42015768 2023-01-01 2023-12-31 42015768 2023-01-01 2023-12-31 0 42015768 2023-01-01 2023-12-31 1 42015768 2023-01-01 2023-12-31 0 42015768 2023-01-01 2023-12-31 1 42015768 2023-01-01 2023-12-31 2 42015768 2023-01-01 2023-12-31 3 42015768 2022-01-01 2022-12-31 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 42015768 2023-12-31 42015768 2022-12-31 42015768 2023-12-31 ifrs-full:SeparateMember 42015768 2022-12-31 ifrs-full:SeparateMember 42015768 2023-01-01 2023-12-31 0 42015768 2022-01-01 2022-12-31 1 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 2 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 3 42015768 2023-01-01 2023-12-31 4 42015768 2022-01-01 2022-12-31 5 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 6 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 7 42015768 2023-01-01 2023-12-31 8 42015768 2022-01-01 2022-12-31 9 42015768 2023-01-01 2023-12-31 10 42015768 2022-01-01 2022-12-31 11 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 12 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 13 42015768 2023-01-01 2023-12-31 14 42015768 2022-01-01 2022-12-31 15 42015768 2023-01-01 2023-12-31 16 42015768 2022-01-01 2022-12-31 17 42015768 2023-01-01 2023-12-31 18 42015768 2022-01-01 2022-12-31 19 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 20 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 21 42015768 2023-01-01 2023-12-31 22 42015768 2022-01-01 2022-12-31 23 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 24 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 25 42015768 2023-01-01 2023-12-31 26 42015768 2022-01-01 2022-12-31 27 42015768 2023-01-01 2023-12-31 0 42015768 2022-01-01 2022-12-31 1 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 2 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 3 42015768 2023-01-01 2023-12-31 0 42015768 2022-01-01 2022-12-31 1 42015768 2023-01-01 2023-12-31 ifrs-full:SeparateMember 2 42015768 2022-01-01 2022-12-31 ifrs-full:SeparateMember 3 42015768 2023-01-01 42015768 2022-01-01 42015768 2023-01-01 ifrs-full:SeparateMember 42015768 2022-01-01 ifrs-full:SeparateMember 42015768 2023-01-01 2023-12-31 0 42015768 2023-01-01 2023-12-31 1 iso4217:EUR xbrli:pure Regnskabsklasse C, mellemstor virksomhed 2023-01-01 2023-12-31 Scantox Denmark ApS DK-4623 Lille Skensved Hestehavevej 36A Ejby 42015768 2021-01-11 Køge, Denmark 2024-04-18 Jens Bager <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of Scantox Denmark ApS for the financial year 1 January - 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with International Financial Reporting Standards (IFRS®) as adopted by the European Union (EU), and additional disclosure requirements in the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of their operations and consolidated cash flows for the financial year 1 January - 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's operations and financial matters, the results for the year and the Group's and the Parent Company's financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Lille Skensved 2024-04-18 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholder of Scantox Denmark ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of Scantox Denmark ApS for the financial year 1 January – 31 December 2023, which comprise income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including material accounting policy information, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with IFRS Accounting Standards (IFRS®) as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January – 31 December 2023 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on our procedures, we conclude that the 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 of the Management's review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group's and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to 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 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 the financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">►     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.</td></tr><tr><td colspan="1">►     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 Group's and the Parent Company's internal control.</td></tr><tr><td colspan="1">►     Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">►     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 Group's and the Parent 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 Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">►     Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">►     Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2024-04-18 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Sustainability and ESG</td></tr><tr><td colspan="1">ESG Introduction</td></tr><tr><td colspan="1">Scantox is part of the critical infrastructure for pharma and biotech companies ahead of them progressing new pharmaceutical drugs into clinical trials.