25648587 2013-01-01 2013-12-31 25648587 2012-01-01 2012-12-31 25648587 2013-01-01 fsa:CompletedDevelopmentProjectsMember 25648587 2012-01-01 fsa:CompletedDevelopmentProjectsMember 25648587 2013-01-01 2013-12-31 fsa:CompletedDevelopmentProjectsMember 25648587 2012-01-01 2012-12-31 fsa:CompletedDevelopmentProjectsMember 25648587 2013-12-31 fsa:CompletedDevelopmentProjectsMember 25648587 2012-12-31 fsa:CompletedDevelopmentProjectsMember 25648587 2013-01-01 fsa:LeaseholdImprovementsMember 25648587 2012-01-01 fsa:LeaseholdImprovementsMember 25648587 2013-01-01 2013-12-31 fsa:LeaseholdImprovementsMember 25648587 2012-01-01 2012-12-31 fsa:LeaseholdImprovementsMember 25648587 2013-12-31 fsa:LeaseholdImprovementsMember 25648587 2012-12-31 fsa:LeaseholdImprovementsMember 25648587 2013-01-01 fsa:PlantAndMachineryMember 25648587 2012-01-01 fsa:PlantAndMachineryMember 25648587 2013-01-01 2013-12-31 fsa:PlantAndMachineryMember 25648587 2012-01-01 2012-12-31 fsa:PlantAndMachineryMember 25648587 2013-12-31 fsa:PlantAndMachineryMember 25648587 2012-12-31 fsa:PlantAndMachineryMember 25648587 2013-01-01 fsa:InvestmentsInGroupEnterprisesMember 25648587 2012-01-01 fsa:InvestmentsInGroupEnterprisesMember 25648587 2013-01-01 2013-12-31 fsa:InvestmentsInGroupEnterprisesMember 25648587 2012-01-01 2012-12-31 fsa:InvestmentsInGroupEnterprisesMember 25648587 2013-12-31 fsa:InvestmentsInGroupEnterprisesMember 25648587 2012-12-31 fsa:InvestmentsInGroupEnterprisesMember 25648587 2013-12-31 25648587 2012-12-31 25648587 2013-01-01 2013-12-31 0 25648587 2013-01-01 2013-12-31 1 25648587 2013-01-01 2013-12-31 2 25648587 2013-01-01 2013-12-31 3 25648587 2013-01-01 2013-12-31 0 25648587 2013-01-01 2013-12-31 0 25648587 2013-01-01 fsa:ContributedCapitalMember 25648587 2013-01-01 fsa:RetainedEarningsMember 25648587 2013-01-01 fsa:SharePremiumMember 25648587 2013-01-01 25648587 2013-01-01 2013-12-31 fsa:RetainedEarningsMember 25648587 2013-01-01 2013-12-31 fsa:SharePremiumMember 25648587 2013-01-01 2013-12-31 fsa:ContributedCapitalMember 25648587 2013-12-31 fsa:ContributedCapitalMember 25648587 2013-12-31 fsa:RetainedEarningsMember 25648587 2013-12-31 fsa:SharePremiumMember iso4217:DKK Regnskabsklasse B 9256541 73034 -469700 8859875 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width=100%><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Tax</b></td></tr><tr><td width="45%" >&nbsp;</td><td width="0%" >&nbsp;</td><td width="32%" align="center" valign="middle" >2013</td><td width="0%" >&nbsp;</td><td width="23%" align="right" valign="middle" >2.012</td></tr><tr><td width="45%" >&nbsp;</td><td width="0%" >&nbsp;</td><td width="32%" colspan="1" align="center" valign="middle" >kr</td><td width="0%" colspan="1" align="center" valign="middle" >&nbsp;</td><td width="23%" colspan="1" align="right" valign="middle" >tkr.</td></tr><tr><td colspan=5>&nbsp;</td></tr><tr><td width="45%" colspan="2" align="left" valign="middle" >Income from the Tax Credit Scheme</td><td width="32%" align="right" valign="middle" >1.250.000</td><td width="0%" >&nbsp;</td><td width="23%" align="center" valign="middle" >0</td></tr><tr><td colspan=5>&nbsp;</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >At the balance sheet date, the Company had a deferred tax asset of DKK 20,151 thousand, which has not been provided for in the financial statements.</td></tr><tr><td colspan=5>&nbsp;</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >No corporation tax has been paid during the financial year. </td></tr><tr><td colspan=5>&nbsp;</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>On 28 June 2004, the Company acquired all the shares in Azign Bioscience A/S, Copenhagen.</td></tr><tr><td /><td /><td /><td>2013</td><td /><td>2.012</td></tr></table> 2013-01-01 2013-12-31 0 -5627539 3932113 453874 -18873402 -10831489 4494 0 3429498 -11466916 -1250000 -10216916 Atonomics A/S 25648587 2000-10-05 Copenhagen Nykredit Bank 2014-05-31 Lars Bangsgaard <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In recent years, Atonomics A/S has developed several diagnostic platforms which are designed for near-patient diagnostic testing in hospitals, at general practitioners and specialists and for home diagnostics testing.</td></tr><tr><td colspan="1">Atolyzer™ performs immuno, enzymatic and molecular diagnostic testing on a drop of blood. The blood is transferred to a small cassette, which is then inserted in the instrument; a few minutes later, the test result is shown on the screen and may be transferred via Wi-Fi to a data management system for medical follow-up.</td></tr><tr><td colspan="1">Atolyzer™ provides test results within 5-15 minutes dependent on the application, which makes the system suitable for diagnosing diseases where rapid test results may be critical to correct therapeutic or other medical treatment.</td></tr><tr><td colspan="1">In 2013, Atonomics completed the verification of its enzymatic diagnostic platform, and the Company will seek regulatory approval of the system in 2014.</td></tr><tr><td colspan="1">In the fall 2013, Atonomics received a capital contribution from a Japanese diagnostics company, which may handle the distribution of the system once it has been approved.</td></tr><tr><td colspan="1">Atonomics has designed a flexible business model in order to be able to enter into various types of agreements. In 2014, Management expects to enter into one or more commercial agreements which will ensure further capital contributions for the financing of the Company's continued development leading to the marketing of its first product and operational profitability.