iso4217:DKK369573602019-01-012019-12-31369573602019-01-012019-12-311369573602019-01-012019-12-312369573602019-01-012019-12-311369573602019-01-012019-12-312369573602019-01-012019-12-313369573602019-01-012019-12-314369573602019-01-012019-12-315369573602019-01-012019-12-311369573602019-01-012019-12-312369573602018-01-012018-12-31369573602019-12-31369573602018-12-31369573602019-01-01369573602018-01-01369573602019-01-012019-12-3111369573602018-01-012018-12-3111369573602019-01-012019-12-3122369573602018-01-012018-12-3122369573602019-01-012019-12-3141369573602018-01-012018-12-3141369573602019-01-012019-12-3142369573602018-01-012018-12-3142369573602019-01-012019-12-3143369573602018-01-012018-12-3143369573602019-01-012019-12-3144369573602018-01-012018-12-3144369573602019-01-012019-12-3145369573602018-01-012018-12-3145RevisionspåtegningÅrsrapport36957360M-Tec Holding Danmark ApSAmaliegade49, 1. sal1256København KKøbenhavn2019-01-012019-12-312018-01-012018-12-312020-04-29Thomas ChristiansenMichael Specht BruunLars DybkjærFrank CohenLars DybkjærGunnar EvensenMichael Specht BruunSteen Michelsen Lomholt-ThomsenChairman3377123133771231PricewaterhouseCoopers, Statsautoriseret RevisionspartnerselskabPricewaterhouseCoopers, Statsautoriseret RevisionspartnerselskabStrandvejen442900Hellerup36957360M-Tec Holding Danmark ApSAmaliegade 49, 1. sal1256 København KTo the Shareholders of M-Tec Holding Danmark ApSOpinionIn our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial<br/>position at 31 December 2019 and of the results of the Groups operations and cash flows for the financial<br/>year 1 January 2019 - 31 December 2019 in accordance with International Financial Reporting Standards as<br/>adopted by the EU and further requirements in the Danish Financial Statements Act.<br/>Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent<br/>Company’s financial position at 31 December 2019 and of the results of the Parent Company’s operations for<br/>the financial year 1 January 2019 - 31 December 2019 in accordance with the Danish Financial Statements<br/>Act.<br/>We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of MTec<br/>Holding Danmark ApS for the financial year 1 January 2019 - 31 December 2019, which comprise of<br/>income statement, balance sheet, statement of changes in equity and notes, including a summary of<br/>significant accounting policies, for both the Group and the Parent Company, as well as statement of<br/>comprehensive income and cash flow statement for the Group (“financial statements”).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional<br/>requirements applicable in Denmark. Our responsibilities under those standards and requirements are further<br/>described in the Auditor’s Responsibilities for the Audit of the Financial Statements section of our report.<br/>We are independent of the Group in accordance with the International Ethics Standards Board for<br/>Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements<br/>applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these<br/>requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a<br/>basis for our opinion.Management is responsible for Management’s Review.<br/>Our opinion on the financial statements does not cover Management’s Review, and we do not express any<br/>form of assurance conclusion thereon.<br/>In connection with our audit of the financial statements, our responsibility is to read Management’s Review<br/>and, in doing so, consider whether Management’s Review is materially inconsistent with the financial<br/>statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.<br/>Moreover, it is our responsibility to consider whether Management’s Review provides the information<br/>required under the Danish Financials Statements Act.<br/>Based on the work we have performed, in our view, Management’s Review is in accordance with the<br/>Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in<br/>accordance with the requirements of the Danish Financial Statement Act. We did not identify any material<br/>misstatement in Management’s Review.Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair<br/>view in accordance with International Financial Reporting Standards as adopted by the EU and further<br/>requirements in the Danish Financial Statements Act and for the preparation of Parent Company Financial<br/>Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for<br/>such internal control as Management determines is necessary to enable the preparation of financial<br/>statements that are free from material misstatement, whether due to fraud or error.<br/><br/>In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent<br/>Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern<br/>and using the going concern basis of accounting in preparing the financial statements unless Management<br/>either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic<br/>alternative but to do so.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free<br/>from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our<br/>opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in<br/>accordance with ISAs and the additional requirements applicable in Denmark will always detect a material<br/>misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,<br/>individually or in the aggregate, they could reasonably be expected to influence the economic decisions of<br/>users taken on the basis of these financial statements.<br/>As part of an audit conducted in accordance with ISAs and the additional requirements applicable in<br/>Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We<br/>also:<br/>• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or<br/>error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is<br/>sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material<br/>misstatement resulting from fraud is higher than for one resulting from error as fraud may involve<br/>collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.<br/>• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that<br/>are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness<br/>of the Group’s and the Parent Company’s internal control.<br/>• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates<br/>and related disclosures made by Management.<br/>• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in<br/>preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty<br/>exists related to events or conditions that may cast significant doubt on the Group’s and the Parent<br/>Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are<br/>required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if<br/>such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence<br/>obtained up to the date of our auditor’s report. However, future events or conditions may cause the Group<br/>and the Parent Company to cease to continue as a going concern.<br/>• Evaluate the overall presentation, structure and contents of the financial statements, including the<br/>disclosures, and whether the financial statements represent the underlying transactions and events in a<br/>manner that gives a true and fair view.<br/>• Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business<br/>activities within the Group to express an opinion on the Consolidated Financial Statements. We are<br/>responsible for the direction, supervision and performance of the group audit. We remain solely responsible<br/>for our audit opinion.<br/>We communicate with those charged with governance regarding, among other matters, the planned scope and<br/>timing of the audit and significant audit findings, including any significant deficiencies in internal control<br/>that we identify during our audit.Copenhagen2020-04-29Søren Ørjan JensenHenrik Berring RasmussenState Authorised Public AccountantState Authorised Public Accountantmne33226mne341573818230002802260001020710006990200039109000274820004528000037884000240643000182842000125943000947750006922400050140000581440003678700019600043000-22377000-12424000-1129600092900030280004680001008100010713000-18349000-9316000-129500067000-17054000-9383000-17054000-9383000577000-701000000000937000020500057700031000-16477000-93520006775020007093640003607000532900015880001304000147300025200001579600006999650007185160004028000613500077726000667410009228000749300033830006444000364630001057600010576000218700013082800097389000830794000815905000532000532000422716000439403000501500038330004282630004437680004878000242720001675450001783480005444300011191000239400006272500070785000974100002968480002603240001023700010010000326970003832900045627000345270005421000446400068220000105682000111813000021100040253000037213700083079400081590500058144000367870001960004300043351000394500090395000417040008544000872400004680005450000996900076401000234790000702830004700010400019300003235000967900060400004960000Increase in depositsIncrease in depositsDecrease in depositsDecrease in deposits-28000002000103000-11344000-79351000031000000193940000678300000-1053000Proceeds from borrowingsProceeds from borrowingsPayments to credit institutionsPayments to credit institutionsPaid loan fees to credit institutionsPaid loan fees to credit institutionsCapital increaseCapital increaseSale and purchase of warrants/treasury sharesSale and purchase of warrants/treasury shares016347000-11180000-98000000-1452000030000000973000200000-3638400065242000286730009370000-2786000-981000