10013267 2020-10-01 2021-09-30 10013267 2020-01-01 2020-09-30 10013267 2021-09-30 10013267 2020-09-30 10013267 2020-10-01 10013267 2020-01-01 10013267 2020-10-01 2021-09-30 0 10013267 2020-10-01 2021-09-30 0 10013267 2020-10-01 2021-09-30 1 10013267 2020-10-01 2021-09-30 2 10013267 2020-10-01 2021-09-30 3 10013267 2020-10-01 2021-09-30 0 10013267 2020-10-01 2021-09-30 1 iso4217:DKK xbrli:pure <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">Symphogen in brief</td></tr><tr><td colspan="1">Inspired by nature, led by science, and driven by people, we passionately strive to make discoveries that may benefit the lives of patients, their families, and their caregivers.</td></tr><tr><td colspan="1">As an affiliate of Servier, the Centre of Excellence for Antibodies - our strategic focus is to apply our streamlined and effective antibody platform and capabilities in the discovery and early development of highly differentiated antibody therapeutics, either as combination or stand-alone therapies supporting Servier’s R&amp;D strategy.</td></tr><tr><td colspan="1">Principal activities</td></tr><tr><td colspan="1">Clinical development projects</td></tr><tr><td colspan="1">By end-September 2021, four clinical development projects were ongoing: Sym021-024 conducted in a close collaboration with colleagues in the Servier headquarter. During 2021 a new IND for Sym025 (TNFR2) was submitted.</td></tr><tr><td colspan="1">Two development projects previously in Phase 2 trials, Sym015 and Sym004 have been evaluated for further development.</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">Sym004 (EGFR)</td></tr><tr><td colspan="1">The Sym004 program was evaluated for a late stage mCRC population with acquired resistance to anti-EGFR antibody therapies. Based on the internal assessment, Sym004 was decided to move into a Phase 3 program and is now progressing towards a clinical study initiation within the next period.</td></tr><tr><td colspan="1">Sym015 (MET)</td></tr><tr><td colspan="1">Symphogen completed the Sym015 clinical Phase 2a trial in patients with solid tumors showing alterations and/or amplification of the MET proto-oncogene including lung cancers in December 2020. One lung cancer patient remains on Sym015 therapy under compassionate use. The clinical trial report (CTR) for the Phase 2a trial was finalized in June 2021 and no further clinical evaluation of Sym015 is planned. Based on the internal review it has been decided, that Sym015 will not be pursued by Servier and has therefore been made available for out-licensing.</td></tr><tr><td colspan="1">Sym021-026 (PD-1, LAG3, TIM3, CD73, NGK2A, TNFR2) ) Servier collaboration and license agreement – As of June 3, 2020, Symphogen is part of Servier</td></tr><tr><td colspan="1">Symphogen had six immuno-oncology product candidates in development under the Servier collaboration. Four of these candidates (Sym021, Sym022, Sym023 and Sym024) are currently in Phase 1 trials and the fifth (Sym025) is anticipated to enter the clinic in calendar year Q4 2021.</td></tr><tr><td colspan="1">Doublet and triplet combinations of Sym021 (anti-PD-1), Sym022 (anti-LAG-3) and Sym023 (anti-TIM-3) are under clinical Phase 1 investigation in patients with locally advanced/unresectable or metastatic solid tumor malignancies that are refractory to available therapy or for which no standard therapy is available.</td></tr><tr><td colspan="1">Monotherapy Phase 1 dose escalation trials have been completed, and the doublet dose escalation trials are close to finalization. A triplet (anti-PD1+anti-LAG3+anti-TIM3) dose escalation was initiated in August 2020 and the enrollment has been completed. No further clinical evaluation of the triplet combination is planned. A doublet (anti-PD1+anti-LAG3 and anti-PD1+anti-TIM3) expansion trial in cholangiocarcinoma was initiated in October 2020. Based on the first interim analysis, which was completed in August 2021, the anti-PD1+anti-TIM3 arm will continue enrolment, whereas the anti-PD1+anti-LAG3 arm will be closed.</td></tr><tr><td colspan="1">Sym024 targets CD73, a cell surface enzyme that contributes to the creation of an immune-suppressive environment within tumor tissue. Sym024 inhibits CD73 activity and induces cytokine production and lymphocyte proliferation, and the combination with Sym021 (anti-PD-1) increases the activation even further. The dose escalation trial with Sym024 monotherapy and combination therapy with Sym021was initiated in December 2020 and is progressing as planned.</td></tr><tr><td colspan="1">Sym025 targets an inhibitory receptor that is expressed by NK cells and a subset of cytotoxic T cells, which upon binding of Sym025 release the breaks on immune cell subsets expressing the receptor. An IND was submitted in July 2021 and dose escalation trial with Sym025 monotherapy is anticipated to start in Q4 2021.</td></tr><tr><td colspan="1">The last target under the previous Servier collaboration, Sym026 (TNFR2), has finalized the planned in vitro &amp; in vivo studies. The compound failed to demonstrate efficacy, thus Servier will not pursue further development.</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">Research and preclinical development</td></tr><tr><td colspan="1">Our research activities are focused on identifying novel therapeutic antibodies with ability to mobilize the immune system to fight tumors.