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">In 2013, the Company's development activities resulted in a loss of DKK 10,216,916 after capitalisation of the development costs incurred in the period amounting to DKK 10,831,489.</td></tr><tr><td colspan="3">The Board of Directors proposes that the Company's operating loss should be distributed as follows</td></tr><tr><td>Transferred from previous years</td><td>DKK -70,925,742</td></tr><tr><td>Operating loss for the year</td><td /><td>DKK -10,216,916</td></tr><tr><td>Transferred to next year</td><td>DKK -81,142,658</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Atonomics A/S' Management considers the realised results, both technological and operational, for 2013 very satisfactory.</td></tr><tr><td colspan="1">Atonomics' Management would like to take the opportunity to thank all business partners and employees for the loyalty and cooperation they have shown.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Apart from the information already disclosed, it is the Board of Directors' opinion that no events have occurred after the balance sheet date which may affect the assessment of the financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of Atonomics A/S for the financial year 1 January – 31 December 2013.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2013 and of the results of its operations for the financial year 1 January – 31 December 2013.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2014-05-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditors' report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Atonomics A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditors' report on the financial statements</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We have audited the financial statements of Atonomics A/S for the financial year 1 January – 31 December 2013. The financial statements comprise accounting policies, income statement, balance sheet and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibility for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditors' responsibility</td></tr><tr><td colspan="1">Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.</td></tr><tr><td colspan="1">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our adverse opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Qualification</td></tr><tr><td colspan="1">Basis for adverse opinion</td></tr><tr><td colspan="1">The financial statements are prepared on a going concern basis. The Company has not been able to obtain financing for its future operations and necessary investments in 2014. As a result, it is our opinion that the Company cannot be considered a going concern and that it is not relevant to prepare the financial statements on a going concern basis. In our opinion, the financial statements should reflect that the assets should be recognised at net realisable values and recognition of additional liabilities that may arise. These adjustments are most likely material, but it is not possible for us to determine the monetary effect on the financial statements with a reasonable degree of accuracy.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Adverse opinion</td></tr><tr><td colspan="1">In our opinion, because of the significance of the matter described in the basis for adverse opinion paragraph, the financial statements do not give a true and fair view of the Company's financial position at 31 December 2013 and of the results of its operations for the financial year 1 January – 31 December 2013 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We recommend that the general meeting do not approve the financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any other procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the financial statements.</td></tr></table> Copenhagen 2014-05-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of Atonomics A/S for 2013 has been prepared in accordance with the provisions applying to reporting class B enterprises under the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Pursuant to section 110 of the Danish Financial Statements Act, consolidated financial statements have not been prepared.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be reliably measured.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when an outflow of economic resources is probable and when the liability can be reliably measured.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item.</td></tr><tr><td colspan="1">In recognising and measuring assets and liabilities, any gains, losses and risks occurring prior to the presentation of the annual report that evidence conditions existing at the balance sheet date are taken into account.</td></tr><tr><td colspan="1">Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the year's earnings are recognised, including depreciation, amortisation, impairment losses and provisions as well as reversals as a result of changes in accounting estimates of amounts which were previously recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">Transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and at the date at which the receivable or payable arose is recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Non-current assets acquired in foreign currencies are measured at the exchange rate at the transactions date.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Income in the form of milestone payments is recognised in the income statement when the Company has obtained the right to the milestone payments and provided the income can be reliably measured and is expected to be received.