Årsrapport32285201Martinsen, Statsautoriseret RevisionspartnerselskabØster Allé, 422100, København Ø2017-01-012017-10-312017-11-012018-10-312019-02-2727398987QuantumWise ApSFruebjergvej32100KøbenhavnKøbenhavnMartinsen, Statsautoriseret Revisionspartnerselskab32285201Michael Marseenstatsautoriseret revisormne32165Øster Allé422100København ØDanmark35 38 48 882019-02-27Orla Anne MurphyRegnskabsklasse BRevisionspåtegningkapitalejerenKøbenhavn2019-02-27København2019-02-271455909924692359489313531428188947770987400126200055799762312809650-297124306416357242707266060355405-1379675230985678-16953251152559-12101431798331190182000000-1210143-2166881098767098767070226650022665703254240234197779052545222077013127623704201698635335323450435293923349327981292586239437150129258623976257406185086185086051431815286018200000012236511844337947831060000394996110418664740511771040189020668935553287806893555328780129258623976257477276771298305285499744685034271530153144087989728931353142818891528726606035540572660603554059522469522468534784777090124859062959062959062900590629-1718717-14215930-297124171871700-1718717011280950112809507618508511500010700861850861850818152862370315-1210143-216688101611852605143181528618200000040000018200000040000001820000000182000000The managing director has today presented the annual report of QuantumWise ApS for the financial year 1 November 2017 to 31 October 2018. The annual report has been presented in accordance with the Danish Financial Statements Act. I consider the accounting policies used appropriate, and in my opinion the annual accounts provide a true and fair view of the company's assets and liabilities and its financial position at 31 October 2018 and of the company's results of its activities in the financial year 1 November 2017 to 31 October 2018. I am of the opinion that the management's review includes a fair description of the issues dealt with. The annual report is recommended for approval by the general meeting. Orla Anne MurphyWe have audited the annual accounts of QuantumWise ApS for the financial year 1 November 2017 to 31 October 2018, which comprise accounting policies used, profit and loss account, balance sheet and notes. The annual accounts are prepared in accordance with the Danish Financial Statements Act. In our opinion, the annual accounts give a true and fair view of the company's assets, liabilities and financial position at 31 October 2018 and of the results of the company's operations for the financial year 1 November 2017 to 31 October 2018 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with international standards on auditing and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the below section “Auditor’s responsibilities for the audit of the annual accounts”. We are independent of the company in accordance with international ethics standards for accountants (IESBA's Code of Ethics) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these standards and requirements. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of matter We draw attention to the section "Going concern" under Accounting policies used. The section describes the companys likely liquidation next year, and change of accounting policies as a result hereof. Our opinion is not qualified in respect of this matter. The management is responsible for the preparation of annual accounts that give a true and fair view in accordance with the Danish Financial Statements Act. The management is also responsible for such internal control as the management determines is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, the management is responsible for evaluating the company's ability to continue as a going concern, and, when relevant, disclosing matters related to going concern and using the going concern basis of accounting when preparing the annual accounts, unless the management either intends to liquidate the company or to cease operations, or if it has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report including an opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with international standards on auditing and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements may arise due to fraud or error and may be considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions made by users on the basis of the annual accounts. As part of an audit conducted in accordance with international standards on auditing and the additional requirements applicable in Denmark, we exercise professional evaluations and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement in the annual accounts, whether due to fraud or error, design and perform audit procedures in response 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 the risk of not detecting a misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of the 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 by the management and the reasonableness of accounting estimates and related disclosures made by the management. Conclude on the appropriateness of the management’s preparation of the annual accounts being based on the going concern principle and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may raise significant doubt about 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 annual accounts 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 