40997199 2022-01-01 2022-12-31 40997199 2022-01-01 2022-12-31 0 40997199 2022-01-01 2022-12-31 1 40997199 2021-05-01 2021-12-31 40997199 2022-01-01 2022-12-31 fsa:ProposedDividendRecognisedInEquityMember 40997199 2021-05-01 2021-12-31 fsa:ProposedDividendRecognisedInEquityMember 40997199 2022-12-31 40997199 2021-12-31 40997199 2022-01-01 fsa:ContributedCapitalMember 40997199 2022-01-01 fsa:RetainedEarningsMember 40997199 2022-01-01 40997199 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 40997199 2022-12-31 fsa:ContributedCapitalMember 40997199 2022-12-31 fsa:RetainedEarningsMember 40997199 2022-01-01 2022-12-31 0 40997199 2022-01-01 2022-12-31 1 iso4217:EUR xbrli:pure Regnskabsklasse B 2022-01-01 2022-12-31 <p xmlns="http://www.w3.org/1999/xhtml">Selskabsoplysninger</p><p xmlns="http://www.w3.org/1999/xhtml">CIPP MEP ApS</p> DK-4180 Sorø Energivej 3 40997199 2019-12-10 Sorø, Denmark Robin Mürer 2023-05-23 <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 /><td>Statement by Management on 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 /><td>The Executive Board have today considered and approved the annual report of CIPP MEP ApS for the period 1 January – 31 December 2022.</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 /><td>The annual report is presented 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 /><td>In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31 December 2022 and of the results of its operations for the period 1 January – 31 December 2022.</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 /><td>We believe that the management review contains a fair review of the affairs and conditions referred to therein.</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 /><td>We recommend the annual report for adoption at the Annual General Meeting.</td></tr></table> Sorø 2023-05-23 <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 /><td>Independent auditor's report</td></tr><tr><td /><td>To the shareholders of CIPP MEP 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 /><td>Opinion</td></tr><tr><td /><td>We have audited the financial statements of CIPP MEP ApS for the financial year 1 January – 31 December 2022, 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.</td></tr><tr><td /><td>In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31 December 2022 and of the results of its operations for the financial year 1 January – 31 December 2022 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 /><td>Basis for opinion</td></tr><tr><td /><td>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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</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 /><td>Independence</td></tr><tr><td /><td>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.</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 /><td>Management's responsibilities for the financial statements</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>In preparing the financial statements, Management is responsible for assessing the Company’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 Company or to cease operations, or has no realistic alternative but to do so.</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 /><td>Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>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</td></tr><tr><td /><td>·       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.</td></tr><tr><td /><td>·       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.</td></tr><tr><td /><td>·       Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td /><td>·       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.</td></tr><tr><td /><td>·       Evaluate the overall presentation, structure and content of the financial statements, including the dis- closures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td /><td>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.</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 /><td>Statement on the Management's review</td></tr><tr><td /><td>Management is responsible for the Management's review.</td></tr><tr><td /><td>Our opinion on the financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon.</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td /><td>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 Statements Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Copenhagen 2023-05-23 <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 /><td>Primary activities</td></tr><tr><td /><td>The activities of the Company consist of investment activities. The activities are exercised as directly capital investments in other enterprises.</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 /><td>Development in activities and finances</td></tr><tr><td /><td>The income statement for 2022 showed a loss of EUR 1 thousand. Total assets at 31 December 2022 of EUR 4,291 thousand and equity of EUR 4,290 thousand.</td></tr><tr><td /><td>Management considers the result of the year to be as expected but not 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 /><td>Events after the balance sheet date</td></tr><tr><td /><td>No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.</td></tr></table> 1000 -1000 0 -1000 0 -1000 0 -1000 <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" ><b>Staff costs</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company has no employees.</td></tr><tr><td colspan="1"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Tax on profit/loss for the year</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="69%" colspan="1" align="left" valign="middle" >Tax on current year taxable.