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__128": {
   "value": "Accounting policiesMarketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. There are two measurement catego-ries into which Zealand classifies its marketable securities: \u2022  Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022  Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Zealand's portfolio is managed and evaluated on a fair value basis in accordance with its stated invest-ment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at fair value through profit and loss. This classification is consistent with the prior year's classification. Transactions are recognized at trade date.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__127": {
   "value": "4.5  Marketable securities  Accounting policiesMarketable securities consist of investments in securities with a maturity of ninety days or greater at the time of acquisition. Measurement of marketable securities depends on the business model for managing the asset and the cash flow characteristics of the asset. There are two measurement catego-ries into which Zealand classifies its marketable securities: \u2022  Amortized cost: Assets that are held for collection of contractual cash flows, where those cash flows represent solely payments of principal and interest, are measured at amortized cost. Interest income from these financial assets is included in finance income using the effective interest rate method. Any gain or loss arising on derecognition is recognized directly in profit or loss and presented in other gains/(losses), together with foreign exchange gains and losses. Impairment losses are presented as a separate line item in the statement of profit or loss.\u2022  Fair value through profit and loss (FVPL): Assets that do not meet the criteria for amortized cost or fair value through other comprehensive income (FVOCI) are measured at FVPL. A gain or loss on a debt investment that is subsequently measured at FVPL is recognized in profit or loss and presented net within financial income or expenses in the period in which it arises.Zealand's portfolio is managed and evaluated on a fair value basis in accordance with its stated invest-ment guidelines and the information provided internally to management. This business model does not meet the criteria for amortized cost or FVOCI and as a result marketable securities are measured at fair value through profit and loss. This classification is consistent with the prior year's classification. Transactions are recognized at trade date.DKK thousand 2022 2021USD portfolio:Asset backed securities 24,392 0Corporate bonds 84,219 0Total USD portfolio 108,611 0DKK portfolio:Equity investment in bond portfolio 0 299,042Total DKK portfolio 0 299,042Total portfolio 108,611 299,042Per December 31, 2022, all outstanding securities matures within 3 months.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinancialInstrumentsAtFairValueThroughProfitOrLossExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__133": {
   "value": "4.6 Borrowings  Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.DKK thousand 2022 2021Borrowings at amortised cost 320,743  647,906 Embedded derivates at fair value 80,603  0Total borrowings including embedded derivatives 401,346 647,906 On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland.Following a change in the strategy announced on 30 March 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant postive value as Zealand effec-tively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepayng the loan. The basis for meas-uring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant and which needed the funds. Fair value was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covernants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the value of Zealand's prepayment option as of December 31, 2022 is immaterial.During the financial year, the loan agreement with Oberland have been amended twice.Oberland amendment no. I  On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows: \u2022  Prepayment of 50% of the USD 100 million principal which including a prepayment premium of 20% amounts to USD 60 million\u2022  Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022  Lender option renegotiated to include aditional assets \u2022  Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022  Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant due to the fact that release from the liquidity covenant a market participant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recognised as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million) which will be offset against future repayments. Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract. Oberland amendment no. II  On 20 September 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement. Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurment of the option. Loan terms following amendment 2Loan amount, tranche 1:  USD 50 millionMaturity date:  December 30, 2028Repayment profile:   Repayment at maturity:Base Interest:  3 months US Libor with a floor of 0.25%Credit spread:   6% p.a., fixed over the term of the contractRevenue participation payments:  Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event  of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt:   Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repay-ment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Designated deposit accountThe outstanding principal of USD 50 million must be held in an Designated Deposit Account until the following conditions have been met:\u2022  Zealand has achieved the Qualified Glepaglutide Endpoint, and\u2022  All counterparties in Material Product agreements have delivered consentsA Designated Deposit Account is an account subject to a so-called control agreement, i.e. an agree-ment under which a bank account in the name of Zealand Pharma is controlled by the lender. The funds can be released in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital.Accounting AssessmentManagement has assessed the contract for non closely related embedded derivatives and has concluded that the prepayment option and the lender call option are not closely related to the debt host contract due to the fact that the repayment amount could differ with more than an insignificant amount from the debts amortised cost.The revenue based payments are not separated from the debt host contract but are initially consid-ered part of the expected cash flows and included in determining the effective interest rate. The loan is remeasured upon a reassessment of the expected revenue-based payment. The loan is remeasured to the present value of the revised payments, discounted at the original effective rate, adjusted for subse-quent changes in the 3 Month Libor rate.   Management's judgements and estimates Fair value measurement of lender's call optionFollowing Zealand's change in strategy to actively seek partnerships and the renegotiation of the lender call option to include more assets with the amendment made on 10 May 2022, the likelihood of an event triggering repayment was significantly increased. Fair value of the lender call option was deter-mined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. Fair value as of 31 December 2022 was determined using the same method, based on revised probabilities and market rates for comparable investments as of 31 December 2022. In line with the announced company goals for 2023 to engage in strategic partnerships, the likelyhood of a lender call option trigger event within the next two years is assessed as realistic. Fair value of the option amounted to DKK 18.0 million as of 10 May, 2022 and DKK 80.6 million as of 31 December 2022. The fair value change, DKK 62.6 million, is included in financial items.Fair value measurement is to a significant extent based on unobservable input (level 3) being the like-lihood and timing of a call option trigger event. A decrease in likelihood of a trigger event occurring and occurrence at a later point in time than anticipated will decrease the negative value. Further, the discount rate will impact the valuation. An increase in the discount rate will increase the negative value and vice versa. The below table summarizes the effect of reasonably possible changes in the assump-tion applied. Finally an increase in the USD 3m Libor will decrease the negative value of the option, as it will increase the contractual cash flow of the contract without a trigger event occuring. A decrease in USD 3m Libor will have the opposite effect.Change in variable  Change in fair value Trigger event 3 months later  Decrease in negative value of DKK 11.2 millionDiscount rate + 1% Increase in negative value of DKK 7.2 millionDiscount rate \u2013 1%  Decrease in negative value of DKK 7.8 millionUSD 3m Libor + 1% Decrease in negative value of DKK 12.1 millionUSD 3m Libor - 1% Increase in negative value of DKK 12.1 millionThe Group has up until now not held complex financial instruments measured at fair value and has only recently implemented processes for determining fair value of such instruments. Third party valuation specialists have been engaged to assist in determining the fair value of both the Zealand prepayment option and the lender call option as of 10 May, 20 September and 31 December 2022.Fair value of the loan agreement including embedded derivatives as of 31 December 2022 is assessed to be equal to its carrying amount of DKK 401 million (31 December 2021: DKK 656 million). The assess-ment is based on comparison of the effective yield of quoted bonds for CCC rated entities as of 31 December 2022. Valuation is based mainly on unobservable data (level 3). Fair value measurement of Zealand's prepayment optionFollowing the first amendment of the Oberland loan all revenue-related liquidity covenants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the the value of Zealand's prepayment option as of December 31, 2022 is immaterial.Collateral providedThe Group has provided floating charge collateral covering with all assets in the company which can be collateralized, including shares in subsidiaries, as collateral for the debt to Oberland.Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesCash changes Non-cash changesCarrying Repayment Carrying value as at of debt, Loss on debt Bifurcation Gain on debt value as at December including Payment of Loss on  recognition - of embedded recognition - Fair value Interests Currency December 31, 2021premiuminterestssettlementamendment I derivativesamendment IIadjustments  Amortizationaccruedadjustments31, 2022Borrowings as amortized costs  647,906  -422,085 0 60,387 22,381 -18,017 -18,581 0 1,337 0 47,829 320,743 Embedded derivatives at fair value  0 0 0 71,050 0 0 0 -71,050 0 0 0 0- Zealand prepayment optionEmbedded derivatives at fair value  0 0 0 0 0 18,017 0 62,613 0 0 -27 80,603 - Lender call optionOther receivables 0 -14,003 -32,651 0 -7,764 0 -4,890 0 0 54,052 -2,928 -8,184Total impact from  Oberland loan agreement  647,906  -436,088  -32,651 131,437 14,617 0 -23,471 -8,437 1,337  54,052 44,460  393,162 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__132": {
   "value": "4.6 Borrowings  Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.DKK thousand 2022 2021Borrowings at amortised cost 320,743  647,906 Embedded derivates at fair value 80,603  0Total borrowings including embedded derivatives 401,346 647,906 On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland.Following a change in the strategy announced on 30 March 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant postive value as Zealand effec-tively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepayng the loan. The basis for meas-uring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant and which needed the funds. Fair value was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covernants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the value of Zealand's prepayment option as of December 31, 2022 is immaterial.During the financial year, the loan agreement with Oberland have been amended twice.Oberland amendment no. I  On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows: \u2022  Prepayment of 50% of the USD 100 million principal which including a prepayment premium of 20% amounts to USD 60 million\u2022  Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022  Lender option renegotiated to include aditional assets \u2022  Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022  Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant due to the fact that release from the liquidity covenant a market participant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recognised as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million) which will be offset against future repayments. Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract. Oberland amendment no. II  On 20 September 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement. Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurment of the option. Loan terms following amendment 2Loan amount, tranche 1:  USD 50 millionMaturity date:  December 30, 2028Repayment profile:   Repayment at maturity:Base Interest:  3 months US Libor with a floor of 0.25%Credit spread:   6% p.a., fixed over the term of the contractRevenue participation payments:  Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event  of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt:   Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repay-ment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Designated deposit accountThe outstanding principal of USD 50 million must be held in an Designated Deposit Account until the following conditions have been met:\u2022  Zealand has achieved the Qualified Glepaglutide Endpoint, and\u2022  All counterparties in Material Product agreements have delivered consentsA Designated Deposit Account is an account subject to a so-called control agreement, i.e. an agree-ment under which a bank account in the name of Zealand Pharma is controlled by the lender. The funds can be released in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital.Accounting AssessmentManagement has assessed the contract for non closely related embedded derivatives and has concluded that the prepayment option and the lender call option are not closely related to the debt host contract due to the fact that the repayment amount could differ with more than an insignificant amount from the debts amortised cost.The revenue based payments are not separated from the debt host contract but are initially consid-ered part of the expected cash flows and included in determining the effective interest rate. The loan is remeasured upon a reassessment of the expected revenue-based payment. The loan is remeasured to the present value of the revised payments, discounted at the original effective rate, adjusted for subse-quent changes in the 3 Month Libor rate.   Management's judgements and estimates Fair value measurement of lender's call optionFollowing Zealand's change in strategy to actively seek partnerships and the renegotiation of the lender call option to include more assets with the amendment made on 10 May 2022, the likelihood of an event triggering repayment was significantly increased. Fair value of the lender call option was deter-mined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. Fair value as of 31 December 2022 was determined using the same method, based on revised probabilities and market rates for comparable investments as of 31 December 2022. In line with the announced company goals for 2023 to engage in strategic partnerships, the likelyhood of a lender call option trigger event within the next two years is assessed as realistic. Fair value of the option amounted to DKK 18.0 million as of 10 May, 2022 and DKK 80.6 million as of 31 December 2022. The fair value change, DKK 62.6 million, is included in financial items.Fair value measurement is to a significant extent based on unobservable input (level 3) being the like-lihood and timing of a call option trigger event. A decrease in likelihood of a trigger event occurring and occurrence at a later point in time than anticipated will decrease the negative value. Further, the discount rate will impact the valuation. An increase in the discount rate will increase the negative value and vice versa. The below table summarizes the effect of reasonably possible changes in the assump-tion applied. Finally an increase in the USD 3m Libor will decrease the negative value of the option, as it will increase the contractual cash flow of the contract without a trigger event occuring. A decrease in USD 3m Libor will have the opposite effect.Change in variable  Change in fair value Trigger event 3 months later  Decrease in negative value of DKK 11.2 millionDiscount rate + 1% Increase in negative value of DKK 7.2 millionDiscount rate \u2013 1%  Decrease in negative value of DKK 7.8 millionUSD 3m Libor + 1% Decrease in negative value of DKK 12.1 millionUSD 3m Libor - 1% Increase in negative value of DKK 12.1 millionThe Group has up until now not held complex financial instruments measured at fair value and has only recently implemented processes for determining fair value of such instruments. Third party valuation specialists have been engaged to assist in determining the fair value of both the Zealand prepayment option and the lender call option as of 10 May, 20 September and 31 December 2022.Fair value of the loan agreement including embedded derivatives as of 31 December 2022 is assessed to be equal to its carrying amount of DKK 401 million (31 December 2021: DKK 656 million). The assess-ment is based on comparison of the effective yield of quoted bonds for CCC rated entities as of 31 December 2022. Valuation is based mainly on unobservable data (level 3). Fair value measurement of Zealand's prepayment optionFollowing the first amendment of the Oberland loan all revenue-related liquidity covenants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the the value of Zealand's prepayment option as of December 31, 2022 is immaterial.Collateral providedThe Group has provided floating charge collateral covering with all assets in the company which can be collateralized, including shares in subsidiaries, as collateral for the debt to Oberland.Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesCash changes Non-cash changesCarrying Repayment Carrying value as at of debt, Loss on debt Bifurcation Gain on debt value as at December including Payment of Loss on  recognition - of embedded recognition - Fair value Interests Currency December 31, 2021premiuminterestssettlementamendment I derivativesamendment IIadjustments  Amortizationaccruedadjustments31, 2022Borrowings as amortized costs  647,906  -422,085 0 60,387 22,381 -18,017 -18,581 0 1,337 0 47,829 320,743 Embedded derivatives at fair value  0 0 0 71,050 0 0 0 -71,050 0 0 0 0- Zealand prepayment optionEmbedded derivatives at fair value  0 0 0 0 0 18,017 0 62,613 0 0 -27 80,603 - Lender call optionOther receivables 0 -14,003 -32,651 0 -7,764 0 -4,890 0 0 54,052 -2,928 -8,184Total impact from  Oberland loan agreement  647,906  -436,088  -32,651 131,437 14,617 0 -23,471 -8,437 1,337  54,052 44,460  393,162 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__130": {
   "value": "4.6 Borrowings  Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.DKK thousand 2022 2021Borrowings at amortised cost 320,743  647,906 Embedded derivates at fair value 80,603  0Total borrowings including embedded derivatives 401,346 647,906 On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland.Following a change in the strategy announced on 30 March 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant postive value as Zealand effec-tively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepayng the loan. The basis for meas-uring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant and which needed the funds. Fair value was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covernants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the value of Zealand's prepayment option as of December 31, 2022 is immaterial.During the financial year, the loan agreement with Oberland have been amended twice.Oberland amendment no. I  On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows: \u2022  Prepayment of 50% of the USD 100 million principal which including a prepayment premium of 20% amounts to USD 60 million\u2022  Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022  Lender option renegotiated to include aditional assets \u2022  Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022  Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant due to the fact that release from the liquidity covenant a market participant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recognised as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million) which will be offset against future repayments. Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract. Oberland amendment no. II  On 20 September 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement. Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurment of the option. Loan terms following amendment 2Loan amount, tranche 1:  USD 50 millionMaturity date:  December 30, 2028Repayment profile:   Repayment at maturity:Base Interest:  3 months US Libor with a floor of 0.25%Credit spread:   6% p.a., fixed over the term of the contractRevenue participation payments:  Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event  of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt:   Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repay-ment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Designated deposit accountThe outstanding principal of USD 50 million must be held in an Designated Deposit Account until the following conditions have been met:\u2022  Zealand has achieved the Qualified Glepaglutide Endpoint, and\u2022  All counterparties in Material Product agreements have delivered consentsA Designated Deposit Account is an account subject to a so-called control agreement, i.e. an agree-ment under which a bank account in the name of Zealand Pharma is controlled by the lender. The funds can be released in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital.Accounting AssessmentManagement has assessed the contract for non closely related embedded derivatives and has concluded that the prepayment option and the lender call option are not closely related to the debt host contract due to the fact that the repayment amount could differ with more than an insignificant amount from the debts amortised cost.The revenue based payments are not separated from the debt host contract but are initially consid-ered part of the expected cash flows and included in determining the effective interest rate. The loan is remeasured upon a reassessment of the expected revenue-based payment. The loan is remeasured to the present value of the revised payments, discounted at the original effective rate, adjusted for subse-quent changes in the 3 Month Libor rate.   Management's judgements and estimates Fair value measurement of lender's call optionFollowing Zealand's change in strategy to actively seek partnerships and the renegotiation of the lender call option to include more assets with the amendment made on 10 May 2022, the likelihood of an event triggering repayment was significantly increased. Fair value of the lender call option was deter-mined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. Fair value as of 31 December 2022 was determined using the same method, based on revised probabilities and market rates for comparable investments as of 31 December 2022. In line with the announced company goals for 2023 to engage in strategic partnerships, the likelyhood of a lender call option trigger event within the next two years is assessed as realistic. Fair value of the option amounted to DKK 18.0 million as of 10 May, 2022 and DKK 80.6 million as of 31 December 2022. The fair value change, DKK 62.6 million, is included in financial items.Fair value measurement is to a significant extent based on unobservable input (level 3) being the like-lihood and timing of a call option trigger event. A decrease in likelihood of a trigger event occurring and occurrence at a later point in time than anticipated will decrease the negative value. Further, the discount rate will impact the valuation. An increase in the discount rate will increase the negative value and vice versa. The below table summarizes the effect of reasonably possible changes in the assump-tion applied. Finally an increase in the USD 3m Libor will decrease the negative value of the option, as it will increase the contractual cash flow of the contract without a trigger event occuring. A decrease in USD 3m Libor will have the opposite effect.Change in variable  Change in fair value Trigger event 3 months later  Decrease in negative value of DKK 11.2 millionDiscount rate + 1% Increase in negative value of DKK 7.2 millionDiscount rate \u2013 1%  Decrease in negative value of DKK 7.8 millionUSD 3m Libor + 1% Decrease in negative value of DKK 12.1 millionUSD 3m Libor - 1% Increase in negative value of DKK 12.1 millionThe Group has up until now not held complex financial instruments measured at fair value and has only recently implemented processes for determining fair value of such instruments. Third party valuation specialists have been engaged to assist in determining the fair value of both the Zealand prepayment option and the lender call option as of 10 May, 20 September and 31 December 2022.Fair value of the loan agreement including embedded derivatives as of 31 December 2022 is assessed to be equal to its carrying amount of DKK 401 million (31 December 2021: DKK 656 million). The assess-ment is based on comparison of the effective yield of quoted bonds for CCC rated entities as of 31 December 2022. Valuation is based mainly on unobservable data (level 3). Fair value measurement of Zealand's prepayment optionFollowing the first amendment of the Oberland loan all revenue-related liquidity covenants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the the value of Zealand's prepayment option as of December 31, 2022 is immaterial.Collateral providedThe Group has provided floating charge collateral covering with all assets in the company which can be collateralized, including shares in subsidiaries, as collateral for the debt to Oberland.Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesCash changes Non-cash changesCarrying Repayment Carrying value as at of debt, Loss on debt Bifurcation Gain on debt value as at December including Payment of Loss on  recognition - of embedded recognition - Fair value Interests Currency December 31, 2021premiuminterestssettlementamendment I derivativesamendment IIadjustments  Amortizationaccruedadjustments31, 2022Borrowings as amortized costs  647,906  -422,085 0 60,387 22,381 -18,017 -18,581 0 1,337 0 47,829 320,743 Embedded derivatives at fair value  0 0 0 71,050 0 0 0 -71,050 0 0 0 0- Zealand prepayment optionEmbedded derivatives at fair value  0 0 0 0 0 18,017 0 62,613 0 0 -27 80,603 - Lender call optionOther receivables 0 -14,003 -32,651 0 -7,764 0 -4,890 0 0 54,052 -2,928 -8,184Total impact from  Oberland loan agreement  647,906  -436,088  -32,651 131,437 14,617 0 -23,471 -8,437 1,337  54,052 44,460  393,162 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__129": {
