Gorrissen Federspiel | Annual Report 2024

Annual Report 2024

Gorrissen Federspiel | Annual Report 2024

Editors

Line Byrfelt Grønlykke, Ida Elmdal Thagesen, Kasper Jessing, Gorrissen Federspiel

Ann Hedahl (HeyKommunikation)

Layout and design

Denise Hennig, Gorrissen Federspiel

Photos

Anni Norddahl, Kristian Holm, TRUX, Sky Photography, Pysse Holmberg, Human Practice Foundation, Gorrissen Federspiel

Press photos: Novo Nordisk Foundation

Printing

Knudtzon Graphic

Gorrissen Federspiel

Axel Towers

Axeltorv 2

1609 Copenhagen V

+45 33 41 41 41

Prismet

Silkeborgvej 2

8000 Aarhus C

+45 86 20 75 00

contact@gorrissenfederspiel.com gorrissenfederspiel.com

© March, 2025

Content

Legal advice in a changing world 4

2024 in Gorrissen Federspiel 10

Financial highlights 12

Our organisation 14

Four new partners 16

A year of growth and achievements 21

A changing world, a growing business 22

Life Sciences significantly strengthened with market-leading partner profile 24

Business and society at the forefront 30

Notable matters 32

Close-up: The Novo Nordisk Foundation 34

Another year of honours 38

Recognised for expertise and quality 40

AI is a game changer for us 42

Sustainability 44

Our work with corporate social responsibility 46

Sustainability report 48

Creating an inclusive workplace: focus on gender, neurodiversity and diversity 60

Expanded support for community-based school projects worldwide 65

The strongest team 69

Like coming home 71

Benjamin brought back a whole new network from Canada 78

Dublin opened Bjørn’s eyes to Ireland’s rich culture and unique legal tradition 80 Outlook on the oceans from Denmark 82

Financial report 87

Legal advice in a changing world

In 2024, the geopolitical situation was characterised by heightened tensions, challenges to the historical balance of power and new issues affecting both global relations and economic conditions. The conflict in Ukraine and tensions in the Middle East have exacerbated humanitarian disasters and have had a significant impact on global society and the economy.

At the same time, there has been increased global focus on critical infrastructure, including energy, defence, security and the pharmaceutical industry. These sectors have been prioritised as critical to national security and economic stability, creating new opportunities and complex issues for companies and organisations worldwide.

In this changing and challenging environment, the need for specialist legal advice has become increasingly important. As a leading law firm actively engaged in the development of society, we play a central role in helping our clients navigate this complexity, protect their interests and support their strategic objectives. Through our expertise, we deliver the best solutions to complex legal issues and challenging business dilemmas, putting our clients in the best possible position in an ever-changing world.

Strong foothold in critical infrastructure

Despite geopolitical challenges, the economic development was positive in 2024. Sound equity returns, high employment in Denmark, the EU and the US, falling inflation and subsequent interest rate cuts have created a favourable business climate. These conditions have had a positive impact on our firm, where we have seen a significant increase in demand for our advice in strategically important sectors such as energy, defence, security, shipping and life sciences.

We have also seen an increase in activity in EU law, where the joining of Henrik Saugmandsgaard Øe, former Advocate General at the Court of Justice of the European Union, has led to a high demand for advice from some of the world's leading tech companies. At the same time, our strengthening of the Real Estate

group has paid off. With new partners at the forefront, we achieved solid results, even in a challenging market where foreign players continue to see opportunities in Denmark. An example of this is our advice to Blackstone and Mileway in connection with the acquisition of more than 20 last-mile logistics properties.

We have also played a key role in several strategically important cases for some of Denmark’s most prominent companies. Working closely with A.P. Moller - Maersk, we assisted in the separation and subsequent listing of Svitzer on Nasdaq Copenhagen – a transaction of great strategic importance as part of Maersk’s Global Integrator strategy. Within life sciences, we advised Novo Holdings in several major investments and financing rounds that have strengthened innovative biotech companies with a focus on planetary health.

In the defence industry, we supported the growth of the sector by advising Terma, Denmark’s leading defence company, on a strategic investment by ATP. And in the Danish brewing industry, we advised Carlsberg A/S on its GBP 3.3 billion acquisition of the British soft drinks group Britvic PLC – a transaction that strengthens Carlsberg’s global position.

Our advice in 2024 not only strengthened our clients’ positions but also consolidated our own role as a trusted adviser on complex legal and business issues.

Significant capacity expansion

At Gorrissen Federspiel we provide expert legal advice in all areas of commercial law, both in Denmark and abroad. Our promise to our clients is that we will use our deep market knowledge and extensive experience to deliver strategic solutions that are tailored to our clients’ needs. To deliver on this promise, we strive to specialise to maintain our relevance through deep industry knowledge.

In 2024, we took several important steps towards even greater specialisation and a sharper focus on specific industries. We invested heavily in our business, bringing in new talent and expanding key business areas. Due to increasing demand from the life sciences

sector, we added significant capacity in this area with the addition of Martin Dræbye Gantzhorn as a partner. Over the past 20 years, Martin Dræbye Gantzhorn has built up expertise in the life sciences industry and is one of Denmark’s leading life sciences lawyers, advising leading Danish and international companies on business-critical and legal issues. At the same time, we strengthened our position in several other areas with new partners. In December 2024, we announced the addition of three internal partners, Christina Rahbek, Andreas Hertel and Jakob Plesner Mathiasen. Christina Rahbek’s extensive experience in international trade, with a focus on capital investments, commercial contracts and ESG supports the market’s need for sustainable solutions and massive investments in infrastructure and renewable energy. Andreas Hertel brings his extensive experience in corporate transactions to support the growth of our M&A team and the Private Equity sector group. Jakob Plesner Mathiasen’s experience ranges from traditional media and entertainment law to AI and other advanced technology solutions, helping to consolidate Gorrissen Federspiel’s position as a leading adviser in both the technology and media industries.

In addition to Henrik Saugmandsgaard Øe, we welcomed Lars Bay Larsen to meet the increasing demand for specialised advice in EU law. Lars Bay Larsen has had a long and impressive legal career, most recently as Vice President at the Court of Justice of the European Union in Luxembourg, and he is thus an important reinforcement of our position in this area.

2024 was also the year we reached an important milestone of 600 skilled employees. This milestone provides us with a strong foundation for handling our clients’ cases but also ensures that we can offer specialist advice across sectors and practice areas. The dedication and expertise of our people have been externally recognised, which is testament to the quality and commitment that underpins our work. For the fifth year in a row, we were ranked as the best law firm in Denmark in Prospera’s market analysis, and we won several prestigious awards, including IFLR’s “National Law Firm of the Year: Denmark” and Mergermarket’s “Legal Adviser of the Year: Denmark” for the second year in a row.

We also ranked first among law firms in Berlingske’s annual image analysis and 53rd among all companies in Denmark. These are all achievements we are proud of, and we are determined to live up to this recognition and trust. We will also continue our involvement in the Danish business environment and provide valuable advice to our clients.

As part of this ambition, 2024 was also the year we took several important steps towards integrating digital solutions and innovation into our advice. The introduction of the Legora AI tool is a key element of our strategy

to optimise internal processes and improve the services we provide to our clients every day.

Satisfactory results for the year

Revenue exceeded expectations. The results for the year can therefore be described as satisfactory. In 2024, we achieved revenue of DKK 1.158 billion, corresponding to growth of 10.0%. This satisfactory performance is due both to the positive economic trend and to the strategic initiatives we have implemented.

Forecast

Although 2025 is expected to bring a continued uncertain global landscape, geopolitical tensions and economic challenges, we are optimistic about the future. We expect market activity to increase, especially with more IPOs in Denmark. We are well prepared for the challenges ahead and will continue to invest in our business so that we can meet the changing needs of our clients and continue to provide them with valuable, high-quality advice. For 2025, we expect growth in both revenue and profit of 8%-10%.

Martin André Dittmer Managing Partner

Seconded to a client

Admitted to the Danish Bar 23

Seconded to an international law firm

Law students on educational leave abroad

49 men / 9 women 58 partners 287 men / 318 women

605 employees

Total average age

284 lawyers (excl. partners)

140 men / 144 women

2024 in Gorrissen Federspiel

Financial highlights

2024 was a year of progress, innovation and focus on our core values. We consolidated our position as Denmark’s leading law firm through revenue growth, staff expansion and the implementation of new technologies.

2024 was a year of positive economic trends and a favourable market for the legal industry. Despite continued geopolitical uncertainty and a changing world, we saw solid growth and increased demand for our advice. On that basis, we grew our revenue by 10.0%.

“The results reflect both our strategic focus on sectors and the strong commitment of our employees,” says Martin Leth Povlsen, CFO at Gorrissen Federspiel.

Despite geopolitical challenges, 2024 was characterised by favourable economic trends, driving growth in strategically important sectors such as energy, defence, security, shipping and life sciences.

“It’s been a year of progress on several fronts, despite the uncertainty. This is reflected both in our revenue and in the development of the company,” says Martin Leth Povlsen.

Focus on people and values

On the people side, we grew, welcoming 20 new lawyers and business services staff in 2024. We also reached a significant milestone in 2024 when we reached 600 dedicated employees across our offices in Aarhus and Copenhagen. We have not only welcomed new employees, but we have also strengthened our well-being and commu-

nity through a wide range of initiatives. This increase in headcount not only strengthens our capacity, but also our ability to provide specialist advice across sectors and practice areas.

We also maintained the level of social event costs in 2024, as we continue to prioritise employee well-being and community as key elements of our culture. Community was at the forefront as colleagues from both Aarhus and Copenhagen gathered for an unforgettable evening at the National Gallery of Denmark for our joint summer party on 23 August 2024.

We have a set of core values that reflect everything we do. They form the basis of our working culture, decision making and interaction with our colleagues and clients. At Gorrissen Federspiel, we recognise that unique and strong values are an indispen-

sable asset. In 2024, we therefore launched a project at Gorrissen Federspiel to ensure that our values are still relevant, contemporary and inclusive.

All employees were therefore invited to take part in a workshop in the spring of 2024: “Are our values still relevant”. This resulted in a series of workshops across titles and seniority in both Copenhagen and Aarhus, where qualitative and quantitative empirical data was collected. In January 2025, we presented an updated set of values to our employees that reflect both our history and our ambitions for the future.

Focus on the social debate

2024 also included an extensive programme of events where we invited law students, clients and business partners to professional and social activities at each of our locations.

”Looking ahead to 2025, we’ll continue to strengthen our position through innovation, a dedicated employee focus and advice that makes a difference to our clients and society.”

We are an active participant in the social debate and regularly organise events that address current issues of importance to business and society. In 2024, we focused on climate challenges, Europe’s security situation and the US presidential election. This focus on knowledge sharing is also reflected in our marketing activities where spending in 2024 was at the same level as in 2023.

Technology and innovation

In 2024, we took an important step with the launch of Legora, an AI tool designed specifically for legal use scenarios. After a thorough evaluation of different solutions, we chose Legora because it offers a bespoke solution that meets both our needs and those of our clients.

“We’ve benefited greatly from the implementation of Legora, which has helped us to

optimise our work processes while ensuring that our advice remains of the highest quality,” says Martin Leth Povlsen.

At Gorrissen Federspiel, we focus on integrity and quality – in everything we do. In the context of AI, this means that we take care to make the right decisions about the systems we implement. This is why we carry out thorough due diligence and have had to withdraw from projects that do not meet our high standards of security and compliance. When providing legal advice to Denmark’s leading companies, it is essential that the use of AI is fully compliant with the highest standards of IT security and confidentiality.

“Our work with AI is a clear signal to the market that we’re committed to using technology to improve the efficiency and quality of our advice, but that we’ll always do so in a responsible way,” continues Martin Leth Povlsen.

2024 was therefore a year of progress and development in several areas. With our continued focus on people, clients and innovation, we are well equipped to meet the challenges and opportunities of the future.

“Looking ahead to 2025, we’ll continue to strengthen our position through innovation, a dedicated employee focus and advice that makes a difference to our clients and society,” concludes Martin Leth Povlsen.

Our organisation

Owners / partners*

Jakob Skaadstrup Andersen

Peter Appel

Niels Bang

Morten Berggreen

Morten Nybom Bethe

Lasse Skaarup Christensen

Anders Peter G. Christoffersen

Camilla C. Collet

Martin André Dittmer

Lotte Eskesen

Christoffer Fode

Søren Fogh

Mikkel Fritsch

Sven Frode Frølund

Martin Dræbye Gantzhorn

Henriette Gernaa

Tue Goldschmieding

Jacob Gunst

Thomas Maaberg Hansen

Steen Hellmann

Johan Casper Hennings

Søren Henriksen

Tina Herbing

Steen Puch Holm-Larsen

Bo Holse

Ole Horsfeldt

Morten Hans Jakobsen

Preben Jakobsen

Anders Ørjan Jensen

Michael Steen Jensen

Hans-Peter Jørgensen

Erik Kjær-Hansen

Louise Celia Korpela

Jakob Krogsøe

Kenneth Kvistgaard-Aaholm

Gitte Lansner

Alexander Troeltzsch Larsen

Peter Ledager

Jesper Avnborg Lentz

Tobias Linde

Michael Meyer

Erik Molin

Kenneth Hvelplund Pedersen

Rikke Schiøtt Petersen

Jacob Skude Rasmussen

Jacob Sand

Christian Halskov Sauer

Mikael Philip Schmidt

John Sommer Schmidt

Chantal Pernille Patel Simonsen

Niclas Holst Sonne

Søren Stæhr

Klaus Søgaard

David Telyas

Søren Høgh Thomsen

Charlotte Thorsen

Michael Wejp-Olsen

Henrik Saugmandsgaard Øe

Board of directors

Niels Bang, chairman

Martin André Dittmer, Managing Partner

Lotte Eskesen

Anders Ørjan Jensen

Kenneth Kvistgaard-Aaholm

Jacob Skude Rasmussen

Practice groups

Banking & Finance

Capital Markets

Compliance & Sustainability

Corporate Crime & Investigations

Corporate/Mergers & Acquisitions

Dispute Resolution

Economic Analysis

Environment

EU & Competition

FinTech

Foreign Direct Investments

International Construction &

Engineering Projects

Internet of Things (IoT)

Labour & Employment

IP & Digital Business

Maritime Disputes

Marketing Law

Private Clients & Family Offices

Real Estate

Restructuring & Insolvency

Securities Litigation

Shipping/Offshore/Transportation

Sustainable Financing & Governance

Tax

Sector groups

Aircraft & Rolling Stock

Auditing & Consultancy Firms

Defence & Security

Energy

Insurance & Reinsurance

Life Sciences

Media & Entertainment

Private Equity

Retail & Consumer

Telecommunications

Four new partners

In 2024, we welcomed four new partners, three from within and one from outside the firm. From outside, Martin Dræbye Gantzhorn joined the firm to strengthen the Life Sciences group. At the end of the year, three internal partner promotions were announced with effect from 1 January 2025. The three new partners, Christina Rahbek, Andreas Hertel and Jacob Plesner Mathiasen, further strengthen the firm’s lead-

ing position in commercial contracts, ESG, private equity and media and entertainment law. At the same time, they will support the development of the firm’s advice in areas where technology and law intertwine.