</td></tr><tr><td colspan="1">The goal of our research programs is to identify best or first in class drug candidates that can provide therapeutic options for patients whose tumors fail to respond or become resistant to first generation immuno-oncology drugs.</td></tr><tr><td colspan="1">Our research strategy is divided into two differentiated approaches.</td></tr><tr><td colspan="1">The first approach aims at identifying antibodies with ability to enhance the number and function of antigen presenting cells. Many tumors have no or very low existing cancer immunity due to disruption of one or more of steps 1-3 of the cancer immunity cycle. These tumors hide from the immune system and can grow and develop without the immune system ever recognizing it. Antigen presenting cells such as dendritic cells are "experts" in taking up tumor antigens and presenting them to the T-cells and hence key for mounting anti-tumor immune responses.</td></tr><tr><td colspan="1">Sym027-29 (FLT3, AXL, CD40)</td></tr><tr><td colspan="1">During the past year we have further advanced preclinical development activities for the three dendritic cell programs.</td></tr><tr><td colspan="1">After progressing activities an internal Servier evaluation decided to further explore Sym027 and Sym028 and the programs will continue over the next period. It was decided to stop Sym029 and not pursue further development. Our second approach aims at identifying antibodies capable of enhancing the anti-tumor activity of innate immune killer cells. Tumors developing resistance to first generation immuno-oncology therapies by downregulating a group of cell surface proteins known as major histocompatibility complex class I or MHC I. These proteins are required for the T-cells to recognize tumor cells and kill them. In the absence of MHC I and T-cell killing, the second arm of the immune system, the innate immune system, becomes important. Cells of the innate immune system, such as macrophages, natural killer cells and neutrophils, do not have the same restriction for tumor cell killing as T-cells. During 2020/2021 we have generated antibodies against several first in class targets and progressed these towards functional leads.</td></tr><tr><td colspan="1">With these ongoing research programs, we maintain a strong and promising early pipeline of proprietary antibodies aimed at enhancing the antitumor activity of innate immune cells.</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">Knowledge resources</td></tr><tr><td colspan="1">Symphogen is organized as a combined project and line organization with various research, pre-clinical, CMC, clinical and regulatory departments. The line organization provides skills and services within particular areas of research and pre-clinical and clinical development, whereas the project organization coordinates the activities and draws on the resources of the line organization in accordance with the particular requirements of each project, as it moves from early discovery through pre-clinical and clinical development.</td></tr><tr><td colspan="1">Further, the line organization is supported by specialists and service functions such as business development, quality assurance, human resources, information technology, finance, and administration. The organization comprises 109 employees by end of September 2021.</td></tr><tr><td colspan="1">State-of-the-art antibody discovery platform</td></tr><tr><td colspan="1">Over the years, we have continuously improved our antibody discovery platform so that it today stands out as state-of-the-art and highly competitive. The platform is based on natural immune responses, which we believe have an unparalleled capacity for antibody diversification and at the same time employ natural tolerance mechanisms to optimize affinity while conserving specificity.</td></tr><tr><td colspan="1">The heart of our antibody discovery platform is our proprietary method for cloning all antigen specific antibodies from single sorted B cells purified from animals. Optimized procedures then allow us to express the entire repertoire of full-length antibodies and perform multiparameter screening, which include binding, epitope bin, affinity, function, immunogenicity and quality. Coupled with next generation sequencing this provides us with a multi-dimensional property space for each of thousands of antigen specific antibodies from which we can select leads with optimal set of properties.</td></tr><tr><td colspan="1">During 2020/21 we have successfully continued optimization of our antibody discovery platform and have optimized chicken antibody humanization and established a high-throughput bi-specific antibody discovery platform. The antibody discovery platform is highly flexible and similarly suitable for indications outside of cancer.</td></tr><tr><td colspan="1">Competitive timelines to IND by an integrated approach to drug development</td></tr><tr><td colspan="1">Symphogen has proven its ability to deliver unique antibodies on aggressive timelines. Developability assessment is an integrated part of the lead selection process, which means that potential critical features of the lead candidates are taken into consideration very early in the development path.