   "value": "4.6 Borrowings  Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.DKK thousand 2022 2021Borrowings at amortised cost 320,743  647,906 Embedded derivates at fair value 80,603  0Total borrowings including embedded derivatives 401,346 647,906 On December 31, 2021, Zealand entered into a USD 100 million loan agreement with Oberland.Following a change in the strategy announced on 30 March 2022, the conditions for release of the included liquidity covenant being trailing 6 months cumulative revenue of at least USD 50 million was considered unlikely to be met. Therefore, Zealand was as of this point in time effectively restricted from obtaining access to the funds, and Zealand's prepayment option, whose fair value was assessed to be immaterial upon issue of the loan, was considered to have a significant postive value as Zealand effec-tively would not gain access to the cash. The positive fair value was determined as the present value of future cash flows under the contract, compared with the cost of prepayng the loan. The basis for meas-uring fair value was determined to be an entity (market participant) which was expected not to meet the liquidity covenant and which needed the funds. Fair value was determined to amount to DKK 142.1 million based on the following assumptions:Assumption Value assigned to assumptionUS LIBOR rate (annual forward rates) + 6% + \u201ccatch up\u201d Cash flow loanpayment to arrive at an IRR of 9.75%Deposit income US LIBOR rate (annual forward rates)Discount rate 11%Fair value was determined mainly based on unobservable data (level 3). Please refer to the movement table presented on the following pages.Following the first amendment 50% of Zealand's prepayment option was utilized (DKK 71.0 million was recognized under loss on settlement of borrowings). As a part of the amendment, all revenue-related liquidity covernants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the value of Zealand's prepayment option as of December 31, 2022 is immaterial.During the financial year, the loan agreement with Oberland have been amended twice.Oberland amendment no. I  On May 10, 2022, Zealand entered into an agreement to amend certain terms of the Oberland loan. The amendments were as follows: \u2022  Prepayment of 50% of the USD 100 million principal which including a prepayment premium of 20% amounts to USD 60 million\u2022  Removal of the liquidity covenant meaning that Zealand has no limitations in respect of utilizing the cash held by the Group\u2022  Lender option renegotiated to include aditional assets \u2022  Increase in premium which Zealand is required to pay in case of repayment within the first four years of the agreement (refer to repayment amount section below)\u2022  Potential for a further $75 million incremental capital following specific eventsManagement considers the amendments to comprise terms which are substantially different from the term applicable prior to the amendment. Consequently, the modification has been accounted for as an extinguishment of the loan subject to the original terms and recognition of a new liability. Under the amended terms, Management estimates that fair value of the Zealand prepayment option for the remaining outstanding amount is insignificant due to the fact that release from the liquidity covenant a market participant would not benefit from prepaying the loan due to the fact that the funds are available for use for a market participant. For the prepaid notional amount of USD 50 million, DKK 131.4 million was recognised as loss on settlement of borrowings under financial expenses. The amount comprises utilization of the prepayment option (DKK 71.0 million) and premium on settlement of debts (DKK 60.4 million). The cash outflow from debts of DKK 436.1 million comprises the premium on settlement of debts (DKK 56.7 million), repayment of USD 51.7 million (DKK 365.4 million) and a prepayment of USD 2.0 million (DKK 14.0 million) which will be offset against future repayments. Fair value of the amended loan (USD 50 million) was measured at DKK 367.1 million of which the fair value of the lender call option accounted for DKK 18.0 million. A loss of DKK 14.6 was recognized as a consequence of the derecognition. As discussed below under the section \u201cFair value measurement\u201d, the lender call option is assessed to have a significant fair value as of the modification date and has been separated from the debt host contract. Oberland amendment no. II  On 20 September 2022, the Company entered into the Second Amendment to the Note Purchase Agreement to address certain non-financial events of default by Zealand, which Oberland Capital waived pursuant to the amendment. The Second Amendment introduced two conditions for the release of the USD 50 million held in a Zealand Pharma A/S account that is controlled by Oberland Capital, one of which was satisfied. Upon satisfaction of the second condition, which relates to the fulfillment of certain post-closing obligations, Zealand may transfer funds from such account in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital. There are currently no other outstanding events of default under the Note Purchase Agreement. Fair value of the amended loan (USD 50 million) was assessed to be DKK 398.8 million of which the fair value of the lender call option accounted for DKK 45.0 million. A gain of DKK 23.5 was recognized as a consequence of the derecognition. Please refer to the section \u201cFair value measurement\u201d for further information about the measurment of the option. Loan terms following amendment 2Loan amount, tranche 1:  USD 50 millionMaturity date:  December 30, 2028Repayment profile:   Repayment at maturity:Base Interest:  3 months US Libor with a floor of 0.25%Credit spread:   6% p.a., fixed over the term of the contractRevenue participation payments:  Draw down on tranche 1: 1.33% of consolidated revenue per financial year, not exceeding 75 MUSD.Lender call option to require repayment Change of control event  of the debt: Sale of assets or licenses \u2013 proceeds from sale to be used to repay the loan, however, no more than up to 75% of the net proceeds.Zealand option to prepay the debt:   Throughout the term of the loan Repayment amount:Until January 1, 2027: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 12.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the fifth anniversary of the First Purchase Date.In any case less any interests and revenue participation amounts already paid.From January 1, 2027 until maturity: An amount equal to the greater of 150.0% of the principal amount of the Notes issued and the amount (greater than zero) that would generate an internal rate of return to the lender equal to 11.0% on the aggregate purchase price paid for such Notes, calculated from the First Purchase Date to the date of repay-ment.In any case less any interests and revenue participation amounts already paid.At maturity: At the principal amount or if investor IRR is lower than 9.75% p.a. including interest payments, revenue participation payments and lender-required repayments, an additional amount Designated deposit accountThe outstanding principal of USD 50 million must be held in an Designated Deposit Account until the following conditions have been met:\u2022  Zealand has achieved the Qualified Glepaglutide Endpoint, and\u2022  All counterparties in Material Product agreements have delivered consentsA Designated Deposit Account is an account subject to a so-called control agreement, i.e. an agree-ment under which a bank account in the name of Zealand Pharma is controlled by the lender. The funds can be released in increments of USD 10 million for purposes of operating Zealand\u2019s business in the ordinary course upon prior notice to Oberland Capital.Accounting AssessmentManagement has assessed the contract for non closely related embedded derivatives and has concluded that the prepayment option and the lender call option are not closely related to the debt host contract due to the fact that the repayment amount could differ with more than an insignificant amount from the debts amortised cost.The revenue based payments are not separated from the debt host contract but are initially consid-ered part of the expected cash flows and included in determining the effective interest rate. The loan is remeasured upon a reassessment of the expected revenue-based payment. The loan is remeasured to the present value of the revised payments, discounted at the original effective rate, adjusted for subse-quent changes in the 3 Month Libor rate.   Management's judgements and estimates Fair value measurement of lender's call optionFollowing Zealand's change in strategy to actively seek partnerships and the renegotiation of the lender call option to include more assets with the amendment made on 10 May 2022, the likelihood of an event triggering repayment was significantly increased. Fair value of the lender call option was deter-mined as the difference between the present value of the probability weighted contractual cash flow upon the occurrence of a call option trigger event and the present value of the contractual cash flows without a call option trigger event occurring, discounted at the expected internal rate of return of 14.3%. It is assumed that any call option trigger event will result in full repayment of the loan. Fair value as of 31 December 2022 was determined using the same method, based on revised probabilities and market rates for comparable investments as of 31 December 2022. In line with the announced company goals for 2023 to engage in strategic partnerships, the likelyhood of a lender call option trigger event within the next two years is assessed as realistic. Fair value of the option amounted to DKK 18.0 million as of 10 May, 2022 and DKK 80.6 million as of 31 December 2022. The fair value change, DKK 62.6 million, is included in financial items.Fair value measurement is to a significant extent based on unobservable input (level 3) being the like-lihood and timing of a call option trigger event. A decrease in likelihood of a trigger event occurring and occurrence at a later point in time than anticipated will decrease the negative value. Further, the discount rate will impact the valuation. An increase in the discount rate will increase the negative value and vice versa. The below table summarizes the effect of reasonably possible changes in the assump-tion applied. Finally an increase in the USD 3m Libor will decrease the negative value of the option, as it will increase the contractual cash flow of the contract without a trigger event occuring. A decrease in USD 3m Libor will have the opposite effect.Change in variable  Change in fair value Trigger event 3 months later  Decrease in negative value of DKK 11.2 millionDiscount rate + 1% Increase in negative value of DKK 7.2 millionDiscount rate \u2013 1%  Decrease in negative value of DKK 7.8 millionUSD 3m Libor + 1% Decrease in negative value of DKK 12.1 millionUSD 3m Libor - 1% Increase in negative value of DKK 12.1 millionThe Group has up until now not held complex financial instruments measured at fair value and has only recently implemented processes for determining fair value of such instruments. Third party valuation specialists have been engaged to assist in determining the fair value of both the Zealand prepayment option and the lender call option as of 10 May, 20 September and 31 December 2022.Fair value of the loan agreement including embedded derivatives as of 31 December 2022 is assessed to be equal to its carrying amount of DKK 401 million (31 December 2021: DKK 656 million). The assess-ment is based on comparison of the effective yield of quoted bonds for CCC rated entities as of 31 December 2022. Valuation is based mainly on unobservable data (level 3). Fair value measurement of Zealand's prepayment optionFollowing the first amendment of the Oberland loan all revenue-related liquidity covenants were lifted and Zealand gained assess to the cash. The premium on repayment of the loan within the first four years of the agreement was also increased. As a result it is management's assessment the the value of Zealand's prepayment option as of December 31, 2022 is immaterial.Collateral providedThe Group has provided floating charge collateral covering with all assets in the company which can be collateralized, including shares in subsidiaries, as collateral for the debt to Oberland.Changes arising from Oberland loan agreement - including changes for level 3 embedded derivativesCash changes Non-cash changesCarrying Repayment Carrying value as at of debt, Loss on debt Bifurcation Gain on debt value as at December including Payment of Loss on  recognition - of embedded recognition - Fair value Interests Currency December 31, 2021premiuminterestssettlementamendment I derivativesamendment IIadjustments  Amortizationaccruedadjustments31, 2022Borrowings as amortized costs  647,906  -422,085 0 60,387 22,381 -18,017 -18,581 0 1,337 0 47,829 320,743 Embedded derivatives at fair value  0 0 0 71,050 0 0 0 -71,050 0 0 0 0- Zealand prepayment optionEmbedded derivatives at fair value  0 0 0 0 0 18,017 0 62,613 0 0 -27 80,603 - Lender call optionOther receivables 0 -14,003 -32,651 0 -7,764 0 -4,890 0 0 54,052 -2,928 -8,184Total impact from  Oberland loan agreement  647,906  -436,088  -32,651 131,437 14,617 0 -23,471 -8,437 1,337  54,052 44,460  393,162 ",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDebtSecuritiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__136": {
   "value": "Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForRecognisingDifferenceBetweenFairValueAtInitialRecognitionAndAmountDeterminedUsingValuationTechniqueExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__135": {
   "value": "Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__134": {
   "value": "Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForBorrowingsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__131": {
   "value": "Accounting policiesOn initial recognition borrowings are measured at fair value which is generally equal to the proceeds received. Fair value is allocated between the debt host contract and, if applicable, an embedded deriva- tive. Transaction costs attributable to the debt host contract are deducted from the initial fair value and amortised over the term of the loan as part of the effective interest rate on the loan. Transaction costs attributable to a non-closely related embedded derivatives are expensed on initial recognition. Subse-quently, borrowings are measured at amortised cost.On initial recognition, borrowings are evaluated for the existence of non-closely related embedded derivatives, i.e. cash flows or potential cash flows whose economic characteristics and risks are not closely related to the economic characteristics and risks in the debt host contract such as prepayment options at amounts which are not substantially equal to the loan\u2019s amortised cost. The cash flows attrib-utable to such non-closely related embedded derivatives are separated and accounted for as derivative financial instruments.Loan commitments are not recognised. Lender fees and transaction costs attributable to uncondi- tional loan commitments are treated as prepaid transaction costs if the Group expect to draw down on the facility. If the Group has no specific plans for draw down on the loan commitment, the transaction costs are amortised over the commitment period.If a loan commitment is subject to meeting certain conditions, it is considered an unconditional loan commitment if the Group considers it probable that the conditions will be met.Amendment of the terms of a loan is accounted for as an extinguishment of the original loan and recognition of a new liability reflecting the amended terms if the amended terms are substantially different from the original terms. Both quantitative and qualitive factors are considered. If the present value of the amended cash flows discounted at the original effective interest rate differs by 10% or more, the amendment is treated as an extinguishment. If the presented value of the amended cash flows differs by less than 10%, Management evaluates qualitative factors such as: \u2022  Change in collateral and restrictions of the use of proceeds \u2022  Significant change in the term of the loan \u2022  Change in loan currency and interest base All fees incurred in connection with a modification of the terms accounted for as an extinguishment are recognised as an expense.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerivativeFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__146": {
   "value": "4.7  Financial items  Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.DKK thousand 2022 2021 2020Interest income 6,542 44 895Interest expenses and banking fees -56,455 -4,091 -2,895Fair value adjustments of embedded derivatives - Zealand prepayment option 71,050 0 0Loss on settlement of borrowings -131,437 0 0Loss on debt recognition - amendment I -14,617 0 0Gain on debt recognition - amendment II 23,471Fair value adjustments of embedded derivatives - lender call option -62,613 0 0Fair value adjustments of marketable securities -1,699 1,852 -2,103Fair value adjustments of other investments  4,036 -5,426 936Exchange rate adjustments (primarily on USD deposits) 25,602 36,524 -39,487Amortization of loan costs -1,337 0 0Other financial items 2,569 -3,473 -4,620Financial items in total -134,888 25,430 -47,274Presentation in financial statement:Financial income 133,270 41,211 1,831Financial expense -268,158 -15,781 -49,105Interst expeses and banking fees have increased due to the loan agreement with Oberland as described in note 4.6.Fair value adjustments of Zealand's prepayment option relate to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 for further information.Loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agree-ment with Oberland and comprise the partial utilization of the prepayment option, the premium paid and the capitalized loan costs which have been fully expensed. Reference is made to note 4.6 for further infor-mation. Gain on debt modifications comprise the accounting impact of the two amendments to the Oberland agreement as described in note 4.6.Fair value adjustment of lender call option relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfReclassificationOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__144": {
   "value": "4.7  Financial items  Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.DKK thousand 2022 2021 2020Interest income 6,542 44 895Interest expenses and banking fees -56,455 -4,091 -2,895Fair value adjustments of embedded derivatives - Zealand prepayment option 71,050 0 0Loss on settlement of borrowings -131,437 0 0Loss on debt recognition - amendment I -14,617 0 0Gain on debt recognition - amendment II 23,471Fair value adjustments of embedded derivatives - lender call option -62,613 0 0Fair value adjustments of marketable securities -1,699 1,852 -2,103Fair value adjustments of other investments  4,036 -5,426 936Exchange rate adjustments (primarily on USD deposits) 25,602 36,524 -39,487Amortization of loan costs -1,337 0 0Other financial items 2,569 -3,473 -4,620Financial items in total -134,888 25,430 -47,274Presentation in financial statement:Financial income 133,270 41,211 1,831Financial expense -268,158 -15,781 -49,105Interst expeses and banking fees have increased due to the loan agreement with Oberland as described in note 4.6.Fair value adjustments of Zealand's prepayment option relate to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 for further information.Loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agree-ment with Oberland and comprise the partial utilization of the prepayment option, the premium paid and the capitalized loan costs which have been fully expensed. Reference is made to note 4.6 for further infor-mation. Gain on debt modifications comprise the accounting impact of the two amendments to the Oberland agreement as described in note 4.6.Fair value adjustment of lender call option relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__143": {
