30896068 2021-12-31 30896068 2020-12-31 30896068 2019-12-31 30896068 2023-12-31 30896068 2022-12-31 30896068 2023-01-01 fsa:ContributedCapitalMember 30896068 2023-01-01 fsa:RetainedEarningsMember 30896068 2023-12-31 fsa:ContributedCapitalMember 30896068 2023-12-31 fsa:RetainedEarningsMember 30896068 2023-01-01 2023-12-31 30896068 2023-01-01 2023-12-31 1 30896068 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 30896068 2023-01-01 2023-12-31 2 30896068 2021-01-01 2021-12-31 30896068 2020-01-01 2020-12-31 30896068 2019-01-01 2019-12-31 30896068 2022-01-01 2022-12-31 30896068 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 30896068 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 30896068 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 30896068 2023-01-01 2023-12-31 fsa:RetainedEarningsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 30896068 Lind Value II ApS Værkmestergade 25, 14. 8000 Aarhus C 2007-09-20 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Jens Chr. Skous Vej 1 8000 Aarhus C Denmark 89 32 00 00 aarhus@pwc.dk 2024-04-03 Henrik Lind Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of Lind Value II ApS for the financial year 1 January - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Annual Report be adopted at the Annual General Meeting. 2024-04-03 Aarhus Henrik Lind CEO To the shareholder of Lind Value II ApS Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023 and of the results of the Company´s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Lind Value II ApS for the financial year 1 January - 31 December 2023, 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. Aarhus 2024-04-03 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Henrik Kragh State Authorised Public Accountant mne26783 Kenneth Damsgaard Sørensen State Authorised Public Accountant mne47923 -10553000 -9092000 -16247000 1693679000 403952000 220502000 1312838000 307990000 181648000 6254623000 4019703000 3441370000 5042181000 3729343000 3421352000 0.953 0.792 0.806 0.928 0.994 0.135 -0.205 0.299 0.086 0.106 ***Risk Analysis*** The company's risk of affecting the environment and the climate, employee relations and social conditions, human rights and anti-corruption is assessed to be limited. The risk assessment has been carried out in such a way that selected topics are analysed for their potential risk. In this context, risk is a product of the topic's proportional role in the daily activities, and the probable negative impact the topic may have. To the extent that risks have been identified in the individual areas, they are reported with the relevant policies. ***Policy*** Based on the business model and the fact that the company's most important activities take place in Denmark and that the company is not involved in the day-to-day operations of the invested companies, the companyhas assessed that the risk of negative impact on the environment and climate is not present to a degree that necessitates policies.Based on the business model and the fact that the company's most important activities take place in Denmark and that the company is not involved in the day-to-day operations of the invested companies, the company has assessed that the risk of negative impact on employee conditions is not present to a degree that necessitates policies.Based on the business model and the fact that the company's most important activities take place in Denmark and that the company is not involved in the day-to-day operations of the invested companies, the company has assessed that the risk of negative impact on human rights is not present to a degree that necessitates policies.Based on the business model and the fact that the company's most important activities take place in Denmark and that the company is not involved in the day-to-day operations of the invested companies, the company has assessed that the risk of negative impact on corruption is not present to a degree that necessitates policies. The aim of the following policy is to bring the underrepresented gender in the management of the company into focus.The policy and target figures in the following pages are likewise intended to make sure that the company meets the requirement of the Companies Act on targets for policies on gender composition of top management of the company.The policy is based on women as the underrepresented gender due to the company’s current gender balance.This policy constitutes the required reporting according to the Danish Financial Statements Act §99 b. ***Target figures of the top management of the company*** Having only one member of Management in 2023, and with no requirement to expand, Lind Value II ApS has achieved equal distribution. Lind Value II ApS has less than 50 employees and is therefore not required to prepare target figures or policies for the gender distribution of Management. Current distribution of the Executive Board:Number of members: 1Since there is no Board of Directors, the Executive Board is considered top management. As of 31 December 2023, the Executive Board consists of 1 individual.Other Management levels:Number of members: 1The company has 1 employee at other management levels and has fewer than 50 employees in total and has not established policies and targets for the gender composition. The company therefore reports on the gender composition of the Executive Board, as described above. This policy constitutes the required reporting according to the Danish Financial Statements Act §99 d.This statement is the statutory statement on data ethics for 2023. The policy provides the framework for Lind Value II ethical principles and conduct in relation to data.The company consider data ethics in the following way: ***The use of data*** Lind Value II ApS does not apply advanced technologies, such as artificial intelligence or machine learning. The company handles ordinary data such as customer or supplier data as well as employee data. Data is treated in accordance with our policies on personal data and information security. Given the limited treatment of data, the company believes there is no need for a policy on data ethics. The company will assess on an ongoing basis the need for such a policy. Key activities The company's key activity is trading in the financial markets at its own expense. Development in the year The income statement of the Company for 2023 shows a profit of TDKK 594,015, and at 31 December 2023 the balance sheet of the Company shows positive equity of TDKK 4,699,601.2023 was a strong year for Lind Value II. It was a year with positive financial markets, which also impacted our investment results. The result corresponds to our expectations as stated in the outlook 2023 from last year's annual report.Operationally and organizationally, we continued to make our operational setup stronger and leaner – both in our decision-making, in our trading and