35806555 2022-09-01 2023-08-31 35806555 2022-09-01 2023-08-31 0 35806555 2022-09-01 2023-08-31 0 35806555 2022-09-01 2023-08-31 1 35806555 2022-09-01 2023-08-31 2 35806555 2021-09-01 2022-08-31 35806555 2022-09-01 2023-08-31 ifrs-full:SeparateMember 35806555 2021-09-01 2022-08-31 ifrs-full:SeparateMember 35806555 2023-08-31 35806555 2022-08-31 35806555 2023-08-31 ifrs-full:SeparateMember 35806555 2022-08-31 ifrs-full:SeparateMember 35806555 2022-09-01 35806555 2021-09-01 35806555 2022-09-01 ifrs-full:SeparateMember 35806555 2021-09-01 ifrs-full:SeparateMember 35806555 2022-09-01 2023-08-31 0 iso4217:DKK xbrli:shares xbrli:pure Regnskabsklasse B 2022-09-01 2023-08-31 <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">The Board of Directors and the Executive Board have today discussed and approved the annual report of Injecto Group A/S for 2022/23.</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 International Financial Reporting Standards as adopted by the EU and additional requirements of 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">It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 August 2023 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 September 2022 – 31 August 2023.</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">Furthermore, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, results of operations, cash flows and financial position as well as a description of material risks and uncertainties that the Group and the Parent Company may be exposed to.</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> Hellerup 2024-01-17 <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 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 Injecto Group 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">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Injecto Group A/S for the financial year 1 September 2022 – 31 August 2023, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 August 2023 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 September 2022 – 31 August 2023 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of 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">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient 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">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</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">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any 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's review and, in doing so, consider whether the Management's review 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's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures, we conclude that the 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 of 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">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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 Group's and the Parent 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 Group or the Parent 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 as to 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism 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 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.</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 Group's and the Parent 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 significant doubt on the Group's and the Parent 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 Group and the Parent 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 note 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">Obtain sufficient and appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</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 significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> Copenhagen 2024-01-17 Injecto Group A/S DK-2900 Hellerup Strandvejen 60 35806555 2014-03-16 Gentofte, Denmark www.injecto.eu info@injecto.eu 4527851000 2024-02-01 Thomas Sonne-Schmidt https://www.globenewswire.com/news-release/2021/03/31/2202135/28124/en/Global-Pharmaceuticals-Market-Report-2021-Market-is-Expected-to-Grow-from-1228-45-Billion-in-2020-to-1250-24-Billion-in-2021-Long-term-Forecast-to-2025-2030.html <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">Organisation with description of company structure</td></tr><tr><td colspan="1">In August 2023 Injecto Group A/S appointed Vice President, Torben Helmer, as CEO, as replacement after illness prevented Mikael Hans Andranik Hetting from continuing this demanding job position.</td></tr><tr><td colspan="1">We maintain to pursue our strategy with a parent company with subsidiaries to carry out the business activities in the chosen areas, cf. the following illustration (where the companies in light blue colours have not been established yet</td></tr><tr><td colspan="1">We still believe that this structure and organisation will contribute to best practice for the focus and risk adverseness with the best possible exploitation of our strong IP rights in diversified industries within parenteral packaging, related components, and medical devices. The IP rights will still belong to Injecto Group A/S, but each of the subsidiaries will be granted a production and sales license to carry out the focused business activities. Furthermore, this structure and organisation also contribute to the possibility of entering into strategic co-operations and invite strategic partners to invest directly into subsidiaries as their preferred investment and business area without losing focus and control of the other areas.</td></tr><tr><td colspan="1">We firmly believe that there is a great market opportunity for our 100 %-owned subsidiary, Injecto A/S, focusing on production and sales of lubrigone plungers in ISO measurements.</td></tr><tr><td colspan="1">Despite we still believe that our subsidiary, Injecto A/S, over time should be able to obtain around 5 % of the plunger market for PFS, our sales expectations are more limited the first coming years due to the fact that we expect to enter the high-end market of biologics, where sales volumes due to both the new products and the very high prices will be more limited, but where higher sales prices could make up for the more limited sales volumes. Notwithstanding this more conservative approach, the awareness and especially the coming restrictions of the use of PFAS with an expected ban overtime will most likely contribute to Injecto A/S’ sales of lubrigone plungers.</td></tr><tr><td colspan="1">We believe that the previous briefly mentioned supplementary business areas to our lubrigone plunger and easyject syringe will contribute further to the building-up of Injecto Group A/S and the coming years’ turnover and EBITDA.</td></tr><tr><td colspan="1">Due to some enquiries on strategic alliances and the increasing number of zoonotic diseases we have decided to acquire VetInject A/S, who holds the exclusive license on our patents and technology for supplies in the veterinarian market. This means that we will no longer rely on an external payment of license fees, but we believe that having control of this sector, which is also increasing, will turn out to be a better business opportunity for our shareholders in the longer run. The fact that 75 % of new infectious diseases are related to zoonoses makes the combined effort in the human and veterinarian market of significant interest and could be of high relevance for our easyject syringe.</td></tr><tr><td colspan="1">We believe that our activation of development costs and the depreciation of patents over 20 years are realistic since the costs have contributed to the core patents and patent applications and will be related to our future expected revenues and profits where we expect to receive a full repayment of these costs. The ongoing and steadily increasing interest from leading pharma companies exhibits that our IP rights have the expected maximum lifespan in which connection should be mentioned that our products as parenteral packaging in the pharmaceutical industry normally will be chosen as a long-term solution, exceeding the term of the patent protection period.</td></tr><tr><td colspan="1">We are still following a strategy of creating the most value-adding initiative over time by sound investments and value building under due consideration to CapEx in order to meet the market’s request with respect to product variety and scale-up and we intend to lower the risks by carrying out our business activities in subsidiaries. It should be noted that we in our capacity as supplier of parenteral packaging to the pharma industry will benefit from the substantial projected growth from approximately 1,100 billion EUR (1,250 billion USD in 2021) to approximately 1,900 billion EUR (2,150 billion USD) in 2027 with a CAGR of 7 %, cf. Report from 21 March 2021 from GlobeNewswire (ResearchandMarkets)</td></tr><tr><td colspan="1">https://www.globenewswire.com/news-release/2021/03/31/2202135/28124/en/Global-Pharmaceuticals-Market-Report-2021-Market-is-Expected-to-Grow-from-1228-45-Billion-in-2020-to-1250-24-Billion-in-2021-Long-term-Forecast-to-2025-2030.html</td></tr></table> 1812998 4940951 -3127953 0 2865707 -5993660 3357352 -9351012 52194 30991 -9329809 0 -9329809 -9329809 0 -9329809 -0.11 -0.11 0 -9329809 -9329809 0 -9329809 -9329809 1284115 3357352 52194 30991 -4709545 -246926 -4956471 52194 30991 -4935268 1070701 868468 370080 -7060 -989872 0 -3306181 10466641 1620960 105815 12193416 3951967 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1244.0, by EasyX Aps. www.easyx.eu 2021-09-01 2022-08-31 Ledelsespåtegning Revisionspåtegning Grundlag for konklusion Konklusion 2 Torben Helmer Knudsen Marie Foegh Chair Thomas Sonne-Schmidt Emil Bue Bredel 718471 5011091 -4292620 0 3726860 -8019480 3619357 -11638837 34721 221205 -11825321 1290757 -13116078 -13116078 0 -13116078 -0.2 -0.2 0 -13116078 -13116078 0 -13116078 -13116078 2017581 3619357 34721 221205 -6001899 -35853 -6037752 34721 221205 -6224236 1391512 675844 0 0 0 0 -2067356 26360700 0 -19324703 7035997 -1255595 100000 3285203 -3185203 1642500 2865707 -4408410 2881707 -7290117 634503 481184 -7136798 0 -7136798 -7136798 0 -7136798 0 -7136798 -7136798 0 -7136798 -7136798 1284115 2881707 634503 481184 -3124295 -434226 -3558521 634503 481184 -3405202 1070701 91562 370080 -7060 -449783 -3783617 -5772803 10466641 1620960 105815 12193416 3015411 136191 3162319 -3026128 1665000 3726860 -5087988 2760004 -7847992 327815 6423101 -13943278 1290757 -15234035 -15234035 0 -15234035 0 -15234035 -15234035 0 -15234035 -15234035 2017581 2760004 327815 6423101 -3070407 2330101 -740306 327815 6423101 -6835592 1391512 73425 0 0 0 0 -1464937 26360700 0 -19324703 7035997 -1264532 11347336 36623242 1842674 385361 262140 0 28966 50489719 384733 0 1041025 36752 4857987 6320497 56810216 107724222 244894 5848292 -58747532 55069876 -5427 55064449 130325 130325 285148 953301 0 376993 1615442 1745767 56810216 0 38271858 1065750 769444 54450 0 21906 40183408 945188 0 160934 0 906020 2012142 42195550 84864200 244894 4778995 -49217602 40670487 -5427 40665060 150000 150000 159658 982051 0 238781 1380490 1530490 42195550 0 36623242 0 164987 262140 15006038 28966 52085373 10568 661991 524359 33624 3817410 5047952 57133325 107724222 244894 6263449 -58766785 55465780 0 55465780 130325 130325 285148 488235 450000 313837 1537220 1667545 57133325 0 38271858 0 73425 54450 0 21906 38421639 847651 0 11345 0 801999 1660995 40082634 84864200 244894 4778995 -51429865 38458224 0 38458224 150000 150000 159658 792676 0 522076 1474410 1624410 40082634 906020 2161615 801999 2066531 EY Godkendt Revisionspartnerselskab 30700228 Jesper Jørn Pedersen State Authorised, Public Accountant mne21326 2000 Frederiksberg, Denmark Dirch Passers Allé 36, P.O. Box 250