</td><td width="15%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></td></tr><tr><td width="69%" colspan="1" align="left" valign="middle" >Tax total</td><td width="15%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="3"></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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Investments in shares</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="69%" colspan="1" align="left" valign="middle" >Cost at 1 January/1 April</td><td width="15%" align="left" valign="middle" >4,197</td><td width="16%" align="left" valign="middle" >4,197</td></tr><tr><td colspan="3"></td></tr><tr><td width="69%" colspan="1" align="left" valign="middle" ><b>Carrying amount end of year</b></td><td width="15%" align="left" valign="middle" >4,197</td><td width="16%" align="left" valign="middle" >4,197</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Minority investments in CIPP Holding ApS.</td></tr><tr><td colspan="3"></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" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No contingent liabilities</td></tr><tr><td colspan="1"></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" ><b>Mortgages and securities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >No mortgages and securities</td></tr><tr><td colspan="1"></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" ><b>Ownership</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The following shareholder are registered in the Company's register of shareholders as holding minimum 5% of the votes or minimum 5% of the share capital</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Shareholders</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >FSN Capital V LP</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >11-15 Seaton Place</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >St. Helier, Jersey, JE2 3QL</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Great Britan</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Katres GmbH</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Tannenweg 7</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >71159 Mötzingen</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Germany</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >NKW HOLDING ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >c/o Nicolai Krøjer Westh</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Broby Overdrev 20</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >4180 Sorø</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Denmark</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >WINDWIN ApS</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Olaf Ryes Gade 7K, 2. th.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >6000 Kolding</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Denmark</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Christoph W. Lindner</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >33842 Robles Dr. Unit A,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Dana Point,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >CA 92629,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >USA</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 /><td>Accounting policies</td></tr><tr><td /><td>The annual report of CIPP MEP ApS for 2022 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to class B entities and elective choice of certain provisions applying to reporting class C entities.</td></tr><tr><td /><td>The accounting policies used in the preparation of the financial statements are consistent with those of last 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 /><td>Recognition and measurement</td></tr><tr><td /><td>Assets 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 Company, and the value of the asset can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when the Company 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 Company, and the value of the liability can be measured reliably.</td></tr><tr><td /><td>On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is affected as described below for each financial statement item.</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.</td></tr><tr><td /><td>Reporting currency</td></tr><tr><td /><td>The financial statements are presented in Euro (EUR'000).</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 /><td>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 /><td>Other external costs</td></tr><tr><td /><td>Other external costs include costs relating to the Company’s ordinary activities.</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 /><td>Other financial expenses</td></tr><tr><td /><td>Other financial expenses comprise interest 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 /><td>Tax on profit/loss for the year</td></tr><tr><td /><td>Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity.</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 /><td>Balance sheet</td></tr><tr><td /><td>Investments in shares</td></tr><tr><td /><td>Investments in shares are measured using the cost method. If an indication of impairment is identified, an impairment test is carried out. If the carrying amount of investments exceeds the recoverable amount, a corresponding impairment loss is recognised. Impairment losses are recognised in the income statement as financial items.</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 /><td>Liabilities</td></tr><tr><td /><td>Liabilities are measured at net realisable value.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5000 Odense xWizard version 1.1.1207.0, by EasyX Aps. www.easyx.eu 2021-05-01 2021-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 0 Robin Mürer Talitha Maja Kirchner 1000 -1000 0 -1000 1000 -2000 0 -2000 -1000 -2000 4197000 4197000 94000 94000 4291000 128000 4162000 4290000 1000 1000 4291000 4197000 4197000 96000 96000 4293000 128000 4163000 4291000 2000 2000 4293000 128000 4163 4291 -1000 128000 4162 EY Godkendt Revisionspartnerselskab DK-2000 Frederiksberg Dirch Passers Allé 36 30700228 Mikkel Sthyr State Authorised Public Accountant mne26693 Ole Becker State Authorised Public Accountant mne33732 30700228 EY Godkendt Revisionspartnerselskab