</td></tr><tr><td colspan="1">Once the lead is selected, pre-clinical development is based on a solid, standardized platform where only minor adaption is typically needed. A balanced out-sourcing approach is used using strategic CMO and CRO partners and a cross-functionally aligned development plan, where critical path activities are staggered to minimize the overall timeline.</td></tr><tr><td colspan="1">Intellectual property</td></tr><tr><td colspan="1">We, now as part of the Servier company, together actively seek to protect the intellectual property and proprietary information and technology that we believe is important to our business, which includes seeking and maintaining patents covering our proprietary technology, product candidates, proprietary processes and any other inventions that are commercially and/or strategically important to our business development.</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">Symphogen realized revenue of DKK 458,964 thousand for the twelve-month period ended September 30, 2021, compared to DKK 112,600 thousand for the nine-month period ended September 30, 2020. In 2020 revenue solely comprised revenue from services rendered under the collaboration agreement with Servier. In 2020/21 the revenue is a combination of services rendered under the collaboration agreement with Servier and revenue from research and development activities rendered to Servier under cost plus service agreement.</td></tr><tr><td colspan="1">In 2020/21 operating expenses totaled DKK 364,468 thousand for the twelve-month period ended September 30, 2021, compared to DKK 301,355 thousand for the nine-month period ended September 30, 2020.</td></tr><tr><td colspan="1">Net result for the twelve-month period ended September 30, 2021 amounted to a profit of DKK 86,877 thousand compared to a loss of DKK 204,707 thousand for the nine-month period ended September 30, 2020.</td></tr><tr><td colspan="1">At September 30, 2021 total equity amounted DKK -28,459 thousand and total assets amounted DKK 285,011 thousand.</td></tr><tr><td colspan="1">Change in financial year</td></tr><tr><td colspan="1">Following Servier’s acquisition of Symphogen in June 2020, Symphogen has changed its financial year from January 1 – December 31 to October 1 – September 30.</td></tr><tr><td colspan="1">Due to the change in financial year in 2020, the company presents its statement of profit or loss, statement of other comprehensive income, cash flow statement, and statement of changes in equity for the nine months period ended at September 30, 2020.</td></tr><tr><td colspan="1">Changes in Capital structure and capital resources</td></tr><tr><td colspan="1">For changes in the capital structure reference is made to note 4.1 Capital management and note 4.2 Share Capital in the financial statements which describes and summaries Symphogen capital resources and share capital activities in 2020/21 and 2020.</td></tr><tr><td colspan="1">Loss of subscribed share capital</td></tr><tr><td colspan="1">At September 30, 2021 Symphogen has lost more than 50% of its subscribed share capital. On the ordinary general meeting of shareholders on January 7, 2022, the Board of Directors will give an account of the company’s financial position and if needed propose appropriate measures to re-establish the share capital.</td></tr><tr><td colspan="1">Financing and going concern assumptions</td></tr><tr><td colspan="1">On September 30, 2021 Symphogen’s current assets, current liabilities, and total equity amounted DKK 137,986 thousand, DKK 156,396 and DKK -28,459 thousand, respectively. Symphogen’s positive cash-flow from operating activities for the twelve-month period ended September 30, 2021 amounted DKK 2,442 thousand. Symphogen has obtained a letter of financial support from its sole shareholder, Les Laboratoires Servier, according to which Les Laboratoires Servier guarantees that it will support Symphogen financially at least through September 30, 2022. On this basis, the Board of Directors and management continues to view the Company as a going concern.</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">Outlook</td></tr><tr><td colspan="1">Symphogen has highly efficient antibody discovery and research technologies supported by comprehensive early development capabilities. In 2021/2022 Symphogen will continue to provide new antibodies with unique functionalities aiming to be best or first in class, thereby leveraging opportunities to develop innovative therapeutics.</td></tr><tr><td colspan="1">In the period 2021/2022 Symphogen will also continue the clinical programs and develop and strengthen the discovery and preclinic work. It is foreseen, that Symphogen will take on additional early stage projects during the period - and also further enrich specifically the CMC portfolio with new biologics (partner) compounds. With current developments plans and current agreements between Symphogen and LLS, revenue for 2021/2022 is expected to be within the range of DKK 600-700 million and net result is expected to be within the range of DKK 0-1 10 million.</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 events that could significantly affect the consolidated financial statements have occurred after the reporting period closing date.