annual accounts, including the disclosures in the notes, and whether the annual accounts reflect 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 the internal control that we identify during our audit. Statement on the management's review The management is responsible for the management's review. Our opinion on the annual accounts does not cover the management’s review, and we do not express any kind of assurance opinion on the management's review. In connection with our audit of the annual accounts, our responsibility is to read the management’s review and in that connection consider whether the management’s review is materially inconsistent with the annual accounts or our knowledge obtained during the audit, or whether it otherwise appears to contain material misstatement. Furthermore, it is our responsibility to consider whether the management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we believe that the management's review is in accordance with the annual accounts and that it has been prepared in accordance with the requirements of the Danish Financial Statement Acts. We did not find any material misstatement in the management's review. The principal activities of the company During September 2017 the company was acquired by Synopsys International Limited, a company registered in Ireland. Since then the principal activity of the company is the provision of marketing and development activities on behalf of the parent company, Synopsys International Limited. Development in activities and financial matters The gross profit for the year is DKK 14.559.099 against DKK 246.923.594 last year. The results from ordinary activities after tax are DKK -1.210.143 against DKK 179.833.119 last year. The management considers the results as expected due to the circumstances. By the end of the year, QuantumWise ApS sold the last fixed assets and workforce in place. It is the company's expectation, that the it will disolve within the next financial year. The result is significantly affected by exchange rate differences. The annual report for QuantumWise ApS is presented in accordance with those regulations of the Danish Financial Statements Act concerning companies identified as class B enterprises. Furthermore, the company has chosen to comply with some of the rules applying for class C enterprises. The accounting policies used are unchanged compared to last year, and the annual accounts are presented in Danish kroner (DKK). Going concern Assets and liabilities are measured at realisable values, as a result of the company's likely liquidation next year. Consequently, the measurements of assets and liabilities are not comparable with last year's measurements. Recognition and measurement in general Income is recognised in the profit and loss account concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs, these including depreciation, amortisation, writedown, provisions, and reversals which are due to changes in estimated amounts previously recognised in the profit and loss account are recognised in the profit and loss account. Assets are recognised in the balance sheet when the company is liable to achieve future, financial benefits and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the company is liable to lose future, financial benefits and the value of the liability can be measured reliably. At the first recognition, assets and liabilities are measured at cost. Later, assets and liabilities are measured as described below for each individual accounting item. At recognition and measurement, such predictable losses and risks are taken into consideration, which may appear before the annual report is presented, and which concerns matters existing on the balance sheet date. Translation of foreign currency Transactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. Debtors, creditors, and other monetary items in foreign currency are translated by using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or the recognition in the latest annual accounts of the amount owed or the liability is recognised in the profit and loss account under financial income and expenses. Direct costs includes royalty payments. Other operating income comprise accounting items of secondary nature in proportion to the principal activities of the enterprise, including gains on disposal of intangible and tangible fixed assets. Other external costs comprise costs for distribution, sales, advertisement, administration, premises, loss on debtors, and operational leasing costs. Staff costs Staff costs include salaries and wages including holiday allowances, pensions and other costs for social security etc. for staff members. Staff costs are less public reimbursements. Depreciation, amortisation and writedown Depreciation, amortisation and writedown comprise depreciation on, amortisation of and writedown relating to intangible and tangible fixed assets respectively. Net financials Net financials comprise interest, realised and unrealised capital gains and losses concerning financial assets and liabilities, amortisation of financial assets and liabilities, additions and reimbursements under the Danish tax prepayment scheme, etc. Financial income and expenses are recognised in the profit and loss account with the