   "value": "4.7  Financial items  Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.DKK thousand 2022 2021 2020Interest income 6,542 44 895Interest expenses and banking fees -56,455 -4,091 -2,895Fair value adjustments of embedded derivatives - Zealand prepayment option 71,050 0 0Loss on settlement of borrowings -131,437 0 0Loss on debt recognition - amendment I -14,617 0 0Gain on debt recognition - amendment II 23,471Fair value adjustments of embedded derivatives - lender call option -62,613 0 0Fair value adjustments of marketable securities -1,699 1,852 -2,103Fair value adjustments of other investments  4,036 -5,426 936Exchange rate adjustments (primarily on USD deposits) 25,602 36,524 -39,487Amortization of loan costs -1,337 0 0Other financial items 2,569 -3,473 -4,620Financial items in total -134,888 25,430 -47,274Presentation in financial statement:Financial income 133,270 41,211 1,831Financial expense -268,158 -15,781 -49,105Interst expeses and banking fees have increased due to the loan agreement with Oberland as described in note 4.6.Fair value adjustments of Zealand's prepayment option relate to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 for further information.Loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agree-ment with Oberland and comprise the partial utilization of the prepayment option, the premium paid and the capitalized loan costs which have been fully expensed. Reference is made to note 4.6 for further infor-mation. Gain on debt modifications comprise the accounting impact of the two amendments to the Oberland agreement as described in note 4.6.Fair value adjustment of lender call option relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__142": {
   "value": "4.7  Financial items  Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.DKK thousand 2022 2021 2020Interest income 6,542 44 895Interest expenses and banking fees -56,455 -4,091 -2,895Fair value adjustments of embedded derivatives - Zealand prepayment option 71,050 0 0Loss on settlement of borrowings -131,437 0 0Loss on debt recognition - amendment I -14,617 0 0Gain on debt recognition - amendment II 23,471Fair value adjustments of embedded derivatives - lender call option -62,613 0 0Fair value adjustments of marketable securities -1,699 1,852 -2,103Fair value adjustments of other investments  4,036 -5,426 936Exchange rate adjustments (primarily on USD deposits) 25,602 36,524 -39,487Amortization of loan costs -1,337 0 0Other financial items 2,569 -3,473 -4,620Financial items in total -134,888 25,430 -47,274Presentation in financial statement:Financial income 133,270 41,211 1,831Financial expense -268,158 -15,781 -49,105Interst expeses and banking fees have increased due to the loan agreement with Oberland as described in note 4.6.Fair value adjustments of Zealand's prepayment option relate to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 for further information.Loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agree-ment with Oberland and comprise the partial utilization of the prepayment option, the premium paid and the capitalized loan costs which have been fully expensed. Reference is made to note 4.6 for further infor-mation. Gain on debt modifications comprise the accounting impact of the two amendments to the Oberland agreement as described in note 4.6.Fair value adjustment of lender call option relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__139": {
   "value": "4.7  Financial items  Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.DKK thousand 2022 2021 2020Interest income 6,542 44 895Interest expenses and banking fees -56,455 -4,091 -2,895Fair value adjustments of embedded derivatives - Zealand prepayment option 71,050 0 0Loss on settlement of borrowings -131,437 0 0Loss on debt recognition - amendment I -14,617 0 0Gain on debt recognition - amendment II 23,471Fair value adjustments of embedded derivatives - lender call option -62,613 0 0Fair value adjustments of marketable securities -1,699 1,852 -2,103Fair value adjustments of other investments  4,036 -5,426 936Exchange rate adjustments (primarily on USD deposits) 25,602 36,524 -39,487Amortization of loan costs -1,337 0 0Other financial items 2,569 -3,473 -4,620Financial items in total -134,888 25,430 -47,274Presentation in financial statement:Financial income 133,270 41,211 1,831Financial expense -268,158 -15,781 -49,105Interst expeses and banking fees have increased due to the loan agreement with Oberland as described in note 4.6.Fair value adjustments of Zealand's prepayment option relate to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 for further information.Loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agree-ment with Oberland and comprise the partial utilization of the prepayment option, the premium paid and the capitalized loan costs which have been fully expensed. Reference is made to note 4.6 for further infor-mation. Gain on debt modifications comprise the accounting impact of the two amendments to the Oberland agreement as described in note 4.6.Fair value adjustment of lender call option relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceCostExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__138": {
   "value": "4.7  Financial items  Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.DKK thousand 2022 2021 2020Interest income 6,542 44 895Interest expenses and banking fees -56,455 -4,091 -2,895Fair value adjustments of embedded derivatives - Zealand prepayment option 71,050 0 0Loss on settlement of borrowings -131,437 0 0Loss on debt recognition - amendment I -14,617 0 0Gain on debt recognition - amendment II 23,471Fair value adjustments of embedded derivatives - lender call option -62,613 0 0Fair value adjustments of marketable securities -1,699 1,852 -2,103Fair value adjustments of other investments  4,036 -5,426 936Exchange rate adjustments (primarily on USD deposits) 25,602 36,524 -39,487Amortization of loan costs -1,337 0 0Other financial items 2,569 -3,473 -4,620Financial items in total -134,888 25,430 -47,274Presentation in financial statement:Financial income 133,270 41,211 1,831Financial expense -268,158 -15,781 -49,105Interst expeses and banking fees have increased due to the loan agreement with Oberland as described in note 4.6.Fair value adjustments of Zealand's prepayment option relate to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 for further information.Loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agree-ment with Oberland and comprise the partial utilization of the prepayment option, the premium paid and the capitalized loan costs which have been fully expensed. Reference is made to note 4.6 for further infor-mation. Gain on debt modifications comprise the accounting impact of the two amendments to the Oberland agreement as described in note 4.6.Fair value adjustment of lender call option relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__137": {
   "value": "4.7  Financial items  Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.DKK thousand 2022 2021 2020Interest income 6,542 44 895Interest expenses and banking fees -56,455 -4,091 -2,895Fair value adjustments of embedded derivatives - Zealand prepayment option 71,050 0 0Loss on settlement of borrowings -131,437 0 0Loss on debt recognition - amendment I -14,617 0 0Gain on debt recognition - amendment II 23,471Fair value adjustments of embedded derivatives - lender call option -62,613 0 0Fair value adjustments of marketable securities -1,699 1,852 -2,103Fair value adjustments of other investments  4,036 -5,426 936Exchange rate adjustments (primarily on USD deposits) 25,602 36,524 -39,487Amortization of loan costs -1,337 0 0Other financial items 2,569 -3,473 -4,620Financial items in total -134,888 25,430 -47,274Presentation in financial statement:Financial income 133,270 41,211 1,831Financial expense -268,158 -15,781 -49,105Interst expeses and banking fees have increased due to the loan agreement with Oberland as described in note 4.6.Fair value adjustments of Zealand's prepayment option relate to the prepayment option included in the loan agreement with Oberland. Please refer to note 4.6 for further information.Loss on settlement of borrowings relates to the utilization of the prepayment option from the loan agree-ment with Oberland and comprise the partial utilization of the prepayment option, the premium paid and the capitalized loan costs which have been fully expensed. Reference is made to note 4.6 for further infor-mation. Gain on debt modifications comprise the accounting impact of the two amendments to the Oberland agreement as described in note 4.6.Fair value adjustment of lender call option relates to the value adjustments of Oberland's option to call for repayment of the loan under certain conditions. For further information please refer to note 4.6.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfFinanceIncomeExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__147": {
   "value": "Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDerecognitionOfFinancialInstrumentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__145": {
   "value": "Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForInterestIncomeAndExpenseExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__141": {
   "value": "Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__140": {
   "value": "Accounting policiesFinancial items include interests, as well as foreign exchange rate adjustments, fair value adjustments of other investments, embedded derivatives and marketable securities and dividends from marketable securities.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForFinanceIncomeAndCostsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__150": {
   "value": "4.8  Share capital  Accounting policiesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares are recognized in retained earnings. Expenses directly related to capital increases are recognized in equity.DKK thousand 2022 2021January 1 43,634 39,800Shares issued for cash 7,867 3,834Exercise of warrants 201 0December 31 51,702 43,634The share capital solely consists of one class of ordinary shares all issued of DKK 1 each and all shares rank equally. The shares are negotiable instruments with no restrictions on their transferability. All shares have been fully paid. At the annual general meeting on April 2, 2020 Zealand was authorized to increase the nominal share capital by nominally DKK 9,013,665 during the period until April 2, 2025. At December 31, 2022 nominally DKK 1,630,000 of the authorization remains. The company have a unused authorizaion to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136.This authorization covers the period until 15 April 2026.On June 1, 2022 Zealand announced a directed issue and private placement of a total of 2,892,368 new shares at a subscription price of DKK 95 per share. On October 4, 2022, The Group announced that a directed issue and private placement of 4,975,000 new shares had been completed at a subscription price of DKK 158 per share. During 2022, a total of 200,588 new shares have been issued due to exercise of warrant programs with a net proceeds of DKK 23.8 million corresponding to an average exercise price of DKK 118.8. Treasury shares At December 31, 2022, there were 230,063 treasury shares (2021: 418,247), equivalent to 0.4% (2021: 1.0%) of the share capital. The treasury shares are allocated to performance share units (PSUs) and restricted stock units (RSUs).Rules on changing the Articles of AssociationAll resolutions put to the vote of shareholders at general meetings are subject to adoption by a simple majority of votes, unless the Danish Companies Act 'Selskabsloven' or our Articles of Association prescribe other requirements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__149": {
   "value": "4.8  Share capital  Accounting policiesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares are recognized in retained earnings. Expenses directly related to capital increases are recognized in equity.DKK thousand 2022 2021January 1 43,634 39,800Shares issued for cash 7,867 3,834Exercise of warrants 201 0December 31 51,702 43,634The share capital solely consists of one class of ordinary shares all issued of DKK 1 each and all shares rank equally. The shares are negotiable instruments with no restrictions on their transferability. All shares have been fully paid. At the annual general meeting on April 2, 2020 Zealand was authorized to increase the nominal share capital by nominally DKK 9,013,665 during the period until April 2, 2025. At December 31, 2022 nominally DKK 1,630,000 of the authorization remains. The company have a unused authorizaion to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136.This authorization covers the period until 15 April 2026.On June 1, 2022 Zealand announced a directed issue and private placement of a total of 2,892,368 new shares at a subscription price of DKK 95 per share. On October 4, 2022, The Group announced that a directed issue and private placement of 4,975,000 new shares had been completed at a subscription price of DKK 158 per share. During 2022, a total of 200,588 new shares have been issued due to exercise of warrant programs with a net proceeds of DKK 23.8 million corresponding to an average exercise price of DKK 118.8. Treasury shares At December 31, 2022, there were 230,063 treasury shares (2021: 418,247), equivalent to 0.4% (2021: 1.0%) of the share capital. The treasury shares are allocated to performance share units (PSUs) and restricted stock units (RSUs).Rules on changing the Articles of AssociationAll resolutions put to the vote of shareholders at general meetings are subject to adoption by a simple majority of votes, unless the Danish Companies Act 'Selskabsloven' or our Articles of Association prescribe other requirements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__148": {
   "value": "4.8  Share capital  Accounting policiesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares are recognized in retained earnings. Expenses directly related to capital increases are recognized in equity.DKK thousand 2022 2021January 1 43,634 39,800Shares issued for cash 7,867 3,834Exercise of warrants 201 0December 31 51,702 43,634The share capital solely consists of one class of ordinary shares all issued of DKK 1 each and all shares rank equally. The shares are negotiable instruments with no restrictions on their transferability. All shares have been fully paid. At the annual general meeting on April 2, 2020 Zealand was authorized to increase the nominal share capital by nominally DKK 9,013,665 during the period until April 2, 2025. At December 31, 2022 nominally DKK 1,630,000 of the authorization remains. The company have a unused authorizaion to issue convertible debt instruments with access to conversion to shares in the Company of up to a total of nominally DKK 10,850,136.This authorization covers the period until 15 April 2026.On June 1, 2022 Zealand announced a directed issue and private placement of a total of 2,892,368 new shares at a subscription price of DKK 95 per share. On October 4, 2022, The Group announced that a directed issue and private placement of 4,975,000 new shares had been completed at a subscription price of DKK 158 per share. During 2022, a total of 200,588 new shares have been issued due to exercise of warrant programs with a net proceeds of DKK 23.8 million corresponding to an average exercise price of DKK 118.8. Treasury shares At December 31, 2022, there were 230,063 treasury shares (2021: 418,247), equivalent to 0.4% (2021: 1.0%) of the share capital. The treasury shares are allocated to performance share units (PSUs) and restricted stock units (RSUs).Rules on changing the Articles of AssociationAll resolutions put to the vote of shareholders at general meetings are subject to adoption by a simple majority of votes, unless the Danish Companies Act 'Selskabsloven' or our Articles of Association prescribe other requirements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfShareCapitalReservesAndOtherEquityInterestExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__151": {
   "value": "Accounting policiesThe total amount paid to acquire treasury shares including directly attributable costs and the proceeds from the sale of treasury shares are recognized in retained earnings. Expenses directly related to capital increases are recognized in equity.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTreasurySharesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__153": {
   "value": "4.9  Share-based instrumentsIn order to motivate and retain key employees, management and board of directors and to encourage the achievement of common goals for employees, management and shareholders, the Group has established incentive plans based on Restricted stock units (RSUs), Performance stock units (PSUs) and warrants.RSUs grants the beneficiary the right to receive one of the company's already issued shares upon vesting. There are no vesting conditions except time.PSUs also grant the beneficiary the right to receive one already exsisting share upon vesting. Vesting conditions for PSUs contains both a time and a performance element.Warrants grants the beneficiary the option to purchase a new share at a fixed price upon vesting. The only vesting condition is time.PSU programsThe number of performance share units granted in 2022 consists of 266,223 granted on May 25 and 20,590 granted on Dec 2. The value is determined based on the Company's share price on Nasdaq Copenhagen A/S on the day of the grant.The programs granted in 2022 are initially valued at DKK 28.3 million (2021: DKK 51.7 million). The PSU's vest linear or gradually over 3 years.Movement table of PSU granted shares below:No of PSUs 2022 2021 2020Number of share unitsAt January 1 271,761 19,765 19,765Adjustments due to performance targets  35,948 0 0Granted during the year 286,813 282,852 0Vested during the year -71,780 0 0Forfeited during the year -164,941 -30,856 0At December 31 357,801 271,761 19,765RSU programsThe number of restricted share units granted in 2022 consists of 8,511 granted on February 22, 40,500 granted on April 20, and 99,420 granted on May 25. The value is determined based on the Company's share price on Nasdaq Copenhagen A/S on the day of the grant.The RSUs granted in 2022 are initially valued at DKK 13.6 million (2021: DKK 92.2 million). The RSU's vest linear or gradually over 3 years.Movement table of RSU granted shares below:No of RSUs 2022 2021 2020Number of share unitsAt January 1 460.089 27,466 0Granted during the year 148,431 507,461 27,466Vested during the year -116,563 -163 0Forfeited during the year -208,685 -74,675 0At December 31 283,272 460,089 27,466Warrant programsIncentive programs with outstanding warrants and the end of 2022 and 2021, respectively, have been offered under different warrant programs. The number of warrants granted in 2022 consists of 863,156 granted on May 25, 19,796 granted on September 13 and 14,038 granted on December 2.The warrants granted in 2022 are initially valued at DKK 38.9 million (2021: DKK 0.0 million). The warrants vest linearly or gradually over 3 years. The employee incentive programs ofWarrant programs existing during the period 2022 2020 2015Maximum years of options granted 5 and 10 5 and 10 yearsyears 5 yearsMethod of settlement  equity- equity- equity- settledsettledsettled2022Warrants outstanding at the beginning of the period 0 510,522 966,672Granted during the period 896,990 0 0Forfeited during the period -76,158 -134,051 -20,093Exercised during the period 0 0 -200,588Expired during the period 0 -95,281 -298,583Number of warrants outstanding at the end of the period  820,832 281,190 447,408Exercisable at the end of the period 0 17,750 447,408Warrants outstanding at the end of the periodRange of exercise prices 90.7-203 216.8-224.4 90-220Weighted-average remaining contractual life 7.9 7.3 0.9Number held by Executive Management 136,815 23,325 107,961The Board of Directors have not been granted warrants.The employee incentive programs ofWarrant programs existing during the period 2020 2015Maximum years of options granted 10 years 5 yearsMethod of settlement  equity- equity- settledsettled2021Warrants outstanding at the beginning of the period 672,258 1,299,879Granted during the period 0 0Forfeited during the period -137,403 -44,917Exercised during the period 0 -233,595Expired during the period -24,333 -54,695Number of warrants outstanding at the end of the period  510,522 966,672Exercisable at the end of the period 67,346 483,323Warrants outstanding at the end of the periodRange of exercise prices 216.8-224.4 90-220Weighted-average remaining contractual life 8.3 1.7Number held by Executive Management 86,238 267,171Warrants exercised during the period 2022 2021Weighted-average share price at the date of exercise 189.0 186.1Weighted-average exercise price for warrants expired during the period 158.1 142.5Weighted-average exercise price for warrants forfeited during the period 175.2 206.2Weighted-average exercise price for warrants outstanding at period end 124.7 159.6",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIssuedCapitalExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__152": {
   "value": "4.9  Share-based instrumentsIn order to motivate and retain key employees, management and board of directors and to encourage the achievement of common goals for employees, management and shareholders, the Group has established incentive plans based on Restricted stock units (RSUs), Performance stock units (PSUs) and warrants.RSUs grants the beneficiary the right to receive one of the company's already issued shares upon vesting. There are no vesting conditions except time.PSUs also grant the beneficiary the right to receive one already exsisting share upon vesting. Vesting conditions for PSUs contains both a time and a performance element.Warrants grants the beneficiary the option to purchase a new share at a fixed price upon vesting. The only vesting condition is time.PSU programsThe number of performance share units granted in 2022 consists of 266,223 granted on May 25 and 20,590 granted on Dec 2. The value is determined based on the Company's share price on Nasdaq Copenhagen A/S on the day of the grant.The programs granted in 2022 are initially valued at DKK 28.3 million (2021: DKK 51.7 million). The PSU's vest linear or gradually over 3 years.Movement table of PSU granted shares below:No of PSUs 2022 2021 2020Number of share unitsAt January 1 271,761 19,765 19,765Adjustments due to performance targets  35,948 0 0Granted during the year 286,813 282,852 0Vested during the year -71,780 0 0Forfeited during the year -164,941 -30,856 0At December 31 357,801 271,761 19,765RSU programsThe number of restricted share units granted in 2022 consists of 8,511 granted on February 22, 40,500 granted on April 20, and 99,420 granted on May 25. The value is determined based on the Company's share price on Nasdaq Copenhagen A/S on the day of the grant.The RSUs granted in 2022 are initially valued at DKK 13.6 million (2021: DKK 92.2 million). The RSU's vest linear or gradually over 3 years.Movement table of RSU granted shares below:No of RSUs 2022 2021 2020Number of share unitsAt January 1 460.089 27,466 0Granted during the year 148,431 507,461 27,466Vested during the year -116,563 -163 0Forfeited during the year -208,685 -74,675 0At December 31 283,272 460,089 27,466Warrant programsIncentive programs with outstanding warrants and the end of 2022 and 2021, respectively, have been offered under different warrant programs. The number of warrants granted in 2022 consists of 863,156 granted on May 25, 19,796 granted on September 13 and 14,038 granted on December 2.The warrants granted in 2022 are initially valued at DKK 38.9 million (2021: DKK 0.0 million). The warrants vest linearly or gradually over 3 years. The employee incentive programs ofWarrant programs existing during the period 2022 2020 2015Maximum years of options granted 5 and 10 5 and 10 yearsyears 5 yearsMethod of settlement  equity- equity- equity- settledsettledsettled2022Warrants outstanding at the beginning of the period 0 510,522 966,672Granted during the period 896,990 0 0Forfeited during the period -76,158 -134,051 -20,093Exercised during the period 0 0 -200,588Expired during the period 0 -95,281 -298,583Number of warrants outstanding at the end of the period  820,832 281,190 447,408Exercisable at the end of the period 0 17,750 447,408Warrants outstanding at the end of the periodRange of exercise prices 90.7-203 216.8-224.4 90-220Weighted-average remaining contractual life 7.9 7.3 0.9Number held by Executive Management 136,815 23,325 107,961The Board of Directors have not been granted warrants.The employee incentive programs ofWarrant programs existing during the period 2020 2015Maximum years of options granted 10 years 5 yearsMethod of settlement  equity- equity- settledsettled2021Warrants outstanding at the beginning of the period 672,258 1,299,879Granted during the period 0 0Forfeited during the period -137,403 -44,917Exercised during the period 0 -233,595Expired during the period -24,333 -54,695Number of warrants outstanding at the end of the period  510,522 966,672Exercisable at the end of the period 67,346 483,323Warrants outstanding at the end of the periodRange of exercise prices 216.8-224.4 90-220Weighted-average remaining contractual life 8.3 1.7Number held by Executive Management 86,238 267,171Warrants exercised during the period 2022 2021Weighted-average share price at the date of exercise 189.0 186.1Weighted-average exercise price for warrants expired during the period 158.1 142.5Weighted-average exercise price for warrants forfeited during the period 175.2 206.2Weighted-average exercise price for warrants outstanding at period end 124.7 159.6",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSharebasedPaymentArrangementsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__156": {
