30896068 2020-12-31 cmn:TwoYearsAgoMember 30896068 2019-12-31 cmn:ThreeYearsAgoMember 30896068 2018-12-31 cmn:FourYearsAgoMember 30896068 2022-12-31 30896068 2021-12-31 30896068 2022-01-01 fsa:ContributedCapitalMember 30896068 2022-01-01 fsa:RetainedEarningsMember 30896068 2022-12-31 fsa:ContributedCapitalMember 30896068 2022-12-31 fsa:RetainedEarningsMember 30896068 2022-01-01 2022-12-31 30896068 2022-01-01 2022-12-31 1 30896068 2022-01-01 2022-12-31 memberOfBoardIdentifier_executive_board_1 30896068 2022-01-01 2022-12-31 2 30896068 2020-01-01 2020-12-31 cmn:TwoYearsAgoMember 30896068 2019-01-01 2019-12-31 cmn:ThreeYearsAgoMember 30896068 2018-01-01 2018-12-31 cmn:FourYearsAgoMember 30896068 2021-01-01 2021-12-31 30896068 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 30896068 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 30896068 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 30896068 2022-01-01 2022-12-31 fsa:RetainedEarningsMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2022-01-01 2021-01-01 2022-12-31 2021-12-31 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 2023-03-31 Henrik Lind Regnskabsklasse C, stor virksomhed Revisionspåtegning The Executive Board has today considered and adopted the Financial Statements of Lind Value II ApS for the financial year 1 January - 31 December 2022. 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 2022 of the Company and of the results of the Company operations for 2022. In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review. I recommend that the Financial Statements be adopted at the Annual General Meeting. 2023-03-31 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 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 Lind Value II ApS 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. Aarhus 2023-03-31 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Henrik Kragh State Authorised Public Accountant mne26783 Kenneth Damsgaard Sørensen State Authorised Public Accountant mne47923 -9092000 -16247000 -7860000 403952000 220502000 -108430000 307990000 181648000 -84093000 3729343000 3421352000 -6072000 4019703000 3441370000 1155947000 79.2 80.6 92.8 99.4 -0.5 -20.5 29.9 8.6 10.6 -233.8 The ratios have been prepared in accordance with the recommendations and guidelines issued by the Danish Society of Financial Analysts. For definitions, see under accounting policies. 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 2022 shows a loss of TDKK 936,595, and at 31 December 2022 the balance sheet of the Company shows positive equity of TDKK 4,105,586. 2022 was a challenging year for Lind Value II. It was a year with volatile and declining financial markets, which also impacted our investment results. The result corresponds to our expectations as stated in the outlook 2022 from last year's annual report. Operationally and organisationally, 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 2023 and beyond. Targets and expectations for the year ahead In 2023, our goal is to continue to outperform the global equity markets, and we expect in absolute terms to deliver a significantly better result than in 2022. **Risk Management**Risk management is an important aspect of the business we run at Lind Value II. We take a proactive approach 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 2022 of the Company and the results of the activities and cash flows of the Company for the financial year for 2022 have not been affected by any unusual events. The statement required under section 99(a) of the Danish Financial Statements Act are contained in the Consolidated Financial Statement of Lind Invest ApS, Aarhus. The statement required under section 99(b) of the Danish Financial Statements Act are contained in the Consolidated Financial Statement of Lind Invest ApS, Aarhus. The statement required under section 99(d) of the Danish Financial Statements Act are contained in the Consolidated Financial Statement of Lind Invest ApS, Aarhus. -4958000 -3561000 5328000 6992000 -10286000 -10553000 135601000 1703365000 1311553000 9686000 -1186238000 1683126000 -249643000 370288000 -936595000 1312838000 -936595000 1312838000 0 2553000 5184480000 6254623000 5184480000 6254623000 249643000 0 249643000 2553000 4876212000 5743209000 58625000 508861000 3400000000 3400000000 194765000 8080000 528348000 759281000 342761000 441139000 3400000000 3400000000 705586000 1642181000 4105586000 5042181000 53000 53000 12967000 3889000 1078894000 1212442000 1078894000 1212442000 5184480000 6254623000 3400000000 1642181000 0 -936595000 3400000000 705586000 5051000 6777000 220000 184000 53000 44000 4000 -13000 5328000 6992000 8 8 14942000 5117000 1296611000 4569000 1311553000 9686000 0 370288000 -249643000 0 -249643000 370288000 Listed securities and investments -888302 4876212 Amounts recognised in the income statement for the year 249,643,000 0 Deferred tax asset at 31 December 249,643,000 0 The deferred tax asset relates to tax loss carry-forward. The deferred tax asset is expected to be realisable within the foreseeable future based on the budgeted future earning. **Market risk**A part of the company's market risk arises in foreign exchange rate fluctations. The risk is mitigated and hedged on a daily basis in accordance with the mandates, policies and hedging strategy approved by the Executive Board. The risk relates to a wide range of currencies to which the daily business is exposed. At the end of 2022, the fair value of foreign exchange forward contracts amounted to DKK 4.1 million.The foreign exchange forward contracts have been entered into for the purpose of hedging future cash flows in a range of currencies, primarily USD, NOK and GBP. The hedging activity can be specified as follows:• Hedging of future net cash outflows in USD was USD 226.2 million. The USD forward contracts primarily have aduration of three months.• Hedging of future net cash outflows in NOK was NOK 220.0 million. The NOK forward contracts primarily have a duration of three months.• Hedging of future net cash inflows in GBP was GBP 2.6 million. The GBP 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 2022, the long exposure amounted to DKK 107.0 million and the fair value of equity derivatives amounted to DKK -6.1 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: 3,182,093,000 1,968,324,000 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. 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 2022 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 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 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. 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 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