36393459 2022-01-01 2022-12-31 36393459 2022-01-01 2022-12-31 auditor_1 36393459 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 36393459 2022-01-01 2022-12-31 memberOfBoardIdentifier_1 36393459 2022-01-01 2022-12-31 memberOfBoardIdentifier_2 36393459 2022-01-01 2022-12-31 memberOfBoardIdentifier_3 36393459 2021-01-01 2021-12-31 36393459 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 36393459 2021-01-01 2021-12-31 fsa:RetainedEarningsMember 36393459 2022-12-31 36393459 2021-12-31 36393459 2021-12-31 fsa:ContributedCapitalMember 36393459 2021-12-31 fsa:RetainedEarningsMember 36393459 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 36393459 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 36393459 2022-12-31 fsa:ContributedCapitalMember 36393459 2022-12-31 fsa:RetainedEarningsMember 36393459 2022-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember 36393459 2021-12-31 fsa:OtherPayablesIncludingTaxPayablesLiabilitiesOtherThanProvisionsLongtermMember iso4217:DKK pure Årsrapport 2022-01-01 2021-01-01 2022-12-31 2021-12-31 2023-06-28 36393459 2023-06-28 2014-09-30 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's report on audited financial statements Copenhagen 2023-06-28 KPMG 25578198 Dampfærgevej 28 2100 true Kristján Johannsson The Board of Directors and the Executive Board have today discussed and approved the annual report for ICEPHARMA A/S for the financial year 1 January - 31 December 2022. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Hörður Þórhallsson Kristján Johannsson Chairman Jóhann Ingi Kristjánsson Petrea Ingileif Gudmundsdottir Independent auditor's report To the Shareholder of ICEPHARMA A/S Opinion We have audited the financial statements of ICEPHARMA A/S for the financial year 1 January - 31 December 2022, comprising income statement, balance sheet and notes, including 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 Company's assets, liabilities and financial position at 31 December 2022 and of the results of the Company's operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. Basis for Opinion 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' 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's responsibility for the financial statementsManagement 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 that 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. Auditor's responsibilities for the audit of the financial statementsOur objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 alsoidentify and assess the risks of material misstatement of the company 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. Statement on the Management's reviewManagement 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 form of assurance conclusion thereon.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.Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. 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 Statement Act. We did not identify any material misstatement of the Management's review. Simon Vinberg Andersen mne35458 ICEPHARMA A/S Høje Taastrup Boulevard 53 DK-2630 Høje Taastrup Høje Taastrup Principal activities The primary activity is sale of pharmaceutical products and services. Material uncertainties regarding going concernThe Company has obtained a letter of support from the beneficial owner which, in the opinion of the Excutive Board and the Board of Directors, will be sufficient to secure sufficient financing of the activities until the annual general meeting in 2024 when the annual report for the year ended 31 December 2023 will be approved. The financial statements for 2022 have therefore been prepared on the basis of going concern. Events after the balance sheet date No events have occurred after the balance sheet date of material importance to the annual report for 2022. Development in activities and financial positionThe Company's income statement for 2022 shows a loss of DKK 4,748,115 as against a loss of DKK 5,423,874 in 2021. Equity in the Company's balance sheet at 31 December 2022 stood at DKK 1,647,987 as against DKK 689,794 at 31 December 2021.The Company is financed by other Group companies.In 2022 the Company has received a grant from the shareholder of DKK 5,706,309 thousand.The Company has obtained a letter of support from the parent company which, in the opinion of the Excutive Board and the Board of Directors, will be sufficient to secure sufficient financing of the activities until the annual general meeting in 2024 when the annual report for the year ended 31 December 2023 will be approved. The financial statements for 2022 have therefore been prepared on the basis of going concern. -1025961 -2436032 3685162 2993855 -4711123 -5429887 0 18441 36992 12428 -4748115 -5423874 0 0 -4748115 -5423874 -4748115 -5423874 756227 1268658 996334 1187461 1749290 459966 3501851 2916085 3501851 2916085 500000 500000 1147987 189794 1647987 689794 303370 293111 420388 886765 203201 177742 926905 868673 1550494 1933180 3501851 2916085 500000 189794 0 -4748115 5706308 500000 1147987 The annual report of ICEPHARMA A/S for 2022 