Systemair 90925374 User Manual

User manual for reversible heat pump

Heat pump system integrated in Geniox, DV or TIME air handling unit

Manual version 1.01.16 Part number of this manual 90925374

Contents

DECLARATION OF CONFORMITY - EXAMPLE .................................................................................... 2

1. Reversible heat pump for cooling and heating ................................................................................. 3

1.1 Heat pump circuit ...................................................................................................................... 5

2. Electrical documentation ................................................................................................................ 6

3. Control signals ................................................................................................................................ 6

4. Internal controller for compressor system ....................................................................................... 7

4.1 Background illumination of the display ...................................................................................... 7

5. Menu – drawing of the menu structure to guide the user................................................................. 7

6. The start display, main menu .......................................................................................................... 8

7. Status menus .................................................................................................................................. 8

8. Service ......................................................................................................................................... 13

9. Manual operation ......................................................................................................................... 13

10. Expansion valve handling ............................................................................................................ 15

11. Compressor handling .................................................................................................................. 16

12. Defrost handling ......................................................................................................................... 19

13. Input Output handling ................................................................................................................ 22

14. Alarm ......................................................................................................................................... 23

14.1 Alarm .................................................................................................................................... 23

14.2 Alarm Log .............................................................................................................................. 23

14.3 Alarm reset ........................................................................................................................... 23

14.4 Alarm list .............................................................................................................................. 23

15. Maintenance .............................................................................................................................. 25

16. Data ........................................................................................................................................... 25

17. Data plates ................................................................................................................................. 26

Annex 1. Menu for internal controller in the reversible heat pump ........................ 1

1

Declaration of Conformity - example

The manufacturer:

Systemair A/S
Ved Milepælen 7

DK - 8361 Hasselager

Hereby declares that, air handling units of the flowing types:

DANVENT DV10, DANVENT DV15, DANVENT DV20, DANVENT DV25, DANVENT
DV30, DANVENT DV40, DANVENT DV50, DANVENT DV60, DANVENT DV80,
DANVENT DV100, DANVENT DV120, DANVENT DV150, DANVENT DV190 and
DANVENT DV240.

TIMEec 10, TIMEec 15, TIMEec 20, TIMEec 25, TIMEec 30, TIMEec 40

Geniox

Serial No: ”YYMM-7XXXX-X”

are manufactured and delivered in accordance with following directives:

Machinery directive 2006/42/EC

Ecodesign – Commission regulation 1253/2014

EMC – directive 2014/30/EC

Low voltage directive 2014/35/EC

Pressure equipment directive 2014/68/EC

European Standard

EN 378-1 & 2:2016, EN13053:2011,
EN308:1997, EN1886:2008

Equipment type: Geniox, DV and TIME series

Consisting of: Compressor, evaporator and condenser

Verification and Assessment by:

Notified Body Bureau VERITAS CE-0062 for PED Module: A2
Bureau VERITAS SA,

Newtime 52 Boulevard du Parc Certificate no: CE-0062-PED-

Ile de la Jatte, FR-92200 Neuilly sur Seine A2-SAI-001-19-DNK

The declaration is only valid, if the installation of the air handling unit is carried out according to the
instructions delivered with the unit. The installer will be responsible for the CE marking and
documentation, if any construction or functional changes are applied to the air handling unit.

Hasselager 27 January 2019

2

1. Reversible heat pump for cooling and heating

The air handling unit section with heat pump is a separate section in the air handling unit, containing a fully
integrated, complete stand-alone reversible heat pump system (heating and cooling). The system has been
tested and optimized before delivery. All refrigerant system components are fully integrated into the unit.
The refrigerant is evaporated and condensed directly in the integrated coils, and the capacity is controlled
automatically and steeples between 5 and 100 %.

The system is delivered with refrigerant R-410a in the circuit. The integrated control system handles all
safety functions as well as capacity control of the digital scroll compressor and additional on/off
compressor in units DV 20 – DV 80. The system generates exactly the capacity requested by the main air
handling unit controller via a 0-10V DC control signal.