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration ex. VAT and taxes charged on behalf of third parties.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development costs</td></tr><tr><td colspan="1">Development costs comprise wages and salaries, costs and amortisation relating to the Company's development activities.</td></tr><tr><td colspan="1">Development costs are expensed in the year when they are incurred unless they are specific product development costs where there is sufficient assurance that the developed products will generate revenue which can cover both production costs and amortisation of product development costs.</td></tr><tr><td colspan="1">Development costs are amortised from the date when the development work is utilised either through sale of products or in connection with the conclusion of agreements regarding the utilisation of the technology developed in connection with the development work.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external costs</td></tr><tr><td colspan="1">Other external costs comprise costs for distribution, sale, advertising, administration, premises, bad debt losses, operating leases, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. Refunds received from public authorities are deducted from staff costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expense, realised and unrealised gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.</td></tr><tr><td colspan="1">Dividend from investments in subsidiaries is recognised as income in the financial year when the dividend is declared.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year comprises current tax for the year and changes in deferred tax. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. The tax expense recognised in the income statement relating to the extraordinary profit/loss for the year is allocated to this item whereas the remaining tax expense is allocated to the profit/loss for the year from ordinary activities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Product development costs are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="1">Costs for leasehold improvements are recognised at cost less accumulated amortisation. Costs are amortised on a straight-line basis over a period of 5 years.</td></tr><tr><td colspan="1">Rights, patents and licences are measured at cost less accumulated amortisation. Patents are amortised over the remaining patent period, and rights and licences are amortised over the contract period, although not exceeding five years.</td></tr><tr><td colspan="1">Rights and licences are amortised from the date when the rights and licences are utilised either though sale of products or in connection with the conclusion of agreements regarding the utilisation of the technology developed in connection with the development work.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation.</td></tr><tr><td colspan="2">The basis of depreciation is cost less expected residual value at the end of the useful life.</td></tr><tr><td colspan="2">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td colspan="2">Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are as follows</td></tr><tr><td>Plant and machinery</td><td>5 years</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>5-7 years</td></tr><tr><td>Cars</td><td>3 years</td></tr><tr><td colspan="2">Property, plant and equipment are written down to their recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="2">Gains or losses on the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">Investments in subsidiaries and associates are measured at the proportionate share of the enterprises' net asset value determined based on the parent company's accounting policies. Net revaluation of investments in subsidiaries and associates is transferred to the reserve for net revaluation in equity according to the equity method to the extent that the carrying amount exceeds acquisition cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost. Write-down is made for bad debt losses after an individual assessment of receivables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise costs incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity – dividends</td></tr><tr><td colspan="1">Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.</td></tr><tr><td colspan="1">Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. Where alternative tax rules can be applied to determine the tax base, e.g. regarding shares, deferred tax is measured based on the planned use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width=100%><tr><td width="100%" colspan="2" align="left" valign="middle" >Noter</td></tr><tr><td width="50%" >&nbsp;</td><td width="50%" colspan="1" align="left" valign="middle" >Development costs</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Development costs comprise the purchase of chemicals, reagents, licences and rights as well as small apparatuses used for the biological development of the selected disease applications. In addition, development costs comprise expenses for the entities and business partners with which Atonomics A/S develops the biosensor instrument. Moreover, expenses for patenting are also included in development costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width=100%><tr><td width="50%" >&nbsp;</td><td width="50%" colspan="1" align="left" valign="middle" >Development costs (balance)</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >In 2013, the Company continued its work on developing its biosensor technology, which is expected to generate income during 2015.