Martin Dræbye Gantzhorn (48)

Martin Dræbye Gantzhorn graduated with a Master of Laws degree from the University of Copenhagen in 2003. Before joining Gorrissen Federspiel in the summer of 2024, he was a partner at Bech-Bruun for seven years, the last four as a member of the board.

Over the past 20 years, Martin Dræbye Gantzhorn has built up specialist knowledge of the key framework conditions for the life sciences industry. As one of Denmark’s leading life sciences lawyers, Martin Dræbye Gantzhorn advises leading Danish and international innovative companies on business-critical matters and legal issues of crucial importance to the companies’ business environment and their products.

Christina Rahbek (39)

Christina Rahbek graduated with a Master of Laws degree in 2010 and started her career at Gorrissen Federspiel. She specialises in international trade with a focus on capital investments and commercial contracts and has extensive experience in corporate law and M&A where she has advised many of the largest Danish and international industrial companies.

In recent years, Christina has also focused on sustainability, ESG and the green transition, advising some of Denmark’s largest companies on the new and upcoming ESG legislation.

These skills make her an important profile in supporting the market’s need for sustainable solutions and massive investments in infrastructure and renewable energy.

Andreas Hertel (34) Andreas Hertel graduated with a Master of Laws degree in 2015 and joined Gorrissen Federspiel in 2018. As part of the Corporate / M&A team, Andreas has been involved in some of the largest

and most complex transactions in the Danish market, including the merger between Chr. Hansen and Novozymes and the acquisition of

Danish Trackunit by HG Capital. With his extensive experience in advising private equity funds and industrial companies in M&A transactions and related corporate law matters, Andreas, as partner, will significantly strengthen the firm’s M&A team and Private Equity sector group.

Jakob Plesner Mathiasen (48)

Jakob Plesner Mathiasen graduated with a Master of Laws degree in 2001. He joined Gorrissen Federspiel in 2021. With his deep understanding of the intersection of new technologies and IP rights, including advising global players, he strengthens the firm’s advisory services within the AI and media industries.

Jakob’s experience ranges from classic media and entertainment law to advanced technology issues, which strengthens Gorrissen Federspiel’s position as a leading adviser in both the technology and media industries.

Jakob shares his vast knowledge as founder and host of the podcast Entertainmentretten (Entertainment Law). He is also a sought-after speaker at international conferences on AI and IP rights.

A year of growth and achievements

A changing world, a growing business

Despite global challenges and a volatile market, 2024 was a year of progress and solid growth for Gorrissen Federspiel. Chairman Niels Bang reflects on the past year, the trends affecting the industry and how our law firm is positioning itself for the future.

“2024 was remarkable. After years of economic uncertainty, we saw signs of stabilisation with falling inflation and the beginning of interest rate cuts. This stimulated both the market and our business. Global equity returns and high employment in Denmark, the EU and the US created a favourable business climate, resulting in increased activity in strategically important sectors such as energy, defence, security, shipping and life sciences. We also saw an increase in demand for real estate and transactional work,” says the chairman of the board.

For Gorrissen Federspiel, specialisation and the addition of new, experienced profiles were crucial. “We’ve seen a significant increase in strategically important areas, and our sector knowledge and commercial understanding made us a preferred partner in complex cases,” explains Niels Bang. He points out that attracting and retaining the most talented and skilled people remain a key element of the firm’s strategy: “Our people are at the heart of everything we do, and we’ll intensify these efforts in 2025.”

People, technology and industry change

People play a key role in Gorrissen Federspiel’s success. 2024 saw a growing trend of former employees returning to the firm after working abroad or as in-house lawyers. “The colleagues, the high level of professionalism and the interesting cases are something that many emphasise when they return. It shows what we have to offer as a workplace,” says Niels Bang.

At the same time, the technological development is a major driving force in the industry. Gorrissen Federspiel has invested heavily in AI, which has opened up new possibilities for optimising work processes and strengthening client advisory services. “We continue to integrate AI into our work, making us more efficient and enabling us to provide even more value-adding advice,” he explains. The technology is being used to handle large amounts of data and optimise internal workflows. “We see great potential in AI, but it’s very much about how you manage to implement and use the technologies strategically. We have a well-thought-out plan to ensure we harness the potential for the benefit of both our clients and our organisation,” he adds.

The industry as a whole is undergoing significant change. Increased mobility of attorneys, increased transparency requirements and new market conditions have challenged many firms. “We’re seeing big movements in the industry and several firms have had to adapt to new conditions – some have even closed. At the same time, the scheme of legal adviser to the Danish Government is facing potential changes that could have a major impact on the legal services market,” he notes. Gorrissen Federspiel also sees that clients have higher

expectations than ever before, requiring faster, more specialised and innovative solutions. “This is where we can stand out, as our deep industry focus and experience in advising at the intersection of several areas of law are a strong starting point,” says Niels Bang.

Strategic focus and the way forward

In 2024, Gorrissen Federspiel consolidated its position as a leading firm in a number of areas, not least life sciences and health. “We’ve strengthened our sector teams in recent years, and this decision has proved to be right. With new partners and an even deeper understanding of the market, we have significantly strengthened our position,” explains Niels Bang. This approach reflects the firm’s long-term strategy to understand client needs and market dynamics at a deep level.

At the same time, the strategy Momentum 2025 has guided the firm’s development. “We’ve achieved the goals we set ourselves and we’re in a strong position to build on this foundation. In the coming months, we’ll be working hard to develop and sharpen our strategy to ensure that we remain relevant and competitive,” he explains.

Throughout 2024, Gorrissen Federspiel also made significant investments in key

areas and succeeded in attracting leading specialists in these areas. “We’ve added experts who bring deep industry insights and new perspectives to our organisation. We expect these investments to manifest further through 2025 and to strengthen our position in the market,” Niels Bang notes.

Despite the many positive trends, uncertainties lurk on the horizon, including Donald Trump’s election victory in the US and potential changes in the global economy and climate policy. “These factors may have a major impact on our clients, but we’ve always advised Denmark’s industry-leading companies and have shown that we can navigate safely in turbulent times,” says Niels Bang, adding: “Thanks to dedicated employees, technological ambitions and a deep understanding of our clients, we look forward to an exciting 2025.”

”Our people are at the heart of everything we do, and we’ll intensify these efforts in 2025.”

Life Sciences significantly strengthened with market-leading partner profile

Profile: Martin Dræbye Gantzhorn is one of the leading life sciences attorneys in Denmark. He joined Gorrissen Federspiel’s partner group in 2024. He will contribute to Gorrissen Federspiel’s ambition to be Denmark’s leading life sciences law firm. Over the past 22 years, Martin Dræbye Gantzhorn has built up specialist knowledge of the key business conditions in the life sciences industry. He is known and respected in the industry as one of the best in his field. Alongside his deep professionalism, he has a sharp commercial approach that he recognises in Gorrissen Federspiel.

“It appeals to me that whatever clients need, we have leading individuals with a deep understanding of and experience in the life sciences field. Gorrissen Federspiel will invest heavily and continuously in strengthening its position within the life sciences industry and, over time, make it the strongest in the Nordic region. I think this is an exciting ambition and a development that I want to be a part of,” says Martin, who joined the firm on 4 July 2024.

A rapidly evolving area

As a young law student at the beginning of the millennium, Martin worked with intellectual property rights within life sciences at a small law firm. He was involved in the cases to a degree that a law student at a large law firm would rarely be. He saw how companies’ inventions were rights-protected and how they were enforced against companies that infringed them. Being so close to the cases and understanding how the rights were enforced to protect the research and to ensure a return on investment was what sparked Martin’s interest and launched his career. Since then, he has exclusively focused on the conditions and priorities of life sciences companies. And it is a world that has come a long way in the years Martin has worked in the field.

“Life sciences regulation is far more complex and rapidly changing than it was at the beginning of the millennium. Technology has developed enormously in this period and it’s an area with many stakeholders with geopolitical interests who have invested heavily in research and development of innovative products and technologies. So, there’s a lot to protect and a great need for highly specialised legal advice. It’s also an area with three stakeholders with sometimes overlapping interests: politicians, commercial players and the public sector, which sometimes subsidises or pays. This tripartite constellation creates a very special commercial ecosystem that’s exciting to work with,” he says.

Focus on research-intensive and innovative life sciences companies

Gorrissen Federspiel advises researchintensive and innovative Danish and international life sciences companies. Contrary to what one may think, it is not only large corporations that seek legal advice on intellectual property rights and business strategy.

“We also assist many small companies in the biotech environment that have brilliant ideas that they're maturing and that could become Denmark’s next Novo Nordisk. Typically, they’re companies with two or three people doing research in the biotech field using AI, biosolutions or quantum,” he explains.

Market visibility and interaction between practice groups

One of Martin’s priorities as head of Life Sciences at Gorrissen Federspiel is to create higher visibility in the market and ensure that clients recognise Gorrissen Federspiel as a leader in all areas of importance to the industry. A key task is therefore to create interaction and ensure knowledge sharing between the practice groups.

“There’re some very big synergies to be gained by working together across the organisation. Both for the clients and for us. That’s why it’s important that we make sure that everyone is always up to date with what’s happening in the industry. With a common focus on the industry, we can serve clients in the best possible way as a full-service law firm,” says Martin Dræbye Gantzhorn.

He is fascinated by the clear and firm articulation of Gorrissen Federspiel’s direction and strategy and what it demands of all employees.

“The understanding and willingness of the entire partnership to make an effort and work as a team mean a lot to me,” says the Life Sciences partner.

Global Elite Thought Leader for three consecutive years

Martin Dræbye Gantzhorn is the only Nordic attorney to be recognised as a Life Sciences “Global Elite Thought Leader” by Lexology, a leading global platform for legal

Life sciences

Life sciences cover all aspects of human health from prevention to treatment. This includes pharmaceuticals, medical devices, healthcare technology, healthcare services, assistive technology, welfare technology, healthcare applications, AI solutions, etc.

Denmark is one of the leading countries in life sciences exports and is known for its high quality, innovative solutions and strong research environment.

Gorrissen Federspiel advises life sciences companies on legal issues relevant to research, development and commercialisation as well as on industry framework conditions and priorities.

Martin Dræbye Gantzhorn

Martin is a partner at Gorrissen Federspiel and head of the Life Sciences group, which provides leading advice to innovative national and international companies.

He is an internationally recognised life sciences expert, advising on, e.g., complex and business-critical IP matters, research and development, product launches, market access, transactions and product liability.

Martin is the only Nordic attorney to be recognised by Lexology as a Global Elite Thought Leader (Life Sciences Regulatory) in 2022, 2023 and 2024. Martin is recognised as a Leading Individual by Legal 500 2024 and by Chambers Global and Europe 2024.

knowledge and expert analysis, for three consecutive years. Although his Jutlandic modesty makes it hard for him to talk about, the recognition means something to him:

“It’s, naturally, a recognition of more than 20 years of focused effort to understand the conditions in the industry. That it pays to engage with the priorities and framework conditions of the industry and not just spend time on what is profitable in the short term. Gorrissen Federspiel invests in being present when the relevant industry stakeholders meet, and we invest heavily in ensuring an ongoing direct dialogue with the industry. This makes a huge difference to the insight we have into the industry, which means that we can continuously meet the needs of our clients for highly specialised advice,” says Martin Dræbye Gantzhorn.

With a father-in-law who is a retired pharmacist, a sister-in-law who was CEO of a large, foreign pharmaceutical company and is now a pharmacist in Denmark and a brother-in-law who is a senior researcher at Novo Nordisk, he is closely involved with the health industry in both his personal and professional life. And he cannot imagine doing anything else.

Ambitions for the industry

It is Martin and the firm’s ambition that Gorrissen Federspiel will be the place where the industry gathers to learn about what is happening in life sciences in the short and long term. At the same time, it will be a forum for networking and inspiration on how companies can optimise their commercial opportunities.

“I see us not only as a communicator of law, but also as a communicator of industry knowledge and a catalyst for optimising the industry’s commercial framework conditions. We want to set the tone and inspire the industry to be ready for what’s coming and to optimise the commercial potential. It can also help create new industry networks. I recently co-founded the European Pharmaceutical Law Association, EPLA,

”This makes a huge difference to the insight we have into the industry, which means that we can continuously meet the needs of our clients for highly specialised advice.”

and moderated the first of what I hope will be many annual conferences in Brussels. We have an important role to play at the European level,” he says.

Strategic expansion of the Life Sciences team

Since Martin joined the partner group, Gorrissen Federspiel has expanded the Life Sciences group in terms of headcount and visibility and plans to strengthen the team with further hires. Together, they will achieve Gorrissen Federspiel’s ambitious goals in the life sciences area.

“What I’m most looking forward to is achieving the high ambitions we have for the industry. To create an almost symbiotic relationship between Gorrissen Federspiel and the industry players where our legal and commercial advice interacts with their strategies and ambitions to create long-term results and growth. I’m really looking forward to continuing to work with that,” he says.

In recent years, the life sciences industry has been inundated with new EU legislation that can both benefit and hinder companies. Martin Dræbye Gantzhorn is not afraid to criticise these initiatives in order to speak up for the industry.

“I’m seriously concerned that some of the proposals could have negative consequences for the industry, and I’m happy to help ensure that the industry’s perspectives and conditions are clearly represented. On the other hand, there’re also some opportunities in the proposals that are really exciting, also for the Danish life sciences industry. For example, the European Health Data Space, which aims to create an IT infrastructure for sharing health data across countries and companies in Europe. The EU’s many initiatives require the industry to be a partner in the transition, and Gorrissen Federspiel is ready to help with that,” Gantzhorn concludes.

Think Tank EUROPA

30 May 2024, the auditorium at Axel Towers — In recent years, we have partnered with Think Tank EUROPA on several events with a European political angle.

In the extraordinary election year of 2024, our partnership culminated in a conference entitled European Elections in a Time of Crisis.

The conference, attended by Prime Minister Mette Frederiksen, discussed the European Parliament elections and the appointment of the new team of commissioners in the light of the war in Ukraine, the global climate crisis and the EU’s weakened competitiveness.

A recording of the conference is available here: gflegal.org/te24

Business and society at the forefront

Gorrissen Federspiel is actively involved in society as part of our ambition to be the law firm of choice for the Danish business sector. We adapt our business to the needs of our clients – not the other way around. At the same time, we create space for the exchange of specialist knowledge that fosters cooperation and innovation, and we actively participate in the public debate by organising conferences on current geopolitical issues of importance to business and society. In 2024, we focused on climate change, the security situation in Europe and the US presidential election.

Climate change demands new green solutions, and the transition to a stronger focus on renewable energy is well underway. Gorrissen Federspiel’s Energy group contributes to this development by providing specialist advice to both Danish and international players in this field. An important part of the team’s work is not only to provide the advice requested. In 2024, new initiatives were therefore launched to share knowledge with industry players.