   "value": "5.<span class=\"_ _0\"></span>1 <span class=\"_ _80\"> </span>Corpo<span class=\"_ _0\"></span>rate tax <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesInco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>x on re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e year, which com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ses cur<span class=\"_ _0\"></span>rent t<span class=\"_ _0\"></span>ax an<span class=\"_ _0\"></span>d cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>, is reco<span class=\"_ _0\"></span>g- nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, e<span class=\"_ _0\"></span>xcept to the e<span class=\"_ _0\"></span>xte<span class=\"_ _0\"></span>nt that t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x is at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble to item<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ich di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tly rel<span class=\"_ _0\"></span>ate to shareh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs' equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y or oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>come<span class=\"_ _0\"></span>.Curre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t tax re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re mea<span class=\"_ _0\"></span>sure at th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be p<span class=\"_ _0\"></span>aid to or recove<span class=\"_ _0\"></span>red f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e tax a<span class=\"_ _0\"></span>utho<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x on all tem<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e carr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax ba<span class=\"_ _0\"></span>se of suc<span class=\"_ _0\"></span>h asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e tax v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of tax l<span class=\"_ _0\"></span>oses c<span class=\"_ _0\"></span>arri<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>war<span class=\"_ _0\"></span>d.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is ca<span class=\"_ _0\"></span>lcula<span class=\"_ _0\"></span>ted in a<span class=\"_ _0\"></span>ccordan<span class=\"_ _0\"></span>ce with th<span class=\"_ _0\"></span>e tax r<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n the l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al cou<span class=\"_ _0\"></span>ntrie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax rates exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be i<span class=\"_ _0\"></span>n force at th<span class=\"_ _0\"></span>e time t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax is uti<span class=\"_ _0\"></span>lized<span class=\"_ _0\"></span>. Chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x as a resu<span class=\"_ _0\"></span>lt of chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n tax r<span class=\"_ _0\"></span>ates are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y to the ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat it is p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e that f<span class=\"_ _0\"></span>uture t<span class=\"_ _0\"></span>axab<span class=\"_ _0\"></span>le prof<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l be avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces can b<span class=\"_ _0\"></span>e uti<span class=\"_ _0\"></span>lized. <span class=\"_ _70\"> </span>Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tes Zealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes d<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x base o<span class=\"_ _0\"></span>f tax lo<span class=\"_ _0\"></span>ss ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ward<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>f man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt asse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s that t<span class=\"_ _0\"></span>hese t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>n be of<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>set ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span>in a fore<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>eab<span class=\"_ _0\"></span>le fu<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is ju<span class=\"_ _0\"></span>dgm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e on a<span class=\"_ _0\"></span>n ong<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>sis an<span class=\"_ _0\"></span>d is ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rous f<span class=\"_ _0\"></span>acto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s, bud<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns for th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>ing ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e creati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>eut<span class=\"_ _0\"></span>ic pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e bi<span class=\"_ _0\"></span>otech<span class=\"_ _0\"></span>nol<span class=\"_ _0\"></span>ogy a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ceutic<span class=\"_ _0\"></span>al ind<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ble r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>nd u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e will b<span class=\"_ _0\"></span>e dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n by futu<span class=\"_ _0\"></span>re eve<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly sus<span class=\"_ _0\"></span>cepti<span class=\"_ _0\"></span>ble to fa<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>de of th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>ps cont<span class=\"_ _0\"></span>rol in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g outcom<span class=\"_ _0\"></span>es of clin<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l tria<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er ma<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.Du<span class=\"_ _0\"></span>e to the un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>inti<span class=\"_ _0\"></span>es d<span class=\"_ _0\"></span>escri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d, M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt has con<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d no de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets s<span class=\"_ _0\"></span>hou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized at D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 (no<span class=\"_ _0\"></span>ne re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in 202<span class=\"_ _0\"></span>1 or 2020<span class=\"_ _0\"></span>), except fo<span class=\"_ _0\"></span>r the U<span class=\"_ _0\"></span>S entit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to have p<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e du<span class=\"_ _0\"></span>e to the gro<span class=\"_ _0\"></span>ups t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sfer p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng set<span class=\"_ _0\"></span>up.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Net re<span class=\"_ _0\"></span>sult for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r befo<span class=\"_ _0\"></span>re ta<span class=\"_ _0\"></span>x<span class=\"_ _119\"> </span>-1,195,<span class=\"_ _2\"></span>491<span class=\"_ _98\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _38\"> </span><span class=\"ls6b ws6e\">-83<span class=\"_ _0\"></span>9,6<span class=\"_ _0\"></span>53</span></span>Corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate tax r<span class=\"_ _0\"></span>ate in De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark<span class=\"_ _b2\"> </span>22.0%<span class=\"_ _52\"> </span><span class=\"ls1a ws1e\">22.0%<span class=\"_ _93\"> </span>22.0%</span>Expected<span class=\"_ _2\"></span> tax benefi<span class=\"_ _3\"></span>t<span class=\"_ _175\"> </span>-263,008<span class=\"_ _38\"> </span><span class=\"ls2b ws2e\">-225,<span class=\"_ _3\"></span>927<span class=\"_ _3a\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>24</span></span>Adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt for fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n tax r<span class=\"_ _0\"></span>ates<span class=\"_ _201\"> </span>-806<span class=\"_ _68\"> </span><span class=\"ls9 wsa\">461<span class=\"_ _68\"> </span><span class=\"lsc1 wsc7\">76<span class=\"_ _0\"></span>9</span></span>Adjustment<span class=\"_ _2\"></span> for non-deductible<span class=\"_ _2\"></span> expenses<span class=\"_ _129\"> </span>1,052<span class=\"_ _64\"> </span><span class=\"lsac wsb4\">888<span class=\"_ _30\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>7</span></span>Adjustment<span class=\"_ _2\"></span> for non-<span class=\"_ _3\"></span>taxable i<span class=\"_ _3\"></span>ncome<span class=\"_ _7c\"> </span><span class=\"ls2 ws2\">-468<span class=\"_ _40\"> </span>0<span class=\"_ _93\"> </span><span class=\"lsce wsd6\">6,844</span></span>Adjustment f<span class=\"_ _3\"></span>or warrants<span class=\"_ _135\"> </span>5,<span class=\"_ _3\"></span>935<span class=\"_ _55\"> </span><span class=\"lsba wsc1\">11,573<span class=\"_ _32\"> </span><span class=\"lsb3 wsba\">-2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>87</span></span>Adjustment<span class=\"_ _2\"></span> for R&amp;D<span class=\"_ _3\"></span> extra deduction<span class=\"_ _20a\"> </span>-20,<span class=\"_ _3\"></span>960<span class=\"_ _48\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _2c\"> </span><span class=\"ls75 ws7a\">8,81<span class=\"_ _0\"></span>1</span></span>Adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt to prio<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r<span class=\"_ _20b\"> </span>800<span class=\"_ _2e\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _15\"> </span><span class=\"lscb wsd3\">-<span class=\"_ _0\"></span>931</span></span>Chan<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s (not reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d)<span class=\"_ _198\"> </span>283,<span class=\"_ _2\"></span>493<span class=\"_ _48\"> </span><span class=\"ls74 ws78\">231<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>5 <span class=\"_ _89\"> </span><span class=\"lsaf ws1f\">18<span class=\"_ _0\"></span>0,621</span></span>T<span class=\"_ _71\"></span>otal income<span class=\"_ _2\"></span> tax expense<span class=\"_ _3\"></span>/<span class=\"_ _2\"></span>(benefit)<span class=\"_ _b5\"> </span>6,644<span class=\"_ _35\"> </span><span class=\"lse wsf\">-8,790<span class=\"_ _65\"> </span><span class=\"lsb6 wsbd\">7,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6</span></span>- here<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f rel<span class=\"_ _0\"></span>ated to di<span class=\"_ _0\"></span>sconti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _20c\"> </span>-13,075<span class=\"_ _34\"> </span><span class=\"ls75 ws7a\">-4,8<span class=\"_ _0\"></span>42<span class=\"_ _29\"> </span><span class=\"lsbc wsc3\">-1<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0</span></span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e tax ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>/(bene<span class=\"_ _0\"></span>fit) fr<span class=\"_ _0\"></span>om  conti<span class=\"_ _3\"></span>nuing opera<span class=\"_ _3\"></span>tions<span class=\"_ _135\"> </span>-6,431<span class=\"_ _35\"> </span><span class=\"ls44 ws47\">-3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>49<span class=\"_ _103\"> </span><span class=\"ls5c ws5f\">-<span class=\"_ _0\"></span>4,814</span></span>.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts:T<span class=\"_ _2\"></span>ax los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>d for<span class=\"_ _1\"></span>ward (ava<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e ind<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>nitel<span class=\"_ _0\"></span>y)<span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>,312,022<span class=\"_ _99\"> </span><span class=\"ls74 ws78\">2,<span class=\"_ _0\"></span>231<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>49<span class=\"_ _42\"> </span><span class=\"lsc0 wsc6\">1,2<span class=\"_ _2\"></span>81,50<span class=\"_ _3\"></span>5</span></span>Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s<span class=\"_ _20d\"> </span>956,816<span class=\"_ _33\"> </span><span class=\"lsaf ws1f\">842<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>75<span class=\"_ _33\"> </span></span>732,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>89Intangible assets<span class=\"_ _20e\"> </span>107<span class=\"_ _71\"></span>,231<span class=\"_ _10b\"> </span><span class=\"lsc0 wsc6\">51,154<span class=\"_ _34\"> </span><span class=\"ls8e ws93\">40,37<span class=\"_ _0\"></span>3</span></span>Non-curren<span class=\"_ _3\"></span>t assets<span class=\"_ _106\"> </span>105,323<span class=\"_ _32\"> </span><span class=\"ls32 ws34\">89<span class=\"_ _0\"></span>,414<span class=\"_ _32\"> </span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,41<span class=\"_ _0\"></span>9</span>Liabilities<span class=\"_ _d5\"> </span><span class=\"ls2 ws2\">77<span class=\"_ _71\"></span>,168<span class=\"_ _120\"> </span><span class=\"ls29 ws2c\">1<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>74<span class=\"_ _2e\"> </span></span>1<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>,787</span>Othe<span class=\"_ _0\"></span>r<span class=\"_ _1fc\"> </span>103,278<span class=\"_ _32\"> </span><span class=\"ls8e ws93\">55,075<span class=\"_ _34\"> </span>58,4<span class=\"_ _0\"></span>83</span>T<span class=\"_ _71\"></span>otal tempora<span class=\"_ _3\"></span>ry differences<span class=\"_ _f8\"> </span>4,661,838<span class=\"_ _9b\"> </span><span class=\"ls1b ws20\">3,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>41<span class=\"_ _9b\"> </span><span class=\"lsb6 wsbd\">2<span class=\"_ _79\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>6</span></span>Ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated po<span class=\"_ _0\"></span>tentia<span class=\"_ _0\"></span>l defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et at lo<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ate<span class=\"_ _a2\"> </span>1,026<span class=\"_ _3\"></span>,257<span class=\"_ _25\"> </span><span class=\"ls2b ws2e\">7<span class=\"_ _3\"></span>49<span class=\"_ _3\"></span>,198<span class=\"_ _20\"> </span><span class=\"lsa wsb\">514<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>39</span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et not e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted to be uti<span class=\"_ _0\"></span>lized<span class=\"_ _86\"> </span>-1,024<span class=\"_ _2\"></span>,240<span class=\"_ _39\"> </span><span class=\"lscf wsd7\">-<span class=\"_ _71\"></span>735,6<span class=\"_ _3\"></span>73<span class=\"_ _45\"> </span><span class=\"ls39 ws3b\">-5<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>869</span></span>Reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sset<span class=\"_ _b8\"> </span>2,017<span class=\"_ _35\"> </span><span class=\"lsaf ws1f\">13<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>525<span class=\"_ _14c\"> </span><span class=\"lsd0 wsd8\">8,<span class=\"_ _0\"></span>370</span></span>Und<span class=\"_ _0\"></span>er D<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>sh t<span class=\"_ _0\"></span>ax le<span class=\"_ _0\"></span>gis<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to rece<span class=\"_ _0\"></span>ive DK<span class=\"_ _0\"></span>K 5.<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in 202<span class=\"_ _0\"></span>2 (DK<span class=\"_ _0\"></span>K 5.<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in 2021 an<span class=\"_ _0\"></span>d 2020) in t<span class=\"_ _0\"></span>ax retur<span class=\"_ _0\"></span>n ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n qu<span class=\"_ _0\"></span>alif<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Unre<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate to tax j<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>sdi<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark a<span class=\"_ _0\"></span>nd US<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__154": {
   "value": "5.<span class=\"_ _0\"></span>1 <span class=\"_ _80\"> </span>Corpo<span class=\"_ _0\"></span>rate tax <span class=\"_ _70\"> </span>Accounti<span class=\"_ _3\"></span>ng policiesInco<span class=\"_ _0\"></span>me ta<span class=\"_ _0\"></span>x on re<span class=\"_ _0\"></span>sult<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e year, which com<span class=\"_ _0\"></span>pri<span class=\"_ _0\"></span>ses cur<span class=\"_ _0\"></span>rent t<span class=\"_ _0\"></span>ax an<span class=\"_ _0\"></span>d cha<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>s in d<span class=\"_ _0\"></span>efer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax<span class=\"_ _0\"></span>, is reco<span class=\"_ _0\"></span>g- nized in t<span class=\"_ _0\"></span>he in<span class=\"_ _0\"></span>come s<span class=\"_ _0\"></span>tate<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt, e<span class=\"_ _0\"></span>xcept to the e<span class=\"_ _0\"></span>xte<span class=\"_ _0\"></span>nt that t<span class=\"_ _0\"></span>he ta<span class=\"_ _0\"></span>x is at<span class=\"_ _0\"></span>trib<span class=\"_ _0\"></span>uta<span class=\"_ _0\"></span>ble to item<span class=\"_ _0\"></span>s wh<span class=\"_ _0\"></span>ich di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tly rel<span class=\"_ _0\"></span>ate to shareh<span class=\"_ _0\"></span>ol<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rs' equ<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y or oth<span class=\"_ _0\"></span>er co<span class=\"_ _0\"></span>mpr<span class=\"_ _0\"></span>eh<span class=\"_ _0\"></span>ensi<span class=\"_ _0\"></span>ve in<span class=\"_ _0\"></span>come<span class=\"_ _0\"></span>.Curre<span class=\"_ _0\"></span>nt ta<span class=\"_ _0\"></span>x liab<span class=\"_ _0\"></span>ili<span class=\"_ _0\"></span>ties a<span class=\"_ _0\"></span>nd cu<span class=\"_ _0\"></span>rren<span class=\"_ _0\"></span>t tax re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>vab<span class=\"_ _0\"></span>les a<span class=\"_ _0\"></span>re mea<span class=\"_ _0\"></span>sure at th<span class=\"_ _0\"></span>e am<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nts e<span class=\"_ _0\"></span>xp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be p<span class=\"_ _0\"></span>aid to or recove<span class=\"_ _0\"></span>red f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>e tax a<span class=\"_ _0\"></span>utho<span class=\"_ _0\"></span>riti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is accou<span class=\"_ _0\"></span>nted fo<span class=\"_ _0\"></span>r und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he lia<span class=\"_ _0\"></span>bi<span class=\"_ _0\"></span>lit<span class=\"_ _0\"></span>y me<span class=\"_ _0\"></span>tho<span class=\"_ _0\"></span>d wh<span class=\"_ _0\"></span>ich re<span class=\"_ _0\"></span>qui<span class=\"_ _0\"></span>res re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n of def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x on all tem<span class=\"_ _0\"></span>p<span class=\"_ _0\"></span>ora<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>wee<span class=\"_ _0\"></span>n th<span class=\"_ _0\"></span>e carr<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g amo<span class=\"_ _0\"></span>unt o<span class=\"_ _0\"></span>f asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax ba<span class=\"_ _0\"></span>se of suc<span class=\"_ _0\"></span>h asse<span class=\"_ _0\"></span>ts a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>abi<span class=\"_ _0\"></span>liti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es th<span class=\"_ _0\"></span>e tax v<span class=\"_ _0\"></span>alu<span class=\"_ _0\"></span>e of tax l<span class=\"_ _0\"></span>oses c<span class=\"_ _0\"></span>arri<span class=\"_ _0\"></span>ed fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>war<span class=\"_ _0\"></span>d.