24257185 2022-01-01 2022-12-31 24257185 2022-01-01 2022-12-31 1 24257185 2022-01-01 2022-12-31 2 24257185 2022-12-31 24257185 2021-01-01 2021-12-31 24257185 2021-12-31 24257185 2020-01-01 2020-12-31 24257185 2020-12-31 24257185 2019-01-01 2019-12-31 24257185 2019-12-31 24257185 2018-01-01 2018-12-31 24257185 2018-12-31 24257185 2020-12-31 fsa:ContributedCapitalMember 24257185 2021-01-01 2021-12-31 fsa:ContributedCapitalMember 24257185 2021-12-31 fsa:ContributedCapitalMember 24257185 2020-12-31 fsa:RetainedEarningsMember 24257185 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 24257185 2021-12-31 fsa:RetainedEarningsMember 24257185 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 24257185 2022-12-31 fsa:ContributedCapitalMember 24257185 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 24257185 2022-12-31 fsa:RetainedEarningsMember 24257185 2022-01-01 2022-12-31 1 24257185 2022-01-01 2022-12-31 1 24257185 2022-01-01 2022-12-31 2 24257185 2022-01-01 2022-12-31 3 iso4217:DKK xbrli:pure Søren Justesen Hellerup Søren Justesen Claus Hansen Naveed Iqbal Siddiqi Søren Justesen Chair Management’s StatementThe Executive Management and Board of Directors have today considered and adopted the Annual Report of Novo Ventures 1 P/S for the financial year 1 January – 31 December 2022. The Annual Report has been prepared in accordance with the Danish Financial Statements Act.In our opinion the Financial Statements give a true and fair view of the Company's financial position at 31 December 2022 and of the result of the Company's operations for the financial year 1 January - 31 December 2022. In our opinion, Management’s Review includes a true and fair view of the matters included in the Management’s Review. We recommend that the Annual Report be adopted at the Annual General Meeting. Independent Auditor's Report To the shareholder of Novo Ventures 1 P/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022, and of the results of the Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Novo Ventures 1 P/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“Financial Statements”). Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International 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 and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management's ReviewManagement is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review 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 in Management’s Review. Management’s Responsibilities for the Financial StatementsManagement 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or cease operations, or has no realistic alternative to do so. Auditor’s Responsibilities for the Audit of the Financial StatementsOur 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 requitements applicable in Denmark, we exercise professional judgment and maintain professional skepticism 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 Company’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 Company’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 Company to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, 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. Hellerup Tue Stensgård Sørensen Elife Savas State Authorised Public Accountant State Authorised Public Accountant Novo Ventures 1 P/S Tuborg Havnevej 19 2900 Hellerup Denmark 3527 6500 Gentofte Kommune PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup Management’s ReviewThe main activities of the CompanyNovo Ventures 1 P/S is 100% owned by Novo Holdings A/S, Hellerup.The Company's purpose is to buy and hold shares.During the year, the Company has made investments in the form of payments to funds in accordance with previously concluded agreements for calling capital from the participants, just as the Company has received distributions during the year.It is not considered that the Company affects the external environment.The Company has changed from an A/S to a P/S as of 31 August 2022.Financial ResultsThe valuation of the underlying investments has been made with the value reported by the respective portfolio funds. A significant proportion of this is illiquid assets, where the valuation is mainly based on accounting estimates and may thus be subject to a certain degree of uncertainty. Based on the funds' reports and on the basis of the ongoing contacts the Company has with the funds, Management considers the valuation to be fair.The Company's income statement for 2022 shows a loss of TDKK 143,972, and the Company's balance sheet as of 31 December 2022 shows equity of TDKK 939,225. Management considers the result to be unsatisfactory.Future results will have to be seen taking into account specific conditions in the individual investments and the general economic development. For the coming financial year, Management expects a positive result of approx. TDKK 10,000. The comparative figures for 2021 have been restated due to a correction of a misstake. The impact of the restatement on the result before tax for 2021 amounts to TDKK 117,898 and TDKK 91,960 after tax. The increase on total equity amounts to TDKK 91,960 as of 31 December 2021. Financial supportNovo Holdings A/S will only demand payment of its receivables if the Company has sufficient liquidity for this. This is valid until and including 31 December 2023. Furthermore, Novo Holdings A/S will provide capital on demand, so the Company is fully enabled to fulfill its contractual obligations related to the investments in portfolio companies. Novo Holdings A/S also guarantees for the payment of the Company's taxes within the joint taxation. This guarantee is vald until and including 31 December 2023.Events after the balance sheet dateThere have been no events after the balance sheet date which would have a significant impact on the assessment of Company's financial position as of 31 December 2022. -97000 -69000 -117000 -66000 -61000 -159917000 -23441000 520534000 327664000 -28497000 -143972000 -18338000 405925000 255526000 -22297000 939225000 1083197000 921254000 515329000 259803000 2005026000 2040112000 2077272000 1477268000 1041541000 0.47 0.53 0.44 0.35 0.25 0 0 0 0 0 For definitions of key figures, please refer to Note 1 – Accounting policiesShare capital consists of 22,415 shares with a value of DKK 1,000 per share. No shares are assigned special rights.There has been no changes in the share capital in the last 5 years. -97000 -69000 -182423000 37630000 86759000 784000 64253000 61855000 -160014000 -23510000 -16042000 -5172000 -143972000 -18338000 726028000 2034940000 