29458219 2020-12-31 cmn:TwoYearsAgoMember 29458219 2019-12-31 cmn:ThreeYearsAgoMember 29458219 2018-12-31 cmn:FourYearsAgoMember 29458219 2022-12-31 29458219 2021-12-31 29458219 2022-01-01 fsa:ContributedCapitalMember 29458219 2022-01-01 fsa:ReserveForDevelopmentExpenditureMember 29458219 2022-01-01 fsa:RetainedEarningsMember 29458219 2022-12-31 fsa:ContributedCapitalMember 29458219 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 29458219 2022-12-31 fsa:RetainedEarningsMember 29458219 2022-01-01 fsa:CompletedDevelopmentProjectsMember 29458219 2022-12-31 fsa:CompletedDevelopmentProjectsMember 29458219 2022-01-01 fsa:PlantAndMachineryMember 29458219 2022-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 29458219 2022-01-01 fsa:LeaseholdImprovementsMember 29458219 2022-12-31 fsa:PlantAndMachineryMember 29458219 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29458219 2022-12-31 fsa:LeaseholdImprovementsMember 29458219 2022-01-01 fsa:ReceivablesFromGroupEnterprisesMember 29458219 2022-01-01 fsa:OtherReceivablesMember 29458219 2022-12-31 fsa:ReceivablesFromGroupEnterprisesMember 29458219 2022-12-31 fsa:OtherReceivablesMember 29458219 2022-01-01 2022-12-31 29458219 2022-01-01 2022-12-31 1 29458219 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 29458219 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_1 29458219 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_3 29458219 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_4 29458219 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_5 29458219 2022-01-01 2022-12-31 memberOfBoardIdentifier_board_of_director_6 29458219 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 29458219 2019-01-01 2019-12-31 cmn:ThreeYearsAgoMember 29458219 2018-01-01 2018-12-31 cmn:FourYearsAgoMember 29458219 2021-01-01 2021-12-31 29458219 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 29458219 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 29458219 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 29458219 2022-01-01 2022-12-31 fsa:ReserveForDevelopmentExpenditureMember 29458219 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 29458219 2022-01-01 2022-12-31 fsa:CompletedDevelopmentProjectsMember 29458219 2022-01-01 2022-12-31 fsa:PlantAndMachineryMember 29458219 2022-01-01 2022-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 29458219 2022-01-01 2022-12-31 fsa:LeaseholdImprovementsMember 29458219 2022-01-01 2022-12-31 fsa:ReceivablesFromGroupEnterprisesMember 29458219 2022-01-01 2022-12-31 fsa:OtherReceivablesMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 29458219 Unilabs A/S Nygårdsvej 32 2100 København Ø København PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2023-06-26 Peder Søren Andersen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board and Board of Directors have today considered and adopted the Financial Statements of Unilabs A/S for the financial year 1 January - 31 December 2022. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2022 of the Company and of the results of the Company operations for 2022. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-06-26 Copenhagen Peder Søren Andersen Director Christian Peter Rebhan Chairman Peder Søren Andersen Shalinee Basak Pernille Bundgaard Employee representative Linda Poulsen Employee representative To the shareholder of Unilabs A/S Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company´s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Unilabs A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (”the Financial Statements”). Basis for Opinion 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’ 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. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with 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. 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. 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 Company´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 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. 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. 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 is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, 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 in Management’s Review. Hellerup 2023-06-26 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Gösta Gauffin State Authorised Public Accountant mne45821 49910000 53589000 52694000 10227000 12368000 12206000 1734000 3209000 3373000 9294000 12124000 12098000 105765000 96473000 84349000 134021000 115278000 104018000 4427000 2494000 1748000 48 55 59 12.2 12.4 7.6 10.7 11.7 78.8 81.4 78.9 83.7 81.1 13.9 14.2 9.2 13.4 15.5 In connection with reclassifications to the income statement, the comparative figures for 2018, 2019 and 2020 have not been restated. See the description under accounting policies. Selskabets formål er udvikling og udførelse af klinisk biokemiske analyser til sundhedssektoren samt til medicinal-, biotek- og deviceindustrien såvel nationalt som internationalt. I 2022 steg selskabets omsætning og bruttofortjeneste med henholdsvis 13,1% og 1,2%. Den lave udvikling i bruttofortjenesten skyldes væsentlige udgifter til intern reorganisering og en stigning i eksterne udgifter. Virksomheden er inddelt i 2 segmenter: den danske sundhedssektor og drug development/pharma. Salget til den danske sundhedssektor fortsætter en nedadgående trend grundet stigende in sourcing i den offentlige sektor. Denne trend blev forstærket af den mange ekstra midler, som sektoren blev tilført gennem Covid-19 pandemien. Resultatet er lavere end forventet. Omsætningen kommende fra drug development/Pharma projekter steg med 15,8% i forhold til året før, hvilket er i linje med strategien. Denne del af omsætningen udgør nu 93% af selskabets samlede omsætning. I tråd med de seneste år forventes Drug development/Pharma projekter at stå for den positive udvikling af forretningen i 2023. Der vil blive fokuseret på at etablere en sammenhængende pharma forretning indenfor Unilabs, hvor