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x is ca<span class=\"_ _0\"></span>lcula<span class=\"_ _0\"></span>ted in a<span class=\"_ _0\"></span>ccordan<span class=\"_ _0\"></span>ce with th<span class=\"_ _0\"></span>e tax r<span class=\"_ _0\"></span>egu<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n the l<span class=\"_ _0\"></span>oc<span class=\"_ _0\"></span>al cou<span class=\"_ _0\"></span>ntrie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d the t<span class=\"_ _0\"></span>ax rates exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to be i<span class=\"_ _0\"></span>n force at th<span class=\"_ _0\"></span>e time t<span class=\"_ _0\"></span>he de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax is uti<span class=\"_ _0\"></span>lized<span class=\"_ _0\"></span>. Chan<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>s in de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x as a resu<span class=\"_ _0\"></span>lt of chan<span class=\"_ _0\"></span>ges i<span class=\"_ _0\"></span>n tax r<span class=\"_ _0\"></span>ates are re<span class=\"_ _0\"></span>cog<span class=\"_ _0\"></span>nized i<span class=\"_ _0\"></span>n the i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e state<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.Def<span class=\"_ _0\"></span>erre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets a<span class=\"_ _0\"></span>re reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d onl<span class=\"_ _0\"></span>y to the ex<span class=\"_ _0\"></span>tent t<span class=\"_ _0\"></span>hat it is p<span class=\"_ _0\"></span>rob<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e that f<span class=\"_ _0\"></span>uture t<span class=\"_ _0\"></span>axab<span class=\"_ _0\"></span>le prof<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>s wil<span class=\"_ _0\"></span>l be avai<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>le ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st wh<span class=\"_ _0\"></span>ich th<span class=\"_ _0\"></span>e dif<span class=\"_ _0\"></span>fe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ces can b<span class=\"_ _0\"></span>e uti<span class=\"_ _0\"></span>lized. <span class=\"_ _70\"> </span>Management's<span class=\"_ _3\"></span> judgements<span class=\"_ _3\"></span> and estima<span class=\"_ _2\"></span>tes Zealan<span class=\"_ _0\"></span>d re<span class=\"_ _0\"></span>cognizes d<span class=\"_ _0\"></span>efe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d tax a<span class=\"_ _0\"></span>sset<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>, incl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>ing th<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>x base o<span class=\"_ _0\"></span>f tax lo<span class=\"_ _0\"></span>ss ca<span class=\"_ _0\"></span>rr<span class=\"_ _0\"></span>y<span class=\"_ _0\"></span>fo<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ward<span class=\"_ _0\"></span>s, i<span class=\"_ _0\"></span>f man<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt asse<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>s that t<span class=\"_ _0\"></span>hese t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s ca<span class=\"_ _0\"></span>n be of<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>set ag<span class=\"_ _0\"></span>ain<span class=\"_ _0\"></span>st p<span class=\"_ _0\"></span>ositi<span class=\"_ _0\"></span>ve taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e with<span class=\"_ _0\"></span>in a fore<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>eab<span class=\"_ _0\"></span>le fu<span class=\"_ _0\"></span>ture<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>is ju<span class=\"_ _0\"></span>dgm<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s mad<span class=\"_ _0\"></span>e on a<span class=\"_ _0\"></span>n ong<span class=\"_ _0\"></span>oi<span class=\"_ _0\"></span>ng ba<span class=\"_ _0\"></span>sis an<span class=\"_ _0\"></span>d is ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n nu<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rous f<span class=\"_ _0\"></span>acto<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>, in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>ctu<span class=\"_ _0\"></span>al res<span class=\"_ _0\"></span>ult<span class=\"_ _0\"></span>s, bud<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d bu<span class=\"_ _0\"></span>sin<span class=\"_ _0\"></span>ess p<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>ns for th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>ing ye<span class=\"_ _0\"></span>ars<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e creati<span class=\"_ _0\"></span>on an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent of t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>eut<span class=\"_ _0\"></span>ic pro<span class=\"_ _0\"></span>du<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>hin th<span class=\"_ _0\"></span>e bi<span class=\"_ _0\"></span>otech<span class=\"_ _0\"></span>nol<span class=\"_ _0\"></span>ogy a<span class=\"_ _0\"></span>nd p<span class=\"_ _0\"></span>har<span class=\"_ _0\"></span>ma<span class=\"_ _0\"></span>ceutic<span class=\"_ _0\"></span>al ind<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>y is su<span class=\"_ _0\"></span>bje<span class=\"_ _0\"></span>ct to con<span class=\"_ _0\"></span>sid<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>ble r<span class=\"_ _0\"></span>isks a<span class=\"_ _0\"></span>nd u<span class=\"_ _0\"></span>ncer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>aint<span class=\"_ _0\"></span>ies<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>and<span class=\"_ _0\"></span>'<span class=\"_ _0\"></span>s f<span class=\"_ _0\"></span>utur<span class=\"_ _0\"></span>e taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e will b<span class=\"_ _0\"></span>e dr<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>n by futu<span class=\"_ _0\"></span>re eve<span class=\"_ _0\"></span>nts t<span class=\"_ _0\"></span>hat are h<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ly sus<span class=\"_ _0\"></span>cepti<span class=\"_ _0\"></span>ble to fa<span class=\"_ _0\"></span>ctor<span class=\"_ _0\"></span>s out<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>de of th<span class=\"_ _0\"></span>e grou<span class=\"_ _0\"></span>ps cont<span class=\"_ _0\"></span>rol in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g outcom<span class=\"_ _0\"></span>es of clin<span class=\"_ _0\"></span>ica<span class=\"_ _0\"></span>l tria<span class=\"_ _0\"></span>ls<span class=\"_ _0\"></span>, re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roval<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d oth<span class=\"_ _0\"></span>er ma<span class=\"_ _0\"></span>tte<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>.Du<span class=\"_ _0\"></span>e to the un<span class=\"_ _0\"></span>cer<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>inti<span class=\"_ _0\"></span>es d<span class=\"_ _0\"></span>escri<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>d, M<span class=\"_ _0\"></span>ana<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt has con<span class=\"_ _0\"></span>clu<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>d no de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>ets s<span class=\"_ _0\"></span>hou<span class=\"_ _0\"></span>ld b<span class=\"_ _0\"></span>e recog<span class=\"_ _0\"></span>nized at D<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 (no<span class=\"_ _0\"></span>ne re<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized in 202<span class=\"_ _0\"></span>1 or 2020<span class=\"_ _0\"></span>), except fo<span class=\"_ _0\"></span>r the U<span class=\"_ _0\"></span>S entit<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s exp<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ted to have p<span class=\"_ _0\"></span>rofit<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le taxa<span class=\"_ _0\"></span>ble i<span class=\"_ _0\"></span>ncom<span class=\"_ _0\"></span>e du<span class=\"_ _0\"></span>e to the gro<span class=\"_ _0\"></span>ups t<span class=\"_ _0\"></span>ran<span class=\"_ _0\"></span>sfer p<span class=\"_ _0\"></span>rici<span class=\"_ _0\"></span>ng set<span class=\"_ _0\"></span>up.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Net re<span class=\"_ _0\"></span>sult for t<span class=\"_ _0\"></span>he yea<span class=\"_ _0\"></span>r befo<span class=\"_ _0\"></span>re ta<span class=\"_ _0\"></span>x<span class=\"_ _119\"> </span>-1,195,<span class=\"_ _2\"></span>491<span class=\"_ _98\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>4<span class=\"_ _0\"></span>0<span class=\"_ _38\"> </span><span class=\"ls6b ws6e\">-83<span class=\"_ _0\"></span>9,6<span class=\"_ _0\"></span>53</span></span>Corp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>ate tax r<span class=\"_ _0\"></span>ate in De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark<span class=\"_ _b2\"> </span>22.0%<span class=\"_ _52\"> </span><span class=\"ls1a ws1e\">22.0%<span class=\"_ _93\"> </span>22.0%</span>Expected<span class=\"_ _2\"></span> tax benefi<span class=\"_ _3\"></span>t<span class=\"_ _175\"> </span>-263,008<span class=\"_ _38\"> </span><span class=\"ls2b ws2e\">-225,<span class=\"_ _3\"></span>927<span class=\"_ _3a\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>8<span class=\"_ _1\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>24</span></span>Adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt for fore<span class=\"_ _0\"></span>ig<span class=\"_ _0\"></span>n tax r<span class=\"_ _0\"></span>ates<span class=\"_ _201\"> </span>-806<span class=\"_ _68\"> </span><span class=\"ls9 wsa\">461<span class=\"_ _68\"> </span><span class=\"lsc1 wsc7\">76<span class=\"_ _0\"></span>9</span></span>Adjustment<span class=\"_ _2\"></span> for non-deductible<span class=\"_ _2\"></span> expenses<span class=\"_ _129\"> </span>1,052<span class=\"_ _64\"> </span><span class=\"lsac wsb4\">888<span class=\"_ _30\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>2<span class=\"_ _1\"></span>7</span></span>Adjustment<span class=\"_ _2\"></span> for non-<span class=\"_ _3\"></span>taxable i<span class=\"_ _3\"></span>ncome<span class=\"_ _7c\"> </span><span class=\"ls2 ws2\">-468<span class=\"_ _40\"> </span>0<span class=\"_ _93\"> </span><span class=\"lsce wsd6\">6,844</span></span>Adjustment f<span class=\"_ _3\"></span>or warrants<span class=\"_ _135\"> </span>5,<span class=\"_ _3\"></span>935<span class=\"_ _55\"> </span><span class=\"lsba wsc1\">11,573<span class=\"_ _32\"> </span><span class=\"lsb3 wsba\">-2<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>3<span class=\"_ _1\"></span>87</span></span>Adjustment<span class=\"_ _2\"></span> for R&amp;D<span class=\"_ _3\"></span> extra deduction<span class=\"_ _20a\"> </span>-20,<span class=\"_ _3\"></span>960<span class=\"_ _48\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _0\"></span>4<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>7<span class=\"_ _0\"></span>9<span class=\"_ _2c\"> </span><span class=\"ls75 ws7a\">8,81<span class=\"_ _0\"></span>1</span></span>Adj<span class=\"_ _0\"></span>ust<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt to prio<span class=\"_ _0\"></span>r yea<span class=\"_ _0\"></span>r<span class=\"_ _20b\"> </span>800<span class=\"_ _2e\"> </span><span class=\"lsb2 wsb9\">-1<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>,<span class=\"_ _1\"></span>6<span class=\"_ _0\"></span>0<span class=\"_ _1\"></span>2<span class=\"_ _15\"> </span><span class=\"lscb wsd3\">-<span class=\"_ _0\"></span>931</span></span>Chan<span class=\"_ _0\"></span>ge i<span class=\"_ _0\"></span>n ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>s (not reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d)<span class=\"_ _198\"> </span>283,<span class=\"_ _2\"></span>493<span class=\"_ _48\"> </span><span class=\"ls74 ws78\">231<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>19<span class=\"_ _0\"></span>5 <span class=\"_ _89\"> </span><span class=\"lsaf ws1f\">18<span class=\"_ _0\"></span>0,621</span></span>T<span class=\"_ _71\"></span>otal income<span class=\"_ _2\"></span> tax expense<span class=\"_ _3\"></span>/<span class=\"_ _2\"></span>(benefit)<span class=\"_ _b5\"> </span>6,644<span class=\"_ _35\"> </span><span class=\"lse wsf\">-8,790<span class=\"_ _65\"> </span><span class=\"lsb6 wsbd\">7,<span class=\"_ _1\"></span>0<span class=\"_ _0\"></span>7<span class=\"_ _1\"></span>6</span></span>- here<span class=\"_ _0\"></span>of<span class=\"_ _0\"></span>f rel<span class=\"_ _0\"></span>ated to di<span class=\"_ _0\"></span>sconti<span class=\"_ _0\"></span>nu<span class=\"_ _0\"></span>ed o<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>ons<span class=\"_ _20c\"> </span>-13,075<span class=\"_ _34\"> </span><span class=\"ls75 ws7a\">-4,8<span class=\"_ _0\"></span>42<span class=\"_ _29\"> </span><span class=\"lsbc wsc3\">-1<span class=\"_ _1\"></span>1<span class=\"_ _1\"></span>,<span class=\"_ _1\"></span>8<span class=\"_ _0\"></span>9<span class=\"_ _0\"></span>0</span></span>T<span class=\"_ _2\"></span>ota<span class=\"_ _0\"></span>l in<span class=\"_ _0\"></span>com<span class=\"_ _0\"></span>e tax ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>/(bene<span class=\"_ _0\"></span>fit) fr<span class=\"_ _0\"></span>om  conti<span class=\"_ _3\"></span>nuing opera<span class=\"_ _3\"></span>tions<span class=\"_ _135\"> </span>-6,431<span class=\"_ _35\"> </span><span class=\"ls44 ws47\">-3<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>9<span class=\"_ _1\"></span>49<span class=\"_ _103\"> </span><span class=\"ls5c ws5f\">-<span class=\"_ _0\"></span>4,814</span></span>.DKK thousand<span class=\"_ _11c\"> </span><span class=\"ff1 fc0\">2022<span class=\"_ _128\"> </span></span>2021<span class=\"_ _2c\"> </span>2020Sp<span class=\"_ _0\"></span>eci<span class=\"_ _0\"></span>fic<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sse<span class=\"_ _0\"></span>ts:T<span class=\"_ _2\"></span>ax los<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s car<span class=\"_ _0\"></span>rie<span class=\"_ _0\"></span>d for<span class=\"_ _1\"></span>ward (ava<span class=\"_ _0\"></span>il<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e ind<span class=\"_ _0\"></span>efi<span class=\"_ _0\"></span>nitel<span class=\"_ _0\"></span>y)<span class=\"_ _179\"> </span>3<span class=\"_ _3\"></span>,312,022<span class=\"_ _99\"> </span><span class=\"ls74 ws78\">2,<span class=\"_ _0\"></span>231<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>0<span class=\"_ _0\"></span>49<span class=\"_ _42\"> </span><span class=\"lsc0 wsc6\">1,2<span class=\"_ _2\"></span>81,50<span class=\"_ _3\"></span>5</span></span>Rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>s<span class=\"_ _20d\"> </span>956,816<span class=\"_ _33\"> </span><span class=\"lsaf ws1f\">842<span class=\"_ _0\"></span>,7<span class=\"_ _0\"></span>75<span class=\"_ _33\"> </span></span>732,<span class=\"_ _0\"></span>3<span class=\"_ _0\"></span>89Intangible assets<span class=\"_ _20e\"> </span>107<span class=\"_ _71\"></span>,231<span class=\"_ _10b\"> </span><span class=\"lsc0 wsc6\">51,154<span class=\"_ _34\"> </span><span class=\"ls8e ws93\">40,37<span class=\"_ _0\"></span>3</span></span>Non-curren<span class=\"_ _3\"></span>t assets<span class=\"_ _106\"> </span>105,323<span class=\"_ _32\"> </span><span class=\"ls32 ws34\">89<span class=\"_ _0\"></span>,414<span class=\"_ _32\"> </span>6<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>,41<span class=\"_ _0\"></span>9</span>Liabilities<span class=\"_ _d5\"> </span><span class=\"ls2 ws2\">77<span class=\"_ _71\"></span>,168<span class=\"_ _120\"> </span><span class=\"ls29 ws2c\">1<span class=\"_ _1\"></span>2<span class=\"_ _0\"></span>6<span class=\"_ _1\"></span>,<span class=\"_ _0\"></span>1<span class=\"_ _1\"></span>74<span class=\"_ _2e\"> </span></span>1<span class=\"_ _0\"></span>88<span class=\"_ _0\"></span>,787</span>Othe<span class=\"_ _0\"></span>r<span class=\"_ _1fc\"> </span>103,278<span class=\"_ _32\"> </span><span class=\"ls8e ws93\">55,075<span class=\"_ _34\"> </span>58,4<span class=\"_ _0\"></span>83</span>T<span class=\"_ _71\"></span>otal tempora<span class=\"_ _3\"></span>ry differences<span class=\"_ _f8\"> </span>4,661,838<span class=\"_ _9b\"> </span><span class=\"ls1b ws20\">3,<span class=\"_ _0\"></span>39<span class=\"_ _0\"></span>5,<span class=\"_ _0\"></span>6<span class=\"_ _0\"></span>41<span class=\"_ _9b\"> </span><span class=\"lsb6 wsbd\">2<span class=\"_ _79\"></span>,<span class=\"_ _1\"></span>3<span class=\"_ _1\"></span>6<span class=\"_ _1\"></span>7,<span class=\"_ _1\"></span>9<span class=\"_ _1\"></span>5<span class=\"_ _1\"></span>6</span></span>Ca<span class=\"_ _0\"></span>lcul<span class=\"_ _0\"></span>ated po<span class=\"_ _0\"></span>tentia<span class=\"_ _0\"></span>l defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et at lo<span class=\"_ _0\"></span>cal t<span class=\"_ _0\"></span>ax r<span class=\"_ _0\"></span>ate<span class=\"_ _a2\"> </span>1,026<span class=\"_ _3\"></span>,257<span class=\"_ _25\"> </span><span class=\"ls2b ws2e\">7<span class=\"_ _3\"></span>49<span class=\"_ _3\"></span>,198<span class=\"_ _20\"> </span><span class=\"lsa wsb\">514<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>2<span class=\"_ _0\"></span>39</span></span>Defe<span class=\"_ _0\"></span>rre<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>x ass<span class=\"_ _0\"></span>et not e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted to be uti<span class=\"_ _0\"></span>lized<span class=\"_ _86\"> </span>-1,024<span class=\"_ _2\"></span>,240<span class=\"_ _39\"> </span><span class=\"lscf wsd7\">-<span class=\"_ _71\"></span>735,6<span class=\"_ _3\"></span>73<span class=\"_ _45\"> </span><span class=\"ls39 ws3b\">-5<span class=\"_ _0\"></span>05<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>869</span></span>Reco<span class=\"_ _0\"></span>gnize<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>fer<span class=\"_ _0\"></span>red t<span class=\"_ _0\"></span>ax a<span class=\"_ _0\"></span>sset<span class=\"_ _b8\"> </span>2,017<span class=\"_ _35\"> </span><span class=\"lsaf ws1f\">13<span class=\"_ _0\"></span>,<span class=\"_ _0\"></span>525<span class=\"_ _14c\"> </span><span class=\"lsd0 wsd8\">8,<span class=\"_ _0\"></span>370</span></span>Und<span class=\"_ _0\"></span>er D<span class=\"_ _0\"></span>ani<span class=\"_ _0\"></span>sh t<span class=\"_ _0\"></span>ax le<span class=\"_ _0\"></span>gis<span class=\"_ _0\"></span>lati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to rece<span class=\"_ _0\"></span>ive DK<span class=\"_ _0\"></span>K 5.<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in 202<span class=\"_ _0\"></span>2 (DK<span class=\"_ _0\"></span>K 5.<span class=\"_ _0\"></span>5 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in 2021 an<span class=\"_ _0\"></span>d 2020) in t<span class=\"_ _0\"></span>ax retur<span class=\"_ _0\"></span>n ba<span class=\"_ _0\"></span>sed o<span class=\"_ _0\"></span>n qu<span class=\"_ _0\"></span>alif<span class=\"_ _1\"></span>yin<span class=\"_ _0\"></span>g res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Unre<span class=\"_ _0\"></span>cogn<span class=\"_ _0\"></span>ized de<span class=\"_ _0\"></span>ferre<span class=\"_ _0\"></span>d t<span class=\"_ _0\"></span>ax as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>ate to tax j<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>sdi<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>ons i<span class=\"_ _0\"></span>n De<span class=\"_ _0\"></span>nm<span class=\"_ _0\"></span>ark a<span class=\"_ _0\"></span>nd US<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfDeferredTaxesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__158": {
   "value": "Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog- nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax loses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForTaxesOtherThanIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__157": {
   "value": "Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog- nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax loses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__155": {
   "value": "Accounting policiesIncome tax on results for the year, which comprises current tax and changes in deferred tax, is recog- nized in the income statement, except to the extent that the tax is attributable to items which directly relate to shareholders' equity or other comprehensive income.Current tax liabilities and current tax receivables are measure at the amounts expected to be paid to or recovered from the tax authorities.Deferred tax is accounted for under the liability method which requires recognition of deferred tax on all temporary differences between the carrying amount of assets and liabilities and the tax base of such assets and liabilities. This includes the tax value of tax loses carried forward.Deferred tax is calculated in accordance with the tax regulations in the local countries and the tax rates expected to be in force at the time the deferred tax is utilized. Changes in deferred tax as a result of changes in tax rates are recognized in the income statement.Deferred tax assets are recognized only to the extent that it is probable that future taxable profits will be available against which the differences can be utilized.",
   "dimensions": {
    "concept": "ifrs-full:DescriptionOfAccountingPolicyForDeferredIncomeTaxExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__159": {
   "value": "6.<span class=\"_ _0\"></span>1 <span class=\"_ _1f\"> </span>Remun<span class=\"_ _0\"></span>erat<span class=\"_ _0\"></span>ion o<span class=\"_ _0\"></span>f the B<span class=\"_ _0\"></span>oar<span class=\"_ _0\"></span>d of Di<span class=\"_ _0\"></span>rec<span class=\"_ _0\"></span>tor<span class=\"_ _0\"></span>s and E<span class=\"_ _0\"></span>xecu<span class=\"_ _0\"></span>tive Ma<span class=\"_ _0\"></span>nag<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent2022<span class=\"_ _211\"> </span><span class=\"ff3 fc1\">2021<span class=\"_ _212\"> </span>2020</span>Base <span class=\"_ _87\"></span> Share-based T<span class=\"_ _71\"></span>otal <span class=\"_ _87\"></span> Base <span class=\"_ _87\"></span> Share-based T<span class=\"_ _71\"></span>otal <span class=\"_ _87\"></span> Base <span class=\"_ _87\"></span> Committee <span class=\"_ _87\"></span> T<span class=\"_ _71\"></span>otal <span class=\"_ _87\"></span> DKK thousandboard feescompensationfeesboard feescompensationfeesboard feesfeesfeesRemuneration to the Board of DirectorsMartin Nicklasson<span class=\"_ _213\"> </span>100<span class=\"_ _214\"> </span>968<span class=\"_ _65\"> </span>1,068<span class=\"_ _11b\"> </span>100<span class=\"_ _91\"> </span>1,181<span class=\"_ _128\"> </span>1,281<span class=\"_ _67\"> </span>750<span class=\"_ _67\"> </span>100<span class=\"_ _41\"> </span>850Kirsten Drejer<span class=\"_ _215\"> </span>100<span class=\"_ _214\"> </span>484<span class=\"_ _41\"> </span>584<span class=\"_ _67\"> </span>100<span class=\"_ _6c\"> </span>590<span class=\"_ _64\"> </span>690<span class=\"_ _41\"> </span>500<span class=\"_ _3c\"> </span>0<span class=\"_ _41\"> </span>500Alain Munoz<span class=\"_ _216\"> </span>100<span class=\"_ _3c\"> </span>545<span class=\"_ _41\"> </span>645<span class=\"_ _67\"> </span>100<span class=\"_ _214\"> </span>664<span class=\"_ _67\"> </span>764<span class=\"_ _64\"> </span>400<span class=\"_ _91\"> </span>50<span class=\"_ _41\"> </span>450Michael Owen<span class=\"_ _217\"> </span>100<span class=\"_ _3c\"> </span>545<span class=\"_ _41\"> </span>645<span class=\"_ _67\"> </span>100<span class=\"_ _214\"> </span>664<span class=\"_ _67\"> </span>764<span class=\"_ _64\"> </span>400<span class=\"_ _91\"> </span>50<span class=\"_ _41\"> </span>450Bernadette Mary Connaughton<span class=\"_ _1bf\"> </span>100<span class=\"_ _214\"> </span>484<span class=\"_ _11b\"> </span>584<span class=\"_ _67\"> </span>100<span class=\"_ _214\"> </span>590<span class=\"_ _41\"> </span>690<span class=\"_ _64\"> </span>400<span class=\"_ _1a2\"> </span>33<span class=\"_ _11b\"> </span>433Jeffrey Berkowitz<span class=\"_ _218\"> </span>100<span class=\"_ _214\"> </span>484<span class=\"_ _41\"> </span>584<span class=\"_ _67\"> </span>100<span class=\"_ _6c\"> </span>590<span class=\"_ _64\"> </span>690<span class=\"_ _64\"> </span>400<span class=\"_ _91\"> </span>50<span class=\"_ _41\"> </span>450Leonard Kruimer<span class=\"_ _219\"> </span>100<span class=\"_ _214\"> </span>666<span class=\"_ _67\"> </span>766<span class=\"_ _67\"> </span>100<span class=\"_ _1e1\"> </span>812<span class=\"_ _1f2\"> </span>912<span class=\"_ _64\"> </span>400<span class=\"_ _1f2\"> </span>150<span class=\"_ _11b\"> </span>5501Jens Peter Stenvang100<span class=\"_ _1e1\"> </span>182<span class=\"_ _11b\"> </span>282<span class=\"_ _67\"> </span>100<span class=\"_ _21a\"> </span>221<span class=\"_ _61\"> </span>321<span class=\"_ _64\"> </span>400<span class=\"_ _3c\"> </span>0<span class=\"_ _64\"> </span>4001,2Gertrud Koefoed Rasmussen0<span class=\"_ _8f\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _1a2\"> </span>67<span class=\"_ _8f\"> </span>0<span class=\"_ _1a2\"> </span>67<span class=\"_ _68\"> </span>267<span class=\"_ _3c\"> </span>0<span class=\"_ _68\"> </span>2671Frederik Barfoed Beck100<span class=\"_ _1e1\"> </span>182<span class=\"_ _11b\"> </span>282<span class=\"_ _67\"> </span>100<span class=\"_ _21a\"> </span>221<span class=\"_ _61\"> </span>321<span class=\"_ _68\"> </span>267<span class=\"_ _3c\"> </span>0<span class=\"_ _68\"> </span>267Iben Louise Gjelstrup\u00b9<span class=\"_ _1d1\"> </span>100<span class=\"_ _1e1\"> </span>182<span class=\"_ _67\"> </span>282<span class=\"_ _11b\"> </span>100<span class=\"_ _21a\"> </span>221<span class=\"_ _61\"> </span>321<span class=\"_ _68\"> </span>267<span class=\"_ _40\"> </span>0<span class=\"_ _68\"> </span>2671,2Hanne Heidenheim Bak0<span class=\"_ _8f\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _8f\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _69\"> </span>133<span class=\"_ _3c\"> </span>0<span class=\"_ _61\"> </span>1331,3Anneline Nansen100<span class=\"_ _1f5\"> </span>96<span class=\"_ _1f2\"> </span>196<span class=\"_ _1a2\"> </span>33<span class=\"_ _8f\"> </span>0<span class=\"_ _1a2\"> </span>33<span class=\"_ _3c\"> </span>0<span class=\"_ _3c\"> </span>0<span class=\"_ _40\"> </span>0T<span class=\"_ _71\"></span>otal<span class=\"_ _21b\"> </span>1,100<span class=\"_ _69\"> </span>4,818<span class=\"_ _10\"> </span>5,918<span class=\"_ _10\"> </span>1,100<span class=\"_ _94\"> </span>5,<span class=\"_ _2\"></span>754<span class=\"_ _14c\"> </span>6,854<span class=\"_ _51\"> </span>4,584<span class=\"_ _41\"> </span>433<span class=\"_ _4a\"> </span>5,0171 <span class=\"_\"> </span> <span class=\"_ _87\"></span>Em<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>oye<span class=\"_ _0\"></span>e-<span class=\"_ _0\"></span>ele<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted b<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>b<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s; th<span class=\"_ _0\"></span>e ta<span class=\"_ _0\"></span>bl<span class=\"_ _0\"></span>e on<span class=\"_ _0\"></span>ly i<span class=\"_ _0\"></span>nc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s rem<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n for b<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>rd w<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>k.2 <span class=\"_\"> </span> <span class=\"_ _87\"></span>Ha<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>e H<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>nh<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>m Ba<span class=\"_ _0\"></span>k re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m the b<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard i<span class=\"_ _0\"></span>n 2020 a<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>d Ge<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tr<span class=\"_ _0\"></span>ud Ko<span class=\"_ _0\"></span>efo<span class=\"_ _0\"></span>d Ra<span class=\"_ _0\"></span>sm<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>n re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>ro<span class=\"_ _0\"></span>m the B<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard i<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.3 <span class=\"_\"> </span>Anne<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ne N<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>n jo<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>d th<span class=\"_ _0\"></span>e Bo<span class=\"_ _0\"></span>ard i<span class=\"_ _0\"></span>n 202<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>.Th<span class=\"_ _0\"></span>e di<span class=\"_ _0\"></span>scl<span class=\"_ _0\"></span>os<span class=\"_ _0\"></span>ed r<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>un<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on f<span class=\"_ _0\"></span>or b<span class=\"_ _0\"></span>oa<span class=\"_ _0\"></span>rd m<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>s excl<span class=\"_ _0\"></span>ud<span class=\"_ _0\"></span>es m<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>or m<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ator<span class=\"_ _1\"></span>y soc<span class=\"_ _0\"></span>ia<span class=\"_ _0\"></span>l se<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>it<span class=\"_ _0\"></span>y co<span class=\"_ _0\"></span>st<span class=\"_ _0\"></span>s pa<span class=\"_ _0\"></span>id b<span class=\"_ _0\"></span>y th<span class=\"_ _0\"></span>e com<span class=\"_ _0\"></span>pa<span class=\"_ _0\"></span>ny.It al<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>o exc<span class=\"_ _0\"></span>lud<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>s rei<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>ur<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>d ex<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>se<span class=\"_ _0\"></span>s in<span class=\"_ _0\"></span>cur<span class=\"_ _0\"></span>red i<span class=\"_ _0\"></span>n co<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>ec<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>ith b<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>ard m<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>eti<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>s, s<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>h as tr<span class=\"_ _0\"></span>ave<span class=\"_ _0\"></span>l a<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>ccom<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>d<span class=\"_ _0\"></span>ati<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>.Other <span class=\"_ _87\"></span> Base <span class=\"_ _87\"></span> Pension <span class=\"_ _87\"></span> short term <span class=\"_ _87\"></span> Share-based Severance DKK thousandsalary<span class=\"_ _55\"> </span>Bonuscontributionbenefitscompensationpayments<span class=\"_ _2c\"> </span>T<span class=\"_ _2\"></span>otal2022Remuneration to the Executive Management1Adam Sinding Steensberg4,162<span class=\"_ _62\"> </span>2,366<span class=\"_ _3c\"> </span>832<span class=\"_ _1f2\"> </span>725<span class=\"_ _41\"> </span>11,061<span class=\"_ _3c\"> </span>0<span class=\"_ _30\"> </span>19<span class=\"_ _2\"></span>,1462Henriette Wennicke420<span class=\"_ _68\"> </span>168<span class=\"_ _1f5\"> </span>84<span class=\"_ _97\"> </span>41<span class=\"_ _40\"> </span>225<span class=\"_ _3c\"> </span>0<span class=\"_ _11b\"> </span>9383Emmanuel Dulac2,626<span class=\"_ _2c\"> </span>1,575<span class=\"_ _3c\"> </span>525<span class=\"_ _61\"> </span>122<span class=\"_ _28\"> </span>-3<span class=\"_ _3\"></span>,265<span class=\"_ _62\"> </span>6,564<span class=\"_ _2c\"> </span>8,1<span class=\"_ _2\"></span>474Matthew Donald Dallas2,248<span class=\"_ _64\"> </span>860<span class=\"_ _1f5\"> </span>46<span class=\"_ _67\"> </span>234<span class=\"_ _97\"> </span>-581<span class=\"_ _4a\"> </span>3,194<span class=\"_ _65\"> </span>6,001T<span class=\"_ _71\"></span>otal<span class=\"_ _21c\"> </span>9,<span class=\"_ _3\"></span>456<span class=\"_ _51\"> </span>4,969<span class=\"_ _19c\"> </span>1,487<span class=\"_ _4a\"> </span>1,122<span class=\"_ _69\"> </span>7<span class=\"_ _3\"></span>,440<span class=\"_ _10\"> </span>9,<span class=\"_ _3\"></span>758<span class=\"_ _160\"> </span>34,232T<span class=\"_ _71\"></span>otal Other Corporate Management\u2075<span class=\"_ _109\"> </span>9<span class=\"_ _2\"></span>,826<span class=\"_ _51\"> </span>4,204<span class=\"_ _69\"> </span>1,<span class=\"_ _3\"></span>009<span class=\"_ _11b\"> </span>879<span class=\"_ _158\"> </span>10,986<span class=\"_ _14c\"> </span>3,033<span class=\"_ _160\"> </span>29,<span class=\"_ _3\"></span>938T<span class=\"_ _71\"></span>otal<span class=\"_ _21d\"> </span>19,282<span class=\"_ _65\"> </span>9,173<span class=\"_ _61\"> </span>2,496<span class=\"_ _62\"> </span>2,001<span class=\"_ _158\"> </span>18,426<span class=\"_ _2f\"> </span>12,791<span class=\"_ _160\"> </span>64,1702021Remuneration to the Executive Management1Adam Sinding Steensberg3,<span class=\"_ _3\"></span>056<span class=\"_ _2c\"> </span>1,193<span class=\"_ _9f\"> </span>611<span class=\"_ _11b\"> </span>286<span class=\"_ _19c\"> </span>4<span class=\"_ _3\"></span>,829<span class=\"_ _3c\"> </span>0<span class=\"_ _4a\"> </span>9,9753Emmanuel Dulac5,<span class=\"_ _3\"></span>099<span class=\"_ _10\"> </span>3,059<span class=\"_ _94\"> </span>1,<span class=\"_ _2\"></span>020<span class=\"_ _68\"> </span><span class=\"ls28 ws2b\">243<span class=\"_ _41\"> </span></span>12,182<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>21,6034Matthew Donald Dallas2,878<span class=\"_ _2c\"> </span>1,182<span class=\"_ _21e\"> </span>37<span class=\"_ _1a5\"> </span>48<span class=\"_ _69\"> </span>4,086<span class=\"_ _3c\"> </span>0<span class=\"_ _65\"> </span>8,232T<span class=\"_ _71\"></span>otal<span class=\"_ _21f\"> </span>11,033<span class=\"_ _14c\"> </span>5,434<span class=\"_ _69\"> </span>1,668<span class=\"_ _68\"> </span>577<span class=\"_ _15\"> </span>21,097<span class=\"_ _3c\"> </span>0<span class=\"_ _34\"> </span>39<span class=\"_ _2\"></span>,809T<span class=\"_ _71\"></span>otal Other Corporate Management\u2075<span class=\"_ _109\"> </span>9,<span class=\"_ _2\"></span>022<span class=\"_ _62\"> </span><span class=\"lsbd wsc4\">3,429<span class=\"_ _6c\"> </span></span>497<span class=\"_ _41\"> </span>564<span class=\"_ _19c\"> </span>8,319<span class=\"_ _4a\"> </span>2,772<span class=\"_ _5c\"> </span>24,603T<span class=\"_ _71\"></span>otal<span class=\"_ _220\"> </span>20,055<span class=\"_ _51\"> </span>8,863<span class=\"_ _19c\"> </span>2,165<span class=\"_ _2c\"> </span>1,1<span class=\"_ _3\"></span>41<span class=\"_ _8d\"> </span>29,416<span class=\"_ _65\"> </span>2,772<span class=\"_ _160\"> </span>64,4122020Remuneration to the Executive Management1Adam Sinding Steensberg2,967<span class=\"_ _4a\"> </span>1,266<span class=\"_ _3c\"> </span>593<span class=\"_ _11b\"> </span>282<span class=\"_ _15a\"> </span>2,281<span class=\"_ _3c\"> </span>0<span class=\"_ _2b\"> </span>7<span class=\"_ _71\"></span>,3893Emmanuel Dulac4,<span class=\"_ _3\"></span>950<span class=\"_ _4a\"> </span>3,267<span class=\"_ _221\"> </span>990<span class=\"_ _41\"> </span>699<span class=\"_ _94\"> </span>2,534<span class=\"_ _3c\"> </span>0<span class=\"_ _da\"> </span>12,<span class=\"_ _2\"></span>4404Matthew Donald Dallas2,721<span class=\"_ _f2\"> </span>1,191<span class=\"_ _58\"> </span>36<span class=\"_ _19d\"> </span>15<span class=\"_ _a4\"> </span>1,707<span class=\"_ _3c\"> </span>0<span class=\"_ _65\"> </span>5,<span class=\"_ _3\"></span>670T<span class=\"_ _71\"></span>otal<span class=\"_ _222\"> </span>10,638<span class=\"_ _10\"> </span><span class=\"ls6c ws6f\">5,724<span class=\"_ _15a\"> </span></span>1,619<span class=\"_ _64\"> </span>996<span class=\"_ _69\"> </span>6,522<span class=\"_ _3c\"> </span>0<span class=\"_ _34\"> </span>25,499T<span class=\"_ _71\"></span>otal other Corporate Management\u2075 <span class=\"_ _6a\"> </span>6,386<span class=\"_ _62\"> </span>2,739<span class=\"_ _40\"> </span>313<span class=\"_ _41\"> </span>286<span class=\"_ _69\"> </span><span class=\"lsbd wsc4\">3,4<span class=\"_ _0\"></span>23<span class=\"_ _3c\"> </span></span>0<span class=\"_ _10b\"> </span>13,147T<span class=\"_ _71\"></span>otal<span class=\"_ _21f\"> </span>17<span class=\"_ _71\"></span>,024<span class=\"_ _14c\"> </span>8,463<span class=\"_ _19c\"> </span>1,932<span class=\"_ _10\"> </span>1,282<span class=\"_ _69\"> </span>9,945<span class=\"_ _3c\"> </span>0<span class=\"_ _5c\"> </span>38,6461 <span class=\"_ _79\"> </span> <span class=\"_ _74\"></span>Fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>r E<span class=\"_ _0\"></span>VP<span class=\"_ _3\"></span>, R&amp;D a<span class=\"_ _0\"></span>nd C<span class=\"_ _0\"></span>MO Ad<span class=\"_ _0\"></span>am S<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>g Ste<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rg wa<span class=\"_ _0\"></span>s ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d CEO at M<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ch 30, 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.2 <span class=\"_ _1\"></span> <span class=\"_ _74\"></span>He<span class=\"_ _0\"></span>nr<span class=\"_ _0\"></span>ie<span class=\"_ _0\"></span>tte We<span class=\"_ _0\"></span>n<span class=\"_ _0\"></span>ni<span class=\"_ _0\"></span>cke wa<span class=\"_ _0\"></span>s ap<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>inte<span class=\"_ _0\"></span>d a<span class=\"_ _0\"></span>s CFO at November<span class=\"_ _3\"></span> 1, 2022.3 <span class=\"_ _1\"></span> <span class=\"_ _74\"></span>Fo<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>er C<span class=\"_ _0\"></span>EO Emm<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ue<span class=\"_ _0\"></span>l Du<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>c re<span class=\"_ _0\"></span>si<span class=\"_ _0\"></span>gn<span class=\"_ _0\"></span>ed f<span class=\"_ _0\"></span>rom Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>t Ma<span class=\"_ _0\"></span>rch 30<span class=\"_ _0\"></span>, 202<span class=\"_ _0\"></span>2.4 <span class=\"_ _0\"></span> <span class=\"_ _74\"></span>F<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r CFO M<span class=\"_ _0\"></span>at<span class=\"_ _0\"></span>th<span class=\"_ _0\"></span>ew Donald Dallas<span class=\"_ _2\"></span> resigned from Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>t Au<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>st 31<span class=\"_ _0\"></span>, 20<span class=\"_ _0\"></span>22<span class=\"_ _0\"></span>.5 <span class=\"_ _1\"></span> <span class=\"_ _74\"></span>Other Corpora<span class=\"_ _3\"></span>te<span class=\"_ _3\"></span> Manage<span class=\"ls2 ws2\">-</span>me<span class=\"_ _0\"></span>nt in 2<span class=\"_ _0\"></span>022 co<span class=\"_ _0\"></span>m<span class=\"_ _0\"></span>pr<span class=\"_ _0\"></span>ise<span class=\"_ _0\"></span>d fou<span class=\"_ _0\"></span>r me<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>rs (<span class=\"_ _0\"></span>202<span class=\"_ _0\"></span>1: th<span class=\"_ _0\"></span>re<span class=\"_ _0\"></span>e and 20<span class=\"_ _3\"></span>20:<span class=\"_ _3\"></span> three.)",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInformationAboutKeyManagementPersonnelExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__162": {
   "value": "6.2  Business overviewZealand Pharma A/S (Nasdaq: ZEAL) (\"Zealand\", the \u201cCompany\u201d, the \u201cGroup\u201d, \u201cZealand\u201d and \u201cwe\u201d) is a biotechnology company focused on the discovery and development of innovative peptide-based medi-cines. The Groups' domicile is in Copenhagen, Denmark.Owner-Voting DKK thousand DomicileshiprightsZealand Pharma A/S (ultimate parent) direct and indirect subsidiariesZP Holding SPV K/S Denmark 100% 100%ZP General Partner 1 ApS Denmark 100% 100%Zealand Pharma US Inc. United States 100% 100%ZP SPV 3 K/S Denmark 100% 100%ZP General Partner 3 ApS Denmark 100% 100%ZP SPV 1 K/S Denmark 100% 100%ZP General Partner 2 ApS Denmark 100% 100%Zealand Pharma California US, LLC. United States 100% 100%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfSignificantInvestmentsInSubsidiariesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__161": {
   "value": "6.2  Business overviewZealand Pharma A/S (Nasdaq: ZEAL) (\"Zealand\", the \u201cCompany\u201d, the \u201cGroup\u201d, \u201cZealand\u201d and \u201cwe\u201d) is a biotechnology company focused on the discovery and development of innovative peptide-based medi-cines. The Groups' domicile is in Copenhagen, Denmark.Owner-Voting DKK thousand DomicileshiprightsZealand Pharma A/S (ultimate parent) direct and indirect subsidiariesZP Holding SPV K/S Denmark 100% 100%ZP General Partner 1 ApS Denmark 100% 100%Zealand Pharma US Inc. United States 100% 100%ZP SPV 3 K/S Denmark 100% 100%ZP General Partner 3 ApS Denmark 100% 100%ZP SPV 1 K/S Denmark 100% 100%ZP General Partner 2 ApS Denmark 100% 100%Zealand Pharma California US, LLC. United States 100% 100%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfInterestsInOtherEntitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__160": {
   "value": "6.2  Business overviewZealand Pharma A/S (Nasdaq: ZEAL) (\"Zealand\", the \u201cCompany\u201d, the \u201cGroup\u201d, \u201cZealand\u201d and \u201cwe\u201d) is a biotechnology company focused on the discovery and development of innovative peptide-based medi-cines. The Groups' domicile is in Copenhagen, Denmark.Owner-Voting DKK thousand DomicileshiprightsZealand Pharma A/S (ultimate parent) direct and indirect subsidiariesZP Holding SPV K/S Denmark 100% 100%ZP General Partner 1 ApS Denmark 100% 100%Zealand Pharma US Inc. United States 100% 100%ZP SPV 3 K/S Denmark 100% 100%ZP General Partner 3 ApS Denmark 100% 100%ZP SPV 1 K/S Denmark 100% 100%ZP General Partner 2 ApS Denmark 100% 100%Zealand Pharma California US, LLC. United States 100% 100%",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCompositionOfGroupExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__163": {
   "value": "6.3  Fees to auditors appointed at the annual general meetingDKK thousand 2022 2021 2020Audit 7,862 7,053 5,941Audit-related services and other assurance engagements 1,760 1,265 1,002Other 389 282 0Total fees 10,011 8,600 6,943The fee for audit-related services and other assurance engagements and other services provided to the Group by EY Godkendt Revisionspartnerselskab in 2022, 2021 and 2020 consisted of Audit of Annual Report, Audit of 20-F SEC filing, including SOX 404b attestation procedures, quarterly reviews, other auditor\u2019s reports on various statements for public authorities, and other accounting advisory services.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfAuditorsRemunerationExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__166": {
   "value": "6.4  Contingent assets and liabilitiesContingent Assets and liabilitiesZealand is entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain until the milestones are reached or sales are generated, the agreements may qualify as contingent assets. However, it is impossible to measure the value of contin-gent assets, and as such, no assets have been recognized.As part of the license and collaboration agreements that Zealand has entered into, once a product is developed and commercialized, Zealand may be required to make milestone and royalty payments. It is not possible to measure the value of such future payments, but Zealand expects to generate future income from such products which will exceed any milestone and royalty payments due, and as such, no liabilities have been recognized.Reference is made to note 6.8 for descriptions of Zealands collaboration and license agreements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__165": {
   "value": "6.4  Contingent assets and liabilitiesContingent Assets and liabilitiesZealand is entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain until the milestones are reached or sales are generated, the agreements may qualify as contingent assets. However, it is impossible to measure the value of contin-gent assets, and as such, no assets have been recognized.As part of the license and collaboration agreements that Zealand has entered into, once a product is developed and commercialized, Zealand may be required to make milestone and royalty payments. It is not possible to measure the value of such future payments, but Zealand expects to generate future income from such products which will exceed any milestone and royalty payments due, and as such, no liabilities have been recognized.Reference is made to note 6.8 for descriptions of Zealands collaboration and license agreements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsAndContingentLiabilitiesExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__164": {
   "value": "6.4  Contingent assets and liabilitiesContingent Assets and liabilitiesZealand is entitled to potential milestone payments and royalties on successful commercialization of products developed under license and collaboration agreements with partners. Since the size and timing of such payments are uncertain until the milestones are reached or sales are generated, the agreements may qualify as contingent assets. However, it is impossible to measure the value of contin-gent assets, and as such, no assets have been recognized.As part of the license and collaboration agreements that Zealand has entered into, once a product is developed and commercialized, Zealand may be required to make milestone and royalty payments. It is not possible to measure the value of such future payments, but Zealand expects to generate future income from such products which will exceed any milestone and royalty payments due, and as such, no liabilities have been recognized.Reference is made to note 6.8 for descriptions of Zealands collaboration and license agreements.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfOtherProvisionsContingentLiabilitiesAndContingentAssetsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__168": {
   "value": "6.5 CommitmentsGuarantees and CollateralsThe Group has provided floating charge collateral covering with all assets in the company which can be collateralized, including shares in subsidiaries, as collateral for the debt to Oberland.Other Purchase ObligationsAt December 31, 2022, total contractual obligations related to agreements for development projects, including CROs, amounted to DKK 220.5 million (DKK 140.7 million for 2023 and DKK 79.8 million for the years 2024 up to and including 2026).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCollateralExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__167": {
   "value": "6.5 CommitmentsGuarantees and CollateralsThe Group has provided floating charge collateral covering with all assets in the company which can be collateralized, including shares in subsidiaries, as collateral for the debt to Oberland.Other Purchase ObligationsAt December 31, 2022, total contractual obligations related to agreements for development projects, including CROs, amounted to DKK 220.5 million (DKK 140.7 million for 2023 and DKK 79.8 million for the years 2024 up to and including 2026).",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCommitmentsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__169": {
   "value": "6.6  Related partiesZealand has no related parties with controlling interest.Zealand\u2019s other related parties comprise the Company\u2019s Board of Directors and Corporate Manage-ment. Other than the remuneration and other transactions relating to the Board of Directors and Exec-utive Management described in note 6.1. There were no other material related party transactions during 2022, 2021 and 2020.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfRelatedPartyExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__170": {
   "value": "6.7  Cash flow adjustmentsDKK thousand 2022 2021 2020Depreciation, amortization and impairment 117,961 42,946 42,692Deferred revenue -67,584 -30,185 -42,881Bargain purchase 0 0 -36,395Share-based compensation expenses 52,576 53,504 30,485Income tax 9,893 -1,190 9,865Financial income -37,780 -1,896 -1,127Financial expenses 174,927 16,674 3,511Fair value adjustments -3,590 6,520 0Exchange rate adjustments 23,219 -68,943 57,712Total adjustments 269,622 17,430 63,862DKK thousand 2022 2021 2020(Increase)/decrease in receivables 18,221 -64,494 -7,716(Increase)/decrease in Inventory 50,691 -52,772 -14,404Increase/(decrease) in payables and other liabilities -58,649 -49,059 119,938Change in working capital 10,263 -166,325 97,818",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfCashFlowStatementExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__171": {