More and new formats for knowledge sharing

This included two Renewables Events – at the beginning of the year in Copenhagen and at the end of the year in Aarhus – where clients, authorities, industry organisations and other interested parties came together to gain and share the latest knowledge about the biogas market, new regulations and the framework for granting subsidies.

In November, the Energy group also hosted the first masterclass, which is a more in-depth format, and in its first edition gave participants an insight into project development in the energy sector. The speakers reviewed the critical steps from concept to implementation of renewable energy projects, with particular emphasis on key ownership issues related to the devel-

opment, operation and acquisition of energy assets in Denmark. It also addressed the legal and technical challenges associated with these projects and provided an update on current energy legislation. The new year will bring more masterclasses.

Watch the video from the Renewables Event in Aarhus gflegal.org/renewables-event

Geopolitical influences

As an international law firm, we are one of the first to notice when economic conditions change in the markets. Whether the cause is climate change, Russia’s invasion of Ukraine and the resulting impact on energy prices, the need to secure critical infrastructure, the US presidential election or other factors.

In 2024, we continued our excellent collaboration with Think Tank EUROPA, hosting several conferences and events on the major geopolitical challenges. In addition to the hundreds of participants in our auditorium, a wider audience was able to follow the two main events via live streaming.

In April, the Defence & Security team hosted an event entitled “From coal and steel to guns and drones: A strengthened defence industry in Europe”, which focused on the strategy and investment programme of the EU defence industry.

At the end of May, just before the European Parliament elections, the conference European Elections in a Time of Crisis was attended by, among others, Prime Minister Mette Frederiksen, who, in addition to general observations, shared her analysis as representative of Denmark’s upcoming EU presidency in 2025.

Finally, in August, together with Think Tank EUROPA, we welcomed the Danish ambassador to the United States, Jesper Møller Sørensen, for an analytical discussion with the think tank’s director, Lykke Friis, on the upcoming US presidential election and its implications for trade, democracy and security policy.

Join us at the next event

We host many events throughout the year, covering the whole legal spectrum. Some are aimed at a narrow legal audience, while others may have a wider appeal. You can check our events calendar at gorrissenfederspiel. com to find out about opportunities to attend the next event based on your area of expertise.

Sign up for news and events at gflegal.org/news

Notable matters

Gorrissen Federspiel advises both Danish and international clients on highly complex matters. As one of Denmark’s leading law firms, we provide advice at the highest level with a focus on efficiency and short response times. Our team consists of some of the most experienced and specialised lawyers in the country, and we always put together the optimal team across disciplines to deliver bespoke solutions for each assignment. In 2024, we were again involved in some of the most notable matters of the year. Here we present a selection of the published matters in which we acted as trusted advisers to our clients.

A.P. Moller - Maersk and Svitzer

In the first half of 2024, A.P. Moller - Maersk initiated the separation of Svitzer, a leading global towage and marine services group. The strategically important transaction was completed as part of A.P. Moller - Maersk’s Global Integrator strategy. We advised both A.P. Moller - Maersk and Svitzer on the transaction, which involved a demerger of A.P. Moller - Maersk and a subsequent separate listing of Svitzer on Nasdaq Copenhagen.

Axcel

We advised the Nordic private equity fund Axcel on the sale of Nissens Automotive to Standard Motor Products, Inc, a publicly listed US manufacturer and distributor of parts for the automotive aftermarket. The sale was conducted as an auction process. The sales price landed at EUR 360 million, corresponding to DKK 2.7 billion. Headquartered in Horsens, Danish-based Nissens Automotive has more than 500 employees and is a leading European manufacturer of air conditioning and engine cooling solutions for the international automotive aftermarket.

Bang & Olufsen

We advised Danish Bang & Olufsen in connection with the issue of new shares, representing approx. 20% of the company’s share capital. The capital increase will be used to support Bang & Olufsen’s plan to accelerate its strategic execution to drive long-term growth and further improve the company’s profitability.

Blackstone/Mileway

Throughout 2024, we assisted Blackstone and Mileway with the acquisition of more than 20 last mile logistics properties. The acquisitions were completed in a number of separate transactions, and as both asset deals and company deals. Blackstone is one of the world’s leading private equity investment firms and a member of the S&P 500. Mileway is the largest last mile property manager in Europe with a portfolio of more than EUR 20 billion.

Cadeler

We assisted the Danish offshore wind contractor Cadeler A/S, which is dual listed in Oslo and New York, on another private placement that raised NOK 1.8 billion for the company. Following the merger with Eneti at the end of 2023, Cadeler has consolidated its position as one of the leaders in its field, particularly in the construction and maintenance of offshore wind farms, where it has seen continued strong demand for its services. The proceeds of the private placement were used to partially finance a new vessel to install offshore wind turbines.

Carlsberg

We advised Danish brewer Carlsberg A/S on the acquisition of the British soft drinks group Britvic PLC by its subsidiary Carlsberg UK Holdings Limited for approximately GBP 3.3 billion, equivalent to DKK 29 billion. The acquisition strengthens Carlsberg’s partnership with PepsiCo and creates an integrated beverage company in the UK, supplying both beer and soft drinks, with an efficient supply chain and distribution network, offering customers a portfolio of leading beverage brands in the UK, Ireland, France and Brazil.

Deutz

We assisted Deutz, a leading manufacturer of diesel engines based in Germany, in a landmark competition case before the Supreme Court. The case gave the Supreme Court the opportunity to clarify important issues concerning the standard of review of competition authority decisions. The European Commission intervened in the case, which also raised several issues of interpretation of EU law.

Equinor

We advised Norwegian Equinor ASA on the acquisition of a 10% stake in the Danish energy company Ørsted. Equinor – formerly Statoil – is the largest oil and gas operator in Norway and one of the world’s leading offshore operators. The investment is part of Equinor’s strategy to expand its renewable energy portfolio and strengthen its position in offshore wind energy. The transaction, which had a total share value of DKK 17 billion at the time of acquisition, made Equinor the second largest shareholder in Ørsted after the Danish state, which has a controlling stake in Ørsted.

Hempel

We assisted Hempel Fonden and Hempel A/S in connection with the private equity fund CVC’s minority investment in Hempel A/S. Hempel develops and manufactures paint solutions for the shipping, industrial, container, energy and decoration markets, including solutions that help reduce energy consumption and extend the life of painted assets. The company is a global leader in its field and operates in more than 80 countries. The strategic partnership with CVC aims to support the acceleration of Hempel’s ambitious plan for future growth and value creation, including increased investment in the development of sustainable technologies for the benefit of Hempel’s customers.

Maersk Supply Service

Gorrissen Federspiel assisted Maersk Supply Service A/S and Maersk Supply Service Holding ApS (a subsidiary of A.P. Moller Holding A/S) with the sale of Maersk Supply Service A/S to the Norwegian listed oil services group DOF. The purchase price of approx. USD 1.1 billion was paid partly in cash and partly in shares in DOF. As part of the transaction, the Brazilian activities and the activities related to Maersk Offshore Wind A/S were separated from Maersk Supply Service A/S into Maersk Supply Service Holding ApS and were not included in the transaction.

Novo Holdings

We provided legal assistance to Novo Holdings and its portfolio companies in connection with several strategic investments and financing rounds in the life sciences and planetary health sectors. Matters included significant financing rounds in Orbis Medicines, Antag Therapeutics, Adcendo and HepaRegeniX and the acquisition of a 25% stake in Sejet Plant Breeding from DLG Group.

The Novo Nordisk Foundation

We advised the Novo Nordisk Foundation on the establishment of the Danish Centre for AI Innovation – a national centre for AI innovation that today houses one of the world’s most powerful AI supercomputers, provided by NVIDIA. The funds to establish the centre and the purchase of the supercomputer came from the Novo Nordisk Foundation and the Danish Export and Investment Fund respectively. The supercomputer is Denmark’s first GPU-accelerated supercomputer and one of only a few in the world. The intention is that the computer will be accessible to both researchers and commercial stakeholders and that the centre will become a leading hub for research and innovation.

Nordea

We are assisting Nordea in a large, complex criminal case concerning alleged infringement of money laundering rules in the period 2012-2015. The case concerns Nordea’s anti-money laundering programme and transaction monitoring. The scope of the case is historic, and it will be heard over 60 court days in 2025-2026. It raises a number of fundamental issues of great importance to the entire financial sector, including the assessment of criminal liability for companies in this type of case and the level of any fines. The final judgment will therefore contribute to shaping the overall legal development in the area of anti-money laundering. Our assistance to Nordea is part of a growing portfolio of cases in the area of corporate criminal law and investigations where we are a trusted adviser to Danish and international clients.

Swiss Life Asset Management

We advised Swiss asset manager Swiss Life Asset Management AG and Faro BidCo ApS in connection with a voluntary takeover bid to the shareholders of Danish Everfuel A/S, which develops, installs, owns and operates hydrogen infrastructure across a number of European countries. The offer of NOK 13 per share valued Everfuel at NOK 1.1 billion, or approx. DKK 700 million. With focus on developing and optimising the entire hydrogen value chain, including digitalisation and synergies through Power-to-X partnerships, Everfuel works with production, distribution and refuelling of green hydrogen.

Zebra/Flying Tiger

We assisted Zebra A/S and its European subsidiaries in a large and complex commercial shipping dispute against DSV Air & Sea A/S. The case concerned the breach of a two-year freight agreement on international transportation of Zebra’s goods by sea at fixed prices and the claims for loss of profit associated with the agreement. The main issues in dispute were whether DSV was entitled to demand increased freight rates in the second year of the agreement, including whether the agreement contained a hidden condition on price indexation. In addition, it was disputed whether DSV delivered sea freight in accordance with the capacity guarantee throughout the two-year term of the agreement. The dispute was settled between the parties in August 2024.

Close-up: The Novo Nordisk Foundation

Denmark is home to one of the world’s most powerful AI supercomputers, which will take Danish research and innovation in areas such as health and life sciences to the next level. The computer is donated by the Novo Nordisk Foundation. Partner Louise Celia Korpela helped the foundation establish the national Danish Centre for AI Innovation, which will house the computer.

The Novo Nordisk Foundation is a Danish commercial non-profit organisation that supports charitable causes that improve human health and the sustainability of society. The foundation’s activities are carried out with funds derived from the ownership of and investments in companies.

The Novo Nordisk Foundation focuses on three key areas: health, sustainability and life sciences ecosystems.

Gorrissen Federspiel is a trusted adviser to the Novo Nordisk Foundation and has helped establish the Bio Innovation Institute (BII), the LIFE Foundation and now the Danish Centre for AI Innovation.

Denmark’s new supercomputer

The NVIDIA DGX SuperPod supercomputer is supplied by NVIDIA and has been named Gefion. It is Denmark’s first GPU-accelerated supercomputer and one of only a few in the world and will help Denmark remain at the forefront of research and innovation. The funds for the establishment of the centre and the purchase of the supercomputer come from the Novo Nordisk Foundation and the Danish Export and Investment Fund.

For some time, Louise Celia Korpela had received information that a project was underway at the Novo Nordisk Foundation, without knowing exactly what it was about. When she was summoned to a confidential meeting at the Novo Nordisk Foundation office on a January day in 2024, the veil was lifted: The foundation had plans to buy a supercomputer from the American tech company NVIDIA. They needed legal advice on the cooperation agreement with NVIDIA and the Danish Export and Investment Fund (EIFO), the financing of the computer, the ownership agreements and the establishment of the company that would own the Danish Centre for AI Innovation and the supercomputer.

Contrary to what you might think, there were not many people around the table when the first negotiations began in January 2024. For reasons of confidentiality, it was a small team with representatives from the state, which is a co-investor through EIFO, and the Novo Nordisk Foundation. Louise Celia Korpela led the Gorrissen Federspiel team through the confidential, intense and compressed negotiations that lasted ten months.

“The initial process was extremely confidential and secretive because NVIDIA’s goal is to have only one partner per country. So, they’re very selective about who they choose, and in order to be allowed to buy a supercomputer from them, it’s crucial that the project has a higher purpose than just a commercial one,” she says.

Negotiations with NVIDIA and the state as co-investor

In the first phase, which lasted only six weeks, Louise helped the Novo Nordisk Foundation with the underlying cooperation agreements with NVIDIA and matters relating to the financing and funding of the new supercomputer, which has a price tag of DKK 700 million. The Danish state has an interest in Denmark having a supercomputer. EIFO is therefore a co-investor and indirect representative of the Danish State.

“We started by establishing the framework for the cooperation between the state and the Novo Nordisk Foundation and formalised it in an ownership agreement, which includes mechanisms for securing the centre and how any disagreements between the foundation and the state will be handled. Once that was in place, the governance work began. The agreed framework for cooperation between the parties then had to be translated into a real-world set-up – a company with a structure that works in practice and ensures access to the supercomputer on independent terms. Among

other things, we negotiated the organisational structure and the rights of the different parties. There were many considerations to take into account in the negotiations between the state as a co-investor with a more political agenda on the one hand, and the Novo Nordisk Foundation as the main financial backer who has to honour its agreement with the supercomputer supplier on the other,” she says.

NVIDIA, like the Novo Nordisk Foundation, emphasises the need for researchers to have access to the supercomputer. So, Louise worked with the investors to develop a framework for how the centre chooses who gets access to the supercomputer and under what conditions. It was particularly important to the client that the process was done correctly and properly – and that access was granted on objective, independent terms. Because of its role in society and its influence in life sciences, the Novo Nordisk Foundation has a strong focus on ethics. It was therefore important to make it clear that the computer was purchased to support the research community in Denmark and not to support individual subsidiaries.

Negotiating the right solution for all parties

Louise focused on strategic stakeholder management throughout the process, balancing the many interests of investors, suppliers and society at large.

“There’s the right legal solution and then there’s the solution that’s best for all parties. Balancing the interests of the different stakeholders was an exciting challenge. A task that was first and foremost a joint effort to find a balance between public interests: the interests of Danish research, but also the commercial interests: to ensure that Danish industry gets a boost,” she says. It was very important to the Novo Nordisk Foundation that the centre was seen by others for what it really is: a great gift to research and the development of the Danish research community. Therefore, the focus was also on the public reception of the

news about the new supercomputer and the Novo Nordisk Foundation’s role in the project. This meant that Louise, together with the project team, considered all possible points of criticism of the project and tried to deal with them in advance. For example, how to structure the centre’s governance and how to ensure access to the supercomputer based on objective criteria.

Strong cooperation with the client and across practice groups

Even though Louise was leading Gorrissen Federspiel’s team, the task was accomplished by great teamwork. She drew on various resources within Gorrissen Federspiel to provide the best advice to the client. The project was driven by the Corporate / M&A group, which specialises in foundations law, company law and corporate governance, with support from colleagues in other practice groups at Gorrissen Federspiel. Among other things, Gorrissen Federspiel’s Competition group helped to ensure that pricing and access to the centre complied with competition rules. Gorrissen Federspiel’s IP & Digital Business group, which assists clients with intellectual property law and technology issues, was also involved to ensure that the relevant rights were adequately protected.