en foreløbig analyse indikerer flere potentielle vækstmuligheder. Selskabet forventer at omsætning og resultat for det kommende år vil være på samme niveau med 2022. Selskabets viden om biokemiske analyser ligger i høj grad hos selskabets medarbejdere, hvorfor det er afgørende, at selskabet har en stabil arbejdskraft. Det er derfor tilfredsstillende at kunne konstatere, at Unilabs A/S' medarbejderstab er stabil og fagligt stærk. Key activities The mission of the Company is to develop and carry out clinical biochemistry assays for the health sector as well as for the pharma, biotech and device industries, nationally as well internationally. Development in the year The income statement of the Company for 2022 shows a profit of TDKK 18,190, and at 31 December 2022 the balance sheet of the Company shows positive equity of TDKK 140,079. The past year and follow-up on development expectations from last year In 2022 the company’s turnover and gross margin increased by respectively 13.1% and 4.8%. The low evolution of gross profit is due to considerable internal reorganization expenses and a large increase in external expenses. The business is divided into 2 main segments: the Danish healthcare market and the drug development/pharma market. Sales to the Danish healthcare market has shown a downward trend in recent years due to continuous in sourcing by the public sector. This trend was reinforced by many extra funds that the sector was provided through the Covid-19 pandemic. The profit is lower than expected. In line with strategy, drug development projects increased by 15.8% compared to last year. This part of the revenue now accounts for 93% of the company’s total turnover. Targets and expectations for the year ahead In line with recent years, the drug development/Pharma projects are expected to drive the positive development of the business for 2023. The focus will be on establishing a coherent pharma business within Unilabs, where a preliminary analysis indicates several potential growth opportunities. The company expects revenue and profit for the coming year to be at the same level as 2022. Intellectual capital resources The Company’s knowledge of clinical biochemistry and regulated biomarker development is vested in the Company’s employees. Unilabs has a large number of employees across its many international laboratories supporting with their knowledge the pharma projects. The international approach ensures a robust capacity to deliver and reduces any exposure to local changes in a given laboratory. It is therefore satisfactory to be able to ascertain that Unilabs A/S’ workforce is stable and with the professional expertise necessary to deliver at a high competence and quality level. Subsequent events There have not been any subsequent events affecting 2023. 67790000 57405000 43354000 36818000 2740000 2021000 21696000 18566000 3219000 2694000 1170000 584000 23745000 20676000 5555000 4552000 18190000 16124000 18190000 16124000 328000 1589000 328000 1589000 3082000 3657000 5000 33000 110000 190000 3197000 3880000 4306000 4639000 21941000 12361000 1217000 1437000 111112000 81107000 177781000 149694000 60979000 60978000 2165000 2140000 63144000 63118000 66669000 68587000 4306000 4639000 78827000 61053000 899000 533000 3922000 1084000 106806000 76468000 2000000 2000000 256000 1239000 1930000 1820000 1930000 1820000 6048000 0 2246000 1217000 4670000 3218000 2000000 2000000 137823000 118650000 140079000 121889000 11650000 11422000 11158000 10128000 35772000 25985000 35772000 25985000 177781000 149694000 2000000 1239000 118650000 0 -983000 983000 0 0 18190000 2000000 256000 137823000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 40449000 33816000 2552000 2732000 353000 270000 43354000 36818000 50 46 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 1261000 772000 1479000 1236000 0 13000 1981000 2445000 1238000 249000 0 2000 147000 29000 1023000 553000 1170000 584000 5921000 4433000 -366000 -212000 0 331000 5555000 4552000 9339000 9339000 7750000 1261000 9011000 328000 Amortised over years 11202000 2130000 190000 686000 0 110000 -1304000 -8000 0 10584000 2122000 300000 7545000 2097000 0 1261000 28000 190000 -1304000 -8000 0 7502000 2117000 190000 3082000 5000 110000 60978000 2140000 1000 25000 60979000 2165000 Prepayments are made up of prepaid costs relating to services, rent, insurance premiums, subscriptions and interest. Prepayments consist of prepaid expenses concerning rent, insurance premiums, subscriptions and interests. Deferred tax asset at 1 January 533,000 321,000 Amounts recognised in the income statement for the year 366,000 212,000 Deferred tax asset at 31 December 899,000 533,000 Balance at 1. January 2022 1820 1440 Provision in year 110 380 1930 1820 The provisions are expected to mature as follows: Between 1 and 5 years 1930 1820 1930 1820 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Within 1 year 3,453,000 3,080,000 Between 1 and 5 years 334,000 108,000 3,787,000 3,188,000 Other contingent liabilities The Danish group companies are jointly and severally liable for tax on the jointly taxed incomes etc of the Group. The total amount of corporation tax payable is disclosed in the Annual Report of A.P. MØLLER HOLDING A/S, which is the management company of the joint taxation purposes. Moreover, the Danish group companies are jointly and severally liable for Danish withholding taxes by way of dividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments of corporation taxes and withholding taxes may increase the Company's liability. Controlling interest Unilabs, Laboratoire d'Analyses Medicales SA, Schweiz Parent Company Other related parties Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office A.P. Møller Holding A/S Copenhagen Denmark The Group Annual Report of A.P. Møller Holding A/S may be obtained at the following address: Esplanaden 50, 1263 København K. The Annual Report of Unilabs A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. Except for reclassifications in the income statement and balance sheet that have no monetary effect on profit or equity, the accounting policies applied remain unchanged compared to last year. The Financial Statements for 2022 are presented in TDKK. 1 With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of A.P. Møller Holding A/S, the Company has not prepared a cash flow statement. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, 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 flow 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 will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. All leases are considered operating leases. Payments made under operating leases are recognised in the income statement on a straight-line basis over the lease term. Danish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement Revenue from the sale of goods for resale and finished goods is recognised in the income statement when the sale is considered effected based on the following criteria:• delivery has been made before year end;• a binding sales agreement has been made;• the sales price has been determined; and• payment has been received or may with reasonable certainty be expected to be received. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the year. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue, other operating income, expenses for raw materials and consumables and other external expenses. Staff costs include wages and salaries including compensated absence and pensions as well as other social security contributions etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Other operating income includes refunding group costs as well as profit on freight to costumers. Financial income and expenses comprise interest, financial expenses in respect of finance leases, realised and unrealised exchange adjustments, price adjustment of securities, amortisation of mortgage loans as well as extra payments and repayment under the on-account taxation scheme. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. Any changes in deferred tax due to changes to tax rates are recognised in the income statement. The Company is jointly taxed with Danish group companies. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). Costs of software-development projects comprise salaries, amortisation and other expenses directly or indirectly attributable to the Company’s development activities. Development projects that are clearly defined and identifiable and in respect of which technical feasibility, sufficient resources and a potential future market or development opportunity in the enterprise can be demonstrated, and where it is the intention to manufacture, market or use the project, are recognised as intangible assets. This applies if sufficient certainty exists that the value in use of future earnings can cover cost of sales, distribution and administrative expenses involved as well as the development costs. As of the date of completion, capitalised development costs are amortised on a straight-line basis over the period of the expected economic benefit from the development work. The amortisation period is year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Interest expenses on loans are not recognised in cost during construction and reconstruction periods. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Plant and machinery 5 - 10 years Other fixtures and fittings, tools and equipment 1 - 3 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Other fixed asset investments consist of deposits. Inventories are measured at the lower of cost based on weighted average prices and net realisable value. The net realisable value of inventories is calculated at the amount expected to be generated by sale of the inventories in the process of normal operations with deduction of selling expenses and costs of completion. The net realisable value is determined allowing for marketability, obsolescence and development in expected selling price. The cost of goods for resale, raw materials and consumables equals landed cost. The cost of finished goods and work in progress comprises the cost of raw materials, consumables and direct labour with addition of indirect production costs. Indirect production costs comprise the cost of indirect materials and labour as well as maintenance and depreciation of the machinery, factory buildings and equipment used in the manufacturing process as well as costs of factory administration and management. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Prepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Provisions are recognised when - in consequence of an event occurred before or on the balance sheet date - the Company has a legal or constructive obligation and it is probable that economic benefits must be given up to settle the obligation. Deferred tax is recognised in respect of all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised in respect of temporary differences concerning goodwill not deductible for tax purposes and other items - apart from business acquisitions - where temporary differences have arisen at the time of acquisition without affecting the profit for the year or the taxable income. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. In cases where the computation of the tax base may be made according to alternative tax rules, deferred tax is measured on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets, including the tax base of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities. Deferred tax assets and liabilities are offset within the same legal tax entity. Current tax receivables and 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 taxable incomes for prior years. Tax receivables and liabilities are offset if there is a legally enforceable right of set-off and an intention to settle on a net basis or simultaneously. Debts are measured at amortised cost, substantially corresponding to nominal value. Return on assets Profit before financials x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity