30719336 2015-01-01 2015-12-31 30719336 2015-01-01 2015-12-31 0 30719336 2015-01-01 2015-12-31 0 30719336 2014-01-01 2014-12-31 30719336 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 30719336 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 30719336 2015-12-31 30719336 2014-12-31 iso4217:EUR 2015-01-01 2015-12-31 <p xmlns="http://www.w3.org/1999/xhtml">Harbour House</p><p xmlns="http://www.w3.org/1999/xhtml">Sundkrogsgade</p> 21 DK-2100 Copenhagen 30719336 Rasmus Madsen 2016-03-10 <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 is presented in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">It is my opinion that the financial statements give a true and fair view of the Company’s financial position at 31 December 2015 and of the results of the Company’s operations for the financial year 1 January 2015 - 31 December 2015.</td></tr><tr><td colspan="1">Further, in my opinion, the Management’s review gives a fair review of the matters discussed in 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">I recommend that the annual report be approved at the annual general meeting.</td></tr></table> Copenhagen 2016-02-25 <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 auditors' report</td></tr><tr><td colspan="1">To the shareholders of Verdane Exensor Holding 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">Independent auditors’ report on the financial statements</td></tr><tr><td colspan="1">We have audited the financial statements of Verdane Exensor Holding ApS for the financial year 1 January 2015 – 31 December 2015, which comprise a summary of significant accounting policies, income statement, balance sheet and notes. The financial statements are prepared in accordance with 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">Management’s responsibility for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act. Management is also responsible for such internal control that 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></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">Auditors’ responsibility</td></tr><tr><td colspan="1">Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.</td></tr><tr><td colspan="1">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the preparation of financial statements that give a true and fair view 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Our audit has not resulted in any qualification.</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">In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31 December 2015 and of the results of its operations for the financial year 1 January 2015 – 31 December 2015 in accordance with 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">Statement on the Management’s Review</td></tr><tr><td colspan="1">Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any other procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the Management’s review is consistent with the financial statements.</td></tr></table> Copenhagen 2016-02-25 Verdane Exensor Holding ApS <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">Principal activities of the Company</td></tr><tr><td colspan="1">The principal activity of the company is to act as a holding company as well as trade and service in relation thereto.</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">Unusual circumstances</td></tr><tr><td colspan="1">No unusual circumstances have affected the Company’s activities during the year.</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">Uncertainty regarding recognition and measurement</td></tr><tr><td colspan="1">The Company has no uncertainty regarding recognition and measurement.</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">Development in activities and financial matters</td></tr><tr><td colspan="1">The Company’s financial position and the result of the year will be shown in the following income statement of the financial year 1 January 2015 - 31 December 2015 and the balance sheet as per 31 December 2015.</td></tr><tr><td colspan="1">The result for the year shows a profit of EUR 2,225,330. The Management considers the result to be satisfactory.</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">Employees</td></tr><tr><td colspan="1">There have been no employees in the Company during the period.</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">Subsequent events</td></tr><tr><td colspan="1">No significant events have occurred after the balance sheet date, which could have influence on the evaluation of the Annual 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">Future prospects</td></tr><tr><td colspan="1">The Company expects a profit for the coming year.</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">Accounting principles applied</td></tr></table> Regnskabsklasse B <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">Reporting class</td></tr><tr><td colspan="1">The Annual Report of the Company has been prepared in accordance with the provisions of the Danish Financial Statements Act for Class B companies.</td></tr><tr><td colspan="1">The Annual Report is prepared in EUR.</td></tr><tr><td colspan="1">The most significant elements of the accounting principles applied are described below. The accounting principles were applied consistently with the principles of prior year’s financial reporting.</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">Recognition and measurement</td></tr><tr><td colspan="1">Revenue is recognised in the income statement as it is earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised costs are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, write downs and provisions.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the Company and the value of the liability can be measured reliably.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each individual item below.</td></tr><tr><td colspan="1">Certain financial assets and liabilities are measured at cost, thus recognising a constant effective interest over the term. Amortised cost is computed as original cost less deductions, if any, as well as additions/deductions of the accumulated amortisation of the difference between cost and nominal value.</td></tr><tr><td colspan="1">When recognising and measuring assets and liabilities, any gains, losses and risks occurred prior to the presentation of the Annual Report will be considered and evidence of such conditions existing at the balance sheet date will be taken into account.