“One aim of the Novo Nordisk Foundation is to support research, and in addition to establishing the centre to operate the supercomputer, it also wanted to ensure that researchers could afford to buy computing power. This required an extra look at the legal aspects of the pricing and donation structure, with which Gorrissen Federspiel's Tax and Competition groups also assisted. The good cooperation, both externally and internally, meant that the process could be carried out quickly and confidentially,” says Louise Celia Korpela.

Throughout the process, the good and long-standing relationship with the Novo Nordisk Foundation has been crucial to the success of the project.

“We know each other well and work with the same values. The personal relationship

provides an extra layer on top of the legal and strategic relationship, which means we work together as a team. I knew nothing about AI supercomputers beforehand and it was a very steep learning curve, but I was helped by the strong cooperation and my knowledge of the Novo Nordisk Foundation and how it works. It means something to be able to help clients in cases that have other and more dimensions than just the legal ones. We can give much more to our clients in this area,” she says.

Personal interest in science

The new Danish Centre for AI Innovation (DCAI) is not only an exciting professional challenge for Louise. She also has a personal interest in the scientific field, which added an extra dimension to the task.

“This centre is something we can be very proud of: That we can do this in small Denmark. The establishment of the centre has put us even more on the world map in areas such as life sciences, pharma and biotechnology and will have a huge impact on research and development. It also means a lot for the Danish economy, for our business community and not least for attracting the right people to Denmark. It’s fantastic to be able to conclude transactions that are so

important for Denmark and for research. If I hadn’t been a lawyer, I would have taken the scientific route into the research world. That’s why this project means so much to me personally,” she concludes.

As part of the security measures, the computer is placed at a secret location. Louise has not had a chance to visit the new Centre for AI Innovation yet, but she is looking forward to seeing the new computer for herself.

The Danish Centre for AI Innovation was officially opened in October 2024.

Louise Celia Korpela

Louise Celia Korpela is a partner at Gorrissen Federspiel and advises national and international clients on securities and corporate law matters with a focus on capital markets transactions, securities law and M&A. Louise also advises on foundations law, corporate governance and restructurings and assists in all aspects of preparing and conducting general meetings of listed companies and investment funds.

Another year of honours

In 2024, we once again celebrated a number of top rankings at award ceremonies and in leading ratings. Our success depends on the trust of our clients. Their feedback is an important measure of the quality of our legal services.

Top ranking in Chambers Europe

Chambers Europe awarded us Band 1 rankings in Banking & Finance, Corporate/M&A, Competition/European Law, Dispute Resolution, Information Technology, Restructuring/ Insolvency and Shipping.

Recognition from Chambers Global

In 2024, Chambers Global awarded us Band 1 rankings in Banking & Finance, Corporate/M&A, Dispute Resolution and International CrossBorder Capabilities.

Legal Adviser of the Year – again

At the Mergermarket European M&A Awards 2024, Gorrissen Federspiel was named “Legal Adviser of the Year: Denmark” for the second consecutive year. M&A partners Mikael Philip Schmidt, Louise Celia Korpela and Niels Bang attended the ceremony to accept the award.

Tax Disputes Firm of the Year

At the ITR EMEA Tax Awards, Gorrissen Federspiel was named “Denmark Tax Disputes Firm of the Year”.

National Law Firm of the Year

We won IFLR’s “National Law Firm of the Year: Denmark”.

Tier 1 Law Firm

Once again, the research agency Kantar Prospera named Gorrissen Federspiel the country’s leading law firm with a top ranking in the category Tier 1 Law Firm – for the fifth consecutive year.

Recognised for expertise and quality

At Gorrissen Federspiel, we work hard every day to live up to the trust our clients place in us when they choose us as their adviser in legal matters. We strive to be the preferred choice because we stand for high professional standards and integrity at all times.

Our commitment to quality and accountability is deeply rooted in our history and strategy. We have always taken pride in raising industry standards and adapting to the needs and expectations of our clients.

For us, client feedback is a key factor in our continuous development. We gain this insight both through close dialogue with our clients and through independent analysis by international rating agencies which assess our advice and benchmark it against client testimonials.

More than 600 dedicated people contribute their unique skills and perspectives every day to ensure that we deliver legal solutions of the highest quality – and in 2024 this is once again confirmed by client testimonials, a selection of which you can read on this page.

We are delighted that in 2024 Gorrissen Federspiel has again been recognised as one of the world’s leading law firms by leading international rating agencies such as Legal 500, Chambers Europe, Chambers Global and IFLR 1000.

"Delivered as promised with a high quality."

"I would trust no one else in Denmark as much as Gorrissen Federspiel. They set the pace for others to follow.”

Legal 500 Chambers

"We always feel safe from a legal point of view.”

"Gorrissen Federspiel is a one-stop shop with great expertise in all the needed areas, combined with a great commercial understanding.”

"Outstanding availability and proactivity. Level of knowledge is second to none.”

"They are prompt and cost-efficient, while being knowledgeable and results-oriented.”

"Gorrissen Federspiel is a leader in complex litigation and arbitration. Always focused on the client and provide an excellent service.”

"Very pleased. A diverse and extremely competent team. Pleasant and flexible with clear focus on value creation. Very happy with our partnership.”

"The lawyers are always available, timely and proactive.”

"The law firm is known for finding new solutions to complex issues. It always provides fast and clear advice.”

"Its team of experienced attorneys consistently demonstrate their ability to handle the most challenging legal matters with precision and attention to detail.”

"The team is very good at asking the right questions to get the full overview of the case, and is superb at listening to the input from the client.”

AI is a game changer for us

2024 has been a year of progress and development in several areas, including within technology. At Gorrissen Federspiel, we have strengthened our position as Denmark’s leading law firm by implementing new AI technology.

Legora has a number of useful features, including help to answer legal questions and to review contracts. It can also be used to summarise and rephrase text and to share knowledge within and across practice groups.

“We see AI as an opportunity to develop our business to provide even better services to our clients,” says Martin André Dittmer, Managing Partner at Gorrissen Federspiel.

At Gorrissen Federspiel, we focus on decency and quality – in everything we do. In the context of AI, this means that we are concerned with making the right decisions about which systems to implement.

“We’ve been careful in choosing which platform to work with. We’re committed to delivering strategic solutions that best serve each of our clients. And in this respect quality and data security are key. It was therefore important for us to choose the right tool that would ultimately benefit our clients,” says Martin André Dittmer.

After a thorough assessment of different solutions, we chose Legora, a bespoke AI tool for legal use cases that meets all our compliance requirements.

The tool is based on the same underlying technology as ChatGPT, with which many are already familiar, but Legora differs from ChatGPT in that it has been developed to meet the specific needs and requirements of the legal sector while at the same time meeting our compliance requirements.

“And it’s a valuable tool,” says Tue Goldschmieding, partner at Gorrissen Federspiel with extensive experience in the IT field.

”AI is a game changer,” he says. “Legora is a tool that goes beyond what we’ve seen before.”

This makes Legora a valuable tool for us in our daily work, as well as for our clients, who will get even better service.

A valuable tool throughout Gorrissen Federspiel

Several assistant attorneys and attorneys have already started implementing Legora in their daily work.

“We use Legora for research and for the preliminary work,” says Annie Khoury, assistant attorney in Gorrissen Federspiel’s Dispute Resolution group.

“By automating repetitive work, we can dedicate more of our time to assisting the client with what truly matters in a case and to what we’re known for: finding the best possible legal solution,” adds Karoline Nylev Stisen, attorney in Gorrissen Federspiel’s Labour & Employment group.

Both Karoline Nylev Stisen and Annie Khoury emphasise that the use of the tool

is not at the expense of quality, but that it is valuable for them to be trained to use the tools that future attorneys will be expected to be able to use.

”Tools like Legora are the future. We need to learn how to use these tools effectively to ensure that we remain the best advisers to our clients in the future,” says Karoline Nylev Stisen.

“We’re learning how to use the tool in a sensible way, while maintaining the thoroughness we are known for in the market. I see Gorrissen Federspiel as a workplace that prepares me for the future,” says Annie Khoury.

The implementation of Legora will continue in stages throughout the spring of 2025, and with our continued focus on innovation, we are well equipped to meet the challenges and opportunities of the future.

“AI will undoubtedly lead to changes for us and our industry, but these are changes that can make us more competitive as a firm. By embracing the technology, we’ll ensure that we use AI as a strength that’ll enable us to consolidate our position as the adviser of choice in Denmark, also in the future.” Martin André Dittmer concludes.

Watch the video about our partnership with Legora gflegal.org/ legora

Sustainability

Our work with corporate social responsibility

In 2018, we joined the UN Global Compact, which has since guided our work with corporate social responsibility and sustainability as an integral part of our business operations, management focus and strategy.

Since then, we have worked systematically to ensure that the ten principles on human rights, labour, environment and anti-corruption are embedded in our operations and strategy, so that corporate social responsibility has become an integral part of our behaviour and business foundation. We have complemented this with a prioritisation of the UN’s 17 Sustainable Development Goals (SDGs), selecting seven of the goals that represent the

focus areas where we can make a difference. These SDGs help to highlight where we need to take action in our daily lives.

In addition to our voluntary participation in the UN Global Compact, the EU has tightened the requirements for corporate sustainability reporting with the adoption of the Corporate Sustainability Reporting Directive (CSRD) in November 2022. Preparations for this new reporting began in 2023 and continued in 2024, with a steering committee and dedicated working groups working to increase the organisation’s knowledge of the CSRD. Through this work, we have

gained a better internal understanding of our own value chain. This is a prerequisite for reporting under the Directive, which we understand may be amended in 2025 to simplify the rules for sustainability reporting under the CSRD, CS3D and the Taxonomy Regulation, so we await the final conclusions on which reporting requirements we may become subject to.

Gorrissen Federspiel’s work with corporate social responsibility and sustainability is anchored in our sustainability committee, which is responsible for ensuring that we comply with the applicable rules and standards in this area. The committee monitors our progress and achievement of goals, makes overall decisions on efforts, direction and new initiatives for our commitment and oversees the implementation of and compliance with our sustainability policy.

Our focus

As a workplace for around 600 people, who all give their best every day, we are committed to providing a good working environment, ensuring wellbeing and development and fostering a diverse and inclusive working culture where everyone has equal opportunities and can perform to the best of their ability.

We also aim to promote a society in which everyone has access to education, knowledge and the rule of law. We provide highly specialised legal advice, including on strategic compliance and corporate social responsibility, and we are committed to sharing this knowledge with the world around us. We do this by sharing our knowledge in publications, at events, as external lecturers and as experts at Danish and international study programmes and through pro bono work.

We also work continuously to reduce our carbon footprint by optimising our operations and moving towards more sustainable solutions and suppliers.

The sustainability committee

The sustainability committee works to ensure that we as a firm comply with applicable sustainability regulations and standards, as well as the goals we have set ourselves in this area.

Camilla C. Collet Partner, chair of the sustainability committee

Martin André Dittmer Managing Partner

Sara Jursic Head of HR

Line Byrfelt Grønlykke Head of Communications

Our business model

Gorrissen Federspiel is a leading law firm in Denmark with strong international ties. As a full-service law firm, we provide legal advice in Danish and European business law. Our ambition is to be the most respected law firm in the Nordic countries and the adviser of choice for organisations operating in Denmark.

Our clients are mainly large Danish and international companies that we advise on major transactions and cases. We work closely with reputable international law firms who refer their clients to us when they need legal advice relating to the Danish market or Danish interests.

As a knowledge firm with a focus on high professionalism and ethics, we have the skills our clients require. At the end of 2024, we employed 342 lawyers. The commitment and dedication of our people are fundamental to our ability to provide excellent legal advice to our clients. We therefore see risks related to our people as the most important element we need to address in our sustainability work. How we manage these risks is described in more detail in our Sustainability Report in the next section.

Human rights Labour

Environment and climate

Anti-corruption

Our method of reporting

In this part of our Annual Report, we set out our ambitions, the importance of our focus and goals and the progress of our sustainability work under the UN Global Compact, highlighting the SDGs to which we are contributing. We also report on some of the actions and initiatives that were particularly important to us as a firm and to our people over the past year.

Sustainability report

Human rights

When it comes to human rights, we are committed to the principles of the UN Global Compact:

Principle 1: Businesses should support and respect the protection of internationally proclaimed human rights; and

Principle 2: make sure that they are not complicit in human rights abuses.

Our ambitions

As a social player, a leading Danish law firm and a provider of highly specialised legal advice on corporate compliance and sustainability, we have a responsibility to protect and promote fundamental human rights.

We see this as supporting the development of a society in which everyone has equal opportunities to develop and work in a safe and secure environment and in an inclusive and diverse workplace.

We contribute by making our knowledge available pro bono to relevant companies, NGOs and individuals working to extend fundamental human rights to more people who would otherwise have difficulty accessing legal knowledge and advice.

Our pro bono work focuses on two areas where we believe we can best use our skills. These are the rule of law and the education of children and young people in Denmark and abroad. We also provide financial support to interest groups working towards these two goals.

The importance of focusing on human rights

As a knowledge-based firm, we do not see any significant human rights risks related to our operations or business relationships. However, we expect our clients, business partners and suppliers to comply with all applicable conventions in this area, and we are constantly aware of our responsibility for strong ethical behaviour in selecting business partners and suppliers and in entering client relationships.

As an employer of more than 600 people, we have an important responsibility to create an inclusive and diverse workplace where all employees are treated with respect and decency and have equal opportunities for development and recognition.

Goals for 2024

As part of our strategic work to develop our business, we set a goal for 2024 to strengthen our sustainability efforts by promoting understanding within the organisation, engaging our employees and initiating the development of specific policies and initiatives that will help shape our contribution to a sustainable society – including our focus on the UN Global Compact principles on human rights.

Development in 2024

In 2024, we continued to support our two key focus areas: the rule of law and education for children and young people – both in Denmark and internationally. This was done through pro bono work and sponsorships.

Our involvement with Project Access, a non-profit organisation run by student volunteers from the world’s leading universities, continued unabated. The organisation helps ambitious high school students apply to these universities. As part of the effort, we hosted their annual bootcamp in Copenhagen again in 2024 and co-financed the stay in connection with the bootcamp.

Since 2018, we have been a founding partner of the Danish NGO the Human Practice Foundation, which establishes and runs schools in Nepal and Kenya. Our support helped establish the Bhagawati Secondary School in Nepal where we attended the official opening in 2024 and donated new school bags for all the students. Since 2018, the school has seen a 32% increase in the number of students completing grade 12. In addition to financial support, we also provide pro bono legal assistance to the organisation, which will be formally strengthened in 2025 with the secondment of a law student. In addition, our Managing Partner has joined the board of the Human Practice Foundation.