   "value": "6.8 <span class=\"_ _171\"> </span>Collaborations and technology<span class=\"_ _3\"></span> licensesCollabor<span class=\"_ _3\"></span>ation<span class=\"_ _3\"></span> and lic<span class=\"_ _3\"></span>ense agr<span class=\"_ _3\"></span>eementsZeal<span class=\"_ _0\"></span>and e<span class=\"_ _0\"></span>nter<span class=\"_ _0\"></span>s into coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>s with b<span class=\"_ _0\"></span>iote<span class=\"_ _0\"></span>chno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy an<span class=\"_ _0\"></span>d ph<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>mace<span class=\"_ _0\"></span>utic<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>nie<span class=\"_ _0\"></span>s to adv<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>ce the deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n of our p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t ca<span class=\"_ _0\"></span>ndi<span class=\"_ _0\"></span>dates a<span class=\"_ _0\"></span>nd to sup<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ou<span class=\"_ _0\"></span>r inter<span class=\"_ _0\"></span>nal p<span class=\"_ _0\"></span>ip<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ine<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>and s<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>ks col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>ns th<span class=\"_ _0\"></span>at wi<span class=\"_ _0\"></span>ll all<span class=\"_ _0\"></span>ow Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d to retain s<span class=\"_ _0\"></span>ign<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>nt fut<span class=\"_ _0\"></span>ure pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>ticip<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n in p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct sa<span class=\"_ _0\"></span>les th<span class=\"_ _0\"></span>rou<span class=\"_ _0\"></span>gh eit<span class=\"_ _0\"></span>her p<span class=\"_ _0\"></span>rofi<span class=\"_ _0\"></span>t<span class=\"_ _2\"></span>-sh<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>ing o<span class=\"_ _0\"></span>r royalt<span class=\"_ _0\"></span>ies p<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>d on ne<span class=\"_ _0\"></span>t sa<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>. Be<span class=\"_ _0\"></span>low is a<span class=\"_ _0\"></span>n over<span class=\"_ _1\"></span>view of Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>'s coll<span class=\"_ _0\"></span>abo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on a<span class=\"_ _0\"></span>nd li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s th<span class=\"_ _0\"></span>at have h<span class=\"_ _0\"></span>ad a si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>can<span class=\"_ _0\"></span>t imp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t or are e<span class=\"_ _0\"></span>xpe<span class=\"_ _0\"></span>c<span class=\"_ _0\"></span>ted in th<span class=\"_ _0\"></span>e ne<span class=\"_ _0\"></span>ar term to have a si<span class=\"_ _0\"></span>gni<span class=\"_ _0\"></span>fi<span class=\"_ _0\"></span>cant i<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>ac<span class=\"_ _0\"></span>t on fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l resu<span class=\"_ _0\"></span>lts<span class=\"_ _0\"></span>.With refe<span class=\"_ _0\"></span>ren<span class=\"_ _0\"></span>ce to note 6.4<span class=\"_ _0\"></span>, each a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent i<span class=\"_ _0\"></span>s mar<span class=\"_ _0\"></span>ked wi<span class=\"_ _0\"></span>th C<span class=\"_ _0\"></span>A (contin<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>t ass<span class=\"_ _0\"></span>et) a<span class=\"_ _0\"></span>nd CL (conti<span class=\"_ _0\"></span>nge<span class=\"_ _0\"></span>nt liability) if applicable.Alexion<span class=\"_ _3\"></span> (Inflammation<span class=\"_ _3\"></span>) (CA)In Ma<span class=\"_ _0\"></span>rch 2019, Zeal<span class=\"_ _0\"></span>and e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d into a lice<span class=\"_ _0\"></span>nse<span class=\"_ _0\"></span>, rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Ale<span class=\"_ _0\"></span>xio<span class=\"_ _0\"></span>n to deve<span class=\"_ _0\"></span>lop n<span class=\"_ _0\"></span>ovel th<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>api<span class=\"_ _0\"></span>es to treat co<span class=\"_ _0\"></span>mp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent-medi<span class=\"_ _0\"></span>ated dis<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion w<span class=\"_ _0\"></span>ith A<span class=\"_ _0\"></span>lexi<span class=\"_ _0\"></span>on in<span class=\"_ _0\"></span>clud<span class=\"_ _0\"></span>es a le<span class=\"_ _0\"></span>ad p<span class=\"_ _0\"></span>rogr<span class=\"_ _0\"></span>am t<span class=\"_ _0\"></span>arg<span class=\"_ _0\"></span>etin<span class=\"_ _0\"></span>g the C<span class=\"_ _0\"></span>omp<span class=\"_ _0\"></span>le<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t pathw<span class=\"_ _0\"></span>ay and t<span class=\"_ _0\"></span>he potent<span class=\"_ _0\"></span>ial to wo<span class=\"_ _0\"></span>rk on th<span class=\"_ _0\"></span>e id<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cati<span class=\"_ _0\"></span>on of p<span class=\"_ _0\"></span>epti<span class=\"_ _0\"></span>de i<span class=\"_ _0\"></span>nhi<span class=\"_ _0\"></span>bitor<span class=\"_ _0\"></span>s to up to thre<span class=\"_ _0\"></span>e add<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l comp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s of th<span class=\"_ _0\"></span>e comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent c<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>de. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd w<span class=\"_ _0\"></span>ill le<span class=\"_ _0\"></span>ad th<span class=\"_ _0\"></span>e joi<span class=\"_ _0\"></span>nt dis<span class=\"_ _0\"></span>cover<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>sea<span class=\"_ _0\"></span>rch ef<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s thro<span class=\"_ _0\"></span>ug<span class=\"_ _0\"></span>h the p<span class=\"_ _0\"></span>recl<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>l st<span class=\"_ _0\"></span>age<span class=\"_ _0\"></span>, an<span class=\"_ _0\"></span>d Ale<span class=\"_ _0\"></span>xio<span class=\"_ _0\"></span>n wil<span class=\"_ _0\"></span>l lea<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt ef<span class=\"_ _0\"></span>for<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s b<span class=\"_ _0\"></span>egi<span class=\"_ _0\"></span>nni<span class=\"_ _0\"></span>ng w<span class=\"_ _0\"></span>ith IN<span class=\"_ _0\"></span>D fil<span class=\"_ _0\"></span>ing a<span class=\"_ _0\"></span>nd P<span class=\"_ _0\"></span>has<span class=\"_ _0\"></span>e 1 stu<span class=\"_ _0\"></span>die<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent p<span class=\"_ _0\"></span>rovi<span class=\"_ _0\"></span>des A<span class=\"_ _0\"></span>lex<span class=\"_ _0\"></span>ion w<span class=\"_ _0\"></span>ith exclu<span class=\"_ _0\"></span>sive w<span class=\"_ _0\"></span>orl<span class=\"_ _0\"></span>dwi<span class=\"_ _0\"></span>de l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>ses a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial r<span class=\"_ _0\"></span>igh<span class=\"_ _0\"></span>ts to th<span class=\"_ _0\"></span>e pe<span class=\"_ _0\"></span>ptid<span class=\"_ _0\"></span>e therapies de<span class=\"_ _3\"></span>veloped in<span class=\"_ _2\"></span> the collabora<span class=\"_ _3\"></span>tion.Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he Al<span class=\"_ _0\"></span>exio<span class=\"_ _0\"></span>n li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e, res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d recei<span class=\"_ _0\"></span>ved a<span class=\"_ _0\"></span>n upf<span class=\"_ _0\"></span>ront no<span class=\"_ _0\"></span>n-re-fun<span class=\"_ _0\"></span>da<span class=\"_ _0\"></span>ble p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent of U<span class=\"_ _0\"></span>SD 25<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on for t<span class=\"_ _0\"></span>he com<span class=\"_ _0\"></span>ple<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in<span class=\"_ _0\"></span>hib<span class=\"_ _0\"></span>itor pro<span class=\"_ _0\"></span>gra<span class=\"_ _0\"></span>m an<span class=\"_ _0\"></span>d a concu<span class=\"_ _0\"></span>rrent U<span class=\"_ _0\"></span>SD 15<span class=\"_ _0\"></span>.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on e<span class=\"_ _0\"></span>quit<span class=\"_ _1\"></span>y invest<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt in Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d at a pre<span class=\"_ _0\"></span>miu<span class=\"_ _0\"></span>m to the m<span class=\"_ _0\"></span>arket p<span class=\"_ _0\"></span>rice. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>so provi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>s the p<span class=\"_ _0\"></span>otenti<span class=\"_ _0\"></span>al for d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _2\"></span>-re<span class=\"_ _0\"></span>late<span class=\"_ _0\"></span>d mil<span class=\"_ _0\"></span>esto<span class=\"_ _0\"></span>nes o<span class=\"_ _0\"></span>f up to USD 1<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n, as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s up to USD 495<span class=\"_ _0\"></span>.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on in s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es-base<span class=\"_ _0\"></span>d mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle- to low d<span class=\"_ _0\"></span>oub<span class=\"_ _0\"></span>le-<span class=\"_ _0\"></span>dig<span class=\"_ _0\"></span>it royalt<span class=\"_ _0\"></span>y p<span class=\"_ _0\"></span>aym<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to rece<span class=\"_ _0\"></span>ive fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r no<span class=\"_ _0\"></span>n-refu<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>abl<span class=\"_ _0\"></span>e upfro<span class=\"_ _0\"></span>nt pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nts o<span class=\"_ _0\"></span>f USD 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>llio<span class=\"_ _0\"></span>n ea<span class=\"_ _0\"></span>ch for up to three a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>nal t<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>get<span class=\"_ _0\"></span>s, a<span class=\"_ _0\"></span>s wel<span class=\"_ _0\"></span>l as de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>/regul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s mi<span class=\"_ _0\"></span>les<span class=\"_ _0\"></span>tone<span class=\"_ _0\"></span>s plu<span class=\"_ _0\"></span>s royalti<span class=\"_ _0\"></span>es at a redu<span class=\"_ _0\"></span>ced r<span class=\"_ _0\"></span>ate to the lea<span class=\"_ _0\"></span>d ta<span class=\"_ _0\"></span>rget<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ves com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mate<span class=\"_ _0\"></span>ria<span class=\"_ _0\"></span>l bas<span class=\"_ _0\"></span>is for ce<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>n rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent ser<span class=\"_ _1\"></span>vices d<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ive<span class=\"_ _0\"></span>red un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r the co<span class=\"_ _0\"></span>ntra<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>.Beta Bionics (Dasiglucagon for bi-hormonal<span class=\"_ _3\"></span> artificial pancreas systems)Das<span class=\"_ _0\"></span>iglu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>n is in cl<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>cal d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt for us<span class=\"_ _0\"></span>e in inve<span class=\"_ _0\"></span>sti<span class=\"_ _0\"></span>gati<span class=\"_ _0\"></span>ona<span class=\"_ _0\"></span>l bi-h<span class=\"_ _0\"></span>orm<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>al ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ifi<span class=\"_ _0\"></span>cial p<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>creas (<span class=\"_ _0\"></span>BHA<span class=\"_ _0\"></span>P) sy<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>s conta<span class=\"_ _0\"></span>ini<span class=\"_ _0\"></span>ng b<span class=\"_ _0\"></span>oth in<span class=\"_ _0\"></span>suli<span class=\"_ _0\"></span>n an<span class=\"_ _0\"></span>d das<span class=\"_ _0\"></span>iglu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>n. In 2016, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ente<span class=\"_ _0\"></span>red in<span class=\"_ _0\"></span>to colla<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on wit<span class=\"_ _0\"></span>h Bet<span class=\"_ _0\"></span>a Bi<span class=\"_ _0\"></span>oni<span class=\"_ _0\"></span>cs<span class=\"_ _0\"></span>, In<span class=\"_ _0\"></span>c.<span class=\"_ _0\"></span>, a me<span class=\"_ _0\"></span>dic<span class=\"_ _0\"></span>al tec<span class=\"_ _0\"></span>hno<span class=\"_ _0\"></span>lo<span class=\"_ _0\"></span>gy com<span class=\"_ _0\"></span>pany lever<span class=\"_ _0\"></span>agi<span class=\"_ _0\"></span>ng l<span class=\"_ _0\"></span>ifelo<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>, ma<span class=\"_ _0\"></span>chin<span class=\"_ _0\"></span>e-lea<span class=\"_ _0\"></span>rn<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>, ar<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>fici<span class=\"_ _0\"></span>al in<span class=\"_ _0\"></span>telli<span class=\"_ _0\"></span>gen<span class=\"_ _0\"></span>ce to deve<span class=\"_ _0\"></span>lop a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ize the wor<span class=\"_ _0\"></span>ld<span class=\"_ _0\"></span>\u2019s fir<span class=\"_ _0\"></span>st a<span class=\"_ _0\"></span>utono<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>us b<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>ic pa<span class=\"_ _0\"></span>ncre<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e pa<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tne<span class=\"_ _0\"></span>rs<span class=\"_ _0\"></span>hip a<span class=\"_ _0\"></span>ims to comb<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>e pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t ri<span class=\"_ _0\"></span>ght<span class=\"_ _0\"></span>s from e<span class=\"_ _0\"></span>ach p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y to adv<span class=\"_ _0\"></span>ance a n<span class=\"_ _0\"></span>ew du<span class=\"_ _0\"></span>al-hor<span class=\"_ _0\"></span>mo<span class=\"_ _0\"></span>nal a<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>tif<span class=\"_ _0\"></span>icia<span class=\"_ _0\"></span>l pan<span class=\"_ _0\"></span>crea<span class=\"_ _0\"></span>s sy<span class=\"_ _0\"></span>stem<span class=\"_ _0\"></span>. Su<span class=\"_ _0\"></span>ch a sy<span class=\"_ _0\"></span>stem h<span class=\"_ _0\"></span>as th<span class=\"_ _0\"></span>e pote<span class=\"_ _0\"></span>ntia<span class=\"_ _0\"></span>l to offe<span class=\"_ _0\"></span>r pe<span class=\"_ _0\"></span>op<span class=\"_ _0\"></span>le with d<span class=\"_ _0\"></span>iab<span class=\"_ _0\"></span>etes o<span class=\"_ _0\"></span>n insu<span class=\"_ _0\"></span>lin t<span class=\"_ _0\"></span>her<span class=\"_ _0\"></span>apy m<span class=\"_ _0\"></span>ore ef<span class=\"_ _0\"></span>f<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>acio<span class=\"_ _0\"></span>us<span class=\"_ _0\"></span>, sa<span class=\"_ _0\"></span>fer a<span class=\"_ _0\"></span>nd ea<span class=\"_ _0\"></span>sie<span class=\"_ _0\"></span>r blo<span class=\"_ _0\"></span>o<span class=\"_ _0\"></span>d sug<span class=\"_ _0\"></span>ar contro<span class=\"_ _0\"></span>l for b<span class=\"_ _0\"></span>et<span class=\"_ _0\"></span>ter long-<span class=\"_ _2\"></span>term d<span class=\"_ _3\"></span>isease<span class=\"_ _3\"></span> management a<span class=\"_ _3\"></span>nd out<span class=\"_ _2\"></span>comes.A<span class=\"_ _0\"></span>s a par<span class=\"_ _0\"></span>t of t<span class=\"_ _0\"></span>he col<span class=\"_ _0\"></span>lab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d has m<span class=\"_ _0\"></span>ad<span class=\"_ _0\"></span>e an inve<span class=\"_ _0\"></span>stm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t in Bet<span class=\"_ _0\"></span>a Bi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s. Re<span class=\"_ _0\"></span>feren<span class=\"_ _0\"></span>ce is m<span class=\"_ _0\"></span>ade to note 3.<span class=\"_ _0\"></span>4 for fu<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>the<span class=\"_ _0\"></span>r info<span class=\"_ _0\"></span>rmat<span class=\"_ _0\"></span>ion<span class=\"_ _0\"></span>.Boehringer Ingelheim<span class=\"_ _3\"></span> (Obesity<span class=\"_ _3\"></span>/BI 4<span class=\"_ _3\"></span>56906) (<span class=\"_ _2\"></span>C<span class=\"_ _0\"></span>A)In Ju<span class=\"_ _0\"></span>ne 201<span class=\"_ _0\"></span>1<span class=\"_ _0\"></span>, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d entere<span class=\"_ _0\"></span>d into a li<span class=\"_ _0\"></span>cense<span class=\"_ _0\"></span>, res<span class=\"_ _0\"></span>earch a<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt with<span class=\"_ _0\"></span> Bo<span class=\"_ _0\"></span>ehr<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>er I<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>elh<span class=\"_ _0\"></span>ei<span class=\"_ _0\"></span>m Intern<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l Gm<span class=\"_ _0\"></span>bH (<span class=\"_ _0\"></span>BI) to ad<span class=\"_ _0\"></span>va<span class=\"_ _0\"></span>nce nove<span class=\"_ _0\"></span>l du<span class=\"_ _0\"></span>al ac<span class=\"_ _0\"></span>tin<span class=\"_ _0\"></span>g glu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>n/GLP-<span class=\"_ _3\"></span>1 pe<span class=\"_ _0\"></span>ptid<span class=\"_ _0\"></span>e receptor a<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>s for th<span class=\"_ _0\"></span>e treatm<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>t of pati<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s wit<span class=\"_ _0\"></span>h t<span class=\"_ _0\"></span>yp<span class=\"_ _0\"></span>e 2 dia<span class=\"_ _0\"></span>bete<span class=\"_ _0\"></span>s and o<span class=\"_ _0\"></span>be<span class=\"_ _0\"></span>sit<span class=\"_ _0\"></span>y. As p<span class=\"_ _0\"></span>ar<span class=\"_ _0\"></span>t of th<span class=\"_ _0\"></span>e ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt,<span class=\"_ _0\"></span> BI ob<span class=\"_ _0\"></span>tai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d glo<span class=\"_ _0\"></span>bal d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n rig<span class=\"_ _0\"></span>hts to th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>d dru<span class=\"_ _0\"></span>g ca<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>idate, B<span class=\"_ _0\"></span>I 4569<span class=\"_ _0\"></span>06<span class=\"_ _0\"></span>. BI<span class=\"_ _0\"></span> fun<span class=\"_ _0\"></span>ds a<span class=\"_ _0\"></span>ll rese<span class=\"_ _0\"></span>arch<span class=\"_ _0\"></span>, deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d comm<span class=\"_ _0\"></span>ercia<span class=\"_ _0\"></span>liz<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n ac<span class=\"_ _0\"></span>tiv<span class=\"_ _0\"></span>itie<span class=\"_ _0\"></span>s un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt.<span class=\"_ _0\"></span> A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to recei<span class=\"_ _0\"></span>ve lice<span class=\"_ _0\"></span>nse a<span class=\"_ _0\"></span>nd m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e paym<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>ts of u<span class=\"_ _0\"></span>p to EUR 345<span class=\"_ _0\"></span>.0<span class=\"_ _0\"></span> mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n, rel<span class=\"_ _0\"></span>ated to th<span class=\"_ _0\"></span>e ach<span class=\"_ _0\"></span>ieve<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of pre-sp<span class=\"_ _0\"></span>e<span class=\"_ _0\"></span>cifi<span class=\"_ _0\"></span>ed d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>, re<span class=\"_ _0\"></span>gul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span> for th<span class=\"_ _0\"></span>e lea<span class=\"_ _0\"></span>d prod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t. Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd i<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>so e<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ible to re<span class=\"_ _0\"></span>ceive t<span class=\"_ _0\"></span>iere<span class=\"_ _0\"></span>d roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s ran<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle-<span class=\"_ _0\"></span>dig<span class=\"_ _0\"></span>it to low dou<span class=\"_ _0\"></span>ble<span class=\"_ _0\"></span>-di<span class=\"_ _0\"></span>git p<span class=\"_ _0\"></span>ercent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>n glo<span class=\"_ _0\"></span>bal s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s by BI o<span class=\"_ _0\"></span>f all p<span class=\"_ _0\"></span>rodu<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>s s<span class=\"_ _0\"></span>temm<span class=\"_ _0\"></span>ing f<span class=\"_ _0\"></span>rom th<span class=\"_ _0\"></span>is coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n. In a<span class=\"_ _0\"></span>dd<span class=\"_ _0\"></span>i<span class=\"ls2\">-</span>tio<span class=\"_ _0\"></span>n, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d reta<span class=\"_ _0\"></span>ins co<span class=\"_ _0\"></span>-prom<span class=\"_ _0\"></span>otio<span class=\"_ _0\"></span>n rig<span class=\"_ _0\"></span>ht<span class=\"_ _0\"></span>s in Sc<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>din<span class=\"_ _0\"></span>avi<span class=\"_ _0\"></span>a.DEK<span class=\"_ _1\"></span>A Rese<span class=\"_ _0\"></span>arc<span class=\"_ _0\"></span>h &amp; Deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Cor<span class=\"_ _0\"></span>p. (CHI/dasig<span class=\"_ _0\"></span>luc<span class=\"_ _0\"></span>aco<span class=\"_ _0\"></span>n) (CL)In Nove<span class=\"_ _0\"></span>mb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>1 Zeal<span class=\"_ _0\"></span>and a<span class=\"_ _0\"></span>nn<span class=\"_ _0\"></span>oun<span class=\"_ _0\"></span>ced a col<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>bo<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt with D<span class=\"_ _0\"></span>EK<span class=\"_ _0\"></span>A to de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>p a contin<span class=\"_ _0\"></span>uo<span class=\"_ _0\"></span>us infu<span class=\"_ _0\"></span>sio<span class=\"_ _0\"></span>n pu<span class=\"_ _0\"></span>mp, for w<span class=\"_ _0\"></span>hich Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd re<span class=\"_ _0\"></span>ceiv<span class=\"_ _0\"></span>es a wor<span class=\"_ _0\"></span>ldw<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e, exclu<span class=\"_ _0\"></span>sive l<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se, to b<span class=\"_ _0\"></span>e use<span class=\"_ _0\"></span>d in com<span class=\"_ _0\"></span>bin<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n with d<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>glu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>gon fo<span class=\"_ _0\"></span>r treat<span class=\"_ _0\"></span>men<span class=\"_ _0\"></span>t of CHI<span class=\"_ _0\"></span>. DEK<span class=\"_ _0\"></span>A i<span class=\"_ _0\"></span>s resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>le for p<span class=\"_ _0\"></span>ump d<span class=\"_ _0\"></span>eve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d pum<span class=\"_ _0\"></span>p ma<span class=\"_ _0\"></span>nuf<span class=\"_ _0\"></span>act<span class=\"_ _0\"></span>uri<span class=\"_ _0\"></span>ng ac<span class=\"_ _0\"></span>ti<span class=\"_ _0\"></span>viti<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ble for c<span class=\"_ _2\"></span>linical developmen<span class=\"_ _3\"></span>t arou<span class=\"_ _3\"></span>nd the d<span class=\"_ _3\"></span>rug-devic<span class=\"_ _2\"></span>e combina<span class=\"_ _3\"></span>tion and<span class=\"_ _2\"></span> commerciali<span class=\"_ _2\"></span>zation in al<span class=\"_ _3\"></span>l t<span class=\"_ _3\"></span>errit<span class=\"_ _2\"></span>ories.A<span class=\"_ _0\"></span>s consi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on for a g<span class=\"_ _0\"></span>lob<span class=\"_ _0\"></span>al li<span class=\"_ _0\"></span>cens<span class=\"_ _0\"></span>e to use th<span class=\"_ _0\"></span>e inf<span class=\"_ _0\"></span>usi<span class=\"_ _0\"></span>on pu<span class=\"_ _0\"></span>mp fo<span class=\"_ _0\"></span>r treatm<span class=\"_ _0\"></span>ent of CH<span class=\"_ _0\"></span>I, D<span class=\"_ _0\"></span>EK<span class=\"_ _0\"></span>A i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to recei<span class=\"_ _0\"></span>ve a low to hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle d<span class=\"_ _0\"></span>igit roy<span class=\"_ _0\"></span>alt<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>ate of the gl<span class=\"_ _0\"></span>oba<span class=\"_ _0\"></span>l net s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es of th<span class=\"_ _0\"></span>e comb<span class=\"_ _0\"></span>inat<span class=\"_ _0\"></span>ion p<span class=\"_ _0\"></span>rod<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>t.Encycle<span class=\"_ _2\"></span> Therapeutics (C<span class=\"_ _3\"></span>L)In Oc<span class=\"_ _0\"></span>tob<span class=\"_ _0\"></span>er 2019, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d the a<span class=\"_ _0\"></span>cqui<span class=\"_ _0\"></span>siti<span class=\"_ _0\"></span>on of En<span class=\"_ _0\"></span>cycle T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>era<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>uti<span class=\"_ _0\"></span>cs to obt<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n a pre-c<span class=\"_ _0\"></span>lin-ica<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>set th<span class=\"_ _0\"></span>at comp<span class=\"_ _0\"></span>lem<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>\u2019s focus o<span class=\"_ _0\"></span>n deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>g nex<span class=\"_ _0\"></span>t-gene<span class=\"_ _0\"></span>rati<span class=\"_ _0\"></span>on p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide t<span class=\"_ _0\"></span>he<span class=\"_ _0\"></span>rap<span class=\"_ _0\"></span>eut<span class=\"_ _0\"></span>ic<span class=\"_ _0\"></span>s for gas<span class=\"_ _0\"></span>troi<span class=\"_ _0\"></span>ntesti<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>l dise<span class=\"_ _0\"></span>ase<span class=\"_ _0\"></span>s. T<span class=\"_ _0\"></span>h<span class=\"_ _0\"></span>e ass<span class=\"_ _0\"></span>et is b<span class=\"_ _0\"></span>ein<span class=\"_ _0\"></span>g dev<span class=\"_ _0\"></span>elo<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>d as an o<span class=\"_ _0\"></span>ra<span class=\"_ _0\"></span>lly de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span>d pe<span class=\"_ _0\"></span>ptid<span class=\"_ _0\"></span>e dr<span class=\"_ _0\"></span>ug to ta<span class=\"_ _0\"></span>rget i<span class=\"_ _0\"></span>nte-grin a<span class=\"_ _0\"></span>lp<span class=\"_ _0\"></span>ha-<span class=\"_ _0\"></span>4-be<span class=\"_ _0\"></span>ta-<span class=\"_ _3\"></span>7<span class=\"_ _71\"></span>, w<span class=\"_ _0\"></span>hich i<span class=\"_ _0\"></span>s invol<span class=\"_ _0\"></span>ved in t<span class=\"_ _0\"></span>he p<span class=\"_ _0\"></span>atho<span class=\"_ _0\"></span>ge<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>sis of i<span class=\"_ _0\"></span>nfl<span class=\"_ _0\"></span>am<span class=\"_ _0\"></span>mator<span class=\"_ _0\"></span>y b<span class=\"_ _0\"></span>owe<span class=\"_ _0\"></span>l dis<span class=\"_ _0\"></span>eas<span class=\"_ _0\"></span>e (IB<span class=\"_ _0\"></span>D).A<span class=\"_ _0\"></span>s comp<span class=\"_ _0\"></span>en<span class=\"_ _0\"></span>sati<span class=\"_ _0\"></span>on for t<span class=\"_ _0\"></span>he a<span class=\"_ _0\"></span>cquis<span class=\"_ _0\"></span>itio<span class=\"_ _0\"></span>n, t<span class=\"_ _0\"></span>he for<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>r own<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>s of Enc<span class=\"_ _0\"></span>ycle are e<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le for up to US<span class=\"_ _0\"></span>D 80<span class=\"_ _0\"></span>.0 mill<span class=\"_ _0\"></span>io<span class=\"_ _0\"></span>n in deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt an<span class=\"_ _0\"></span>d sa<span class=\"_ _0\"></span>les-ba<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s a potent<span class=\"_ _0\"></span>ial m<span class=\"_ _0\"></span>id-sin<span class=\"_ _0\"></span>gle d<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>t royalt<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>n global net<span class=\"_ _2\"></span> s<span class=\"_ _0\"></span>ales.MannKind Corporation<span class=\"_ _2\"></span> (<span class=\"_ _0\"></span>V-G<span class=\"_ _0\"></span>o) (<span class=\"_ _3\"></span>CA<span class=\"_ _0\"></span>)In May 202<span class=\"_ _0\"></span>2, Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d ann<span class=\"_ _0\"></span>ou<span class=\"_ _0\"></span>nce<span class=\"_ _0\"></span>d A<span class=\"_ _0\"></span>sset P<span class=\"_ _0\"></span>urcha<span class=\"_ _0\"></span>se A<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wit<span class=\"_ _0\"></span>h Man<span class=\"_ _0\"></span>nK<span class=\"_ _0\"></span>ind Co<span class=\"_ _0\"></span>rp<span class=\"_ _0\"></span>or<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n to sell th<span class=\"_ _0\"></span>e V-Go I<span class=\"_ _0\"></span>nsul<span class=\"_ _0\"></span>in D<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>ver<span class=\"_ _1\"></span>y Dev<span class=\"_ _0\"></span>ice. V-G<span class=\"_ _0\"></span>o is a o<span class=\"_ _0\"></span>nce-d<span class=\"_ _0\"></span>ail<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, wear<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>le, in<span class=\"_ _0\"></span>sul<span class=\"_ _0\"></span>in de<span class=\"_ _0\"></span>li<span class=\"_ _0\"></span>ver<span class=\"_ _0\"></span>y d<span class=\"_ _0\"></span>evi<span class=\"_ _0\"></span>ce that h<span class=\"_ _0\"></span>el<span class=\"_ _0\"></span>ps prov<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e blo<span class=\"_ _0\"></span>od s<span class=\"_ _0\"></span>uga<span class=\"_ _0\"></span>r contro<span class=\"_ _0\"></span>l for eve<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>yday l<span class=\"_ _0\"></span>ifes<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>yl<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>. De<span class=\"_ _0\"></span>sig<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d to be pat<span class=\"_ _0\"></span>ient-frien<span class=\"_ _0\"></span>dly, V<span class=\"_ _2\"></span>-<span class=\"_ _0\"></span>G<span class=\"_ _0\"></span>o is wo<span class=\"_ _0\"></span>rn li<span class=\"_ _0\"></span>ke a patch and e<span class=\"_ _0\"></span>lim<span class=\"_ _0\"></span>in<span class=\"_ _0\"></span>ates the n<span class=\"_ _0\"></span>ee<span class=\"_ _0\"></span>d for t<span class=\"_ _0\"></span>ak<span class=\"_ _0\"></span>ing m<span class=\"_ _0\"></span>ulti<span class=\"_ _0\"></span>ple d<span class=\"_ _0\"></span>aily s<span class=\"_ _0\"></span>hot<span class=\"_ _0\"></span>s<span class=\"_ _0\"></span>. Und<span class=\"_ _0\"></span>er t<span class=\"_ _0\"></span>he ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is el<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>ble to rece<span class=\"_ _0\"></span>ive up to US<span class=\"_ _0\"></span>D 10.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on in s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s-base<span class=\"_ _0\"></span>d mil<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>tones<span class=\"_ _0\"></span>. Th<span class=\"_ _0\"></span>e mil<span class=\"_ _0\"></span>esto<span class=\"_ _0\"></span>nes i<span class=\"_ _0\"></span>s reco<span class=\"_ _0\"></span>gnized a<span class=\"_ _0\"></span>s oth<span class=\"_ _0\"></span>er fi<span class=\"_ _0\"></span>na<span class=\"_ _0\"></span>ncia<span class=\"_ _0\"></span>l as<span class=\"_ _0\"></span>set<span class=\"_ _0\"></span>s cf. note 3.<span class=\"_ _0\"></span>7<span class=\"_ _71\"></span>.Novo<span class=\"_ _3\"></span> Nordisk (ZEGALOGUE/dasiglucagon<span class=\"_ _3\"></span> (CA)In Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>er 202<span class=\"_ _0\"></span>2, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d a glo<span class=\"_ _0\"></span>ba<span class=\"_ _0\"></span>l lice<span class=\"_ _0\"></span>nse a<span class=\"_ _0\"></span>nd de<span class=\"_ _0\"></span>velo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent a<span class=\"_ _0\"></span>gree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt wi<span class=\"_ _0\"></span>th Novo Nord<span class=\"_ _0\"></span>isk to com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial<span class=\"_ _0\"></span>ize ZEGALOGU<span class=\"_ _0\"></span>E (das<span class=\"_ _0\"></span>igl<span class=\"_ _0\"></span>uc<span class=\"_ _0\"></span>ago<span class=\"_ _0\"></span>n) for in<span class=\"_ _0\"></span>je<span class=\"_ _0\"></span>cti<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>. ZEGALOG<span class=\"_ _0\"></span>UE is a<span class=\"_ _0\"></span>pp<span class=\"_ _0\"></span>roved by th<span class=\"_ _0\"></span>e U.S<span class=\"_ _0\"></span>. Fo<span class=\"_ _0\"></span>od a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>ru<span class=\"_ _0\"></span>g Ad<span class=\"_ _0\"></span>min<span class=\"_ _0\"></span>ist<span class=\"_ _0\"></span>ratio<span class=\"_ _0\"></span>n (FDA<span class=\"_ _0\"></span>) for th<span class=\"_ _0\"></span>e treat<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of seve<span class=\"_ _0\"></span>re hyp<span class=\"_ _0\"></span>og<span class=\"_ _0\"></span>lycem<span class=\"_ _0\"></span>ia in p<span class=\"_ _0\"></span>ed<span class=\"_ _0\"></span>iatri<span class=\"_ _0\"></span>c an<span class=\"_ _0\"></span>d adu<span class=\"_ _0\"></span>lt pati<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>s wi<span class=\"_ _0\"></span>th dia<span class=\"_ _0\"></span>bete<span class=\"_ _0\"></span>s age<span class=\"_ _0\"></span>d 6 an<span class=\"_ _0\"></span>d ab<span class=\"_ _0\"></span>ove. Un<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e agre<span class=\"_ _0\"></span>em<span class=\"_ _0\"></span>ent N<span class=\"_ _0\"></span>ovo No<span class=\"_ _0\"></span>dis<span class=\"_ _0\"></span>k is res<span class=\"_ _0\"></span>po<span class=\"_ _0\"></span>nsi<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r the glob<span class=\"_ _0\"></span>al co<span class=\"_ _0\"></span>mme<span class=\"_ _0\"></span>rcia<span class=\"_ _0\"></span>lizat<span class=\"_ _0\"></span>ion of ZEG<span class=\"_ _0\"></span>ALOG<span class=\"_ _0\"></span>UE wh<span class=\"_ _0\"></span>ile Zea<span class=\"_ _0\"></span>la<span class=\"_ _0\"></span>nd is re<span class=\"_ _0\"></span>sp<span class=\"_ _0\"></span>ons<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e for cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ain p<span class=\"_ _0\"></span>l<span class=\"_ _0\"></span>ann<span class=\"_ _0\"></span>ed re<span class=\"_ _0\"></span>gu<span class=\"_ _0\"></span>lator<span class=\"_ _1\"></span>y<span class=\"_ _2\"></span>, developmen<span class=\"_ _3\"></span>t and man<span class=\"_ _3\"></span>ufacturing<span class=\"_ _3\"></span> activities<span class=\"_ _3\"></span> to<span class=\"_ _2\"></span> suppor<span class=\"_ _0\"></span>t further devel<span class=\"_ _3\"></span>opment and<span class=\"_ _3\"></span> appro<span class=\"_ _3\"></span>val outside o<span class=\"_ _2\"></span>f the U.S<span class=\"_ _0\"></span>. fo<span class=\"_ _0\"></span>r whi<span class=\"_ _0\"></span>ch Zeal<span class=\"_ _0\"></span>an<span class=\"_ _0\"></span>d is e<span class=\"_ _0\"></span>ligi<span class=\"_ _0\"></span>ble to re<span class=\"_ _0\"></span>ceive a m<span class=\"_ _0\"></span>ix of d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>pm<span class=\"_ _0\"></span>ent m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, as we<span class=\"_ _0\"></span>ll as ti<span class=\"_ _0\"></span>me an<span class=\"_ _0\"></span>d mate-rial compensation. Zeal<span class=\"_ _0\"></span>and ret<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>ne<span class=\"_ _0\"></span>d all n<span class=\"_ _0\"></span>on-l<span class=\"_ _0\"></span>icens<span class=\"_ _0\"></span>ed i<span class=\"_ _0\"></span>ntelle<span class=\"_ _0\"></span>ct<span class=\"_ _0\"></span>ual p<span class=\"_ _0\"></span>rop<span class=\"_ _0\"></span>er<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>y r<span class=\"_ _0\"></span>ight<span class=\"_ _0\"></span>s to the co<span class=\"_ _0\"></span>mpa<span class=\"_ _0\"></span>ny\u2019s oth<span class=\"_ _0\"></span>er d<span class=\"_ _0\"></span>asi<span class=\"_ _0\"></span>glu<span class=\"_ _0\"></span>ca<span class=\"_ _0\"></span>gon developmen<span class=\"_ _3\"></span>t prog<span class=\"_ _3\"></span>rams.Zeal<span class=\"_ _0\"></span>and re<span class=\"_ _0\"></span>cei<span class=\"_ _0\"></span>ved a<span class=\"_ _0\"></span>n upfro<span class=\"_ _0\"></span>nt pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt of DK<span class=\"_ _0\"></span>K 25<span class=\"_ _0\"></span>.0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n and i<span class=\"_ _0\"></span>s el<span class=\"_ _0\"></span>igi<span class=\"_ _0\"></span>ble fo<span class=\"_ _0\"></span>r up to DKK 45<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on in deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt mil<span class=\"_ _0\"></span>esto<span class=\"_ _0\"></span>nes a<span class=\"_ _0\"></span>nd D<span class=\"_ _0\"></span>KK 220.<span class=\"_ _0\"></span>0 mil<span class=\"_ _0\"></span>lio<span class=\"_ _0\"></span>n in sa<span class=\"_ _0\"></span>les-ba<span class=\"_ _0\"></span>sed m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es as w<span class=\"_ _0\"></span>ell a<span class=\"_ _0\"></span>s tie<span class=\"_ _0\"></span>red roy<span class=\"_ _0\"></span>altie<span class=\"_ _0\"></span>s ran<span class=\"_ _0\"></span>gin<span class=\"_ _0\"></span>g fro<span class=\"_ _0\"></span>m hig<span class=\"_ _0\"></span>h sin<span class=\"_ _0\"></span>gle-<span class=\"_ _0\"></span>dig<span class=\"_ _0\"></span>it to low do<span class=\"_ _0\"></span>ubl<span class=\"_ _0\"></span>e-di<span class=\"_ _0\"></span>git p<span class=\"_ _0\"></span>ercent<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>es o<span class=\"_ _0\"></span>n wor<span class=\"_ _0\"></span>ldw<span class=\"_ _0\"></span>id<span class=\"_ _0\"></span>e net s<span class=\"_ _0\"></span>ale<span class=\"_ _0\"></span>s by Novo N<span class=\"_ _0\"></span>ordi<span class=\"_ _0\"></span>sk<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s al<span class=\"_ _0\"></span>so e<span class=\"_ _0\"></span>lig<span class=\"_ _0\"></span>ibl<span class=\"_ _0\"></span>e for com<span class=\"_ _0\"></span>pe<span class=\"_ _0\"></span>ns<span class=\"_ _0\"></span>atio<span class=\"_ _0\"></span>n on a tim<span class=\"_ _0\"></span>e an<span class=\"_ _0\"></span>d mater<span class=\"_ _0\"></span>ial b<span class=\"_ _0\"></span>as<span class=\"_ _0\"></span>is for cer<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>ai<span class=\"_ _0\"></span>n pro<span class=\"_ _0\"></span>duc<span class=\"_ _0\"></span>t sup<span class=\"_ _0\"></span>pl<span class=\"_ _0\"></span>y<span class=\"_ _3\"></span>, rese<span class=\"_ _0\"></span>arch an<span class=\"_ _0\"></span>d deve<span class=\"_ _0\"></span>lop<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt se<span class=\"_ _0\"></span>r<span class=\"_ _0\"></span>v<span class=\"_ _0\"></span>ices d<span class=\"_ _0\"></span>eli<span class=\"_ _0\"></span>vere<span class=\"_ _0\"></span>d un<span class=\"_ _0\"></span>der t<span class=\"_ _0\"></span>he cont<span class=\"_ _0\"></span>rac<span class=\"_ _0\"></span>t<span class=\"_ _0\"></span>.Protagonist Therapeutics (Rusfertide)<span class=\"_ _3\"></span> (CA)In Ju<span class=\"_ _0\"></span>ne, 201<span class=\"_ _0\"></span>2, Ze<span class=\"_ _0\"></span>ala<span class=\"_ _0\"></span>nd a<span class=\"_ _0\"></span>nd Prot<span class=\"_ _0\"></span>ag<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>ist e<span class=\"_ _0\"></span>ntere<span class=\"_ _0\"></span>d into a coll<span class=\"_ _0\"></span>ab<span class=\"_ _0\"></span>orat<span class=\"_ _0\"></span>ion to d<span class=\"_ _0\"></span>evelo<span class=\"_ _0\"></span>p dis<span class=\"_ _0\"></span>ulfi<span class=\"_ _0\"></span>de<span class=\"_ _0\"></span>-rich p<span class=\"_ _0\"></span>ept<span class=\"_ _0\"></span>ide<span class=\"_ _0\"></span>s. Prota<span class=\"_ _0\"></span>go<span class=\"_ _0\"></span>nis<span class=\"_ _0\"></span>t has s<span class=\"_ _0\"></span>ince t<span class=\"_ _0\"></span>aken ove<span class=\"_ _0\"></span>r th<span class=\"_ _0\"></span>e ful<span class=\"_ _0\"></span>l resp<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>sib<span class=\"_ _0\"></span>ilit<span class=\"_ _0\"></span>y o<span class=\"_ _0\"></span>f the d<span class=\"_ _0\"></span>evel<span class=\"_ _0\"></span>opm<span class=\"_ _0\"></span>ent<span class=\"_ _0\"></span>.Zeal<span class=\"_ _0\"></span>and i<span class=\"_ _0\"></span>s eli<span class=\"_ _0\"></span>gib<span class=\"_ _0\"></span>le to rece<span class=\"_ _0\"></span>ive up to US<span class=\"_ _0\"></span>D 60.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on<span class=\"_ _0\"></span>s in reg<span class=\"_ _0\"></span>ul<span class=\"_ _0\"></span>ator<span class=\"_ _0\"></span>y a<span class=\"_ _0\"></span>nd com<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>rcial m<span class=\"_ _0\"></span>ile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>, as we<span class=\"_ _0\"></span>ll as a low si<span class=\"_ _0\"></span>ng<span class=\"_ _0\"></span>le dig<span class=\"_ _0\"></span>it roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y rate on gl<span class=\"_ _0\"></span>ob<span class=\"_ _0\"></span>al net s<span class=\"_ _0\"></span>al<span class=\"_ _0\"></span>es<span class=\"_ _0\"></span>.Sanofi/R<span class=\"_ _2\"></span>oyalty Pharma (Soliqua/<span class=\"_ _2\"></span>Sul<span class=\"_ _0\"></span>iqua/L<span class=\"_ _2\"></span>y<span class=\"_ _0\"></span>xumia/<span class=\"_ _2\"></span>Adly<span class=\"_ _0\"></span>xin) (<span class=\"_ _3\"></span>CA)In Se<span class=\"_ _0\"></span>ptemb<span class=\"_ _0\"></span>er 201<span class=\"_ _0\"></span>8, Zea<span class=\"_ _0\"></span>lan<span class=\"_ _0\"></span>d an<span class=\"_ _0\"></span>no<span class=\"_ _0\"></span>unce<span class=\"_ _0\"></span>d that a<span class=\"_ _0\"></span>ll fu<span class=\"_ _0\"></span>ture roya<span class=\"_ _0\"></span>ltie<span class=\"_ _0\"></span>s an<span class=\"_ _0\"></span>d all b<span class=\"_ _0\"></span>ut up to USD 1<span class=\"_ _0\"></span>5<span class=\"_ _0\"></span>.0 mi<span class=\"_ _0\"></span>lli<span class=\"_ _0\"></span>on of futu<span class=\"_ _0\"></span>re mile<span class=\"_ _0\"></span>ston<span class=\"_ _0\"></span>e pay<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt<span class=\"_ _0\"></span>s rel<span class=\"_ _0\"></span>atin<span class=\"_ _0\"></span>g to the S<span class=\"_ _0\"></span>ano<span class=\"_ _0\"></span>fi L<span class=\"_ _0\"></span>icen<span class=\"_ _0\"></span>se Ag<span class=\"_ _0\"></span>ree<span class=\"_ _0\"></span>me<span class=\"_ _0\"></span>nt were s<span class=\"_ _0\"></span>old to Roya<span class=\"_ _0\"></span>lt<span class=\"_ _0\"></span>y Pha<span class=\"_ _0\"></span>rm<span class=\"_ _0\"></span>a.A<span class=\"_ _0\"></span>s of De<span class=\"_ _0\"></span>cemb<span class=\"_ _0\"></span>er 31<span class=\"_ _0\"></span>, 2022 U<span class=\"_ _0\"></span>SD 10.0 m<span class=\"_ _0\"></span>illi<span class=\"_ _0\"></span>on w<span class=\"_ _0\"></span>as st<span class=\"_ _0\"></span>ill o<span class=\"_ _0\"></span>uts<span class=\"_ _0\"></span>ta<span class=\"_ _0\"></span>nd<span class=\"_ _0\"></span>ing<span class=\"_ _0\"></span>.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfBusinessCombinationsExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__172": {
   "value": "6.9  Subsequent eventsNo events have occurred subsequent to the balance sheet date that could significantly affect the finan-cial statements as of December 31, 2022.",
   "dimensions": {
    "concept": "ifrs-full:DisclosureOfEventsAfterReportingPeriodExplanatory",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__225": {
   "value": "Zealand Pharma A/S",
   "dimensions": {
    "concept": "ifrs-full:NameOfUltimateParentOfGroup",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__224": {
   "value": "Zealand Pharma A/S",
   "dimensions": {
    "concept": "ifrs-full:NameOfParentEntity",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__223": {
   "value": "Zealand Pharma A/S",
   "dimensions": {
    "concept": "ifrs-full:NameOfReportingEntityOrOtherMeansOfIdentification",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__227": {
   "value": "A/S",
   "dimensions": {
    "concept": "ifrs-full:LegalFormOfEntity",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__229": {
   "value": "Sydmarken 112860 S\u00f8borg",
   "dimensions": {
    "concept": "ifrs-full:AddressOfRegisteredOfficeOfEntity",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__230": {
   "value": "Denmark",
   "dimensions": {
    "concept": "ifrs-full:PrincipalPlaceOfBusiness",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__228": {
   "value": "Denmark",
   "dimensions": {
    "concept": "ifrs-full:CountryOfIncorporation",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  },
  "s10_notes__7__226": {
   "value": "Denmark",
   "dimensions": {
    "concept": "ifrs-full:DomicileOfEntity",
    "language": "en",
    "entity": "scheme:549300ITBB1ULBL4CZ12",
    "period": "2022-01-01T00:00:00/2023-01-01T00:00:00"
   }
  }
 }
}