</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">Foreign currency translation</td></tr><tr><td colspan="1">Transactions denominated in foreign currencies are translated at the exchange rates at the date of the transaction.</td></tr><tr><td colspan="1">Receivables, liabilities and other items in foreign currencies which have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date.</td></tr><tr><td colspan="1">Realised and unrealised exchange rate adjustments are included in the income statement as financial income/expenses.</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">Income statement</td></tr><tr><td colspan="1">Value adjustements fo investments</td></tr><tr><td colspan="1">The value adjustment of investments in to portfolio companies comprises value adjustment realized on sale and value adjustments unrealized on any revaluation or impairment of investments in portfolio companies at fair value.</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">Other external expenses</td></tr><tr><td colspan="1">Other external expenses comprise various consultancies.</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">Financial items</td></tr><tr><td colspan="1">Financial income and expense and similar items are recognised in the income statement with the amounts relating to the reporting period. Net financials include interest income and expense and realised and unrealised exchange rate gains and losses on foreign currency transactions.</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">Tax on profit/loss for the year</td></tr><tr><td colspan="1">Tax for the year consists of current tax for the year and deferred tax for the year. The tax relating to the profit for the year is recognised in the income statement, whereas the tax related to equity transactions is recognised directly in equity.</td></tr><tr><td colspan="1">Any changes in deferred tax due to changes to tax rates are recognised in the income 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">Balance sheet</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">Investment in portfolio companies etc.</td></tr><tr><td colspan="1">Investments in subsidiaries, associates, other securities and investments comprise investments in portfolio companies and are measured at fair value on the balance sheet date. Value adjustments are recognised in the income statement.</td></tr><tr><td colspan="1">Investments in portfolio companies are measured according to the guidelines of the “International Private Equity and Venture Capital” (IPEV) “Valuation Guidelines” which is why investments are recognised at fair value at the balance sheet date in accordance with the Danish Financial Statement Act § 38.</td></tr><tr><td colspan="1">Investments in portfolio companies of which listed market prices exist are measured on the bases of the last market price. Unlisted portfolio companies are valued either by way of a capital increase round or part sale based on the value of comparable companies as well as by applying traditional measurement methods.</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">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost. Write-downs for bad debt are based on individual assessment of receivables.</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">Liabilities</td></tr><tr><td colspan="1">Liabilities are measured at amortised cost equal to nominal value.</td></tr></table> 12435 -12435 -12435 2237763 4 3 2225330 2225330 <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 width="100%" colspan="12" align="left" valign="middle" >Notes to the financial statements</td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="22%" colspan="2" align="left" valign="middle" >Investments in associates</td><td width="5%" align="right" valign="middle" >2015</td><td width="2%" ></td><td width="7%" align="right" valign="middle" >2014</td><td width="8%" ></td><td width="3%" ></td><td width="7%" ></td><td width="2%" ></td><td width="20%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="10%" ></td><td width="7%" colspan="2" align="left" valign="middle" >EUR</td><td width="47%" colspan="6" align="left" valign="middle" >EUR</td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="22%" colspan="2" align="left" valign="middle" >Cost beginning of the year</td><td width="5%" align="right" valign="middle" >705000</td><td width="2%" ></td><td width="7%" align="right" valign="middle" >705000</td><td width="8%" ></td><td width="3%" ></td><td width="7%" ></td><td width="2%" ></td><td width="20%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="22%" colspan="2" align="left" valign="middle" >Cost end of the year</td><td width="5%" align="right" valign="middle" >705000</td><td width="2%" ></td><td width="7%" align="right" valign="middle" >705000</td><td width="8%" ></td><td width="3%" ></td><td width="7%" ></td><td width="2%" ></td><td width="20%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="22%" colspan="2" align="left" valign="middle" >Adjustment beginning of the year</td><td width="5%" align="right" valign="middle" >3328795</td><td width="2%" ></td><td width="7%" align="right" valign="middle" >0</td><td width="8%" ></td><td width="3%" ></td><td width="7%" ></td><td width="2%" ></td><td width="20%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="22%" colspan="2" align="left" valign="middle" >Result of the year</td><td width="5%" align="right" valign="middle" >2237763</td><td width="2%" ></td><td width="7%" align="right" valign="middle" >3328795</td><td width="8%" ></td><td width="3%" ></td><td width="7%" ></td><td width="2%" ></td><td width="20%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="22%" colspan="2" align="left" valign="middle" >Adjustment end of the year</td><td width="5%" align="right" valign="middle" >5566558</td><td width="2%" ></td><td width="7%" align="right" valign="middle" >3328795</td><td width="8%" ></td><td width="3%" ></td><td width="7%" ></td><td width="2%" ></td><td width="20%" ></td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="22%" colspan="2" align="left" valign="middle" >Investments in associates total</td><td width="5%" align="right" valign="middle" >6271558</td><td width="2%" ></td><td width="7%" align="right" valign="middle" >4033795</td><td width="8%" ></td><td width="3%" ></td><td width="7%" ></td><td width="2%" ></td><td width="20%" ></td></tr><tr><td width="12%" ></td><td width="24%" colspan="2" align="left" valign="middle" >Name</td><td width="15%" colspan="2" align="left" valign="middle" >Place of registered office</td><td width="9%" colspan="2" align="left" valign="middle" >Curr.