When a demand for heating or cooling occurs, the main air handling unit controller sends a start signal for
heating or cooling and a start signal. Capacity is controlled by the 0-10V DC signal (X5:10-11) connected to
the internal controller in the heat pump section. When the signal exceeds 1.6 V DC, the digital compressor
starts. After start-up, the capacity is regulated between 5 and 50 % by the digital scroll compressor - C1 and
Q1 - in the illustration below. When more than 50 % of the capacity is demanded (control signal exceeds

5.0 V DC), the second compressor C2 starts. Then the capacity of the digital compressor is reduced to a
minimum and, with increasing demand, gradually increased to 100% capacity. The reverse sequences are
activated by declining demand until 5%. Below 5% the system will run at minimum capacity until the start
signal is off.

A full envelope control function is integrated into the internal control system. This prevents operation that
exceeds safe conditions for any of the components. Signals from the high and low pressure transmitters, P6
and P7, contribute with information to ensure maximum performance without exceeding the set value.
Thereby preventing safety switches for HP and LP, HP1 and P5 from discontinued cooling or heating. This
system ensures maximum performance under the given air flows and temperatures of outdoor and extract
air.

The system includes 2 electronic expansion valves. One for heating mode - Q3, and one for cooling mode ­Q2. Super Heat is controlled by the built-in controller. The SH control is based on evaporating pressure
measured by LP transmitter, P7 and temperature sensor, R110 placed on the suction line. This ensures
highly accurate and efficient system performance under all operating conditions.

A 4-way valve Q1 changes the function of the system between heating and cooling mode.

The evaporator (condenser in cooling mode) on the Heat Pump unit is placed in the extract air flow
downstream of the rotary heat exchanger. This makes it possible to utilize the heat exchanger in both
heating and cooling mode for recovering energy. This will minimize the compressor system’s power
consumption.

A heat trace element has been placed below the evaporator in the drip tray to prevent ice buildup during
heating operation.

During heating operation, the evaporator in the exhaust air must be defrosted when operating at low
outdoor temperatures. In the integrated control system, there is an advanced software function to detect
ice buildup on the coil. Based on evaporating temperature and time. The less energy we have in the extract
air downstream of the exchanger, the faster ice will build up. Time between defrost is dynamic based on
how long it takes to go through the defrost sequence. When ice buildup is at a certain level, a de-icing
sequence is initiated. During this cycle, the refrigeration system will reverse to bring energy to the coil in
the exhaust air, to melt the ice. Once the control system detects that ice is gone, the system returns to
normal heating operation. Detection is based on condensing temperature/time and temperature/time of

3

the sensor installed at the coil in the exhaust air flow, R114. A very quick and efficient sequence. Default
settings for these functions will normally give an optimal relation between time between de-frost and the
de-frost cycle time. A number of settings are available to adapt these functions to local conditions if
needed. See menu descriptions. This manual is for qualified and experienced refrigeration personnel only.

4

1.1 Heat pump circuit

5

2. Electrical documentation

Signal:

Terminals:

Electrical:

Start (Heat mode)

X5; 18-19

External potential free contact

Cooling demand

X5; 16-17

External potential free contact

Capacity

X5; 10-11

10: gnd. 11: 0-10VDC

Alarm output

X5; 25-26

Internal potential free contact

Defrost & start active

J27; C9-NO9

Internal potential free contact

Wiring diagram for the integrated control system is available in a separate document.
At power, the 2-segment LED display on the controller will light up with moving dots until controller and
display are ready for operation.

3. Control signals

6

4. Internal controller for compressor system

Display the list of active alarms
Manually reset alarms

- Prg

- Esc

- Down

Switch from parameter display to edit
Confirm value and return to the parameter list

Control panel pGD1 placed inside integrated control cabinet

The control panel has 6 buttons with the following functions

- Alarm

Access the service menu

Return to the previous screen

- Up

Navigate between the display screens or
increase/decrease values

- Enter

When the red alarm light flashes (bell), there is an active alarm and display is not in alarm view.
When red alarm light is steady, there is an active alarm and display is in alarm view

4.1 Background illumination of the display

Background illumination of the display switches on automatically when the first push button is activated.
Illumination switches off some time after the last activation. The red alarm button will flash in case of alarm
until it is acknowledged.

5. Menu – drawing of the menu structure to guide the user

An overview of the menus can be found in Annex 1.