In 2024, we once again supported the humanitarian work of the Danish Red Cross both in Denmark and internationally through the Red Cross Christmas Challenge, a fundraising campaign among major Danish companies. Our employees also had the opportunity to exchange the company Christmas present for a donation to either the Danish Red Cross or Plastic Change, with Gorrissen Federspiel matching the donations. This meant that we were able to send a considerable amount of money to the Danish Red Cross and Plastic Change. Finally, we provided pro bono legal assistance to a number of other NGOs, including Mercy Ships, MusikBeRiget, the Maritime Anti-Corruption Network, the Mærsk Mc-Kinney Møller Center for Zero Carbon Shipping, the Ukraine Reconstruction Fund, the Green Finance Institute and, as mentioned, the Human Practice Foundation.

Goals for 2025

In 2025, we will strengthen the foundation of our sustainability efforts by clarifying our strategy and preparing the organisation for the next steps in implementing the strategy. We will focus on developing clear and realistic goals based on the principles of the UN Global Compact and the requirements of the CSRD. At the same time, we will focus on developing the skills of our employees in this area so that we are well prepared to report in line with the CSRD for 2025.

SDGs

Goals met

Fully

Labour

When it comes to labour, we are committed to the principles of the UN Global Compact:

Principle 3: Businesses should uphold the freedom of association and the effective recognition of the right to collective bargaining;

Principle 4: the elimination of all forms of forced and compulsory labour;

Principle 5: the effective abolition of child labour; and

Principle 6: the elimination of discrimination in respect of employment and occupation.

Our ambitions

Our people are the best lawyers and specialists in the business, and we want to be the workplace of choice in our industry. The well-being and development of our people are therefore a high priority in our daily work. The work to ensure a valued and sustainable workplace for our people is based on a community where everyone has an equal opportunity to develop their skills and where we do not discriminate based on social background, culture, gender, ethnicity, disability, age, colour or sexual orientation.

We believe that the well-being and development of our people are best ensured by promoting a diverse and inclusive working environment.

The importance of focusing on labour

The commitment and dedication of our people are essential to our ability to provide excellent legal advice to our clients. It is in labour and our people that we see the most significant risks to our business.

Ensuring the well-being and development of our people is therefore one of our most important responsibilities. We address this responsibility by soliciting and listening to feedback from our people and by continually focusing on developing our workplace and management approach to meet the needs and aspirations of our people. We recognise that if our people are not mentally healthy or if they take sick leave due to stress, this poses a serious risk to Gorrissen Federspiel’s ability to deliver the high quality we know our clients’ demand. We have therefore trained our senior HR consultants in stress coaching, and we also have an external business coach working with us, in addition to our other initiatives in this area. We have also entered a partnership with PFA Healthcare, which enables us to offer our employees various well-being programmes; see more below.

We also recognise that we need to evolve to provide a modern, inclusive and diverse workplace that continues to support the well-being and development of our people. At the same time, the competition for talented lawyers and specialists continues to intensify, underscoring the importance of our focus on being an attractive place to work that takes responsibility for our people and recognises their value.

Goals for 2024

As part of our strategic work to develop our business, we set a goal for 2024 to strengthen our sustainability efforts by promoting understanding within the organisation, engaging our employees and initiating the creation of specific policies and initiatives that will help shape our contribution to a sustainable society – including our focus on the UN Global Compact labour principles.

Development in 2024

Diversity and inclusion are strategic priorities at Gorrissen Federspiel, and in recent years we have launched several different initiatives to drive this agenda forward.

As part of our efforts to promote diversity, we launched a diversity calendar that highlights and embraces the differences among our people. Based on specific suggestions from our employees, we have celebrated the Chinese New Year, Eid, Bastille Day, Diwali and Hanukkah.

In connection with PhD candidate and anthropologist Pernille Slots Lysgaard’s PhD project in collaboration with the Danish Bar and Law Society on the skewed gender distribution in the upper levels of management in the legal profession, several assistant attorneys, attorneys and partners at Gorrissen Federspiel participated in in-depth interviews. Relevant findings from the project are expected to be implemented in 2025.

We have worked systematically to implement neutral language in job advertisements and other materials across our channels to prevent discrimination and unconscious bias in our dialogue with potential candidates. As part of this effort, we have adopted the Develop Divers tool to support neutral language in job advertisements and similar materials.

Sociologist Emilia van Hauen contributed to the mutual understanding between the generations with a presentation on generations X, Y, Z and Alpha. We followed this up with reverse mentoring where senior employees listen and learn from the younger generations. The programme has been divided into three large sessions and has received positive feedback from the participating parties.

To mark World Mental Health Day 2024, consultant Anna West gave a presentation on how we can move from fatigue to peak performance by optimising our energy management. Drawing on research and experience, West shared specific strategies for improving sleep, taking conscious breaks and strengthening our mental health.

The Ensuring Belonging and Psychological Safety webinar held in May 2024 discussed the importance of creating a culture where every employee feels valued, respected and included.

We remain an active member of the Inspired Beyond Babies parental leave network, which is aimed at both men and women who want to gain professional input and expand their professional network during parental leave. The network focuses on professional development and a rewarding community through workshops, knowledge sharing and talks.

In connection with Copenhagen Pride 2024, we had the privilege of welcoming Poornima Luthra, Associate Professor at CBS and author of the award-winning

book The Art of Active Allyship. Her presentation gave us insights into how organisations and individuals can promote diversity, equality and inclusion. Luthra presented practical tools for creating inclusive environments and challenged standardised approaches through her concept

The Cookie Cutter Syndrome.

In August 2024, we hosted the webinar Navigating Intersectional Diversity and Inclusion, which provided an in-depth look at what intersectionality means and why it is critical to promoting diversity and inclusion in the workplace. Participants were given practical strategies to integrate an intersectional approach into their daily work.

The webinar Understanding Neurodiversity in the Workplace, which took place in September 2024, provided employees with a thorough understanding of neurodiversity and its role in improving business performance. Topics such as neurodiverse conditions in the workplace, debunking stereotypes and the unique skills that neurodiverse individuals bring to the table were highlighted. Practical tips were given on how to create a neuro-inclusive culture that promotes productivity and innovation in the workplace.

Goals for 2025

In 2025, we will strengthen the foundation of our sustainability efforts as part of our overall strategy. We will focus on developing clear and realistic goals based on the principles of the UN Global Compact and relevant stakeholder expectations.

SDGs

Goals met

Fully

Environment and climate

When it comes to the environment, we are committed to the principles of the UN Global Compact:

Principle 7: Businesses should support a precautionary approach to environmental challenges;

Principle 8: undertake initiatives to promote greater environmental responsibility; and

Principle 9: encourage the development and diffusion of environmentally friendly technologies.

Our ambitions

Our aim is to integrate sustainability and care for our environment wherever we can.

We strive to minimise our carbon footprint by continuously optimising the operation and maintenance of our two office buildings in Aarhus and Copenhagen. We impose sustainability requirements on our business partners and suppliers. We also seek to share our knowledge of environmental legislation through conferences, debates and involvement in organisations.

The importance of focusing on environment

As a provider of legal services, our primary business activities do not directly impact the environment. Therefore, we do not see significant environmental risks in our operations or business relationships.

However, we believe and are aware that everyone has a role to play in contributing to a better environment through sustainable behaviour and approaches to all our day-today activities, so we take the environment into account wherever possible and always look for environmentally friendly options when entering into agreements with new suppliers and partners.

Goals for 2024

As part of our strategic work to develop our business, we set a goal for 2024 to strengthen our sustainability efforts by promoting understanding within the organisation, engaging our employees and initiating the development of specific policies and initiatives that will help shape our contribution to a sustainable society – including our focus on the UN Global Compact principles on environment.

Development in 2024

In 2024, we continued our focus on sustainable business operations. In 2024, we had a consistent focus on organic products, sustainability and minimising food waste in our kitchens.

Like our Copenhagen office, our Aarhus office has now achieved the Organic Cuisine Silver Label. This requires that between 60% and 90% of the raw materials are organic. Like our Copenhagen office, the Aarhus office has also replaced conventional tea with organic tea. The uniforms in both kitchens are now made from recycled materials.

In Aarhus, the fruit scheme has been changed so that fruit is now centralised rather than delivered to each department, which has cut fruit waste by 50%. Jam and butter portions have been standardised, and single-serve packaging has been removed, eliminating plastic and reducing food waste.

In Copenhagen, all pulses (about 2 tonnes per year) are now sourced from a Danish organic producer. Similarly, all juices in the canteens and for meeting catering have been switched to a local producer who uses only Danish and organic fruit. Both measures contribute positively to CO 2 reduction and an increased share of organic products.

Interest in buying leftovers from the canteen buffets remains high. In 2024, we bought almost 4.1 tonnes of leftovers to take home, which contributes to reducing food waste.

Finally, all waste bins in toilets and offices in Copenhagen have been fitted with smaller waste bags, helping to reduce plastic consumption.

Goals for 2025

In 2025, we will strengthen the foundation of our sustainability efforts as part of our overall strategy. We will focus on developing clear and realistic goals based on the principles of the UN Global Compact and relevant stakeholder expectations.

SDGs

Goals met

Fully

AntiCorruption

When it comes to anticorruption, we are committed to the principles of the UN Global Compact:

Principle 10: Businesses should work against corruption in all its forms, including extortion and bribery.

Our ambitions

As a law firm, we have a special obligation to act with integrity and in accordance with the law. Our employees live these principles every day in accordance with our anti-corruption policy.

All new employees are briefed on our anti-corruption policy and introduced to our whistleblower programme. This approach gives our employees the best possible opportunity to act if they become aware of a breach of the anti-corruption rules or other suspicious circumstances.

The importance of focusing on anti-corruption

We are driven by our professionalism and high ethical standards, and our clients entrust us with their most important dilemmas and challenges, trusting that we will act within the law. Integrity is our guiding principle and we do not accept corrupt behaviour or actions – this includes ourselves and our employees, but also the people, companies and organisations that we work with.

In assessing our business model, we have not identified corruption as a significant high-risk area for us, and we have not identified any material corruption risks in our operations or in our relationships with business partners that are not already addressed by our compliance measures.

Goals for 2024

As part of our strategic work to develop our business, we set a goal for 2024 to strengthen our sustainability efforts by promoting understanding within the organisation, engaging our employees and initiating the development of specific policies and initiatives that will help shape specific policies and initiatives to create a sustainable society – including our focus on the UN Global Compact principle on anti-corruption.

Development in 2024

We have continued our efforts to raise awareness of our anti-corruption policy. As part of the induction, the firm’s anti-corruption policy is presented to all new employees. 125 employees attended a session on our anti-corruption policy in 2024.

The purpose of this training is to make all employees aware of our position on corruption, bribery and gifts. It also makes everyone aware of our expectations and how to report violations or other suspicious circumstances.

As in 2023, we had no anti-corruption cases in 2024.

Each year, our board of directors reviews the anti-corruption policy and assesses whether it needs to be updated to ensure that it is in line with developments in this area. In 2024, the board of directors did not find reason to revise the policy.

We continue to work with compliance, ethics and integrity as an integral part of our day-to-day operations, and our priority for the anti-corruption policy remains to raise awareness among our employees and to continually review it as necessary.

Goals for 2025

In 2025, we will strengthen the foundation of our sustainability efforts as part of our overall strategy. We will focus on developing clear and realistic goals based on the principle of the UN Global Compact and relevant stakeholder expectations.

SDGs

Goals met

Fully

Starting law school

22 August 2024, Axel Towers — In connection with the start of law school this year, we produced five Instagram videos for new students.

The series was hosted by law student Emilie Rose and partner Johan Casper Hennings. In the five episodes, they shared experiences and tips from their own time as law students.

The aim of the series was to cover a range of topics that could make starting law school a little easier for new students. Among other things, Emilie and Johan gave tips on the transition to student life, how to make the most of the university environment and how to build and use your network.

The series can be seen in highlights on our Instagram profile: gflegal.org/instagram

The Red Cross Christmas Challenge

13 December 2024 — At Gorrissen Federspiel, our participation in the Danish Red Cross Christmas Challenge has become a permanent tradition.

Christmas is a time when a sense of community can bring warmth and hope, but for many it can also increase loneliness. That is why we feel it is close to our hearts, and part of our social responsibility, to contribute to the Danish Red Cross’ important work, which makes a difference to the most vulnerable people in our society.

This year, the challenge was again passed on from one leading company to the next in Denmark, and all companies donated to the Red Cross’ important relief work around the world and at home.

Managing Partner Martin André Dittmer took up the challenge from Annette Spanggaard, CSR Director of Coca-Cola, and sent it on to Christophe Bourdon, CEO of Leo Pharma.

Watch Managing Partner Martin André Dittmer talk about our participation in the Danish Red Cross Christmas Challenge here: gflegal.org/js24

Creating an inclusive workplace: focus on gender, neurodiversity and diversity

At Gorrissen Federspiel, we are committed to constant development to create a modern, inclusive and diverse workplace that promotes the well-being and development of our employees. We believe that our focus on diversity and inclusion not only improves our working environment but also our ability to deliver the best solutions to our clients. In 2024, we therefore launched several initiatives and developed a deeper awareness of diversity, equality and inclusion.

We aim to achieve gender balance across the organisation, as we believe this contributes to a more inclusive workplace and strengthens the quality of our advice. We see diversity as an essential factor in understanding and advising our clients in the best possible way.

Increasing gender diversity through a continued focus on the pipeline

We believe that over time we will achieve our ambitions through a continued focus on a balanced pipeline of talent. We are able to attract talent at an early stage in their careers – our challenge is to remain an attractive place to work throughout their working life. Over time, we expect this focus to lead to a more balanced gender mix across our organisation.

Copenhagen Pride and The Art of Active Allyship

In connection with Copenhagen Pride 2024, we had the privilege of welcoming Poornima Luthra, Associate Professor at CBS and author of the award-winning book The Art of Active Allyship. The book is about the importance of supporting marginalised groups in the workplace and practical tools

for doing so. In her presentation, Poornima Luthra gave us insights into how organisations and individuals can promote diversity, equality and inclusion. Luthra presented practical tools for creating inclusive environments and challenged standardised approaches through her concept The Cookie Cutter Syndrome.

Focus on psychological safety and well-being

Gorrissen Federspiel has for several years been a partner in The Diversity Council, which aims to promote diversity in the Danish business sector. In May 2024, in partnership with The Diversity Council, we invited all employees to participate in the webinar Ensuring Belonging and Psychological Safety, which focused on the importance of having a culture of appreciation, respect and inclusion. The presentation was hosted by Sarah Ambs, who has worked in the field of occupational psychology for 17 years and has delivered numerous presentations and workshops on how to create safe, inclusive and effective workplaces.