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Foreign currency translation On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Government grants Government grants are recognised when it is fairly certain that the grant conditions will be complied with, and the grant will be received. Grants compensating for costs incurred are recognised directly as operating income in the income statement as costs eligible for grants are incurred. If the conditions for receiving the grant are not complied until after related costs have been recognised, the grant is to be recognised in the income statement when the conditions have been complied with and it is fairly certain that the grant will be awarded. Grants to acquire assets are recognised in the balance sheet as deferred income/prepayments and transferred to other operating income in the income statement line with depreciation/amortisation of the assets covered by the grant. Revenue Income from the sale of goods and services, is recognised in the income statement provided that delivery and transfer of risk to the buyer have taken place, the income may be reliably measured and is expected to be received. Revenue is measured at fair value of the agreed remuneration excluding VAT and taxes charged on behalf of third parties. All forms of discounts granted are deducted from revenue. To the extent that customers have the right to return goods received, revenue is recognised based on the Company’s past record with returns. If the Company does not have a past record with similar transactions, revenue is recognised upon expiry of the period for returning the goods. Cost of sales Cost of sales comprises costs incurred to generate revenue for the year. This item also comprises direct costs for goods for resale and changes to inventory of goods for resale. Other operating income Other operating income comprises items secondary to the activities of the entity, including compensation from goverment due to COVID-19 relief packages. Other external costs Other external costs comprise costs for distribution and sales costs, costs for advertising, administrative expenses, costs of premises, bad debts, operating leases, etc. Other external costs also comprise research and development costs that do not qualify for capitalisation. Staff costs Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs. Financial income and expenses Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Financial items comprise interest income and interest expense, realised and unrealised gains and losses on receivables, payables and transactions in foreign currencies as well as surcharges and refunds under the on-account tax scheme, etc. Tax on loss for the year Tax for the year comprises current tax and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement at the amount attributable to the profit/loss for the year and directly in equity at the amount attributable to entries directly in equity. Inventories Inventories are measured at cost in accordance with the FIFO method. Inventories are written down to the lower of net realisable value and cost. Goods for resale and consumables are measured at cost, comprising purchase price plus delivery costs. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. Receivables Receivables are measured at amortised cost, which corresponds to nominal value. The value is reduced by write-down for bad debts Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. Corporation tax and deferred tax Current tax payable and receivable is recognised on the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities. Deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. The change in deferred tax as a result of changes in tax rates is recognised in the income statement and in equity. Liabilities Liabilities are measured at amortised cost. The Company has obtained a letter of support from the parent company which, in the opinion of the Excutive Board and the Board of Directors, will be sufficient to secure sufficient financing of the activities until the annual general meeting in 2024 when the annual report for the year ended 31 December 2023 will be approved. The financial statements for 2022 have therefore been prepared on the basis of going concern. Gross loss includes special items comprising compensation under COVID-19 government relief packages of DKK 0 (2021: DKK 159,252). 3323512 2697636 303651 276100 57999 20119 5 5 926905 868673 303370 293111 Remaining operating lease obligations at the balance sheet date that fall due within 1 year amount to DKK 16 thousand (2021: DKK 13 thousand). ICEPHARMA A/S' related parties comprise the following:Control Ósar - lífæð heilbrigðis hf., Lynghálsi 13, 110 Reykjavik, Iceland.Ósar - lífæð heilbrigðis hf. holds the majority of the contributed capital in the Company.Icepharma A/S is part of the consolidated financial statements of Ósar - lífæð heilbrigðis hf., Reykjavik, Iceland, which is the smallest group, in which the Company is included as a subsidiary. The consolidated financial statements of Ósar - lífæð heilbrigðis hf., can be obtained by contacting the Company at the address above.