risk management as well as in our control systems. This work will continue intensively in 2024 and beyond. Targets and expectations for the year ahead Our goal in 2024 is to continue outperforming the global equity markets, and we expect to deliver a similar result in absolute terms to 2023. Risk Management Risk management is an important aspect of the business we run at Lind Value II. We take a proactiveapproach to risk management by focusing on mitigating downside risk and avoiding permanent loss of capital.In an investment context, our best risk management tool is having in-depth knowledge about the companies we own and how they operate in different market environments.Therefore, we need to have a detailed understanding of the very nature of the business model and to evaluate the management, capital structure, market environment and governance of each of our investments. This in order to make the correct risk assessment and to proactively execute on our risk mitigation plan if needed. This applies to all our investments.Alignment of interests is also a crucial part of our risk assessment. To us, alignment of interests is about sharing both the upside and the downside when entering into a partnership with other stakeholders – whether for business or social purposes.In a corporate setting, the alignment is all about linking the owners' overall objective of the company to the stakeholders' objective of it, including the employees, in both the short and long-term.In a social context, the alignment must ensure that all members of a community or partnership share the same consequences when they succeed or fail.What is good for the group is good for the individual member and vice versa.The combination of having a detailed understanding of our investments and a strong focus on alignment of interests are keys drivers of risk management at Lind Value II. Uncertainty relating to recognition and measurement There has been no uncertainty regarding recognition and measurement in the Annual Report. Unusual events The financial position at 31 December 2023 of the Company and the results of the activities and cash flows of the Company for the financial year for 2023 have not been affected by any unusual events. -4476000 -4958000 6833000 5328000 -11309000 -10286000 808862000 135601000 38248000 1311553000 759305000 -1186238000 165290000 -249643000 594015000 -936595000 594015000 -936595000 2559000 0 0 249643000 112189000 0 114748000 249643000 4472325000 4876212000 346846000 58625000 4933919000 5184480000 4933919000 5184480000 3400000000 3400000000 1299601000 705586000 4699601000 4105586000 1416000 194765000 53000 53000 227405000 528348000 0 342761000 5444000 12967000 234318000 1078894000 234318000 1078894000 4933919000 5184480000 3400000000 705586000 0 594015000 3400000000 1299601000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 6578000 5051000 202000 220000 48000 53000 5000 4000 6833000 5328000 7 8 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 22933000 14942000 15315000 1296611000 OtherFinanceExpenses 38248000 1311553000 165290000 0 249643000 -249643000 -249643000 0 165290000 -249643000 Listed securities and investments 152931 4472325 Fair value is determined on the basis of the latest quoted market price.Fair value is determined on the basis of the latest quoted market price. Deferred tax asset at 1 January 249643000 0 Amounts recognised in the income statement for the year -249643000 249643000 Deferred tax asset at 31 December 0 249643000 **Market risk**A part of the company's market risk arises in foreign exchange rate fluctations. The risk is partly mitigated and hedged on a daily basis in accordance with the mandates, policies and hedging strategy approved by the Executive Board. At the end of 2023, the fair value of foreign exchange forward contracts amounted to DKK 2.0 million. The foreign exchange forward contracts have been entered into for the purpose of hedging future cash flows in USD. The hedging activity can be specified as follows:• Hedging of future net cash outflows in USD was USD 28.6 million. The USD forward contracts primarily have a duration of three months.The company has recognised equity derivates (CFD) at fair value with value adjustments in profit-loss. At the end of 2023, the long exposure amounted to DKK 49.3 million and the fair value of equity derivates amounted to DKK -0.1 million.**Credit risk**The credit risk affecting the derivative financial instruments measured at fair value is considered minimal. Charges and security The following assets have been placed as security with bankers: Securities and investments at a carrying amount of: 3127928000 3182093000 Other contingent liabilities The 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 Lind Invest ApS, which is the management company of the joint taxation purposes. Moreover, the 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. 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. No such transactions have occured. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Lind Invest ApS, CVR No 26 55 92 43 Aarhus The Annual Report of Lind Value II ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 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 Lind Invest ApS, CVR No 26 55 92 43, 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. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences 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. Where foreign exchange transactions are considered hedging of future cash flows, the value adjustments are recognised directly in equity. 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 Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently remeasured at their fair values. Positive and negative fair values of derivative financial instruments are classified as ”Other receivables” and ”Other payables”, respectively. Changes in the fair values of derivative financial instruments are recognised in the income statement unless the derivative financial instrument is designated and qualify as hedge accounting. Other external expenses comprise expenses for premises, sales as well as office expenses, etc. Staff expenses comprise wages and salaries as well as payroll expenses. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with the Parent Company and the Group's subsidiaries. The tax effect of the joint taxation with the subsidiaries is allocated to enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). The jointly taxedenterprises have adopted the on-account taxation scheme. 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. Current asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes 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 within the same legal tax entity. 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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. 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