7

6. The start display, main menu

1

2

3

4

5

The following screen displays an example of the main screen with an active unit, highlighting the fields and
icons used:

1. Date and time

2. Current unit status:

3. Device status
a. Compressors in operation and digital capacity. Digital 35% output, fixed off)
b. Timer in action, Min. on/off time, Min. time between starts
c. Super Heat and Expansion valve opening

4. System capacity request and actual power output
a. System status

i. System OFF

ii. OFF by input, but no capacity signal
iii. Regulating
iv. Pump-Down, and count down

v. Defr. Ph, and count up/down
vi. Manual mode

vii. OFF alarm

viii. OFF low temp

5. Indicates access to the info menu using the DOWN button

7. Status menus

From the main screen, the DOWN (UP) button can be used to scroll through the status of devices. No
password is needed to access these menus; no settings can be changed here.

The physical status of inputs, outputs, transmitters and defrost sequence are all available in the menus. The
individual screens are shown below.

8

Compressor status:

3

1

5

2

4 7 6 2 4 7 6

1. Discharge temperature zone and prevent action (never in action)

2. Discharge temperature

3. Condensing pressure and temperature

4. Compressor status and digital percentage

5. Envelope zone and count down time:

• EZ1:Ok: zone within operating limits

• EZ2:HiDP: High compression ratio

• EZ3:HiDscgP: High condensation pressure

• EZ4:HiCurr: High motor current

• EZ5:HiSuctP: High suction pressure

• EZ6:LoDP: Low differential pressure

• EZ7:LoPRat: Low compression ratio

• EZ8:LoDscgP: Low condensation pressure

• EZ9:LoSuctP: Low evaporation pressure

6. Suction gas temperature

7. Evaporating pressure and temperature

Expansion Valve Overview:

1. Actual Super Heat

2. Suction gas temperature

3. Valve opening mode, percentage and steps;

4. Valve status:

• Close: valve closed

• Std-by: system stop position

• Pos: fixed position during sequence

• Wait: after positioning and in case of change in capacity greater than 10%, the valve must carry

out a large action that can take some seconds. Wait will be displayed during this phase.

• On: valve in regulation

• Init: driver initialization

5. Evaporating pressure and temperature

6. Super Heat set-point

9

Status Information:

Push Enter to get the following information:

Showing status of digital compressor 1 and actual output capacity
Running hours

Showing status of on/off compressor 2
Running hours

A very compressed overview of defrost status

1. Actual phase running, Actual system power output

2. Short phase name / description, Phase time, Disable = not active

3. Expansion valve position, Heating / Cooling

4. Actual evaporating temperature

5. Filtered evaporating temperatur used for time to defrost calculation

6. Actual condensing temperature (pressure)

7. Count down to next defrost, Actual super heat

10

Status of digital outputs:
Oil valve and Drip tray not in use

Status digital outputs:
El-coil and ElHeat Excoil not in use
Analogue outputs:
Y1 and 2 not in use
Y3, actual position of active expansion valve

Evaporating pressure and temperature
Suction gas temperature

Condensing pressure and temperature
Discharge temperature compressor 1

11

Discharge temperature compressor 2 and 3 (not in use)
Liquid temperature and sub-cooling

Probes not in use U8 and 9
Defrost end temperature sensor

Capacity demand input
Actual ramp limits

Status of digital inputs

Software version and memory status

12

8. Service

Regardless of the displayed screen, pressing the programming key accesses the password entry screen that
allows access to the menu shown below for service level. Enter the password (1111) and push enter. Use
enter key to move the cursor. Once the password is entered, it will be maintained for 5 minutes from the
last time a key was activated. Then the password will have to be re-entered in order to access the service
level again. If you exit the service level menu you will have to re-enter the password to get in.

Service level gives read access to all parameters, with the ability to edit some of them. For more
information on the parameters that can be changed, see the parameter table. Password: 1111.

As soon as the password is entered in the login screen and function has been selected, the access level
needed to edit the values will be shown. As seen in the following screens, S flashing for Service and M for
Manufacture:

9. Manual operation

From the menu – Manual mode – it is possible to operate components manually. The technician can control
the operation of components manually. This procedure is relevant for the test during annual maintenance
with the control of all safety and control functions, or after exchanging components. Menus as follows:

In the first screen above: Compressor 1 status. Actual operating hours. Next threshold of operating hours
for service can be set. Current capacity and selection of manual mode.

Compressor 2 status. Actual operating hours. Next threshold of operating hours for service can be set.
Current status and manual selection.

13

When operating compressors manually, Super Heat control will still be active as long as expansion valves
are in auto.

Expansion valves can be manually operated individually. The valve does have 0-480 steps

Service features. Enabling manual control of digital outputs will disable safety functions.
Operating mode can be reversed to test both cooling and heating operation
Activation of service mode will hold for 2 hours if not set back manually. Max ramp up of output capacity is
changed to 0,5%/s. Defrost mask is shown in main menu. Max condensing temperature limit in heating
mode is disabled.

Digital valve
4-way valve

General alarm

Defrost/start active

Compressor 1
Compressor 2

Date, time and format setting:

14

Only English is available

7.0

28.0

20

3

10.0

10.0s

10. Expansion valve handling

Only few values can be changed and it is not recommended to change any of them

Super Heat set-point under normal operation. Set-point is modulated at low system output capacity. Max.
SH is at min. capacity. Alarm limits which should not be changed.

7.0

20.0

2.0

-30.0

Opening position at startup of system. It is not recommended to change this value

PID parameters for SH regulation can’t be changed

180s

If there are large deviations in SH regulation, the valve will be moved in bigger increments, can’t be
changed

15

15

8

2.0

10.0

180

180

-18.0ᵒC
180s

50

0

50

500

Protective limits and valve configuration can’t be changed

3.0

480

180

50

11. Compressor handling

Apart from the first menu it is not recommended to change any settings as it might damage the system.
Selection of unit type: Cool+Heat, Heat only or Cool only
If heating is possible, it can be selected to run only one compressor in heating mode. Running more than
one compressor in heating mode will often indicate that there is insufficient energy to recover in extract air
downstream of the exchanger.
The two smallest unit sizes only have one compressor. As above 100% capacity will often be too much.
With only one compressor, capacity has to be limited on digital function.

16

Minimum time a compressor must be off, default 120s
Minimum time a compressor must be on when started, default 120s
Minimum time between start of the system, default 300s
Minimum differential pressure to allow the 4-way valve to be activated

Startup time with digital compressor at 100% or until differential temperature is 30°.
Request power (default 8.5%) which will start the system. Once started, the unit will run until the start
signal is removed. With 0% demand it will still run at minimum capacity as long as the start signal is on.
Alarm level for max. discharge temperature.

Low pressure alarm limits are not recommended to change. If a LP alarm occurs, it is likely that a fault in
the installation is causing this. Most likely not in the cooling system itself.

17

A maximum of 3 automatic re-starts is allowed within 1 hour. Then the unit will stop in permanent alarm.
Due to preventing functions in the control system, only extreme changes in operating conditions will be
able to activate an HP alarm

It is possible to set a minimum evaporating temperature limit. If this temperature is reached, output
capacity will be reduced. Default is -15°C, reaching -15° indicates that there is too little energy in the extract
air to recover.
The output capacity increase or decrease is limited to allow the refrigeration system to react and change
real output to the supply air temperature.
A maximum limit to the condensing temperature is used to ensure that the system is not “running away”
when conditions are outside what the system is designed for.

Control values for different limiting functions, can’t be changed

18

12. Defrost handling

If the unit is set to be Cooling only, this menu is disabled.

It is not recommended to change values unless you understand the full functionality.

A number of different concepts can be selected:

1. Filter, which is an integrated count-down function based on time and evaporating temperature

2. Formula (default), based on evaporating temperature over time

3. Passive + El-Coil, Special function not covered

4. Stop + El-Coil, Special function not covered
Starting threshold that initiates the defrost function (X)

The reverse time should not be changed.
The minimum and maximum time in the reverse phase is allowed to be
The minimum time between start of defrost sequence

The integrated evaporating temperature is also used for the Formula function

19

The power output will give a factor between 1.0 and 1.5 (Request Multipl.).
The request related factor plus 2.0 (Z) is multiplied by the current evaporating temperature (integrated)
minus the threshold. Y=1, function not in action. This result is added to the last result and so forth.
Meaning that the main influence on how fast is counted to next defrost is the Z factor.
Threshold (Q) is the limit to activate defrosts. Min. value is only used if dynamic function is active.

