Årsrapport30719336Verdane Exensor Holding ApSc/o Harbour House, Sundkrogsgade 21DK-2100 København2016-01-012016-12-312015-01-012015-12-312017-02-2830719336Verdane Exensor Holding ApSSundkrogsgade21DK-2100CopenhagenDKDanmark2007-07-12CopenhagenPricewaterhouseCoopers33771231Niels Henrik B. MikkelsenState Authorised Public AccountantStrandvejen44DK-2900HellerupDKDanmarkRasmus Eske BruunRegnskabsklasse BRevisionspåtegningLiv Ingeborg BlekkerudCopenhagen2017-02-28PricewaterhouseCoopersNiels Henrik B. MikkelsenState Authorised Public AccountantChristian Noe OestState Authorised Public Accountant800412435-8004-1243502237764144583-8048222533000-80482225330-8048222533018126451627155818126451627155818126451627155813475241251347524125181399266295683375803758011854893061974346205482180899076243062380003800012019146215001952621500195262118139926629568337580062054821185489300-8048375801185489361974340000The shareholders equity consists of 37.580 shares of a nominal value of EUR 1. No shares carry any special rights.The Management has today discussed and approved the annual report of Verdane Exensor Holding ApS for the financial year 1 January - 31 December 2016.The annual report has been prepared in accordance with the Danish Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2016 and of the results of the Company's operations for the financial year 1 January - 31 December 2016.In my opinion, Management's review includes a fair review of the matters dealt with in the Management's review.I recommend the adoption of the annual report at the annual general meeting.To the shareholders of Verdane Exensor Holding ApSIn our opinion, the financial statements give a true and fair view of the Company´s financial position at 31 December 2016 and of the results of the Company's operations for the financial year 1 January - 31 December 2016 in accordance with the Danish Financial Statements Act. We have audited the financial statements of Verdane Exensor Holding ApS for the financial year 1 January - 31 December 2016, which comprise an income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared under 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 are independent of the company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Statement on Management’s Review Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that 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 Management’s Review.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these Financial Statements As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Business activities The principal activity of the Company is to act as a holding Company as well as trade and service in relation thereto. Recognition and measurement uncertainties The recognition and measurement of items in the financial statements is not subject to any uncertainty. Due to a change in the Danish Financial Statements Act, there has been a change to the Accounting policies. Unusual matters The Company's financial position at 31 December 2016 and the results of its operations for the financial year ended 31 December 2016 are not affected by any unusual matters. Business review The Company's income statement for the year ended 31 December 2016 shows a loss of EUR 8.048, and the balance sheet at 31 December 2016 shows equity of EUR 18.089.907. Significant events occurring after end of reporting period No events have occurred after the balance sheet date which could significantly affect the Company's financial position.The shareholders equity consists of 37.580 shares of a nominal value of EUR 1. No shares carry any special rights.The annual report of Verdane Exensor Holding ApS for 2016 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The company has implemented §738 of 1 June 2015, of the Danish Financial Statements Act, which has effect as of 1 January 2016. Changes to the Financial Statements Act, have not affected the company's assets, liabilities and financial position 31 December 2016, but only resulted in additional disclosures in the Annual Report. Income statement for the year has been reduced with EUR 11.854.893, due to fair value adjustment of investment in subsidiaries and associates is now recognized directly on equity instead of through the income statement. The annual report for 2016 is presented in EUR.Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also recognised in the income statement. 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. 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. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any instalments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.The value adjustment of investments in to portfolio companies comprises value adjustments realized from sale and value adjustments unrealized from any revaluation or impairment of investments in portfolio companies at fair value, except unrealized value adjustments of investment in subsidiaries and associates, that are recognized directly on equity. Dividends received from investments are included in value adjustments.Other external expenses include expenses related to administration, etc.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities and foreign currency transactions, amortisation of mortgage loans and surcharges and allowances under the advance-payment-of-tax scheme, etc.Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, including changes arising from changes in tax rates, is recognised in the income statement as regards the portion that relates to entries directly in equity.Associates investments comprise investments in portfolio companies and are measured at fair value on the balance sheet date. 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 §41. Investments in portfolio companies of which listed market prices exist are measured on the basis 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.Receivables are measured at amortised cost.Liabilities, which include trade payables and other payables, are measured at amortised cost, which is usually equivalent to nominal value.307193362016-01-012016-12-31307193362016-01-012016-12-311307193362016-01-012016-12-312307193362015-01-012015-12-31307193362016-01-012016-12-31e:RetainedEarningsMember307193362015-01-012015-12-31e:RetainedEarningsMember307193362015-12-31307193362016-12-31307193362016-01-012016-12-311307193362016-01-01e:ContributedCapitalMember307193362016-12-31e:ContributedCapitalMember307193362016-01-01e:RevaluationReserveMember307193362016-01-012016-12-31e:RevaluationReserveMember307193362016-12-31e:RevaluationReserveMember307193362016-01-01e:RetainedEarningsMember307193362016-01-012016-12-31e:RetainedEarningsMember307193362016-12-31e:RetainedEarningsMemberxbrli:pureiso4217:EUR