</td></tr><tr><td colspan="1">Overall, pre-clinical services are essential to develop new drugs and improve existing treatment models, a process that is both expensive and time consuming. Scantox’ services help customers to progress, prioritize and optimize drug development projects that in the end improve the quality of care. We work focused and dedicated on helping customers with identifying safe and efficacious drug candidates and reduce time to market for new pharmaceuticals while minimizing the environmental impact of operations and ensure best-in-class animal welfare to ensure a positive Health Impact in accordance with the lmpilo ESG framework. *</td></tr><tr><td colspan="1">* See Impilos annual report for more information on the Health Impact framework.</td></tr><tr><td colspan="1">In 2023 our goals were</td></tr><tr><td colspan="1">1. Incremental improvements to quality of KPls and policies, e.g. develop activity-based data for the share of its scope 3 emissions that relate to livestock</td></tr><tr><td colspan="1">2. Focus on initiatives to continuously educate, train and retain staff</td></tr><tr><td colspan="1">3. Adopt global policies across Swedish and Danish facilities</td></tr><tr><td colspan="1">4. Investigate options for reducing dependency on natural gas by changing to renewable energy, which would lead to a material reduction in Scantox's total CO2 emissions</td></tr><tr><td colspan="1">Goal 1</td></tr><tr><td colspan="1">Last year, we made a commitment to enhance our Key Performance Indicators (KPIs) and expand our measurement of Scope 3 activities. We successfully fulfilled this pledge by implementing robust automation processes for data collection. This has improved prioritization and helped maximize the impact of initiatives leading to substantial improvements, reflecting our dedication to transparency, efficiency, and continuous improvement.</td></tr><tr><td colspan="1">Goal 2</td></tr><tr><td colspan="1">We continued to enhance our commitment to staff education and training. The continuation of our Scantox Academy and additional training options has enabled us to successfully educate and train our employees. Despite significant growth, we are pleased to report that we have maintained a high level of staff retention, showcasing our dedication to both company expansion and employee development.</td></tr><tr><td colspan="1">Goal 3</td></tr><tr><td colspan="1">Substantial progress has been made to our goal of adopting global policies across our portfolio. In 2024, we will be rolling out comprehensive global policies across our entire portfolio, marking a significant step forward in ensuring consistency and alignment with our organizational values and objectives.</td></tr><tr><td colspan="1">Goal 4</td></tr><tr><td colspan="1">We are continuing our efforts to decrease our reliance on natural gas. Comprehensive exploration and analysis have been made and we have identified viable solutions and prepare commencing the implementation of the necessary projects to achieve this in the years to come.</td></tr><tr><td colspan="1">ESG Highlights 2023</td></tr><tr><td colspan="1">Heading towards being Scope 2 carbon neutral in 2024</td></tr><tr><td colspan="1">Implementation of digital Quality Management System</td></tr><tr><td colspan="1">The implementation of a digital management system has been completed to enhance the efficiency of our Standard Operating Procedural work, aiming to streamline processes for optimal performance, follow-up on training, and ensure accuracy.</td></tr><tr><td colspan="1">Whistleblower policy</td></tr><tr><td colspan="1">The implementation of a Whistleblower Policy and Procedure underscores our commitment to transparency and ethical conduct. This framework provides a structured approach for reporting concerns regarding unethical or illegal activities, emphasizing confidentiality and protection for individuals who come forward with information.</td></tr><tr><td colspan="1">Real-time data on study emissions</td></tr><tr><td colspan="1">As of 2024, Scantox is able to calculate CO2e for each study, offering clients valuable insights into their emissions. This daily &amp; real-time data empowers proactive sustainability measures, reinforcing our commitment to transparency and environmental responsibility.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Environment</td></tr><tr><td colspan="1">In 2023, our organization took significant strides towards sustainability and environmental responsibility by initiating several key projects aimed at achieving zero emissions from electricity and improving overall efficiency.