amounts that concerns the financial year. Results from equity investments in group enterprises After full elimination of intercompany profit or loss and deduction of amortisation of consolidated goodwill, the equity investment in the individual group enterprises are recognised in the profit and loss account at a proportional share of the group enterprises' results after tax. Tax of the results for the year The tax for the year comprises the current tax for the year and the changes in deferred tax, and it is recognised in the profit and loss account with the share referring to the results for the year and directly in the equity with the share referring to entries directly on the equity. The company is subject to the Danish legislation concerning compulsory joint taxation with the Danish group enterprises. The current Danish corporate tax is allocated among the jointly taxed companies in proportion to their respective taxable income (full allocation with reimbursement of tax losses). Tangible fixed assets Tangible fixed assets are measured at cost with deduction of accrued depreciation and writedown. The basis of depreciation is cost with deduction of any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the book value, the amortisation discontinues. If the amortisation period or the residual value is changed, the effect on amortisation will in the future be recognised as a change in the accounting estimates. The cost comprises the acquisition cost and costs directly attached to the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing. Depreciation takes place on a straight line basis and based on an evaluation of the expected useful life: Other plants, operating assets, fixtures and furniture Useful life 3-5 years Minor assets with an expected useful life of less than 1 year are recognised as costs in the profit and loss account in the year of acquisition. Profit or loss deriving from the sales of tangible fixed assets is measured as the difference between the sales price reduced by the selling costs and the book value at the time of the sale. Profit or losses are recognised in the profit and loss account as other operating income or other operating expenses. Leasing contracts Payments in connection with operational leasing and other rental agreements are recognised in the profit and loss account over the term of the contract. The company's total liabilities concerning operational leasing and rental agreements are recognised under contingencies etc. Writedown of fixed assets The book values of both intangible and tangible fixed assets as well as equity investments in subsidiaries and associated enterprises are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets respectively. Writedown takes place to the recoverable amount, if this value is lower than the book value. The recoverable value is equal to the value of the net selling price or the value in use, whichever is higher. The value in use is determined as the present value of the expected net cash flow deriving from the use of the asset or the group of assets. Equity investments in group enterprises Equity investments in group enterprises are recognised in the balance sheet at a proportional share under the equity method, the value being calculated on the basis of the accounting policies of the parent company by the deduction or addition of unrealised intercompany profits and losses, and with the addition or deduction of residual value of positive or negative goodwill measured by applying the acquisition method. Group enterprises and associated enterprises with negative equity are recognised without any value, and to the extent they are considered irrevocable, amounts owed by these companies are written down by the parent's share of the equity. If the negative equity exceeds the debtors, the residual amount is recognised under liability provisions to the extent the parent has a legal or actual liability to cover the negative equity of the subsidiary. To the extent the equity exceeds the cost, the net revaluation of equity investments in group enterprises are transferred to the reserves under the equity for net revaluation as per the equity method. Dividends from group enterprises expected to be decided before the approval of this annual report are not subject to a limitation of the revaluation reserves. The reserves are adjusted by other equity movements in group enterprises. Newly taken over or newly established companies are recognised in the annual accounts as of the time of acquisition. Sold or liquidated companies are recognised at the time of cession. Profit or loss in connection with the sale of group enterprises are measured as the difference between the sales amount and the book value of net assets at the time of the sale, inclusive of remaining consolidated goodwill and expected costs for sale and cession. Profit and loss are recognised in the profit and loss account under net financials. In connection with the acquisition of new group enterprises and associated enterprises, the acquisition method is applied, by which the acquirees' assets and liabilities are measured at fair value at the time of acquisition. Provisions for payment of costs for decided restructuring activities in the acquirees in relation to the acquisition are recognised. The