The power output (P), 10-100% will give a factor between 1.0 and 1.5 (RM), linear function.
The request related factor plus 2.0 (Z) is multiplied by the current evaporating temperature (E) minus the
threshold (T).
Power output (P

out

)
Request Multiplier (RM)
Threshold °C (T
Integrated evaporating temperature °C (E
20% of E
((P

out

Full version: ((P

minus T is lifted to 1 (Y) is also added to the result. (1= not in action)

vap

-10%)*111%*RM+Z)*(E

-10%)*111%*RM+Z)*(E

out

vap

- T

hrs

) = K

vap

- T

hrs

vap

hrs

)

)

)+( E

vap

- T

)Y = K

hrs

The maximum count to activate a defrost sequence (Q) can be set to be dynamic (changing). Depending on
the time of the reverse phase in the defrost sequence. If the defrost time is short, the limit for next defrost
will be longer and vice versa. This is to adapt to different conditions and changes throughout the year

During the defrost sequence, a pump down will happen as a first step and at the end before going back to
normal operation (4-way valve in heat mode). The output capacity is set to a percentage of the current
output power, default 70%. Default threshold to end the pump down is -18°C.
A max. time for pump down is set individually when going in to the defrost sequence and when going out of
the sequence.

20

Power and expansion valve control during the reverse phase in the defrost sequence.

Conditions to stop the reverse part of the sequence. Condensing pressure (temperature) must be above a
limit for a time. The same goes for the temperature probe placed on the coil in exhaust air flow. You can
also choose to disable the last function.

When back in heating mode, the capacity is set to a percentage of the capacity before defrost sequence
was initiated, default 150%. Condensing temperature (pressure) must reach 110% (default) of the condition
from before defrost was initiated. Default time 20s. There is a max. time (default 180s) for this condition to
be reached. When either of these conditions is reached, power output is set back to the same laves as
before defrost was initiated. The output power is frozen at this level for 120s (default) to stabilize the
system. Now normal capacity control will continue.

You can select which operating condition will activate the digital output “Defrost active”

21

The system can be set to automatic shut-down if operating conditions are not suitable for continued
efficient operation. Meaning low level of energy in exhaust air to recover, giving a rather low COP factor.
First option is to detect whether count-down for defrost is faster than the set min. time between defrost.
Second option is to detect on evaporating temperature. If it is running at minimum level, “Low evaporating
temp.”, default -15°C set under compressor, for 60 min.
If any of these conditions is met, the system will shut down. It will ramp down to allow AHU controller to
ramp up capacity of an after heater.

To restart the system, it can be set to do this when the next start signal is given to the controller. Meaning
start signal must have been off in between. Typically next morning.
System restart can be further delayed by a number days

Defrost phase descriptions:

1. Waiting for count down

2. Defrost sequence start, digital output “Defrost” activated until end of defrost sequence, capacity

change for pump down

3. Pump down

4. Change of 4-way valve to cooling mode, Capacity change to defrost, Expansion valves to defrost

position

5. Wait for end conditions

6. Pump down capacity

7. Pump down

8. Change 4-way valve to heating mode, post capacity

9. Waiting for post conditions

10. Old power output

13. Input Output handling

It is not recommended to change any values here.

22

14. Alarm

Code

Description

Reset

Action

Delay

AL001

Liquid temp. U1 broken/disconnected

A

None

10s

AL002

Suction temp. U2 broken/disconnected

A

Circuit OFF

No

AL003

Discharge Compr. 1 U4 broken/disconnected

A

Circuit OFF

10s

AL004

Condensing pressure U5 broken/disconnected

A

Circuit OFF

No

AL005

Evaporating pressure U6 broken/disconnected

A

Circuit OFF

10s

AL006

Capacity signal U7 outside range

A

None

No

AL007

Coil defrost temp. U8 broken/disconnected

A

None

10s

AL008

Probe U9 broken or disconnected

A

None

10s

AL009

Probe U10 broken or disconnected

A

None

10s

1

2

3

4

14.1 Alarm

By pushing the Alarm button, you can see any active alarm.

1. Alarm 1 of 2 active alarms which has not been reset. Alarm number from list below

2. Time and date of alarm

3. Alarm type

4. Operating conditions at the point of alarm

14.2 Alarm Log

By using the enter key, you can enter the alarm log. Up to 100 alarms are saved.

14.3 Alarm reset

Alarms can be reset manually, automatically or with retries.