</td></tr><tr><td colspan="1">In 2023, Scantox continued growth and development, marked by the acquisition of two new companies, expansion of production capabilities and facilities, and the addition and refinement of emission categories. This expansion naturally led to an increase in emissions from 2022 to 2023. However, our proactive initiatives to address this rise will be apparent in 2024, underscoring our dedication to minimizing our environmental footprint even as we continue to expand. These initiatives included the complete elimination of Scope 2 emissions, the implementation of a Computerized Maintenance Management System (CMMS) for our production rooms, and the introduction of a new lamp project with smart sensor technology.</td></tr><tr><td colspan="1">Zero Emissions from Electricity</td></tr><tr><td colspan="1">In adherence to our commitment to environ-mental sustainability, the organization under-took a bold step in 2023 to eliminate Scope 2 emissions completely by the year 2024. The primary focus was on transitioning to renewable energy sources, such as solar and wind power, to power our operations. This move not only aligned with global efforts to combat climate change but also showcased our dedication to being a responsible and eco-friendly entity.</td></tr><tr><td colspan="1">By investing in clean energy technologies and reconfiguring our electricity infrastructure, we successfully eliminated our carbon footprint associated with electricity consumption. This not only contributes to a healthier planet but also positions our organization as a leader in the industry's sustainability efforts</td></tr><tr><td colspan="1">Computerized Maintenance Management System (CMMS) for Production Rooms</td></tr><tr><td colspan="1">To further reduce our environmental impact, a comprehensive CMMS was implemented for our production rooms. This system aimed to optimize the usage of gas and electricity in the vivariums by automating maintenance schedules, tracking energy consumption, and ensuring that resources were only utilized when necessary.</td></tr><tr><td colspan="1">By implementing the CMMS, the organization achieved notable reductions in gas and electricity consumption during periods when facilities were not in use. This not only translated into cost savings but also demonstrated a commitment to resource efficiency and environmental stewardship.</td></tr><tr><td colspan="1">An even greener future</td></tr><tr><td colspan="1">As we embark on a year marked by zero emissions in Scope 2, our commitment extends beyond achieving this milestone. We are dedicated to enhancing our environmental performance by addressing scope 1 emissions and refining our energy profile within scope 2. Our current focus is on a substantial reduction in electricity consumption in scope 2 and transitioning away from gas usage in scope 1. This strategic approach aligns with our ongoing efforts in ESG reporting, reinforcing our dedication to sustainability and responsible business practices.</td></tr><tr><td colspan="1">Insights</td></tr><tr><td colspan="1">Energy-friendly Lamps with Smart Sensor Technology</td></tr><tr><td colspan="1">In line with our dedication to creating a sustainable and employee-friendly workplace, the organization introduced a new lamp project. The project involved the installation of smart sensors and new lamps to regulate and optimize lighting conditions based on occupancy and natural light levels.</td></tr><tr><td colspan="1">The smart sensors not only significantly reduced electricity consumption by automatically adjusting the intensity of the lights but also enhanced the overall working environment. Employees now have the flexibility to customize their lighting preferences, contributing to increased comfort and well-being.</td></tr><tr><td colspan="1">Social</td></tr><tr><td colspan="1">In 2023, Scantox Group has demonstrated a profound commitment to social responsibility, particularly focusing on creating an exemplary workplace and contributing to education.</td></tr><tr><td colspan="1">The company's initiatives have not only been recognized through certifications and nominations but have also brought about significant individual achievements within its workforce.</td></tr><tr><td colspan="1">Needless to state that integration of different businesses due to acquisitions plays a significant role with a specific focus on the employees. Our goal is to preserve individual well-functional work cultures and yet foster a curiosity amongst staff to be open to discuss best practice. This applies to both technical procedures, scientific standards and certainly also animal well fare, safe working environment and employee engagement.</td></tr><tr><td colspan="1">Great Place to Work Certification</td></tr><tr><td colspan="1">Scantox Group achieved the significant 'Great Place to Work' certification, underscoring its dedication to fostering a positive work environment. The company's policies and practices have created a workplace culture that values employee satisfaction, well-being, and professional development.