28295200 2018-01-01 2018-12-31 28295200 2018-01-01 2018-12-31 0 28295200 2018-01-01 2018-12-31 0 28295200 2018-01-01 2018-12-31 1 28295200 2018-01-01 2018-12-31 2 28295200 2018-01-01 2018-12-31 3 28295200 2018-01-01 2018-12-31 4 28295200 2018-01-01 2018-12-31 5 28295200 2017-01-01 2017-12-31 28295200 2018-12-31 28295200 2017-12-31 28295200 2018-01-01 2018-12-31

28295200 2017-01-01 2017-12-31

28295200 2018-01-01 2018-12-31 0 28295200 2018-01-01 2018-12-31 1 iso4217:DKK 2018-01-01 2018-12-31 Welltec Holding ApS Gydevang 25 3450 Allerød +45 48 14 35 14 +45 48 14 35 18 www.welltec.com welltecinfo@welltec.com 28295200 Allerød, Denmark Martin Skovbjerg 2019-06-17 <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><tr><td colspan="1">We have today considered and approved the annual report of Welltec Holding ApS for the financial year 1 January 2018 to 31 December 2018.</td></tr><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><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 2018 and of the results of its operations and cash flows for the financial year 1 January - 31 December 2018.</td></tr><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 2019-06-17 <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</td></tr><tr><td colspan="1">view of the financial position of the Company at 31 Decem-</td></tr><tr><td colspan="1">ber 2018, and of the results of the Company’s operations and</td></tr><tr><td colspan="1">cash flows for the financial year 1 January - 31 December</td></tr><tr><td colspan="1">2018 in accordance with International Financial Reporting</td></tr><tr><td colspan="1">Standards as adopted by the EU and further requirements in</td></tr><tr><td colspan="1">the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Financial Statements of Welltec Hold-</td></tr><tr><td colspan="1">ing ApS for the financial year 1 January - 31 December 2018,</td></tr><tr><td colspan="1">which comprise statement of comprehensive income, state-</td></tr><tr><td colspan="1">ment of financial position, statement of cash flows, state-</td></tr><tr><td colspan="1">ment of changes in equity and notes, including a summary of</td></tr><tr><td colspan="1">significant 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</td></tr><tr><td colspan="1">Standards on Auditing (ISAs) and the additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. Our responsibilities under those stan-</td></tr><tr><td colspan="1">dards and requirements are further described in the Audi-</td></tr><tr><td colspan="1">tor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">section of our report. We are independent of the Company</td></tr><tr><td colspan="1">in accordance with the International Ethics Standards Board</td></tr><tr><td colspan="1">for Accountants’ Code of Ethics for Professional Accountants</td></tr><tr><td colspan="1">IESBA Code) and the additional requirements applicable in</td></tr><tr><td colspan="1">Denmark, and we have fulfilled our other ethical responsibili-</td></tr><tr><td colspan="1">ties in accordance with these requirements. We believe that</td></tr><tr><td colspan="1">the audit evidence we have obtained is sufficient and appro-</td></tr><tr><td colspan="1">priate 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</td></tr><tr><td colspan="1">Commentary.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the</td></tr><tr><td colspan="1">Management Commentary, and we do not express any form</td></tr><tr><td colspan="1">of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our</td></tr><tr><td colspan="1">responsibility is to read the Management Commentary and,</td></tr><tr><td colspan="1">in doing so, consider whether the Management Commentary</td></tr><tr><td colspan="1">is materially inconsistent with the financial statements or our</td></tr><tr><td colspan="1">knowledge obtained during the audit, or otherwise appears to</td></tr><tr><td colspan="1">be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the</td></tr><tr><td colspan="1">Management Commentary provides the information required</td></tr><tr><td colspan="1">under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, the</td></tr><tr><td colspan="1">Management Commentary is in accordance with the Financial</td></tr><tr><td colspan="1">Statements and has been prepared in accordance with the</td></tr><tr><td colspan="1">requirements of the Danish Financial Statements Act. We did</td></tr><tr><td colspan="1">not identify any material misstatement in the Management</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">Statements that give a true and fair view in accordance with</td></tr><tr><td colspan="1">International Financial Reporting Standards as adopted by the</td></tr><tr><td colspan="1">EU and further requirements in the Danish Financial State-</td></tr><tr><td colspan="1">ments Act, and for such internal control as Management</td></tr><tr><td colspan="1">determines is necessary to enable the preparation of financial</td></tr><tr><td colspan="1">statements that are free from material misstatement, whether</td></tr><tr><td colspan="1">due to fraud or error.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is respon-</td></tr><tr><td colspan="1">sible for assessing the Company’s ability to continue as a go-</td></tr><tr><td colspan="1">ing concern, disclosing, as applicable, matters related to going</td></tr><tr><td colspan="1">concern and using the going concern basis of accounting in</td></tr><tr><td colspan="1">preparing the financial statements unless Management either</td></tr><tr><td colspan="1">intends to liquidate the Company or to cease operations, or</td></tr><tr><td colspan="1">has no realistic alternative but to do so.