Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2021-01-012020-01-012021-12-312020-12-3130896068Lind Value II ApSVærkmestergade25, 14.8000Aarhus C2007-09-20AarhusPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Jens Chr. Skous Vej18000Aarhus CDanmark2022-04-25Henrik LindRegnskabsklasse C, stor virksomhedRevisionspåtegningThe Executive Board has today considered and adopted the Annual Report of Lind Value II ApS for the financial year 1 January - 31 December 2021.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 2021 of the Company and of the results of the Company operations for 2021.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.Aarhus2022-04-25Henrik LindExecutive OfficerTo the Shareholder of Lind Value II ApSOpinionIn our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company’s operations for the financial year 1 January - 31 December 2021 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 2021, 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 OpinionWe 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 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 Financials 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. 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. Aarhus2022-04-25Aarhus2022-04-25PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabHenrik Kraghstatsautoriseret revisormne26783Kenneth Damsgaard Sørensenstatsautoriseret revisormne47923Seen over a five-year period, the development of the Company is described by the following financial highlights: 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.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. -16247000-7860000-219490001693679000403952000220502000-10843000027828000181648000-84093000-12203000344137000011559470004151080003421352000-60720007802100014131080.692.899.4-0.518.829.98.610.6-233.8-14.5Key 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 2021 shows a profit of TDKK 1,312,838, and at 31 December 2021 the balance sheet of the Company shows equity of TDKK 5,042,181. 2021 was a very successful year for Lind Value II ApS. It was a year of superior financial performance while we as a society learned to live with Covid-19 as things slowly went back to normal. Most importantly, our employees and their families stayed safe throughout the year. The performance in 2021 found support in the adjustments we made to the strategy in the autumn of 2019. Our organisation is more agile and less complex now, as we have shifted our investment focus from relatively small positions to larger, fewer and more liquid positions. Driven by these focal points and our strong belief in our portfolio companies, our investment portfolio outperformed our benchmark by a wide margin in what was a rather volatile year. The performance was highly satisfactory and a result of a strong and committed team effort. During 2021, we continued to increase our in-house investments within the defined strategy and this approach was a significant contributor to our 2021 results. Operationally and organisationally, we continued making our operational setup more efficient – both in our decision making in investment processes, and in our trading and risk management as well as in our control systems. This work will continue intensively in 2022. Targets and expectations for the year ahead Looking ahead to 2022 from an investment perspective, we will continue our investment strategy and backed by the continued strong performance of our core team we will manage an increasing part of our investments in-house pursuing the already defined strategy. In 2022, our goal is to continue to outperform the global equity markets, but we expect to deliver a significantly lower result than in 2021 with the risk of a negative performance considering developments in the financial markets year to date. Intellectual capital resources 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. Statement on gender composition Statement of data ethics 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. Uncertainty relating to recognition and measurement Recognition and measurement in the Annual Report have not been subject to any uncertainty. Unusual events The financial position at 31 December 2021 of the Company and the results of the activities of the Company for the financial year for 2021 have not been affected by any unusual events.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.35610002681000-3561000-268100069920006411000-10553000-909200017033650004064760009686000252400016831260003948600003702880008687000013128380003079900000379629000255300012154000255300039178300057432090003400730000508861000227190000625462300040197030006254623000401970300034000000003400000000340000000034000000001642181000329343000504218100037293430008080000176763000530005300075928100004411390001097510003889000379300012124420002903600001212442000290360000625462300040197030003400000000329343000131283800034000000001642181000677700061860001840001930004400050000-13000-180006992000641100087Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act.01113000017033650003953460005117000045690002524000968600025240003702880008687000037028800086870000Unrealized value adjustment, income statement Fair value at 31 December Listed securities and investments 851924 57432091312838000307990000Market 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 2021, the fair value of foreign exchange forward contracts amounted to DKK -6.8 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, SEK, NOK, GBP and PLN. The hedging activity can be specified as follows: Hedging of future net cash outflows in USD was USD 176.0 million. The USD forward contracts primarily have a duration of three months. Hedging of future net cash outflows in SEK was SEK 72.0 million. The SEK forward contracts primarily have a duration 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 outflows in GBP was GBP 52.5 million. The GBP forward contracts primarily have a duration of three months. Hedging of future net cash inflows in PLN was PLN 11.5 million. The PLN forward contracts primarily have a duration of three months. The company has recognised equity derivates at fair value with value adjustments in profit-loss. At the end of 2021, the long exposure amounted to DKK 6.6 million and the short exposure amounted to DKK -85.2 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: 1,968,324 1,524,233 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 occurred. The Company is included in the Group Annual Report of the Parent Company: Name Place of registered office Lind Invest ApS, CVR No 26 55 92 43 (mindste koncern) AarhusNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.The Annual Report of Lind Value II ApS for 2021 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 2021 are presented in TDKK.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. 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.Business combinations Pooling of interests Intragroup business combinations are accounted for under the pooling-of-interests method. Under this method, the two enterprises are combined at carrying amounts, and no differences are identified. Any consideration which exceeds the carrying amount of the acquired enterprise is recognised directly in equity. The pooling-of-interests method is applied as if the two enterprises had always been combined by restating comparative figures.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 rates at the time when the receivable or the debt arose 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 and 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 taxed enterprises 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 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 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. 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