Intersectionality

and neurodiversity

In August, in partnership with The Diversity Council, we hosted the webinar Navigating Intersectional Diversity and Inclusion where Dr Phaedria Marie St Hilaire, CEO and chief consultant at PM Consulting, gave us an in-depth look at what intersectionality means and why it is critical to promoting diversity and inclusion in the workplace. Participants were given practical strategies to integrate an intersectional approach into their daily work. This was followed in September 2024 by an invitation to the webinar Understanding Neurodiversity in the Workplace where Anna Pawlowicz, founder of and CEO at HumanKind, gave us a thorough understanding of neurodiversity and its role in improving business performance. Topics such as neurodiverse conditions in the workplace, debunking stereotypes and the unique skills that neurodiverse individuals bring to the table were highlighted. Participants were given practical tools to create a neuro-inclusive culture that promotes productivity and innovation in the workplace.

Gender composition at Gorrissen Federspiel

At Gorrissen Federspiel we strive for a balanced gender distribution at all levels. We work systematically with initiatives to strengthen diversity and inclusion because we believe that a more diverse workplace and workforce makes for a better workplace, a broader understanding of the market, greater competitiveness and new ideas – to the benefit of both us and our clients.

Gender composition in senior management

In 2024, the composition of our board of directors was 17% female and 83% male. In February 2024, we adopted a new target to ensure gender diversity in our senior management team. By 2028, we aim to have a minimum of 33% women and a maximum of 67% men.

Gender composition at other levels of management

Gorrissen Federspiel’s other levels of management consist of the executive board, heads of practice groups and department heads. The other levels of management comprise a total of 25 people. The gender composition of the other levels of management is 32% women and 68% men. In February 2024, we adopted a new target to ensure gender diversity in our other levels of management. By 2028, we aim to have a minimum of 33% women and a maximum of 67% men.

Pride

15 August 2024, the auditorium at Axel Towers — In connection with Copenhagen Pride Week, we had the pleasure of welcoming Dr. Poornima Luthra, lecturer at Copenhagen Business School, who gave an inspiring presentation on diversity and inclusion.

Poornima highlighted the importance of breaking The Cookie Cutter Syndrome – a term Poornima coined to describe a standardised approach that overlooks diversity and unique needs. She emphasised that cultural and individual diversity is essential for innovation and growth and encouraged organisations and leaders to create inclusive environments where everyone can contribute their unique perspectives and skills.

See Poornima Luthra’s summary of her points here: gflegal.org/pw24

The Human Practice Foundation builds and renovates schools in parts of the world where they are most needed. This includes the Himalayan district of Taplejung in Nepal, one of the poorest districts in Nepal, where they run 85% of all secondary schools.

The Human Practice Foundation has opened 65 schools in Taplejung, helping more than 24,000 children. A local team trains teachers, school management and parents to work with local authorities to run the school and create positive change rooted in the local community. The Human Practice Foundation is typically involved in a project for 5-10 years before handing the project over to the local authorities.

organisation was

The

founded in 2012 by Pernille Kruse Madsen, a former attorney at Gorrissen Federspiel.

Expanded support for communitybased school projects worldwide

As part of Gorrissen Federspiel’s corporate social responsibility, we focus on access to education, knowledge and the rule of law. That is why we support the Human Practice Foundation, which builds and renovates schools where they are most needed, both as a founding partner and through direct support for specific projects. In 2024, we strengthened our commitment when Managing Partner Martin André Dittmer joined the board of the Human Practice Foundation.

The Human Practice Foundation was founded by former attorney at Gorrissen Federspiel Pernille Kruse Madsen. Together with Gorrissen Federspiel’s Managing Partner Martin André Dittmer, she explains the organisation and the partnership.

Pernille Kruse Madsen (Human Practice Foundation): “After a few years in business, I had all sorts of questions about where we were really going that I couldn’t answer. Then I sold everything I owned and went out into the world. This trip took me to Nepal where I heard how very young girls were trafficked to brothels

in India. I discovered a small organisation that worked with the brothels and rescued babies born into the brothels. This led me to India where I worked at one of the organisation’s orphanages with 300 children. There I had the opportunity to visit a brothel. It was a heartbreaking experience. The children often end up in terrible places because they don’t get the opportunity to go to school despite humanitarian aid from large organisations. I realised that if we really want to make a difference, we must work to prevent them from ending up there in the first place, rather than to rescue them. Then I decided

to start the Human Practice Foundation. I never thought it would be this big.”

Today, Pernille travels the world to raise funds for the organisation’s projects. Because one approach rarely solves the whole problem, the organisation takes a holistic approach and helps the whole community to a better future. The goal is for the children to get an education, stay in the area and help make the often remote area a better place to live. The organisation also works with parents to help them earn an income through micro-entrepreneurship where they receive USD 500 and training. This means that the poorest parents are lifted out of poverty and can create their own future in the community.

Martin André Dittmer (Gorrissen Federspiel): “For Gorrissen Federspiel, there are several things about the Human Practice Foundation that make it interesting to support Pernille’s work. From an ESG perspective, we want to give people the opportunity to get an education and a real chance in life, and this is a great way to do that. Especially because the organisation is based on a holistic approach and empowers the entire community. There’s no point in donating a school building if no one ever goes there because they must help behind the plough or have obligations at home. That’s why it’s so important to make sure that the whole surrounding commu-

nity is empowered. The work of the Human Practice Foundation is carefully thought out and together we create lasting change. Pernille’s strategy is to create a circle of founding partners to take care of the ongoing operations. This means that, unlike many other projects, the donations go directly to the projects, which we believe is the right way to go. Since we knew Pernille very well from her time with us, it was an obvious choice to become a founding partner.”

In addition to its involvement as a founding partner, Gorrissen Federspiel has donated a school with classrooms, library and computers in Taplejung in Nepal’s Himalayas. Martin André Dittmer formally opened the school at Easter 2024 when he visited with his wife and five daughters. Here they saw the head office and met the locals on the 12-day journey, which was breathtaking and made a big impression on the whole family.

Gorrissen Federspiel’s involvement in the Human Practice Foundation

• Founding partner since 2014. Gorrissen Federspiel thus helps cover the administrative costs and ensure that as much funding as possible goes directly to the individual projects.

Martin André Dittmer : “It was such an incredible experience to be greeted by the locals. They’re very proud people who accept their basic premise. They really have nothing and live on rice and potatoes. Therefore, they’re incredibly grateful for the opportunity the project has given them. We could clearly feel that it meant something to them to have received the gift, but also to be able to say thank you. They unanimously said that the project has clearly made the biggest difference to their community over the last 25 years. It’s an amazing thing to be a part of. The school has become a meeting place for the community, and you can tell that the team behind it is really dedicated to making it a lasting change. It’s very meaningful to us.”

• Gorrissen Federspiel has financed the renovation of Bahgwati Secondary School in Nepal with room for 197 students. In 2024, Managing Partner Martin André Dittmer officially opened the school with his family. Today, parents and local authorities run the school with the help of the Human Practice Foundation.

• Gorrissen Federspiel also supports the culture change project “Inner Strength”, which works to improve well-being in Danish primary and lower secondary schools. The ambitious project trains students, teachers and resource persons in self-esteem and relationship building. 30 primary and lower secondary schools participate in the project.

• In 2024, Martin André Dittmer joined the board of the Human Practice Foundation.

• The plan is to send a law student pro bono to the Human Practice Foundation in 2025.

Since his visit to Nepal, Martin André Dittmer has joined the board of the Human Practice Foundation. The increased commitment is important to both Pernille and Martin, who have worked well together since the organisation’s foundation in 2014, and it means that they are now working even closer together to take the organisation forward.

Pernille Kruse Madsen: “It means a lot to have Gorrissen Federspiel as founding partner and now also on the board. My background and good training at Gorrissen Federspiel, where integrity is a virtue, have been a huge help for me, and it’s also a great

help that I can reach out to Martin if I’m in doubt about something legal. Gorrissen Federspiel has been a great help in building the Human Practice Foundation. Martin is the one on the board who helps me remember the values and what we should stand for. I really appreciate that. He understands that it’s not just about growth and numbers, but that we need to remember to keep the spirit of the project so that we make the right decisions and don’t go so fast that we can’t keep up. It can never be bigger than my own heart can hold.”

Martin André Dittmer : “We’ve been involved with the Human Practice Foundation from the beginning, and it’s an organisation that’s very close to our hearts. My trip to Nepal has made me even more committed to helping the Human Practice Foundation develop in the right way. I can contribute by making sure that the legal side is in place in all the related matters, but I would also like to give something back in

recognition of the incredible work Pernille has done. If you look at how many schools have been built and how many children, and therefore families, have notoriously been given a different opportunity in life than they would have had if it hadn’t been for this project, it really is something worth investing in. Our ambition is to be the world’s best NGO – that doesn’t necessarily mean the world’s biggest. We must not lose the spirit that has characterised the project from the start and which we and Pernille stand for. I want to try to protect that. And it’s not a question of being unambitious. It’s a question of being very ambitious.”

For Pernille, it is very important that the partners get out and experience the projects up close. Martin André Dittmer had the opportunity to do just that at the opening of the school, which was celebrated with a big ceremony with a drum band, dancing and flower necklaces – with Martin and his family at the centre of it all.

Pernille Kruse Madsen: “It’s very valuable for us that the partners come out and experience the holistic model and see the difference the projects make in the local community. We can convey a lot with words on paper, but it makes a world of difference to get out and see it. In Nepal, they have such a calm and accepting way of being. We bring efficiency and vision. It’s a beautiful exchange between two worlds coming together. We clearly feel that it means something when we have partners out there. The Nepalese are a people enormously rich in intrinsic values. They don’t have much, but they greet everyone with warmth and immense hospitality. If you visit a small hut, there’s almost so much sugar in their tea that you can hardly drink it because they want to make you feel so very welcome. I don’t know anyone who hasn’t been affected by a visit.”

Martin André Dittmer: “I’ve experienced many things over the almost 55 years I’ve been alive. But this was definitely the travel experience that left the biggest impression on me. For a long time after we got home, I felt a fundamental change. It has been incredibly enriching and puts a very clear spotlight on how different a life we all could have if we were like Pernille. I have a clear ambition that some of my five girls will go out and try to work in one of the many schools in Nepal.”

The trip to Nepal turned out to be the family’s most expensive ever, as Martin and his wife chose to sponsor a school afterwards. The family will travel to Nepal again during the autumn holidays to open it.

Watch the video from the official opening of the school in Nepal gflegal.org/hpf

The strongest team

Like coming home

Every year, former colleagues return to Gorrissen Federspiel after a number of years away from the firm, where they have gained new, valuable professional and personal experience. Some from working for different authorities and government departments, some from industry and commerce, some from a law firm abroad and some from international organisations. What they all have in common is that they return to Gorrissen Federspiel with a special commercial understanding and new, specialist knowledge for the benefit of Gorrissen Federspiel’s clients.

Here, four employees who returned to Gorrissen Federspiel in 2024 explain why they wanted to return and what new skills they bring to our firm.

“When you work as an attorney, you benefit enormously from having sat in the client’s chair, because it gives you the unique opportunity to provide the special commercial understanding that allows us to consistently exceed the client’s expectations in our advice. At Gorrissen Federspiel, we’re fortunate to have a very strong culture and team spirit. When we can see that such strong bonds have been created that colleagues want to come back, it confirms to us that we are doing something right by making this a priority.”

Martin André Dittmer Managing Partner

Kristina Bomholt Klem

Managing Counsel in Corporate / Mergers & Acquisitions

Experience from: Three years with the US law firm Cravath, Swaine & Moore LLP in London. A one-year secondment through Gorrissen Federspiel developed into a permanent position for a further two years.

What made you want to come back?

“After three years in London, my husband and I were ready to return to Denmark. I wanted to continue working as an attor-

ney and it was natural for me to return to Gorrissen Federspiel, where I ‘grew up’. Also, Gorrissen Federspiel has some of the most interesting cases and the best lawyers, so from a professional point of view it was an easy choice.”

What did you learn while you were away?

“At Cravath, Swaine & Moore LLP, I also worked in the Corporate group, so the professional change of scene was not that big, but I had the opportunity to try working in a dif-

ferent and new jurisdiction and in a more international environment. There were valuable lessons in seeing how similar cases are resolved in an American office - and in noting differences and similarities in work approaches and processes. The experience and perspective that come from seeing other ways of doing things is something I bring to my work at Axel Towers. A specific example is the approach to working with law firms in other jurisdictions on cross-border transactions, which was the starting point

for all Cravath transactions. Another difference is the highly international environment in London. It’s been rewarding to work with people from so many different backgrounds and nationalities. Not only did it create an interesting working environment, but it also contributed to new perspectives and a greater understanding of complex dynamics. These are valuable tools that are increasingly important in Denmark, where cases are also becoming more international.”

What were you most excited about returning to?

“Reuniting with good colleagues and clients is one of the things I’ve been most looking forward to.”

What makes Gorrissen Federspiel a good place to work?

“We have a strong team spirit and a good corporate culture. Especially in M&A, where we have a lot of interaction with other groups in the organisation on cases. There’s a strong team spirit and a willingness to help each other when a colleague calls with an urgent request. I think this is linked to the spirit and ambition of creating the best law firm. It’s very inspiring to be surrounded by people with that kind of dedication and drive. There’s a culture of working as a team and delivering the best product that I really like.”

Lea Kolmos Weis

Practice Area Counsel in Shipping / Offshore / Transportation

Experience from: Two and a half years with the UN agency International Seabed Authority in Jamaica, responsible for negotiating the multilateral agreement on seabed mineral exploration.

What made you want to come back?

“A UN contract is usually for two years with the possibility of renewal. Although Jamaica is a very beautiful country, it’s also much less developed than Denmark, so after two and a half years, my family and I decided to return to the comfort of home. The task of negotiating the multilateral agreement was very exciting, but I missed working with procedural law and wanted to keep the momentum going. I wanted to return to the legal profession and to Gorrissen Federspiel.”

What did you learn while you were away?

“Normally when I work with contracts, there are maybe four or five parties involved, but this was a multilateral negotiation with 169 states that are parties to the Convention on the Law of the Sea and all states are subject to the rules.

Everybody has interests to be considered, and everybody has to agree. It’s a very long, consensus-based process with strong, political agendas. I’ve learnt a lot from the multilateral aspect and the negotiations, which are not necessarily about right and wrong, but more about synergies between countries. It gave me a great insight into political negotiations. I also learned a lot from the cultural differences. The International Seabed Authority strives to have only one person from each country in the office. This meant that I worked with 60 different nationalities and everything from communications professionals to scientists and political stakeholders. This diversity was very educational. But it also gave me a new perspective on life. There’s a lack of resources in Jamaica that we can’t even imagine in Denmark. Jamaica is a developing country, and it’s not always easy to get petrol or cash from the ATM. I appreciate Denmark and much more now than I did before.”

What have you been most excited about returning to?

“I’ve missed my colleagues and was looking forward to working with them again. But also the culture at Gorrissen Federspiel. There’s a flat hierarchy and open doors. This means that we get on well with each other and work well together. There’s a strong focus on teamwork and helping each other complete the tasks.”

What makes Gorrissen Federspiel a good place to work for you?

“The co-operation and teamwork, without a doubt. And the many interesting cases we solve together. Decency is a strong value at Gorrissen Federspiel. This also means something to me personally. We have a good support structure with the right professional databases and a good team, so together we deliver a quality product to our clients.”