</td></tr></table> 458964000 337101000 27367000 94496000 700000 5344000 89852000 2975000 86877000 86877000 86877000 86877000 32720000 -118968000 812000 -59000 1382000 0 4440000 -5500000 2442000 9737000 0 0 -9737000 0 11244000 -11244000 -18539000 0 Symphogen A/S Pederstrupvej 93 2750 Ballerup Denmark 10013267 Tel.: +45 4526 5050 +45 4526 5060 info@symphogen.com 2020-10-01 2021-09-30 2020-01-01 2020-09-30 Danske Bank A/S Holmens Kanal 2-12 1092 Copenhagen K Jacob Monberg 2022-01-07 <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 by the Executive Management and Board of Directors</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">Today the Board of Directors and Executive Management have discussed and approved the financial statements of Symphogen A/S for the financial year ended September 30, 2021.</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">The financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and additional disclosure requirements in 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">In our opinion, the financial statements give a true and fair view of the Company’s financial position at September 30, 2021, and of the results of the Company’s operations and cash flows for the financial year October 1, 2020 to September 30, 2021.</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">In our opinion, the Management’s review includes a fair review of the matters dealt with 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">We recommend the adoption of the financial statements at the Annual General Meeting.</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 auditor’s 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">To the shareholder of Symphogen A/S</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">We have audited the financial statements of Symphogen A/S for the financial year October 1, 2020 – September 30, 2021, which comprise statement of profit or loss, statement of other comprehensive income, balance sheet, statement of changes in equity, statement of cash flow and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional disclosure requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at September 30, 2021 and of the results of the Company’s operations and cash flows for the financial year October 1, 2020 – September 30, 2021 in accordance with International Financial Reporting Standards as adopted by the EU and additional disclosure requirements of 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">Basis for opinion</td></tr><tr><td colspan="1">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 our 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 colspan="1">Independence</td></tr><tr><td colspan="1">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 colspan="1">Statement on the Management’s review</td></tr><tr><td colspan="1">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 assurance conclusion thereon.</td></tr><tr><td colspan="1">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 colspan="1">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 colspan="1">Based on our procedures, 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 misstatements of 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">Management’s responsibilities for the financial statements and the parent company 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 International Financial Reporting Standards as adopted by the EU and additional disclosure requirements of 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 colspan="1">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.</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">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 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 colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">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 colspan="1">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 colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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 conclusion is 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 colspan="1">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.</td></tr><tr><td colspan="1">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><tr><td colspan="1">Copenhagen, 15. December, 2021</td></tr></table> Årsrapport 30700228 EY Englandsgade 25 5100 Odense C Revisionspåtegning Grundlag for konklusion Konklusion 2022-01-07 103 112600000 225857000 75498000 -188755000 1624000 25668000 -212799000 -8092000 -204707000 -204707000 -204707000 -204707000 31985000 -138228000 3628000 -14000 -307336000 1207000 3882000 -300000 -309711000 7854000 87000 108706000 100939000 227798000 8119000 219679000 10907000 -5000 119808000 6847000 20370000 147025000 54979000 83007000 137986000 285011000 11292000 1006541000 -1046292000 -28459000 78092000 78982000 157074000 87676000 11808000 33005000 23907000 156396000 313470000 285011000 143335000 6789000 21182000 171306000 42618000 101546000 144164000 315470000 11292000 1006541000 -1133169000 -115336000 145546000 98788000 244334000 129326000 11206000 13418000 32522000 186472000 430806000 315470000 101546000 90644000 Christophe Thurieau Chief Executive Officer Claude Bertrand Chairman Christophe Thurieau Pascal Lemaire Benoit Chéron EY Godkendt Revisionspartnerselskab 30700228 Christian Schwenn Johansen State Authorized Public Accountant mne33234 Rasmus Bloch Jespersen State Authorized Public Accountant mne35503 30700228 EY Godkendt Revisionspartnerselskab