28295200 2017-01-01 2017-12-31 28295200 2017-01-01 2017-12-31 0 28295200 2017-01-01 2017-12-31 0 28295200 2017-01-01 2017-12-31 1 28295200 2017-01-01 2017-12-31 2 28295200 2017-01-01 2017-12-31 3 28295200 2017-01-01 2017-12-31 4 28295200 2017-01-01 2017-12-31 5 28295200 2017-01-01 2017-12-31 0 28295200 2017-01-01 2017-12-31 1 28295200 2016-01-01 2016-12-31 28295200 2017-12-31 28295200 2016-12-31 28295200 2017-01-01 2017-12-31 0 28295200 2016-01-01 2016-12-31 1 28295200 2017-01-01 2017-12-31 0 28295200 2016-01-01 2016-12-31 1 28295200 2017-01-01 2017-12-31 0 28295200 2016-01-01 2016-12-31 1 28295200 2017-01-01 2017-12-31 2 28295200 2016-01-01 2016-12-31 3 28295200 2017-01-01 28295200 2016-01-01 iso4217:USD 2017-01-01 2017-12-31 Welltec Holding ApS GYDEVANG 25 3450 ALLERØD DENMARK 28295200 +45 48 14 35 14 +45 48 14 35 18 www.welltec.com welltecinfo@welltec.com Allerød, Denmark 2018-06-05 Martin Skovbjerg <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 MANAGEMENT ON THE ANNUAL 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">We have today considered and approved the annual report of Welltec Holding ApS for the financial year January 1, 2017 to December 31, 2017.</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 financial statements have been prepared in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statement 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 December 31, 2017 and of the results of its operations and cash flows for the financial year January 1, 2017 to December 31, 2017.</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 management commentary contains a fair review of the affairs and conditions referred to therein.</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 the annual report for adoption at the Annual General Meeting.</td></tr></table> Allerød 2018-06-05 <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 AUDITOR’S REPORTS</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 shareholder of Welltec Holding ApS</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">Opinion</td></tr><tr><td colspan="1">In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2017, and of the results of the Company’s operations and cash flows for the financial year 1 January - 31 December 2017 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of Welltec Hold- ing ApS for the financial year 1 January - 31 December 2017, which comprise statement of comprehensive income, statement of financial position, statement of cash flows, statement of changes in equity and notes, including a summary of signifcant accounting policies (“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">Basis for Opinion</td></tr><tr><td colspan="1">We 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’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulflled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is suffcient and appropriate to provide a basis for our 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">Statement on Management Commentary</td></tr><tr><td colspan="1">Management is responsible for the Management Commentary.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management Commentary, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management Commentary and, in doing so, consider whether the Management Commentary is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management Commentary provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, the Management Commentary is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in the Management Commentary.</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 Responsibilities 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 International Financial Reporting Standards as adopted by the EU and further requirements in 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.</td></tr><tr><td colspan="1">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 to cease operations, or has no realistic alternative but to do so.</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">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">· 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 suffcient 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.</td></tr><tr><td colspan="1">· 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.</td></tr><tr><td colspan="1">· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">· 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 signifcant 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.</td></tr><tr><td colspan="1">· 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.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and signifcant audit fndings, including any signifcant defciencies in internal control that we identify during our audit.</td></tr></table> Copenhagen 2018-06-05 4000 -4000 0 12570000 -12574000 -849000 -11725000 -11725000 -331000 103000 -83000 -149000 49000 14000 100000 0 Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2016-01-01 2016-12-31 Revisionspåtegning Jørgen Hallundbæk Chief Executive Offcer Jørgen Hallundbæk Chairman John Haukvik Alasdair Geddes Shiach Michael Bricker Enrico Vellano Niels Harald De Coninck-Smith PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Mikkel Sthyr State Authorized Public Accountant mne26693 Tue Stensgaard Sørensen State Authorized Public Accountant mne32200 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 5000 -5000 2175000 3273000 -1103000 -188000 -915000 -915000 -1098000 2000 -28000 -1071000 1169000 0 -98000 0 117305000 117305000 766000 0 766000 0 766000 118071000 46790000 -7755000 39035000 77479000 77479000 0 1555000 2000 1557000 79036000 118071000 0 117305000 117305000 0 0 0 0 0 117305000 46790000 3856000 50646000 65205000 65205000 0 1452000 2000 1454000 66659000 117305000 0 Operating loss (EBIT) -4000 Operating loss (EBIT) -5000 Other Investments 49000 Other Investments 1169000 Purchase of own shares -80000 Purchase of own shares -98000 Sale of own shares 194000 Sale of own shares 0 0 0