1278887000 0 2004915000 2034940000 0 5172000 111000 0 111000 5172000 22415000 22415000 916810000 1060782000 9895000 0 1055808000 956844000 98000 71000 1065801000 956915000 1065801000 956915000 2005026000 2040112000 22415000 898839000 0 180281000 180281000 0 -110298000 22415000 968822000 0 -143972000 22415000 916810000 Cash flow statementPursuant to section 86.4 of the Danish Financial Statements Act the Company does not present a cash flow statement. The Annual Report of Novo Ventures 1 P/S has been prepared in accordance with the requirement of the Danish Financial Statements Act reporting class C. Translation of foreign currenciesForeign currency transactions are translated using the exchange rates prevailing at the transactions dates. Foreign exchange gains and losses, resulting from the settlement of such transactions and from the translation at year-end exchange rates of monetary assets and liabilities, are recognised in theincome statement. Other operating costsOther operating costs comprises of operating costs related to the company's activities. Result of investments in portfolio companiesResult of investments in portfolio companies includes value adjustments and dividends received, is included in the profit and loss in the year the dividend is distributed. Other financial incomeFinancial income comprise interest and realised and unrealised foreign currency translations adjustments and other financial income. Interests is included in the profit and loss with the amountrelated to the current financial year, regardless of due date. Other financial costsFinancial costs comprise interest and realised and unrealised foreign currency translations adjustments and other financial costs. Interests is included in the profit and loss with the amountrelated to the current financial year, regardless of due date. Income taxesThe tax expense for the period comprises current and deferred tax and interests. The company is jointly taxed with Novo Holdings A/S. The tax for the individual companies is allocated in full on the basis of the expected taxable income. Current tax on net result for 2022 relates to the financial period 1 January - 31 August 2022 as the Company has changed from being an A/S to a P/S.The comparative figures for 2021 have been restated due to a correction of a misstake. The impact of the restatement on the result before tax for 2021 amounts to TDKK 117,898 and TDKK 91,960 after tax. The increase on total equity amounts to TDKK 91,960 as of 31 December 2021. The Annual Report is presented in TDKK. Tax and deferred taxTax payable/receivable includes tax payable computed based on the expected taxable income for the year. Deferred tax is measured according to the balance sheet method for all temporary differences between the carrying amount and tax value of assets and liabilities, where the tax value of the assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax value of tax loss carryforwards, are included in the balance sheet at the value at which the asset at which the asset can be expected to be realized, either by off-setting towards the deferred tax liabilities or as net tax assets.Financial assetsInvestments in portfolio companies are recognised at fair value. ReceivablesReceivables are measured at amortized cost. An impairment loss are recognized if there is objective evidence that a receviable or a group of receviables is impaired.Financial liabilitiesFinancial liabilities are stated at amortised cost unless specifically mentioned otherwise. true Note 2 Events after the balance sheet dateThere have been no events after the balance sheet date which would have a significant impact on the assessment of Company' financial position as of 31 December 2022. Note 3 Number of employeesThe management do not receive remuneration. Note 4 Other financial incomeRealised and unrealised gain/loss currency38,504 784 Interest income from group companies48,255 - 86,759 784 Note 5 Other financial expensesInterest expenses to group companies64,248 61,848 Bank fees5 7 64,253 61,855 Note 6 Tax on net result for the yearCurrent tax net loss for the year 11,668 5,172 Adjustment to prior years 4,374 - Total tax on net result for the year 16,042 5,172 Current tax on net result for 2022 relates to the financial period 1 January - 31 August 2022 as the Company has changed from being an A/S to a P/S. Note 7 Investments in portfolio companiesCost at 1 January 1,118,655 1,079,305 Investments during the year 106,808 89,787 Divestments during the year -676,378 -50,437 Cost at 31 December 549,085 1,118,655 Value adjustments at 1 January 916,285 992,288 Market value adjustments -209,682 -76,004 Divestments during the year -529,660 - Value adjustments at 31 December 176,943 916,285 Carrying amount at 31 December 726,028 2,034,939 Note 8 Contingent obligationsContractual obligations related to Investments in portfolio companies 377,709 441,960The Company is jointly taxed with the Danish companies in the Group, which are included in the joint taxation of the parent company, Novo Holdings A/S. The joint taxation also covers withholding taxes in the form of dividend tax, royalty tax and interest tax. The Danish companies are jointly and individually liable for the joint taxation. Any subsequent adjustments to income taxes and withholding taxes may lead to a larger liability. Note 9 Related Parties and ownershipGrundlagOwnershipNovo Nordisk Fonden, Tuborg Havnevej 19, 2900 Gentofte Ultimate ownerNovo Holdings A/S, Tuborg Havnevej 19, 2900 Gentofte Sole ShareholderRelated partiesClaus Hansen Board memberNaveed Iqbal Siddiqi Board memberSøren Justesen Director, Board memberTransactionsNo transactions have been concluded with the Board of Directions, Management or other related parties. Note 10 Financial supportNovo Holdings A/S will only demand payment of its receivables if the Company has sufficient liquidity for this. This is valid until and including 31 December 2023. Furthermore, Novo Holdings A/S will provide capital on demand, so the Company is fully enabled to fulfill its contractual obligations related to the investments in portfolio companies. Novo Holdings A/S also guarantees for the payment of the Company's taxes within the joint taxation. This guarantee is vald until and including 31 December 2023. Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-29 Reporting class C, medium-size enterprise 24257185 1996-06-01 2023-06-29 24257185 Novo Ventures 1 P/S Tuborg Havnevej 19 2900 Hellerup Opinion Basis for Opinion 2023-06-29 mne32200 33771231 mne34453