</td></tr><tr><td colspan="1">Educating our workforce</td></tr><tr><td colspan="1">We recognize that an educated and skilled workforce is essential for sustained success and innovation. Education is not just a one-time event; it is an ongoing journey. We take pride in our commitment to nurturing talent and empowering our employees through various educational initiatives.</td></tr><tr><td colspan="1">One significant aspect of our dedication to learning is evident in our internship program. With over 5% of our total workforce consisting of interns, we believe in providing hands-on experiences that contribute to the growth and development of the next generation of professionals. In 2023, our efforts were acknowledged as we were nominated for our local "Bedste Elevplads" award, a testament to our commitment to providing an exceptional learning environment for interns.</td></tr><tr><td colspan="1">Moreover, our commitment extends beyond the youth as we actively promote education for all employees. Whether it is supporting professionals in pursuing management degrees or encouraging employees to pursue professional growth, we believe in fostering an environment where learning knows no limits.</td></tr><tr><td colspan="1">Insights</td></tr><tr><td colspan="1">Scantox Senior Pathologist receives recognized international Board Certification</td></tr><tr><td colspan="1">In 2023, Scantox Group achieved a noteworthy milestone with the successful board certification FRCPath of Pathologist Gitte Jeppesen. Gitte's accomplishment in obtaining board certification as a toxicopathologist not only signifies a significant personal achievement but also establishes Scantox Group as a trailblazer in histopathology support, reinforcing its prominent position in the industry.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Governance</td></tr><tr><td colspan="1">In line with our unwavering commitment to ethical business practices and corporate responsibility, our company is proud to announce the establishment of a transparent calculation of CO2 footprint on our individual services as well as internal policy and procedure.</td></tr><tr><td colspan="1">This initiative reflects our dedication to fostering a culture of transparency, accountability, and integrity across all facets of our operations. As we embark on the journey towards enhancing our governance profile, the implementation of robust governance policies remains a top priority for our organization with engagement of our employees and utilization of digitalization in all aspects.</td></tr><tr><td colspan="1">Whistleblower Policy and Procedure</td></tr><tr><td colspan="1">Our newly established whistleblower policy and procedure is designed to empower report of any concerns or suspicions of unethical behavior, misconduct, or violations of our code of conduct. This mechanism ensures that individuals have a secure and confidential channel to voice their concerns without fear of retaliation. By fostering an environment that encourages the reporting of potential issues, we aim to In line with our unwavering commitment to ethical business practices and corporate responsibility, our company is proud to announce the establishment a transparent calculation of CO2 footprint on our individual services as well as internal policy and procedure. swiftly address any irregularities and uphold the highest standards of corporate conduct.</td></tr><tr><td colspan="1">Due to the substantial regulatory framework governing our industry, our operations are subject to rigorous oversight and compliance measures. As a result, we have already established robust digital Standard Operating Procedures system to ensure adherence to regulatory requirements and maintain operational efficiency. It's crucial that these processes not only comply with existing regulations but also align with our broader commitments to sustainability, social responsibility, and ethical business practices. By harmonizing our established procedures with our evolving ESG framework, we can effectively navigate the complexities of our industry while remaining steadfast in our commitment to responsible corporate citizenship. Hand-in-hand with our goal to reduce our CO2 footprint, transparency in operation and though our clients we are proud to be able to provide real-time data on study emissions as of 2024. At Scantox we are able to calculate CO2 e for each study, offering clients valuable insights into their emissions. This daily &amp; real-time data empowers proactive sustainability measures, reinforcing our commitment to transparency and environmental responsibility.