iso4217:DKK338586472023-01-012023-12-31338586472023-01-012023-12-311338586472023-01-012023-12-311338586472023-01-012023-12-31338586472022-01-012022-12-31338586472023-01-012023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember338586472023-01-012023-12-31fsa:RetainedEarningsMember338586472023-01-012023-12-31fsa:ProposedDividendRecognisedInEquityMember338586472023-12-31338586472022-12-31338586472023-01-01fsa:ContributedCapitalMember338586472023-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember338586472023-01-01fsa:RetainedEarningsMember338586472023-01-01fsa:ProposedDividendRecognisedInEquityMember338586472023-01-01338586472023-12-31fsa:ContributedCapitalMember338586472023-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember338586472023-12-31fsa:RetainedEarningsMember338586472023-12-31fsa:ProposedDividendRecognisedInEquityMemberGrundlag for konklusionKonklusiontrue2022-01-012022-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabGentofteGentofte2820Regnskabsklasse BRevisionspåtegning2023-12-312023-01-01<br /><br />16ResedavejAbinitio ApS33858647339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board has today considered and approved the annual report of Abinitio ApS for the financial year 01.01.2023 - 31.12.2023. The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.I recommend the annual report for adoption at the Annual General Meeting.Copenhagen2024-06-27Claus Asbjørn AnderssonTo the shareholders of Abinitio ApSWe have audited the financial statements of Abinitio ApS for the financial year 01.01.2023 - 31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant 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 Entity’s financial position at 31.12.2023 and of the results of its operations for the financial year 01.01.2023 - 31.12.2023 in accordance with the Danish Financial Statements Act.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 financial statements" section of this auditor’s report. We are independent of the Entity 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity 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 judgement and maintain professional scepticism throughout the audit. We also:<br />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. <br />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 Entity’s internal control. <br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. <br />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 Entity’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 Entity to cease to continue as a going concern. <br />Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br />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 commentary. Our opinion on the financial statements does not cover the management commentary, 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 commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary.Copenhagen2024-06-27Michael Thorø Larsenmne35823State Authorised Public AccountantPrimary activitiesThe primary activity of the Company is to hold shares in companies in the Sunstone Life Science Ventures structure.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.543755938-54375-593888898761538701835064554943244071244628477787421138220716874610006100007168742113822239608820686652925533480472688641241671226886412416712363636363636363687527736276987891336640535675542783117800008000034140532697179355505327771798000093862230215860404020880000034140536100012501593812501593812501593835675542783117-938622-3244070-12630291 Financial assetsInvestments in associates DKK Investments in participa- ting interests DKKCost beginning of year2,068,665672,454Additions327,4230Cost end of year2,396,088672,454Revaluations beginning of year1,261,3351,694Changes in accounting policies(1,261,335)(1,694)Revaluations end of year00Impairment losses beginning of year0(324,407)Impairment losses for the year0(55,494)Impairment losses end of year0(379,901)Carrying amount end of year2,396,088292,553Investments in associatesRegistered inCorporate formEquity ​interest ​%Sunstone LSV Partners Holding ApSCopenhagenApS20.83Sunstone Life Science Ventures A/SCopenhagenA/S26.64Sunstone LSV Special Limited Partner IV ApSCopenhagenApS23.60Investments in participating interestsRegistered inCorporate ​​​formEquity interest ​​​%Heartcore Capital (LSV) Special Limited Partner II ApSCopenhagenApS18.99Sunstone LSV Special Limited Partner III Holding ApSCopenhagenApS17.41Sunstone LSV Invest III Holding ApSCopenhagenApS16.67Sunstone LSV Partners & Co. Holding ApSCopenhagenApS15.432 EmployeesThe Executive Officer has not received any remuneration.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.Changes in accounting policiesThe Entity has changed its accounting policies with regard to the measurement of investments in associates and investments in participating interests. The measurement of the relevant assets has been changed from equity method to cost. The reason for the change is that management does not have sufficient information to allocate the equity value in underlying companies to diff erent share classes. Thus, it is management's assessment that cost as a measurement method provides a more accurate picture of the company's assets and liabilities, financial position, and profitability. Based on the reason for the change in accounting policy, it is not possible to determine the eff ect of the change in accounting policy on the company's assets and liabilities, financial position, and results for the year. The effect of the change in accounting policy affects the comparative figures by a decrease in investments in associates and investments in participating interest of DKK 1.263 thousand. The effect of the change in accounting policy has been recognized in the equity at the beginning of the period with a corresponding amount. The change in accounting policy has affected the prior year's result before tax by DKK 687 thousand. The change has no effect on the current or deferred tax for the year in the comparative fi gures. The comparative figures have been restated following the change in accounting policies. Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with last year.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Other external expensesOther external expenses include corporate costs etc.Income from investments in associatesIncome from investments in associates comprises dividend etc. received from the individual associates in the financial year.<br />Income from investments in participating interestsIncome from investments in participating interests comprises dividend etc. received from the individual participating interests in the financial year.Impairment losses on financial assetsImpairment losses on financial assets comprise impairment losses on financial assets which are not measured at fair value on a current basis.Other financial expensesOther financial expenses comprise bank charges.Investments in associatesInvestments in associates are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.<br />Investments in participating interestsInvestments in participating interests are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.CashCash comprises bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.2024-06-27Claus Asbjørn Andersson