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The objective of the Company is to develop applications for diagnosing various diseases; partly in cooperation with diagnostics companies and partly own applications.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >In 2014, it is the goal to make the Atolyzer instrument operational so that it will be ready for production in the end of 2015. Clinical tests will commence in July 2014 in cooperation with the Company's development partners.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Considering the Company's utilisation prospects, the costs incurred during the period for raw materials, wages and salaries and depreciation on laboratory equipment, etc., have been capitalised and will be amortised over the useful life of the product; however, not exceeding five years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Company's share capital comprises 78,299,495 shares of EUR 0.05 each, totalling EUR 3,914,975, corresponding to DKK 29,158,247.</td></tr><tr><td colspan="1">At the general meetings on 31 December 2002 and 24 March 2003, it was decided to issue warrants for the subscription of A shares in the Company at specified terms. At the same time, the general meetings made a decision as to the cash capital increase related to the warrants amounting to nom. EUR 28,750.</td></tr><tr><td colspan="1">At 31 December 2012, 575,000 warrants had been issued for the subscription of A shares, of which no warrants have been exercised to subscribe for shares in the Company.</td></tr><tr><td colspan="1">No consideration has been paid for the warrants.</td></tr><tr><td colspan="1">The warrants may be exercised from 31 December 2003 to 31 December 2025.</td></tr><tr><td colspan="1">The subscription price has been determined at 100.</td></tr><tr><td colspan="1">At the general meeting on 6 December 2005, it was decided to issue warrants for the subscription of B shares in the Company at specified terms. At the same time, the general meetings made a decision as to the cash capital increase related to the warrants amounting to nom. EUR 11,500.</td></tr><tr><td colspan="1">At 31 December 2013, 50,000 warrants had been issued for the subscription of B shares, of which no warrants have been exercised to subscribe for shares in the Company.</td></tr><tr><td colspan="1">No consideration has been paid for the warrants.</td></tr><tr><td colspan="1">The warrants may be exercised from 31 December 2007 to 31 December 2015.</td></tr><tr><td colspan="1">The subscription price has been determined at 460.</td></tr></table> 6876035 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width=100%><tr><td width="50%" >&nbsp;</td><td width="50%" colspan="1" align="left" valign="middle" >Related parties</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the share capital:</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >PeTeL Holding A/S, Willemoesgade 54, DK-2100 Copenhagen Ø</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Neurosearch A/S, Pederstrupvej 93, DK-2750 Ballerup</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Sunstone Capital A/S, Lautrupsgade 7, 5, DK-2200 Copenhagen</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Inventages Venture Capital Investments Inc., Wintherbotham Place, Marlborough & Queen Streets, P.O. Box N-3026, Nassau, the Bahamas</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Beckman Coulter, Inc. 250 South Kraemer Boulevard, Brea CA 92821, USA</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width=100%><tr><td width="50%" >&nbsp;</td><td width="50%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Apart from the information already disclosed in the financial statements, the Company has not assumed any liabilities other than what is normal in the industry.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width=100%><tr><td width="50%" >&nbsp;</td><td width="50%" colspan="1" align="left" valign="middle" >Mortgages and collateral</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Intangible assets with a carrying amount of DKK 11,175 thousand out of the total carrying amount at 31 December 2013 of development costs of DKK 143,914 thousand have been provided as collateral for a convertible loan of DKK 16,998 thousand.</td></tr></table> Årsrapport 30700228 KPMG Englandsgade 25 5100 Odense C Revisionspåtegning 12940000 116000 -248000 12808000 0 -5402000 5040000 621000 -23871000 -14543000 -64000 3000 2851000 -12240000 0 -12240000 133082739 118539000 10831489 14544000 143914229 133083000 109234 85618 109000 77000 0 7872 0 8000 109234 93490 15744 109000 85000 24000 4656925 3487041 4595000 2874000 78630 446003 62000 613000 4735555 3933044 802511 4657000 3487000 1170000 1153404 -506321 1153000 -442000 4494 -64000 -501827 651577 -506000 647000 143914229 143914229 15744 802511 818255 651577 651577 145384060 7119 160942 168061 5487885 5655945 151040006 29158247 183082023 -81142658 131097612 16997641 1687609 0 1257144 19942394 19942394 151040006 133083000 133083000 24000 1170000 1193000 647000 647000 134923000 0 163000 163000 15756000 15919000 150842000 28584000 176207000 -70926000 133865000 13544000 1567000 116000 1751000 16978000 16978000 150842000 Ashok Dhanrajgir formand Melanie Weikert Julian Pieters Jørgen Drejer Thomas Warthoe KPMG Statsautoriseret Revisionspartnerselskab Torben Kristensen State Authorised Public Accountant 28583707 -70925742 176206563 133864528 0 -10216916 6875460 575 29158247 -81142658 183082023