</td></tr><tr><td colspan="1">It allows us to navigate the complexities of our industry while remaining steadfast in our commitment to responsible corporate citizenship.</td></tr><tr><td colspan="1">.Governance</td></tr><tr><td colspan="1">Scantox recognizes that our certifications play a pivotal role in shaping our livelihood and defining our commitment to excellence.</td></tr><tr><td colspan="1">Each day, we dedicate ourselves to upholding and surpassing the national and international standards set by these certifications. We are proud to confirm that every certification we pursue, we successfully obtain.</td></tr><tr><td colspan="1">Further, we are regularly inspected by our national and international clients for quality as required by the regulatory bodies.</td></tr><tr><td colspan="1">Our focus of continuous improvement under-scores our dedication to being the best we can be, as we strive to align our practices with the highest benchmarks in our industry.</td></tr><tr><td colspan="1">Quality</td></tr><tr><td colspan="1">Our regulatory quality certification for Good Laboratory Practice (GLP) and Good Manufactory Practice (GMP) is obtained by national agencies and accreditation bodies.</td></tr><tr><td colspan="1">Business Specific</td></tr><tr><td colspan="1">The use of research animals is licensed by the national authorities, either the Danish Animal Experiment Council (Radet for Dyreforsog) or the Swedish animal Ethics Committee (Djurforsoksetiska Namnden) and are fully compliant with current EU legislation governing the use of research animals.</td></tr><tr><td colspan="1">EHS (Environment, Health and Safety)</td></tr><tr><td colspan="1">Our business requires us to use gene modified organisms (GMO’s), radio-labelled compounds, hazardous chemicals and more. Our facilities fulfil any legal requirements for using such substances and our staff is trained properly as well and always wear all relevant protective gear.</td></tr><tr><td colspan="1">Animal welfare</td></tr><tr><td colspan="1">As a preclinical contract research organization, Scantox has a responsibility to ensure the well-being of all animals in our care and we strive to go beyond regulatory requirements.</td></tr><tr><td colspan="1">We constantly strive to go beyond legal requirements when it comes to animal welfare as we believe it is essential for our business and our core values, as well as ensuring higher quality of science and a better working environment for our staff.</td></tr><tr><td colspan="1">This commitment is materialised at all of our sites where we have established local animal welfare bodies but also a global animal welfare committee to share experience and best practices for the benefit of our animals.</td></tr><tr><td colspan="1">Our commitment was most visible with the acquisition of a new facility in Denmark located close to the existing facility in Ejby. The new facility will emerge in 2024 as a state-of-the-art facility that will provide customers with an unsurpassed focus on animal welfare.</td></tr><tr><td colspan="1">Further, we always apply the 3R principles (replacement, reduction and refinement) in all studies conducted at Scantox.</td></tr><tr><td colspan="1">Replace: Living and sentient laboratory animals should be replaced as far as possible with non-sentient alternatives.</td></tr><tr><td colspan="1">Reduce: the intended experimental goal should be achieved with as few animals as possible.</td></tr><tr><td colspan="1">Refine: the experimental animals used are treated as gently as possible. This refers to the entire life of the animal – breeding, transport, husbandry, testing and, if necessary, life ending.</td></tr><tr><td colspan="1">ALL animal caretakers and animal technicians have a relevant certified education.</td></tr><tr><td colspan="1">Corporate Governance</td></tr><tr><td colspan="1">Risk management and Governance</td></tr><tr><td colspan="1">Operating in a highly regulated environment and supporting major pharmaceutical clients, Scantox operates in a complex environment and is continuously exposed to a broad array of operational and financial risks.</td></tr><tr><td colspan="1">..Governance</td></tr><tr><td colspan="1">Risk management is an integrated part of the daily activities and operations and is managed through a two-tier governance structure with the Executive Management and Board of Directors. The Executive Management is responsible for the daily management of the Group and the Board of Directors is responsible for the overall strategic development and supervision of the management, guided by the yearly board wheel. The Board of Directors plan 6 yearly regular Board meetings, including a yearly strategy review day and allows time for extraordinary meetings when required. The Board conducts an annual evaluation of the Board performance - including an evaluation of the Chair and the cooperation with the Executive Management.