tax effect of the revaluations carried out is taken into consideration. Positive differences (goodwill) between cost and fair value of identifiable, acquired assets and liabilities, inclusive of liability provisions for restructuring, are recognised under equity investments in group enterprises, and they are amortised over their estimated useful life. The useful life is determined on the basis of the management's experience with the individual business areas. The amortisation period is maximum 20 years, being the longer for strategical acquirees with a strong market position and a long-range earnings potential. The book value of goodwill is evaluated currently and written down in the profit and loss account in those cases where the book value exceeds the expected future net income from the enterprise or the activity, to which the goodwill is attached. Debtors Debtors are measured at amortised cost which usually corresponds to face value. In order to meet expected losses, writedown takes place at the net realisable value. Accrued income and deferred expenses Accrued income and deferred expenses recognised under assets comprise incurred costs concerning the next financial year. Available funds Available funds comprise cash at bank and in hand. EquityDividend Dividend expected to be distributed for the year is recognised as a separate item under the equity. Proposed dividend is recognised as a liability at the time of approval by the general meeting (the time of declaration). Corporate tax and deferred tax Current tax receivable and tax liabilities are recognised in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on previous years' taxable income and prepaid taxes. Tax receivable and tax liabilities are set off to the extent that legal right of set-off exists and if the items are expected to be settled net or simultaneously. According to the rules of joint taxation, QuantumWise ApS is unlimited, jointly and severally liable towards the Danish tax authorities for the total corporation tax, including withholding tax on interest, royalties and dividends, arising within the jointly taxed group of companies. Deferred tax is measured on the basis of all temporary differences in assets and liabilities with a balance sheet focus. Deferred tax assets, including the tax value of tax losses eligible for carry-over, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Deferred tax is measured based on the tax rules and tax rates applying under the legislation on the balance sheet date and prevailing when the deferred tax is expected to be released as current tax. Liabilities Other liabilities are measured at amortised cost which usually corresponds to the nominal value. 1. Uncertainties concerning the enterprise's ability to continue as a going concern Engelsk tekst (fra ledelsesberetning) her. 10. Contingencies Joint taxation Synopsys Denmark ApS, company reg. no 25600568 being the administration company, the company is subject to the Danish scheme of joint taxation and unlimited jointly and severally liable with the other jointly taxed companies for the total corporation tax. The company is unlimited jointly and severally liable with the other jointly taxed companies for any obligation to withhold tax on interest, royalties and dividends. The total tax payable under the joint taxation amounts to DKK 0 thousand. Any subsequent adjustments of corporate taxes or withheld taxes etc. may cause changes in the company's liabilities. 273989872017-11-012018-10-31273989872017-01-012017-10-31273989872017-10-31273989872018-10-31273989872017-11-012018-10-311273989872017-11-012018-10-311273989872017-11-012018-10-31e:ProposedDividendRecognisedInEquityMember273989872017-01-012017-10-31e:ProposedDividendRecognisedInEquityMember273989872017-11-012018-10-31e:RetainedEarningsMember273989872017-01-012017-10-31e:RetainedEarningsMember273989872017-11-01e:FixturesFittingsToolsAndEquipmentMember273989872017-11-012018-10-31e:FixturesFittingsToolsAndEquipmentMember273989872017-11-01e:InvestmentsInGroupEnterprisesMember273989872017-01-01e:InvestmentsInGroupEnterprisesMember273989872017-11-012018-10-31e:InvestmentsInGroupEnterprisesMember273989872017-01-012017-10-31e:InvestmentsInGroupEnterprisesMember273989872018-10-31e:InvestmentsInGroupEnterprisesMember273989872017-10-31e:InvestmentsInGroupEnterprisesMember273989872017-11-01e:ContributedCapitalMember273989872017-11-012018-10-31e:ContributedCapitalMember273989872018-10-31e:ContributedCapitalMember273989872017-11-01e:RetainedEarningsMember273989872017-11-012018-10-31e:RetainedEarningsMember273989872018-10-31e:RetainedEarningsMember273989872017-11-01e:ProposedDividendRecognisedInEquityMember273989872017-11-012018-10-31e:ProposedDividendRecognisedInEquityMember273989872018-10-31e:ProposedDividendRecognisedInEquityMember273989872017-01-01e:ContributedCapitalMember273989872017-01-012017-10-31e:ContributedCapitalMember273989872017-10-31e:ContributedCapitalMember273989872017-01-01e:RetainedEarningsMember273989872017-01-012017-10-31e:RetainedEarningsMember273989872017-10-31e:RetainedEarningsMember273989872017-01-01e:ProposedDividendRecognisedInEquityMember273989872017-01-012017-10-31e:ProposedDividendRecognisedInEquityMember273989872017-10-31e:ProposedDividendRecognisedInEquityMemberiso4217:DKKxbrli:pure