</td><td width="11%" colspan="2" align="left" valign="middle" >Votes and ownership</td><td width="9%" colspan="2" align="left" valign="middle" >*Equity at 2013/14</td><td width="20%" colspan="1" align="left" valign="middle" >*Net profit/loss for the year 2013/14</td></tr><tr><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="10%" ></td><td width="5%" ></td><td width="2%" ></td><td width="7%" ></td><td width="8%" ></td><td width="3%" ></td><td width="9%" colspan="2" align="left" valign="middle" >EUR</td><td width="20%" colspan="1" align="left" valign="middle" >EUR</td></tr><tr><td colspan="12"></td></tr><tr><td width="12%" ></td><td width="88%" colspan="11" align="left" valign="middle" >Associates</td></tr><tr><td width="12%" ></td><td width="24%" colspan="2" align="left" valign="middle" >Exensor Technology AB </td><td width="15%" colspan="2" align="left" valign="middle" >Sweden</td><td width="9%" colspan="2" align="left" valign="middle" >EUR</td><td width="8%" align="right" valign="middle" >36,73%</td><td width="3%" ></td><td width="7%" align="right" valign="middle" >4072000</td><td width="2%" ></td><td width="20%" align="right" valign="middle" >-3153000</td></tr><tr><td width="12%" ></td><td width="88%" colspan="11" align="left" valign="middle" >*Last official figures</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 width="29%" colspan="2" align="left" valign="middle" >Share capital</td><td width="7%" align="right" valign="middle" >2015</td><td width="2%" ></td><td width="9%" align="right" valign="middle" >2014</td><td width="11%" ></td><td width="4%" align="right" valign="middle" >2013</td><td width="10%" ></td><td width="3%" align="right" valign="middle" >2012</td><td width="16%" ></td><td width="9%" align="right" valign="middle" >2011</td></tr><tr><td width="16%" ></td><td width="13%" ></td><td width="9%" colspan="2" align="left" valign="middle" >EUR</td><td width="20%" colspan="2" align="left" valign="middle" >EUR</td><td width="14%" colspan="2" align="left" valign="middle" >EUR</td><td width="19%" colspan="2" align="left" valign="middle" >EUR</td><td width="9%" colspan="1" align="left" valign="middle" >EUR</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Share capital</td><td width="7%" align="right" valign="middle" >37580</td><td width="2%" ></td><td width="9%" align="right" valign="middle" >37580</td><td width="11%" ></td><td width="4%" align="right" valign="middle" >37580</td><td width="10%" ></td><td width="3%" align="right" valign="middle" >37400</td><td width="16%" ></td><td width="9%" align="right" valign="middle" >37400</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Capital increase</td><td width="7%" align="right" valign="middle" >0</td><td width="2%" ></td><td width="9%" align="right" valign="middle" >0</td><td width="11%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="10%" ></td><td width="3%" align="right" valign="middle" >180</td><td width="16%" ></td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="29%" colspan="2" align="left" valign="middle" >Share capital total</td><td width="7%" align="right" valign="middle" >37580</td><td width="2%" ></td><td width="9%" align="right" valign="middle" >37580</td><td width="11%" ></td><td width="4%" align="right" valign="middle" >37580</td><td width="10%" ></td><td width="3%" align="right" valign="middle" >37580</td><td width="16%" ></td><td width="9%" align="right" valign="middle" >37400</td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >The shares are not divided into share classes.</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 width="44%" colspan="2" align="left" valign="middle" >Shareholders´ equity</td><td width="15%" colspan="2" align="left" valign="middle" >Share capital</td><td width="31%" colspan="2" align="left" valign="middle" >Retained earnings</td><td width="10%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td width="24%" ></td><td width="20%" ></td><td width="15%" colspan="2" align="left" valign="middle" >EUR</td><td width="31%" colspan="2" align="left" valign="middle" >EUR</td><td width="10%" colspan="1" align="left" valign="middle" >EUR</td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Balance 1 January 2015 2015</td><td width="11%" align="right" valign="middle" >37580</td><td width="4%" ></td><td width="14%" align="right" valign="middle" >3980152</td><td width="17%" ></td><td width="10%" align="right" valign="middle" >4017732</td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Result of the year</td><td width="11%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="14%" align="right" valign="middle" >2225330</td><td width="17%" ></td><td width="10%" align="right" valign="middle" >2225330</td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Shareholders' equity total</td><td width="11%" align="right" valign="middle" >37580</td><td width="4%" ></td><td width="14%" align="right" valign="middle" >6205482</td><td width="17%" ></td><td width="10%" align="right" valign="middle" >6243062</td></tr><tr><td colspan="7"></td></tr><tr><td width="100%" colspan="7" align="left" valign="middle" >The capital comprises 37.580 shares of EUR 1 each.</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 width="100%" colspan="1" align="left" valign="middle" >Related parties</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties with a discretionary control of the Company</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Verdane NVP II SPV K/S, Sundkrogsgade 21, 2100 Copenhagen</td></tr></table> Årsrapport 21625744 INTERTRUST (DENMARK) A/S Sundkrogsgade 21 2100 København Ø Revisionspåtegning Liv Ingeborg Blekkerud Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Bill Haudal Pedersen State Authorised Public Accountant Weidekampsgade 6 DK-2300 København S 13974 -13974 -13974 3328795 0 12 3314809 3314809 2225330 3314809 6271558 6271558 6271558 24125 24125 6295683 37580 6205482 6243062 38000 14621 52621 52621 6295683 4033795 4033795 4033795 163 163 4033958 37580 3980152 4017732 0 16226 16226 16226 4033958