</td></tr><tr><td colspan="1">To facilitate the high growth ambition of Scantox a frequent and close interaction between owners, board and management has been established, following Impilo's guidelines. On top of the yearly Board wheel, a biweekly informal status meeting is held between the CEO, CFO, Chairman and owner and a monthly Performance Review is performed between board and management.</td></tr><tr><td colspan="1">Please also refer to note 4.2 in the Financial Statement for a further review of Financial risk management and financial assets</td></tr><tr><td colspan="1">Key operational and financial risks</td></tr><tr><td colspan="1">·       Commercial Risk</td></tr><tr><td colspan="1">·       Product Supply and Quality Risks</td></tr><tr><td colspan="1">·       IT security Risks</td></tr><tr><td colspan="1">·       Financial Risk (Currency Risks &amp; Interest Rate Risks)</td></tr><tr><td colspan="1">·       Scantox' ability to attract new employees</td></tr><tr><td colspan="1">..Board of directors</td></tr><tr><td colspan="1">Jens Bager</td></tr><tr><td colspan="1">Education MSc in Economics and Business Administration from Copenhagen Business School</td></tr><tr><td colspan="1">Past and present Since 2016 Jens Bager has focused on non-executive directorships and has been Chairman of a number of companies including Ambu A/S and the Grundfos Foundation. He currently serves as Chairman for Better Collective A/S, Scantox A/S and Marleybones Ltd. Other assignments include member of the executive board of Apto Invest ApS, Apto Advisory ApS, Tandlagen.dk and Symmetry Administration ApS.</td></tr><tr><td colspan="1">Member Chairman of the board since: 2021</td></tr><tr><td colspan="1">Nicholas Hooge</td></tr><tr><td colspan="1">MSc in Business Administration and Management Science from Copenhagen Business School</td></tr><tr><td colspan="1">Nicholas joined Impilo as partner in 2020 and is a member of Impilo’s investment committee. Prior to this he was a Senior Director at EQT Partners where he worked from 2006-2019, based both in Copenhagen and New York with a focus on private equity and Infrastructure investments. From 2004-2006 Nicholas worked for Deutsche Bank in London focusing on M&amp;A in the Nordic countries.</td></tr><tr><td colspan="1">Member of the board since: 2021</td></tr><tr><td colspan="1">Karsten Lindhardt</td></tr><tr><td colspan="1">MSc and PhD in pharmacology and biopharmacy from Danmarks Farmaceutiske Universitet. Diploma from CBS Copenhagen Business School</td></tr><tr><td colspan="1">Karsten Lindhardt is the Founder and CEOof Biograil; a company that specializes in developing oral delivery systems for biologics. Prior to Biograil, Lindhardt served as the Chief Scientific Officer at Egalet Corporation [EGLT] NASDAQ NY. He has previously worked at Novo Nordisk, Ferring Pharmaceuticals, OSI Pharmaceuticals and Curalogic. He has co-founded various start-up companies and serves in the research grant evaluation panel in Growth Fund Denmark.</td></tr><tr><td colspan="1">Management Team</td></tr><tr><td colspan="1">Executive Management</td></tr><tr><td colspan="1">Jeanet Løgsted</td></tr><tr><td colspan="1">Chief Executive Officer (CEO)</td></tr><tr><td colspan="1">MSc Pharm, PhD</td></tr><tr><td colspan="1">Jeanet Løgsted has 30+ years of work experience with drug development from the preclinical contract research organization perspective as well as pharma (LEO Pharma) with different managerial and client facing positions. She was the site manager during late part of the Citoxlab area and during the Charles River ownership, before actively part of the re-funding and establishment of Scantox Group</td></tr><tr><td colspan="1">With Scantox since: 2005</td></tr><tr><td colspan="1">Martin Amtoft-Christensen</td></tr><tr><td colspan="1">Chief Financial Officer (CFO)</td></tr><tr><td colspan="1">MSC Economics</td></tr><tr><td colspan="1">Martin Amtoft-Christensen has 20+ years of international CFO experience. Prior to joining Scantox he worked within professional services as CFO for Textilia A/S and Allianceplus A/S and prior to that as Director of Shared services and member of the Executive Board in Berendsen Plc.</td></tr><tr><td colspan="1">With Scantox since: 2022</td></tr><tr><td colspan="1">Group Management</td></tr><tr><td colspan="1">Mikkel Lykke Jensen</td></tr><tr><td colspan="1">Chief Scientific Officer (CSO)</td></tr><tr><td colspan="1">DVM</td></tr><tr><td colspan="1">Mikkel Lykke Jensen has 15 years of experience within Life Science. Prior to joining Scantox, he worked in academia with animal models to study human pediatricnutrition and malnutrition. He has held several positions in Scantox and is now responsible for scientific development as well as animal welfare. Mikkel is a member of the Danish Animal Experiment Council where he has been appointed by Danish Industry.</td></tr><tr><td colspan="1">With Scantox since: 2013</td></tr><tr><td colspan="1">Mette Ellemann-Søtofte</td></tr><tr><td colspan="1">Chief Operating Officer (COO)</td></tr><tr><td colspan="1">MSc Pharm</td></tr><tr><td colspan="1">Since completing her degree in Pharmacy Mette has worked in the pharmaceutical sector in different companies (LEO Pharma, Novo Nordisk), and for the past 18 years in different management positions. Mette has been with Scantox for 11 years over two periods and is now responsible for Operations. Also, Mette heads the Health and Safety Group.</td></tr><tr><td colspan="1">With Scantox since: 2005-2012 and 2020-</td></tr><tr><td colspan="1">Andy Brown</td></tr><tr><td colspan="1">Chief Commercial Officer (CCO)</td></tr><tr><td colspan="1">MBA</td></tr><tr><td colspan="1">Andy Brown has 15+ year’s experience in the contract research industry serving in both commercial and operational leadership roles. Most recently, at AltaSciences (formerly Sinclair Research) he served as the VP of Commercial Operations from 2018-2021 and GM from 2021-2023. Prior to Altasciences, Brown served as Global Vice President of Strategic Accounts at Envigo</td></tr><tr><td colspan="1">With Scantox since: 2023</td></tr></table> 29251000 5667000 13683000 4631000 -1419000 2450000 219000 528000 1092000 -190000 1282000 102000 102000 1384000 1282000 520000 75000 4386000 50000 -8291000 11288000 3703000 6699000 -1517000 -17000 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1262.0, by EasyX Aps. www.easyx.eu 2022-01-01 2022-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 213 Jeanet Løgsted Nielsen CEO Martin Amtoft-Christensen CFO Jens Bager Chair Nicholas Povl Zilstorff Hooge Karsten Lindhardt 18222000 3897000 9002000 2811000 -1452000 1446000 100000 122000 -408000 26000 -434000 -108000 -108000 -542000 -434000 101000 3533000 1452000 77000 -2762000 0 351000 -740000 31000 -35000 12476000 2707000 11609000 -1196000 199000 507000 -3742000 -812000 -2930000 -10000 -10000 -2940000 223000 1704000 232000 -6319000 5507000 795000 4620000 5000 -1000 740000 155000 237000 -1365000 55000 -16000 -1056000 -233000 -823000 0 0 -823000 30000 56000 0 -2767000 571000 0 496000 -2215000 0 4103000 2169000 13137000 2073000 0 21482000 390000 3807000 1531000 127000 671000 1034000 7560000 29042000 5000 -16000 5367000 5356000 6621000 440000 753000 7814000 7719000 1921000 1977000 590000 3665000 15872000 23686000 29042000 937000 1287000 8767000 1333000 228000 12552000 317000 2811000 1027000 0 356000 2568000 7079000 19631000 5000 -118000 4085000 3972000 4352000 257000 800000 5409000 1424000 4257000 1557000 7000 3005000 10250000 15659000 19631000 252000 11489000 816000 12557000 2404000 620000 1708000 25000 4757000 17314000 5000 -10000 574000 569000 32000 32000 5633000 1504000 323000 9253000 16713000 16745000 17314000 178000 5584000 233000 5995000 0 0 101000 21000 122000 6117000 5000 0 3504000 3509000 38000 38000 675000 0 38000 1857000 2570000 2608000 6117000 Profit / (loss) before income tax 1092000 Profit / (loss) before income tax -408000 Profit / (loss) before income tax -3742000 Profit / (loss) before income tax -1056000 Amortization, depreciation, and impairment 2450000 Amortization, depreciation, and impairment 1446000 Amortization, depreciation, and impairment 199000 Amortization, depreciation, and impairment 55000 Finance income -219000 Finance income -100000 Finance costs 528000 Finance costs 122000 Net financial expenses 507000 Net financial expenses -16000 Change in inventories 16000 Change in inventories 103000 Change in trade receivables -534000 Change in trade receivables 1146000 Change in trade payables 418000 Change in trade payables 499000 Change in trade payables 285000 Change in trade payables 38000 Change in other assets and liabilities -2585000 Change in other assets and liabilities 844000 Change in other assets and liabilities 7082000 Change in other assets and liabilities 1065000 Income taxes paid -571000 Income taxes paid -18000 Acquisitions of subsidiaries, net of cash acquired -3855000 Acquisitions of subsidiaries, net of cash acquired -1233000 Investment in group entities -6087000 Investment in group entities -2767000 Payment of principal portion of lease liabilities -886000 Payment of principal portion of lease liabilities -389000 Payment of principal portion of lease liabilities -92000 Payment of principal portion of lease liabilities -75000 2568000 2572000 21000 2236000 EY Godkendt Revisionspartnerselskab DK-2000 Frederiksberg Dirch Passers Allé 36 42015768 Ole Becker State Authorised Public Accountant mne33732 Christian Carlsbæk State Authorised Public Accountant mne50651 42015768 EY Godkendt Revisionspartnerselskab