- Manual reset: When the alarm condition is no longer present, you must enter alarm menu and

acknowledge the alarm by pushing the alarm button. Now the unit can restart.

- Automatic reset: When the alarm condition is gone, the system will automatically restart. Still

holding min. off time.

- Automatic reset with retries: Retry conditions are checked; if OK, it will be automatic reset mode. If

not, it will be manual reset mode.

14.4 Alarm list

23

AL010

Discharge Compr. 2 U11 broken/disconnected

A

Compressor 2 OFF

10s

AL011

Probe U12 broken or disconnected

A

Compressor 3 OFF

10s

AL012

Low SH alarm

A

Circuit OFF

180s

AL013

LOP alarm

A

Circuit OFF

180s

AL014

MOP alarm

A

Circuit OFF

180s

AL015

Low suction temp. -20°C, from EVD

A

Circuit OFF

180s

AL016

High discharge pressure from envelope

A

Circuit OFF

600s

AL017

Low suction pressure from envelope

A/M

Circuit OFF

3 retries

AL018

Low pressure by LP switch

A

Circuit OFF

10s

AL019

Envelope alarm

A

Circuit OFF

300s

AL020

Motor phase alarm

A

Circuit OFF

0s

AL021

Compressor overload

A

Circuit OFF

0s

AL022

High pressure by HP switch

A/M

Circuit OFF

3 retries

AL023

High discharge temp. compressor 1

A

Circuit OFF

60s

AL024

High discharge temp. compressor 2

A

Compressor 2 OFF

0s

AL027

Maintenance request compressor 1

A

None

Parameter

AL028

Maintenance request compressor 2

A

None

Parameter

AL031

Clock alarm

A

None

No

AL032

Memory expansion damaged

A

None

No

AL033

BMS Offline

A

50%

60s

24

15. Maintenance

Heat pump DVU-HP in
DV and TIME units

10

15

20

25

30

40

50

60

80
Width in mm

970

1120

1270

1420

1570

1720

2020

2170

2170

Height in mm

970

1120

1270

1420

1570

1720

2020

2240

2540

Length in mm

1420

1420

1420

1420

1570

1570

2320

2460

2460

Weight in kg

exchanger

190

240

500

600

650

750

1175

1575

1690

Power supply – 3 phase + N + PE 3x400V + N + PE

Pre fuse Amp.

10A

16A

20A

25A

32A

40A

50A

63A

63A

Refrigerant R410a

Refrigerant content in kg

3,4

4,7

5,3

8,3

9,7

11,8

20,5

22,0

25

Design pressure 42 bar. Test pressure after repair with evacuation of the refrigerant for the

because this will damage the low-pressure part of the compressor/compressors.

Nominal air volume, m3/s

1.0

1.4

1.9

2.4

2.9

3.6

5.0

5.9

6.7

Cooling capacity, kW

14

18

27

32

37

47

64

78

80

Heat pump in Geniox

units

10

11

12

14

16

18

20

22

24

Refrigerant R410a

Design pressure 42 bar. Test pressure after repair with evacuation of the

low-pressure part of the compressor/compressors.

General maintenance must be carried out according to national and local regulations by a skilled technician
from a certified company.
List of spare parts as well as datasheets from the manufacturers are available on the DVD delivered with
the unit.

16. Data

Dimensions, heating and cooling capacity, refrigerant content

excluding

sizes 10, 15, 20, 25, 30, 40 and 50: 30.8 bar. Test pressure after repair with evacuation of the
refrigerant for the sizes 60 and 80: 32.5 bar. Exceeding this test pressure is not allowed,

Values based on 50°C condensing temperature and 10° evaporating temperature

Detailed performance data can be found by using design program SystemairCAD

air handling units

refrigerant for the sizes 10, 11, 12, 14, 16, 18 and 20: 30.8 bar. Test pressure
after repair with evacuation of the refrigerant for the sizes 22 and 24: 32.5
bar. Exceeding this test pressure is not allowed, because this will damage the

25

17. Data plates

An example of the data plates are shown below.

On the outside on the unit

Inside the unit

26

Annex 1. Menu for internal controller in the reversible heat pump

1

2

Part number of this manual 90925374

Systemair A/S
Ved Milepælen 7
DK-8361 Hasselager

Tel. [phone]

[e-mail]

www.systemair.dk

Systema ir A/S • January 2020