Mahmut Duvarci

Managing Counsel in Corporate / Mergers & Acquisitions

Experience from: Four years outside the legal profession, first as a Management Consultant at McKinsey Company and most recently as Head of Transactional Risk at Marsh Denmark.

What made you want to come back?

“I was happy where I was, but I felt something pulling me back to the legal profession. My years outside the profession made me realise that I’m first and foremost an attorney. It’s where I feel most comfortable. I missed being able to work at a fast pace and at the same time give my full attention to a legal issue. So it was an easy decision to come back. I was ‘raised’ at Gorrissen Federspiel, and it was a bit like coming home. Coming back was a strange feeling of being both new to the workplace and an old hand. I know the organisation and the colleagues, and I have also had a relationship with Gorrissen Federspiel in the positions I have held.”

What did you learn while you were away?

“At McKinsey & Company, I worked as a consultant, including with commercial (vendor) due diligence related to M&A. In addition to the commercial insight and tools you gain from that work, it was very interesting to get closer to the commercial side of businesses and see how they prepare for a sales process from that perspective, for example. At Marsh, I also worked with M&A, but as a broker focusing on risk assessment and risk analysis of companies in M&A transactions. It really gave me a holistic view of transactions. I was involved in all the work streams of a transaction; the legal, the financial, the tax and the commercial aspect. It was my job to make sure that the client got the best possible coverage given the risk profile and other relevant factors. There was a large flow of transactions, and it was interesting

and educational to be a part of. It gave me a unique insight that benefits clients – both in relation to M&A transactions in general and more specifically in relation to the insurance track.”

What have you been most excited about returning to?

“First and foremost, the work and the role of trusted adviser to clients that comes with many years of experience. I’ve been looking forward to working in teams and crossing the finish line together. And I’m really looking forward to working closely with my colleagues again.”

What makes Gorrissen Federspiel a good place to work for you?

“There’s a special culture at Gorrissen Federspiel that I really like. I usually tell the young assistant attorneys who are about to enter the legal profession that working at Gorrissen Federspiel is a team sport. Not all of us score the goals. You also need midfielders, defence and offense to win. As an attorney, when you have to defend a position against an opponent who also wants what’s best for his client, you have to be able to trust that the legwork has been done properly. It takes a lot of trust in your teammates, and that’s what we have. We play as a team. Gorrissen Federspiel is a law firm with strong values and ethical guidelines on how to work well together. That means something to me. And I like being a trusted adviser to both colleagues and clients. This close relationship makes a difference to me.”

Lise

Ladegaard

von Rosen

Managing Counsel in Corporate / Mergers & Acquisitions

Experience from: One year as Senior Attorney at Ørsted, Legal Partnerships and M&A and five years as Head of Group Legal Capital Markets and M&A at GN Store Nord.

What made you want to come back?

“After my maternity leave, I thought about returning to the legal profession. Gorrissen Federspiel has always been a special place for me, and when I got the opportunity to come back to the Corporate / M&A team, it was an easy decision to make.”

What did you learn while you were away?

“My years outside the firm have given me a more commercial mindset and having been on the other side of the table as a client has made me a better lawyer. I specialise in M&A and company law, but at GN Store Nord I got the chance to also work with financing and securities law.

I’ve built up extensive experience in finding pragmatic and commercial solutions to legal issues. Sitting at the table where the decisions are actually made has given me a unique insight into the challenges our clients face, which we as external advisers often have limited or no insight into, but which are very important to take into account in our advice. It’s important to understand how the law is applied in practice to create optimal value for the client.”

What were you most excited about returning to?

“To delve deeper into the law. As an in-house lawyer, you need to have a broad overview of all aspects of an issue, which can sometimes take away from the ability to give full attention to a legal issue. I’m looking forward to adding value for my clients by using all the experience I’ve gained outside the legal profession. But also to be part of the Gorrissen family again with all the fantastic and talented colleagues. It was quite easy to come back.”

What makes Gorrissen Federspiel a good place to work?

“At Gorrissen Federspiel, I’ve always appreciated the high professional standard, the good colleagues and the team spirit. I like our values and the decency we stand for. I can personally relate to and vouch for that – and that means a lot to me. There’ve been many changes in the firm in the years I’ve been away, but when I came back, I immediately felt the DNA and the team spirit that I think is very special in Gorrissen Federspiel.”

Summer party

23 August 2024, National Gallery of Denmark — It is rare that we get the opportunity to bring together all the people from our two offices for one big party. But this year, employees from Aarhus and Copenhagen came together for an unforgettable summer party in the beautiful surroundings of the National Gallery in the heart of Copenhagen.

The late summer weather was at its best as the festive guests arrived on the gallery’s impressive main staircase. The evening included welcome drinks, an exquisite dinner and speeches before the party really got going.

One of Denmark’s most popular music acts took to the stage and delivered an energetic concert that got the dance floor moving. A DJ took over the party, keeping the mood upbeat and the dancing feet moving well into the evening.

Benjamin brought back a whole new network from Canada

Stepping out of your comfort zone and going to a foreign country alone may sound daunting. But for Benjamin Hyldebrandt Mortensen it was one of the most rewarding experiences of his life when he went on a four-month exchange to the University of Alberta in Edmonton in January 2024.

Although Benjamin knew in advance that he was the only exchange student from Denmark, the silence fell as soon as he landed in Canada. So, he spent the first three weeks of school meeting his fellow students for coffee after class to get to know them.

He was also introduced to the Canadian national sport of ice hockey through one of his new friends. He was on the bench every Monday for the student team, the Tortfeasors, and before long he had earned the nickname “Coach Ben” and was attending all the team’s games.

“It was important for me to quickly create a new daily routine and build a network. I love sports and now I’ve discovered a new one,” says Benjamin, who has gone to the stadium to watch the Rødovre Mighty Bulls play after he returned home.

Support from colleagues

24-year-old Benjamin, who joined Gorrissen Federspiel as an assistant in 2020, is no stranger to working his way up from the bottom. He now works as a law student in the Dispute Resolution group and is happy that he was able to go on an exchange.

“Gorrissen Federspiel is a law firm with perspective and international focus. One of my colleagues in the Shipping group also graduated from the University of Alberta, so I was able to ask him for advice before I left. You can clearly see that the firm supports going on an exchange. Knowing that it’s valued and that there’s a job to come back to meant that I left with a different perspective,” he says.

Benjamin has worked in several different groups in Gorrissen Federspiel as part of the firm’s rotation programme, and he is happy to gain practical experience with the law.

“Law is not just articles and legal texts. It’s also a very good education in how our whole society works. As a law student you find out how the law works in practice and what field you would like to work in later on,” says Benjamin, who has an ambition to apply for a position as an assistant attorney at Gorrissen Federspiel when he completes his master’s degree.

Law school experience is an advantage

In Canada, you can only study law at master’s level. Therefore, everyone with a bachelor’s degree is eligible for admission to the master’s programme. This means that the students do not have the same knowledge as a postgraduate from Denmark. For Benjamin, having studied law as part of the bachelor’s programme made it easier to fit into the study group and keep up with the coursework.

“I came in with almost no knowledge of the Canadian common law system. But I had experience in legal methodology that the other students didn’t have. Legal texts and judgments didn’t scare me off. It made it easier for me to start the programme so I could also focus on networking. So now I’ve gotten to know a bunch of new people who have a completely different way of looking at the world,” he says.

Studying in Edmonton has given him a broader understanding of how they practice law in Canada and how their legal system works. And he has become even more fluent in English:

“Even if you think you’re good at colloquial English, legal English is a new discipline. I grew with that while studying at the University of Alberta,” he says.

Warm welcome and magnificent nature

Known mostly for low house prices and the Edmonton Oilers hockey team, Edmonton didn’t take Benjamin by storm. Canadian nature did. During his stay, he also had the opportunity to visit Jasper, Banff, Victoria and Vancouver with his mother, who grew up in Canada.

Despite days with a windchill of 50 degrees Celcius below zero, he experienced amazing warmth and hospitality from the Canadians throughout his stay.

“It doesn’t really matter what city you’re in. If you have good people around you, you

only look back on it positively. I started at zero but have come home with a backpack full of experiences, good people, a new network and new knowledge. I’m proud that I’ve created a whole new everyday life from scratch. It has made me much wiser about myself,” he says.

Canada has not seen the last of Benjamin. In 2026, the World Cup will be held in Vancouver, and he plans to go to Canada to see Denmark win the trophy.

"I started at zero but have come home with a backpack full of experiences, good people, a new network and new knowledge."

• Law student in the Dispute Resolution group

• Exchange at the University of Alberta in Canada

Benjamin Hyldebrandt Mortensen

Dublin opened Bjørn’s eyes to Ireland’s rich culture and unique legal tradition

Before he left for his secondment, attorney Bjørn Jurjans Moosgaard had many thoughts about what his stay would be like. With the help of his counsellor, partner Jacob Gunst, he chose one of Ireland’s leading law firms, Arthur Cox LLP in Dublin.

• Corporate Counsel/Attorney, Corporate / Mergers & Acquisitions

• Seconded to Arthur Cox LLP, Dublin, one of Ireland’s leading law firms

Bjørn Jurjans Moosgaard

Magnificent nature, pub culture and broadening professional and personal horizons. It was a different autumn for attorney Bjørn Jurjans Moosgaard, who normally works on complex corporate law matters, restructurings, contracts and private equity transactions in the Corporate / Mergers & Acquisitions group. Now he has also gained experience in these areas of Irish law. The secondment to Dublin has shown him that, despite a different starting point in Irish law, there are many similarities in the way the two firms work.

“Both Arthur Cox and Gorrissen Federspiel are leading law firms with large, exciting clients and cases. We approach our work in the same professional and conscientious manner. The processes, client handling and legal craftsmanship are very similar to what I know from Gorrissen Federspiel, but the legal traditions and legal sources are different. I’ve learnt that although I’m not an expert in Irish law, I do have something to offer,” he says.

Focus on relationship work

The fact that he is not a specialist in Irish background law freed up energy to focus on interactions with clients, colleagues and new acquaintances. Being a lawyer is a people business, and for Bjørn it was important to build friendships and professional connections in a new environment.

“You have to keep in mind who you work with and what

they need from you. That’s why it’s always good to practice being around people who are different from you. Being open to getting to know new people and learning from them. I was already aware of this, but the secondment has put it even more into perspective,” he explains.

Arthur Cox LLP, one of Ireland’s leading law firms, went to great lengths to look after Bjørn and the other expats and help them off to a good start. Among other things, they were invited to a football match between Ireland and England and had dinner with the partners.

Classical literature and Irish culture

Bjørn had no trouble filling his time when he was off work. He is a big fan of literature and has enjoyed Dublin’s historical setting.

“I’ve barely had enough time. Dublin is a fantastic city that is steeped in history and literary tradition. The classic literature of the Irish from the 19th and 20th centuries is fantastic,” says the attorney, whose daily life in Dublin often began with a cup of coffee and a book.

He used the city a lot, both for cultural experiences such as visits to the National Gallery and Trinity, but also to meet new people who didn’t work in the legal world. One of them was Aaron, who Bjørn met when they got chatting in a pub over a Guinness. He took Bjørn on a visit to his hometown in Galway. Here he was at

Secondment programme

Gorrissen Federspiel offers secondment opportunities for employees who want to develop their professional and personal skills. The firm’s large international network opens up opportunities to be seconded to business partners in Denmark or around the world. The experience from the secondment is valuable for both the employee and Gorrissen Federspiel in the future work in the firm.

Bjørn’s advice for others considering secondment

Say it out loud

Show interest and say that you dream of getting out and getting some experience from somewhere else. In principle, it can be with a client or a business partner in Denmark, but there are also good opportunities with law firms abroad.

Align expectations

Start with yourself: What do you want to get out of your stay? What is your framework? Do you want to go alone, or do you want to bring the family? Find out what you think would be an exciting challenge.

Draw on Gorrissen Federspiel’s vast experience

Talk to colleagues who have been on secondment themselves or consult with your counsellor. For example, talk about timing if you are unsure when it is the right time for you in your career.

the stadium watching the Irish national sport of hurling, where you shoot with an axe-shaped wooden stick and a small, hard leather ball. Although Bjørn is not a big sports enthusiast, Irish sports culture has made an impression on him.

“I’d say the most Irish thing I’ve done on my secondment is watch the Galway County hurling semi-final between Loughrea and Clarinbridge in the rain,” he laughs.

Valuable new network

Entering a new workplace and becoming part of a team in a different country with a different culture has been an exciting challenge for Bjørn. Also, in terms of networking, the secondment has been extremely positive and rewarding for him.

“What has struck me most is the joy and importance of creating new relationships when entering a new culture and context. I’ve met a lot of people with different focus areas in their professional work. If I ever have a question about Irish company law or operating in regulated markets in Ireland, I know who to go to,” he concludes.

Outlook on the oceans from Denmark

Charlotte Søndergaard Henriksen was given a unique opportunity to expand her professional skills and broaden her industry knowledge on a secondment when the global shipping company Lauritzen Bulkers needed additional legal resources during a busy period.

Normally, Charlotte assists with transactions in Gorrissen Federspiel’s Shipping / Offshore / Transportation group, where her work includes the purchase and sale of vessels, shipbuilding contracts and financing of management agreements. During her secondment to Lauritzen Bulkers, she became part of the legal team in Hellerup. This gave her a unique insight into the role of an in-house lawyer and the work with legal advice directly to the commercial parts of the company.

Constantly updated on the world situation

During Charlotte’s secondment, there were almost daily reports of attacks by Yemen’s Houthi movement in the Red Sea. The attacks led to an elevated risk for maritime cargo in the region, including for Lauritzen Bulkers’ vessels passing through one of the world’s busiest trade corridors, the Suez Canal.

It was also a time of high awareness on the many new EU sanctions packages, particularly against Russia.

Charlotte helped investigate and assess business partners to ensure that the shipping company did not engage in activities with companies that were, or could potentially be, sanctioned.

“It was a time of extremely heightened security measures. Something was happening every day. For example, insurance coverage, armed guards on board and shipping routes had to be decided on an ongoing basis. Products could be sanctioned overnight, which meant I had to constantly keep up to date with both the latest news and the relevant regulatory changes to make informed decisions,” she says.

Charlotte Søndergaard Henriksen

• Attorney in Gorrissen Federspiel’s Shipping / Offshore / Transportation group

• Seconded to Lauritzen Bulkers in Hellerup from September 2023 to February 2024

• Lecturer at the Danish Shipping Education, Maritime Law

Working at high speed

Charlotte was exposed to the dynamics of the shipping industry and gained insight into how the many departments of a shipping company, including operators, compliance and risk management, interact in an ever-changing environment.

Surrounded by live news screens and with an inbox full of news emails, Charlotte made sure she was always up to date with the latest developments.

This allowed her to support her commercial colleagues with the necessary considerations before making decisions and entering into new agreements. And the fast pace appeals to Charlotte:

“Shipping is a fast-paced industry. Being accessible and able to respond quickly to new information is crucial. The decisions that need to be made may have far-reaching consequences, so the pace requires effective support, including the ability to present your conclusions simply and clearly,” she says.

"Shipping is a fast-paced industry. Being accessible and able to respond quickly to new information is crucial."

Insight into the routines on a vessel Every year, Gorrissen Federspiel sends employees out into the world to improve their skills on secondments to clients or foreign law firms. But secondments in Denmark also offer professional development and new perspectives. In addition to commercial insight, Charlotte was given a unique opportunity to literally get inside the engine room. Together with colleagues from Lauritzen Bulkers, she met the crew of the vessel “Trawind Dolphin”, who gave her an insight into the dayto-day running of the vessel and the technical aspects of operations on board.

“It was great to experience how things work on board a vessel. Having insight into the practical side gives you a much better understanding of how decisions made behind the desk actually play out on board,” she says.

From

Danish

ports to English courts

Charlotte has gained a better understanding of the daily working routines of Gorrissen Federspiel’s clients and she returns to Gorrissen Federspiel with new knowledge that she can apply directly to her daily work, such as knowledge of sanctions, which Gorrissen Federspiel also deals with in a broad sense.

“It gives me a special profile. This is particularly noticeable to the firm’s clients, who really appreciate my experience as an in-house lawyer and my insight into their world,” says Charlotte.

English solicitors were involved in some of the cases Charlotte worked on at Lauritzen Bulkers. They made an impression on Charlotte, who has ambitions to become a solicitor. Her ambition is part of a growing trend at Gorrissen Federspiel, where several of her colleagues have already obtained the title of solicitor and are advising on disputes under English law.

“Shipping is an international industry. Many standard contracts are based on the English legal system, which is very different from the Danish system. Therefore, I hope that I will have the opportunity for a secondment to an English law firm later on. I’m convinced that this will further broaden my skills and perspectives,” she concludes.

Football final

27 September 2024, Tingbjerg Ground — For the first time since 2004, Gorrissen Federspiel reached the finals of the lawyers’ football tournament, Advokatbold. The opponent in this year’s final was Accura.

After a strong tournament, the team gave everything in an intense final. Despite tough opposition and solid pressure from the opponent, our team fought for several chances and showed great team spirit. Although the final result did not go our way this time, the effort, teamwork and fantastic support from our colleagues made the experience a victory in itself.

Financial report

Content

Entity details 90

Statement by Management 90

Independent auditor’s report 91

Management commentary 93

Income statement for 2024 95

Balance sheet at 31.12.2024 96

Statement of changes in equity for 2024 98

Cash flow statement for 2024 99

Notes 100

Accounting policies 104

Entity details

Entity

Gorrissen Federspiel Advokatpartnerselskab

Axeltorv 2

1609 Copenhagen V

Business Registration No.: 38052497

Registered office: Copenhagen

Financial year: 01.01.2024 - 31.12.2024

Board of Directors

Niels Vahman Bang, formand

Martin André Dittmer

Kenneth Kvistgaard-Aaholm

Lotte Pinstrup Eskesen

Anders Ørjan Jensen

Jacob Skude Rasmussen

Executive Board

Martin André Dittmer

Auditors

Deloitte Statsautoriseret Revisionspartnerselskab

Weidekampsgade 6

2300 Copenhagen S

Statement by Management

The Board of Directors and the Executive Board have today considered and approved the annual report of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.2024 - 31.12.2024.

The annual report is presented in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations and cash flows for the financial year 01.01.2024 - 31.12.2024.

We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.

We recommend the annual report for adoption at the Annual General Meeting.

Copenhagen, 25.02.2025

Executive Board

Martin André Dittmer, Managing Partner

Board of Directors

Niels Vahman Bang, formand

Martin André Dittmer

Kenneth Kvistgaard-Aaholm

Lotte Pinstrup Eskesen

Anders Ørjan Jensen

Jacob Skude Rasmussen

Independent auditor’s report

To the shareholders of Gorrissen Federspiel

Advokatpartnerselskab

Opinion

We have audited the financial statements of Gorrissen Federspiel Advokatpartnerselskab for the financial year 01.01.202431.12.2024, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.

In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations and cash flows for the financial year 01.01.202431.12.2024 in accordance with the Danish Financial Statements Act.

Basis for opinion

We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the audit of the financial statements” section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.

Management’s responsibilities for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.

In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.

Auditor’s responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.

As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also:

• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.

• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control.

• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.

• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern.

• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.

We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.

Statement on the management commentary Management is responsible for the management commentary.

Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.

Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.

Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.

Copenhagen, 25.02.2025

Deloitte

Statsautoriseret Revisionspartnerselskab CVR No. 33963556

Christina Nilsson

State Authorised Public Accountant Identification No. (MNE) mne44182

Management commentary

Financial highlights are defined and calculated in accordance with the current version of ”Recommendations & Ratios” issued by the CFA Society Denmark.

In evaluating profit/loss for the year, it should be considered that the shareholders of the Private Limited Partnership are also its partners and that their remuneration is profit-related. This remuneration has been recognised in staff costs.

Primary activities

The object of the firm is to engage in the practice of law in Denmark.

Financial risks

Gorrissen Federspiel has assumed only the risks common to the operation of a law firm and has a balanced client base that limits the risk of bad debts. Gorrissen Federspiel has hedged the risk of professional liability by taking out appropriate professional indemnity insurance.

Uncertainty in recognition and measurement

No uncertainty in recognition and measurement has been identified.

Unusual circumstances affecting recognition and measurement

No unusual circumstances have been identified when preparing the annual report.

Data ethics policy statement

Gorrissen Federspiel always strives to be seen as a firm that uses data responsibly and sustainably. We have therefore decided to develop and implement a data ethics policy. This decision is based on the development of our use of data. Although our current use of data has not given rise to data ethics issues, we see an increasing use of AI-based systems at Gorrissen Federspiel that could potentially have data ethics implications. As a law firm, we already comply with the data protection legislation and the Danish Bar and Law Society’s Code of Conduct (“Advokatetiske Regler”), however, we acknowledge the importance of developing and implementing a specific data ethics policy to help us address any data ethics challenges that may arise in the future.

Gorrissen Federspiel’s data ethics policy is based on the following data ethics principles:

(a) Human dignity

Human dignity will be respected in all uses of data. Data will not be used to exploit knowledge in ways that could unjustifiably or unreasonably harm the dignity of the individual. The use of data must be secure and protect individuals from misuse of their personal data. In practice, this means that we will always respect the dignity of individuals in our case processing by ensuring that information is kept confidential and only used in a way that is proportionate to the interests of our clients and the advancement of the case.

(b) Responsibility

Using data in new ways may introduce new risks. When using new technologies, such as artificial intelligence, we take responsibility and exercise due diligence before applying such technologies. We therefore conduct risk assessments when data is used in new ways that may lead to unknown risks. In practice, this means that before implementing new digital solutions, such as AI-based legal tools or data analytics technologies, we conduct a thorough assessment to ensure that they do not compromise data ethics principles, client confidentiality or violate applicable laws.

(c) Equality and fairness

Where Gorrissen Federspiel uses data, it must do so in a way that recognises and respects equality and fairness. This also means that we actively seek to prevent unwanted bias in the data we use to avoid unfair categorisation or data models that discriminate, for example, on the basis of population groups or ethnic origin. Where we work with third parties, we may not always have full insight into the algorithms used to process data. In such situations, we will exercise due diligence and cease or restrict the processing of data on our behalf if we become aware that the data processing leads to significant instances of discrimination or unfair treatment. The policy is administrated by Gorrissen Federspiel’s internal compliance department and applies to all employees. The policy is communicated to all employees and is included in the training given to new and existing employees on an ongoing basis, including training on the use of AI-based systems.

The policy was adopted by the board of directors on 5 February 2025 and any material changes to the policy must be approved by the board of directors. Intake and Compliance are responsible for maintaining the policy, evaluating its effectiveness and driving any necessary changes. Intake and Compliance may at any time have access to relevant business documents, records, systems, processes, policies and procedures as necessary to audit and verify compliance with this policy.

Events after the balance sheet date

No events have occurred between the balance sheet date and the date of presentation of these financial statements that would affect the evaluation of this annual report.

Income statement for 2024

Balance sheet at 31.12.2024

Statement of changes in equity for 2024

At 31 December 2024, the shareholders have a total amount receivable from the Private Limited Partnership of DKK 423,178k, see note 15 and 16 to the financial statements. This amount covers partly current balances, partly the liquidity provided by the shareholders to the Private Limited Partnership for a rate of return.

Cash flow statement for 2024

1

at 31.12.

in progress at 01.01.

Geographical markets and activities do not differ significantly, for which reason these are not reported, see Section 96 of the Danish Financial Statements Act.

2 Other external expenses

Other external expenses comprise administrative expenses, costs of premises, education and training, marketing, bad debts, etc.

3 Fees to the auditor appointed by the Annual General Meeting

4 Staff

Referring to Section 98 B(3) of the Danish Financial Statements Act, remuneration to the Executive Board is not disclosed. The members of the Board of Directors of the Private Limited Partnership have not received any management remuneration during the financial year.

5 Depreciation, amortisation and impairment losses

6

The line item ”Other interest expenses” includes interest on balances with the shareholders of the Private Limited Partnership in the amount of DKK 10,063k.

10 Other receivables

In 2024, this line item included a net deposit of DKK 2,512k, which is calculated as the difference between deposits on client accounts amounting to DKK 898,078k and client payables amounting to DKK 895,566k.

In 2023, this line item included a net deposit of DKK 1,186k, which is calculated as the difference between deposits on client accounts amounting to DKK 1,608,400k and client payables amounting to DKK 1,607,214k.

11 Prepayments

Prepayments comprise accrued prepaid expenses.

12 Share capital Number

No shares carry special rights.

The outcome of cases of liability and the time when they are closed are inherently uncertain, however, the liabilities are estimated to be settled within the next three or four years. These liabilities comprise costs, including legal expenses and any compensation.

The line item ”Payables to shareholders and management” reflects partly contributed loan capital, partly current balances with the partners, and the Private Limited Partnership’s proposition to the partners to have a rate of return on balances in exchange for the Private Limited Partnership’s availability of liquidity for agreed periods of time.

Notes

19

The Private Limited Partnership has entered into rental agreements on premises in Copenhagen and Aarhus. The total rent commitment stands at DKK 190,844k at 31 December 2024.

The Private Limited Partnership leases furniture and equipment, leasehold improvements and IT from GFJURA 883 A/S, which is a wholly owned subsidiary of Gorrissen Federspiel Komplementar Advokatanpartsselskab. The total lease commitment stands at DKK 26,209k at 31 December 2024.

20 Contingent liabilities

When entering into rental agreements, the Private Limited Partnership committed itself to returning the premises in the same condition as when they were received.

The Private Limited Partnership has entered into an agreement involving a possible commitment to pay up to DKK 6,410k in 2025.

The Private Limited Partnership has provided a guarantee of DKK 30,000k for bank loans of GFJURA 883 A/S.

21 Related parties with controlling interest

No parties have control of the Private Limited Partnership.

The Board of Directors and the Executive Board (Management) are considered related parties.

22 Non-arm’s length related party transactions

Only related party transactions not conducted on an arm’s length basis are disclosed in the annual report. No such transactions have been conducted in the financial year.

Accounting policies

Reporting class

This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).

The accounting policies applied to these financial statements are consistent with those applied last year.

Recognition and measurement

Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably.

Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably.

On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.

Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.

Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.

Foreign currency translation

On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses.

Income statement

Revenue

Revenue from the sale of services is recognised in profit or loss as and when the service agreed is provided whereby revenue equals the selling price of the work performed in the financial year (the percentage-ofcompletion method). Recognition at selling price is based on the assumption that all income and expenses and the stage of completion at the balance sheet date can be measured reliably and that it is probable that payment will be received.

Tax on profit/loss for the year

Gorrissen Federspiel Advokatpartnerselskab is not an independent taxpayer, for which reason neither current tax nor deferred tax on profit/loss for the year is provided for in the financial statements. Gorrissen Federspiel Advokatpartnerselskabs resultat is taxed at the level of the shareholders of the Private Limited Partnership in accordance with the current rules of Danish tax law.

Other external expenses

Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.

Staff costs

Staff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.

Depreciation, amortisation and impairment losses

Depreciation, amortisation and impairment losses relating to intangible assets comprise depreciation, amortisation and impairment losses for the financial year.

Other financial income

Other financial income comprises interest income, including interest income from bank deposits and foreign currency transactions.

Other financial expenses

Other financial expenses comprise interest expenses, including interest expenses on payables and foreign currency transactions.

Balance sheet

Goodwill

Goodwill is the positive difference between cost and fair value of assets and liabilities arising from acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by Management for each business area. For amounts of goodwill, useful life has been determined based on an assessment of whether the enterprises are strategically acquired enterprises with a strong market position and a long-term earnings profile and whether the amount of goodwill includes intangible resources of a temporary nature that cannot be separated and recognised as separate assets. Useful lives are reassessed annually. The amortisation periods used are 7 years.

Goodwill is written down to the lower of recoverable amount and carrying amount.

Receivables

Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.

Client balances, net

Client balances comprise the net amount of client accounts at financial institutions and client payables. Set-off is effected when the net amount is recognised in the balance sheet whereas the gross amount is specified in the note to the financial statements.

Client accounts at financial institutions comprise all trust funds held in special client accounts at financial institutions. The client accounts are subject to the rules governing attorneys’ obligations related to the treatment of trusted funds.

Client payables comprise all of such amounts as are received on the account of a third party.

Contract work in progress

Contract work in progress is measured at the selling price of work carried out on cases at the balance sheet date and costs incurred on such cases.

If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value.

Each contract in progress is recognised in the balance sheet under receivables or liabilities other than provisions, depending on whether the net value, which is calculated as the selling price less prepayments received, is positive or negative.

Prepayments

Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.

Cash

Cash comprises cash in hand and bank deposits.

Dividend

Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distri buted and disclosed as a separate item in Management’s proposal for distribution of profit/loss.

Treasury shares

Acquisition and selling prices and dividends for treasury shares are classified directly as equity under retained earnings. Gains and losses on sale are not recognised in the income statement.

Other provisions

Other provisions comprise anticipated costs of non-recourse guarantee commitments, returns, loss on contract work in progress, decided and published restructuring, etc.

Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.

Once it is probable that total costs will exceed total income from a contract in progress, provision is made for the total loss estimated to result from the relevant contract.

Operating leases

Lease payments on operating leases are recognised on a straightline basis in the income statement over the term of the lease.

Other financial liabilities

Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.

Cash flow statement

The cash flow statement shows cash flows from operating, investing and financing activities, and cash and cash equivalents at the beginning and the end of the financial year.

Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items and working capital changes.

Cash flows from investing activities comprise payments in connection with investments.

Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.

Cash and cash equivalents comprise cash and with an insignificant price risk less short-term bank loans.