Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Dirch Passers Allé 36 Postboks 250, 2000 Frederiksberg 2022-01-01 2022-12-31 2021-01-01 2021-12-31 42558044 KOMPAS Ventures K/S Breeltevej 18 2970 Hørsholm 2021-07-22 Hørsholm EY Godkendt Revisionspartnerselskab 30700228 Dirch Passers Allé 36 2000 Frederiksberg 2023-04-24 Teodora Anda Grosu Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2023-02-17 2023-02-17 CaseWare Working Papers Hørsholm Mads Kann-Rasmussen Copenhagen Morten Østergaard Koch State Authorised Public Accountant mne35420 -18398000 -4594000 0 0 -18398000 -4594000 2207000 1000 965000 5000 -17156000 -4598000 1000 0 -17157000 -4598000 -17157000 -4598000 180773000 8233000 180773000 8233000 180773000 8233000 209000 6000 209000 6000 180982000 8239000 202396000 12739000 -21755000 -4598000 180641000 8141000 249000 73000 92000 25000 341000 98000 341000 98000 180982000 8239000 12739000 -4598000 189657000 0 -17157000 202396000 -21755000 8233000 171303000 0 179536000 0 1237000 0 1237000 180773000 Today, the Management has discussed and approved the annual report of KOMPAS Ventures K/S for the financial year 1 January - 31 December 2022. The annual report is prepared in accordance with the Danish Financial Statements Act. 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. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the limited partners of KOMPAS Ventures K/S We have audited the financial statements of KOMPAS Ventures K/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. 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 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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. 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 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 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 the 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 note 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 the Management's review. Our opinion on the financial statements does not cover the 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 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. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, 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 Statement Act. We did not identify any material misstatement of the Management's review. The main activity for KOMPAS Ventures K/S is to invest in other companies and assets as well as related activities. The Company is 99% owned by VKR Holding A/S. The income statement for 2022 shows a loss of DKK 17,157 thousand against a loss of DKK 4,598 thousand last year, and the balance sheet at 31 December 2022 shows equity of DKK 180,641 thousand. As the Company is still in the investment phase, the realised result is in line with the expectations. The annual report of Kompas Ventures K/S for 2022 is presented in accordance with the provisions of the Danish Financial Statements Act applying for class B companies and elective choice of certain provisions applying to reporting class C companies. The Company is included in the consolidated financial statements for VKR Holding A/S, Hørsholm, CVR no. 30 83 04 15. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK'000). On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. The items revenue and external expenses have been aggregated into one item in the income statement called gross profit/loss in accordance with section 32 of the Danish Financial Statements Act. Other operating income and costs comprise items of a secondary nature relative to the Company's core activities. Other external expenses comprise the year's expenses relating to the Company's core activities, including distribution costs and costs relating to sale, advertising, administration, premises, bad debts losses, operating leases, etc. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Financial items include interest income and expenses, realised and unrealised gaings and losses on investments and transactions in foreign currencies, etc. KOMPAS Ventures K/S is not a separate entity subject to taxation. The tax liability in respect of the Company’s earnings is incumbent on the individual investors of the Company. For this reason, no tax is calculated on the Company’s earnings, and withholding of foreign tax on dividends from foreign investments is charged directly to the Company’s investors. On initial recognition, investments in other companies are recognised at cost and subsequently measured at fair value. Foreign investments are recognised at the exchange rate on the transaction date and subsequently measured at fair value translated at the exchange rate on the balance sheet date. The fair value measurement is based on recognised valuation methods on the basis of unobservable market information (fair value hierarchy 3). Other investments which do not have fixed expiry dates and are recognised as fixed assets are measured at fair value at the balance sheet date. The fair value represents the market value of the assets forming part of an active market. Other securities which the Company intends to hold to maturity and with fixed expiry dates are recognised at amortised cost. Cash comprise cash and short term securities which are readily convertible into cash and subject only to minor risks of changes in value. Investments by limited partners are recognised when cash calls are made. Investments that have not yet been called at the balance sheet date are disclosed in the notes. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. The Company has no employees. The subscribed equity capital consists of t. EUR 136,350 shares of EUR 1 each divided between t. EUR 135,000 A shares and t. EUR 1,350 B shares. B shares carries special rights to receive carried interest in accordance with the Limited Partnership Agreement. At 31 December 2022 t. EUR 27,205 of the subscribed equity capital has been called. Other contingent liabilities Commitment relating to investments At the balance sheet date the company has remaining investment commitments relating to existing investments for DKK 46,309 thousand. 42558044 2022-01-01 2022-12-31 42558044 2021-01-01 2021-12-31 42558044 2021-12-31 42558044 2022-12-31 42558044 2022-01-01 2022-12-31 1 42558044 2022-01-01 2022-12-31 1 42558044 2022-01-01 2022-12-31 e:RetainedEarningsMember 42558044 2021-01-01 2021-12-31 e:RetainedEarningsMember 42558044 2022-01-01 e:OtherInvestmentsMember 42558044 2022-01-01 2022-12-31 e:OtherInvestmentsMember 42558044 2022-12-31 e:OtherInvestmentsMember 42558044 2022-01-01 e:ContributedCapitalMember 42558044 2022-01-01 2022-12-31 e:ContributedCapitalMember 42558044 2022-12-31 e:ContributedCapitalMember 42558044 2022-01-01 e:RetainedEarningsMember 42558044 2022-01-01 2022-12-31 e:RetainedEarningsMember 42558044 2022-12-31 e:RetainedEarningsMember iso4217:DKK