394455492022-01-012022-12-31394455492022-01-012022-12-311394455492022-01-012022-12-312394455492022-01-012022-12-313394455492022-01-012022-12-31RevPers4394455492022-01-012022-12-31RevPers5394455492021-01-012021-12-31394455492022-12-31394455492021-12-31xbrli:purexbrli:pureiso4217:EURxbrli:sharesTo the General Partner and Limited Partners of Axcel V K/S 2 Basis of opinion 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 financial statements" section of this auditor's report. We are independent of the Entity 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Opinion We have audited the financial statements of Axcel V K/S 2 for the financial year 1 January 2022 - 31 December 2022, which comprise an income statement, balance sheet and notes. The financial statements are 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 results of its operations for the financial year 1 January 2022 - 31 December 2022 in accordance with the Danish Financial Statements Act. 2023-02-02CopenhagenAuditor's responsibility for the audit of the financial statements 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. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism 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 Entity'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 Entity'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 in-adequate, 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 Entity to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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. , 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. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism 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 Entity'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 Entity'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 in-adequate, 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 Entity to cease to continue as a going concern. * Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the accounting provisions of the Danish Financial Statements Act governing micro entities, 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 Entity's ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Statement on the management commentary and statement on the supplementary report provided for in the Sustainable Finance Disclosure Regulation (SFDR) Management is responsible for the management commentary, as well as for the supplementary report on disclosures in accordance with the SFDR etc, hereinafter referred to as ”the supplementary report”. Our opinion on the financial statements does not cover the management commentary or the supplementary report, 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 the management commentary and the supplementary report and, in doing so, consider whether the management commentary and the supplementary report are materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appear to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary and the supplementary report are in accordance with the financial statements and have been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary or the supplementary report. , Management is responsible for the management commentary, as well as for the supplementary report on disclosures in accordance with the SFDR etc, hereinafter referred to as ”the supplementary report”. Our opinion on the financial statements does not cover the management commentary or the supplementary report, 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 the management commentary and the supplementary report and, in doing so, consider whether the management commentary and the supplementary report are materially inconsistent with the financial statements, or our knowledge obtained in the audit or otherwise appear to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary and the supplementary report are in accordance with the financial statements and have been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary or the supplementary report. Grundlag for konklusionKonklusion3396355633963556mne30131mne35823Bill Haudal PedersenMichael Thorø LarsenAnders Bjerre LavesenChristian Gymos Schmidt-JacobsenJacob Høeg MadsenDeloitte Statsautoriseret RevisionspartnerselskabDeloitte Statsautoriseret RevisionspartnerselskabChairmanBoard MemberBoard MemberRevisionspåtegningtrue169900003916300050004000Regnskabsklasse B238720002355200019700043000Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. , The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Balance sheet Investments in portfolio companies Investments in portfolio companies comprise equity investments in portfolio companies measured at fair value through profit or loss. The fair value of the unlisted investments is determined in accordance with IPEV’s Valuation Guidelines, according to which the fair value – depending on the type and maturity of the investment – is determined to be equal to cost (typically applied for new investments) or multiple-based calculations based on industry benchmarks. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity includes pain-in capital and transferred profit reduction with payments to the Limited Partners. Other financial liabilities Other financial liabilities comprise accounts payable and other liabilities. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. , Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity includes pain-in capital and transferred profit reduction with payments to the Limited Partners. , Equity includes pain-in capital and transferred profit reduction with payments to the Limited Partners. Other external expenses Other external expenses include expenses for management fee, administration and abort cost. , Other external expenses include expenses for management fee, administration and abort cost. Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses. , Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses. Income from other investments and receivables that are fixed assets Income from investments in portfolio companies comprises gains/losses from divestments, fair value changes and received dividends and other similar types of returns from the investments. , Income from investments in portfolio companies comprises gains/losses from divestments, fair value changes and received dividends and other similar types of returns from the investments. Income statement Other external expenses Other external expenses include expenses for management fee, administration and abort cost. Income from other investments and receivables that are fixed assets Income from investments in portfolio companies comprises gains/losses from divestments, fair value changes and received dividends and other similar types of returns from the investments. Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses. Investments in portfolio companies comprise equity investments in portfolio companies measured at fair value through profit or loss. The fair value of the unlisted investments is determined in accordance with IPEV’s Valuation Guidelines, according to which the fair value – depending on the type and maturity of the investment – is determined to be equal to cost (typically applied for new investments) or multiple-based calculations based on industry benchmarks. , Investments in portfolio companies Investments in portfolio companies comprise equity investments in portfolio companies measured at fair value through profit or loss. The fair value of the unlisted investments is determined in accordance with IPEV’s Valuation Guidelines, according to which the fair value – depending on the type and maturity of the investment – is determined to be equal to cost (typically applied for new investments) or multiple-based calculations based on industry benchmarks. Other financial liabilities comprise accounts payable and other liabilities. , Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. , Other financial liabilities Other financial liabilities comprise accounts payable and other liabilities. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. , Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Reporting Class The annual report of Axcel V K/S 2 for 2022 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, with the adoption of individual rules from class C. The accounting policies applied remain unchanged from last year. Reporting currency The annual report is presented in tousand EUR. General information Basis of recognition and measurement The financial statement have been prepared under the historical cost principle. Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Other external expenses Other external expenses include expenses for management fee, administration and abort cost. Income from other investments and receivables that are fixed assets Income from investments in portfolio companies comprises gains/losses from divestments, fair value changes and received dividends and other similar types of returns from the investments. Financial income and expenses Financial income and expenses are recognised in the income statement based at the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses. Balance sheet Investments in portfolio companies Investments in portfolio companies comprise equity investments in portfolio companies measured at fair value through profit or loss. The fair value of the unlisted investments is determined in accordance with IPEV’s Valuation Guidelines, according to which the fair value – depending on the type and maturity of the investment – is determined to be equal to cost (typically applied for new investments) or multiple-based calculations based on industry benchmarks. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Cash and cash equivalents Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity Equity includes pain-in capital and transferred profit reduction with payments to the Limited Partners. Other financial liabilities Other financial liabilities comprise accounts payable and other liabilities. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 4. Contingent liabilities No contingent liabilities exist at the balance sheet date. 2. Finance expenses 2022 2021 Other finance expenses 3 4 3 4 1697200039120000729700011656000The annual report of Axcel V K/S 2 for 2022 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, with the adoption of individual rules from class C. 16990000391630001800043000167930003912000016793000391200001. Administrative expenses According to Article 107 of the AIFM Directive, alternative investment funds must disclose information about the total remuneration of the entire staff of the Fund Manager and the number of beneficiaries. Furthermore, remuneration to material risk-takers must be disclosed. For information about remuneration, please refer to the annual report of the Fund Manager. The Board of Directors has adopted a remuneration policy in order to ensure that the employees and Management are remunerated according to the Danish Executive Order on remuneration policy and disclosure requirements on remuneration for managers of alternative investment funds, etc. 27600033800030004000167930003912000019200039000701800011314000701800011314000-276000-338000-690000015568000false1800043000192000390001800043000-7018000-113140001250, København KSankt Annæ Plads 102023-02-093944554928301855ÅrsrapportJesper Frydensberg RasmussenIntertrust Depositary Services (Denmark) A/SAxcel V K/S 2Axcel Management A/S2021-01-012021-12-312022-12-312022-01-01 Development in the activities and finances During the investment period, which ended in August 2021, the Fund acquired nine companies. After the investment period, the Fund has focused on developing the acquired companies until they are divested. In 2022, Axcel V K/S sold its investments in Steelseries, Isadora, Aidian and European Sperm Bank with strong returns. The five remaining investments in Gubi, Loopia, Mountain Top, Nissens and Phase One have also performed well during 2022 and with a few exceptions, increased in value during the year. The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of t.EUR 7.018 and the Balance Sheet at 31 December 2022 a balance sheet total of t.EUR 16.990 and an equity of t.EUR 16.972. The result is in line with management's expectations. , During the investment period, which ended in August 2021, the Fund acquired nine companies. After the investment period, the Fund has focused on developing the acquired companies until they are divested. In 2022, Axcel V K/S sold its investments in Steelseries, Isadora, Aidian and European Sperm Bank with strong returns. The five remaining investments in Gubi, Loopia, Mountain Top, Nissens and Phase One have also performed well during 2022 and with a few exceptions, increased in value during the year. The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of t.EUR 7.018 and the Balance Sheet at 31 December 2022 a balance sheet total of t.EUR 16.990 and an equity of t.EUR 16.972. The result is in line with management's expectations. The Company's primary activities Axcel V K/S (“the Fund”) is a private equity fund that invests in mid-size Nordic based companies with the purpose of developing these commercially. Axcel V K/S is managed by Axcel Management A/S, a manager under supervision by the Danish FSA. Axcel V K/S was established on 6 April 2017 and had final close on 28 March 2018. Axcel V K/S will co-invest with other partnerships and the funds have a combined commitment of EUR 617m. Material changes in the accounting year and other information According to the Danish disclosure requirements of the AIFMD Act1 the Annual report shall contain information on material changes as listed in §§ 62, 64 and 65. The strategy of the Fund has since the formation been unchanged. The Fund does not make use of gearing. The Fund has appointed Intertrust Depositary Services (Denmark) A/S as depositary to the Fund. The share of assets placed in illiquid assets amount to approximately 99.8%. No special requirements are attached to these assets. The Fund is close-ended and therefore bears no liquidity risk towards the limited partners. The Fund Manager has established risk management systems for measuring the Funds liquidity. The liquidity is managed in such a way that the value of the Funds assets and the undrawn commitment from the Funds investors at all times shall be adequate to honor the Funds actual and potential liabilities. 2022 2021 2020 2019 2018 Result from investments 7 12 3 3 0 Profit/loss for the year 7 11 3 3 -1 Investments 17 39 27 24 13 Equity 17 39 27 20 13 For definitions of key ratios, see Accounting and Valuation Principles The Company's primary activities Axcel V K/S (“the Fund”) is a private equity fund that invests in mid-size Nordic based companies with the purpose of developing these commercially. Axcel V K/S is managed by Axcel Management A/S, a manager under supervision by the Danish FSA. Axcel V K/S was established on 6 April 2017 and had final close on 28 March 2018. Axcel V K/S will co-invest with other partnerships and the funds have a combined commitment of EUR 617m. Development in the activities and finances During the investment period, which ended in August 2021, the Fund acquired nine companies. After the investment period, the Fund has focused on developing the acquired companies until they are divested. In 2022, Axcel V K/S sold its investments in Steelseries, Isadora, Aidian and European Sperm Bank with strong returns. The five remaining investments in Gubi, Loopia, Mountain Top, Nissens and Phase One have also performed well during 2022 and with a few exceptions, increased in value during the year. The Company's Income Statement of the financial year 1 January 2022 - 31 December 2022 shows a result of t.EUR 7.018 and the Balance Sheet at 31 December 2022 a balance sheet total of t.EUR 16.990 and an equity of t.EUR 16.972. The result is in line with management's expectations. Material changes in the accounting year and other information According to the Danish disclosure requirements of the AIFMD Act1 the Annual report shall contain information on material changes as listed in §§ 62, 64 and 65. The strategy of the Fund has since the formation been unchanged. The Fund does not make use of gearing. The Fund has appointed Intertrust Depositary Services (Denmark) A/S as depositary to the Fund. The share of assets placed in illiquid assets amount to approximately 99.8%. No special requirements are attached to these assets. The Fund is close-ended and therefore bears no liquidity risk towards the limited partners. The Fund Manager has established risk management systems for measuring the Funds liquidity. The liquidity is managed in such a way that the value of the Funds assets and the undrawn commitment from the Funds investors at all times shall be adequate to honor the Funds actual and potential liabilities. Uncertainty relating to recognition and measurement The unrealized result on investments in portfolio companies, which are recognized in the income statement and the value of the investments that are recognized and measured in the balance sheet, are based on accounting judgement and estimates, which are uncertain by nature. When measuring the fair value of the unlisted investments, the General Partner assesses the stage of the portfolio companies compared to the initial plans at the time of making the initial investments, future financing requirements, commercialization possibilities, timing of exit and possible exit values, including changes in earnings and multiples. Events after the balance sheet date No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. Supplementary Reports Please refer to supplementary report provided for the Sustainable Finance Disclosure Regulation on page 15.Supplementary Reports Please refer to supplementary report provided for the Sustainable Finance Disclosure Regulation on page 15.The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January 2022 - 31 December 2022. 2023-02-02Today, Management has considered and adopted the Annual Report of Axcel V K/S 2 for the financial year 1 January 2022 - 31 December 2022. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. CopenhagenWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of Axcel V K/S 2 for the financial year 1 January 2022 - 31 December 2022. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2022 and of the results of the Company's operations for the financial year 1 January 2022 - 31 December 2022. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Copenhagen, 2 February 2023 Board of Directors in Axcel V GP ApS Anders Bjerre Lavesen Christian Gymos Schmidt-Jacobsen Jacob Høeg Madsen Chairman Member Member