</td></tr><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial</td></tr><tr><td colspan="1">Statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about</td></tr><tr><td colspan="1">whether the financial statements as a whole are free from</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error, and to</td></tr><tr><td colspan="1">issue an auditor’s report that includes our opinion. Reasonable</td></tr><tr><td colspan="1">assurance is a high level of assurance, but is not a guarantee</td></tr><tr><td colspan="1">that an audit conducted in accordance with ISAs and the addi-</td></tr><tr><td colspan="1">tional requirements applicable in Denmark will always detect a</td></tr><tr><td colspan="1">material misstatement when it exists. Misstatements can arise</td></tr><tr><td colspan="1">from fraud or error and are considered material if, individu-</td></tr><tr><td colspan="1">ally or in the aggregate, they could reasonably be expected to</td></tr><tr><td colspan="1">influence the economic decisions of users taken on the basis</td></tr><tr><td colspan="1">of these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the</td></tr><tr><td colspan="1">additional requirements applicable in Denmark, we exercise</td></tr><tr><td colspan="1">professional judgment and maintain professional skepticism</td></tr><tr><td colspan="1">throughout the audit. We also</td></tr><tr><td colspan="1">· Identify and assess the risks of material misstatement of the</td></tr><tr><td colspan="1">financial statements, whether due to fraud or error, design</td></tr><tr><td colspan="1">and perform audit procedures responsive to those risks, and</td></tr><tr><td colspan="1">obtain audit evidence that is sufficient and appropriate to</td></tr><tr><td colspan="1">provide a basis for our opinion. The risk of not detecting a</td></tr><tr><td colspan="1">material misstatement resulting from fraud is higher than</td></tr><tr><td colspan="1">for one resulting from error as fraud may involve collusion,</td></tr><tr><td colspan="1">forgery, intentional omissions, misrepresentations, or the</td></tr><tr><td colspan="1">override of internal control.</td></tr><tr><td colspan="1">· Obtain an understanding of internal control relevant to the</td></tr><tr><td colspan="1">audit in order to design audit procedures that are appro-</td></tr><tr><td colspan="1">priate in the circumstances, but not for the purpose of ex-</td></tr><tr><td colspan="1">pressing an opinion on the effectiveness of the Company’s</td></tr><tr><td colspan="1">internal control.</td></tr><tr><td colspan="1">· Evaluate the appropriateness of accounting policies used</td></tr><tr><td colspan="1">and the reasonableness of accounting estimates and related</td></tr><tr><td colspan="1">disclosures made by Management.</td></tr><tr><td colspan="1">· Conclude on the appropriateness of Management’s use</td></tr><tr><td colspan="1">of the going concern basis of accounting in preparing the</td></tr><tr><td colspan="1">financial statements and, based on the audit evidence</td></tr><tr><td colspan="1">obtained, whether a material uncertainty exists related to</td></tr><tr><td colspan="1">events or conditions that may cast significant doubt on the</td></tr><tr><td colspan="1">Company’s ability to continue as a going concern. If we</td></tr><tr><td colspan="1">conclude that a material uncertainty exists, we are required</td></tr><tr><td colspan="1">to draw attention in our auditor’s report to the related</td></tr><tr><td colspan="1">disclosures in the financial statements or, if such disclosures</td></tr><tr><td colspan="1">are inadequate, to modify our opinion. Our conclusions</td></tr><tr><td colspan="1">are based on the audit evidence obtained up to the date of</td></tr><tr><td colspan="1">our auditor’s report. However, future events or conditions</td></tr><tr><td colspan="1">may cause the Company to cease to continue as a going</td></tr><tr><td colspan="1">concern.</td></tr><tr><td colspan="1">·</td></tr><tr><td colspan="1">· Evaluate the overall presentation, structure and contents</td></tr><tr><td colspan="1">of the financial statements, including the disclosures, and</td></tr><tr><td colspan="1">whether the financial statements represent the underlying</td></tr><tr><td colspan="1">transactions and events in a manner that gives a true and</td></tr><tr><td colspan="1">fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance regard-</td></tr><tr><td colspan="1">ing, among other matters, the planned scope and timing of</td></tr><tr><td colspan="1">the audit and significant audit findings, including any signifi-</td></tr><tr><td colspan="1">cant deficiencies in internal control that we identify during our</td></tr><tr><td colspan="1">audit.</td></tr></table> Copenhagen 2019-06-17

-5

6963

-6951

-1529

-5422

348

766

1126

-1126

Årsrapport 30695003 Welltec International ApS Gydevang 25 3450 Allerød 2017-01-01 2017-12-31 Revisionspåtegning Jørgen Hallundbæk chief executive officer Jørgen Hallundbæk chairman Alasdair Geddes Shiach Enrico Vellano John Haukvik Michael Philipp Bricker Niels Harald de Coninck-Smith

-4

12570

-12574

-849

-11725

103

-149

-14

100

117305

1529

118834

46790

-13177

33613

83314

1904

1907

85221

118834

117305

766

118071

46790

-7755

39035

77479

1555

1557

79036

118071

Non-cash adjustments

-331

Other Investments

Purchase of own shares

-80

Sale of own shares

194

PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Tue Stensgaard Sørensen State Authorized Public Accountant mne32200 Simon Vinberg Andersen State Authorized Public Accountant mne35458 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab