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41908033 2022-01-01 2022-12-31 17 cmn:ConsolidatedMember 41908033 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:AcquiredPatentsMember 41908033 2023-01-01 2023-12-31 cmn:ConsolidatedMember fsa:GoodwillMember 41908033 2023-01-01 2023-12-31 fsa:LandAndBuildingsMember cmn:ConsolidatedMember 41908033 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 41908033 2023-01-01 2023-12-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 41908033 2023-01-01 2023-12-31 fsa:InvestmentsInGroupEnterprisesMember 41908033 2022-01-01 2022-12-31 fsa:InvestmentsInGroupEnterprisesMember 41908033 2023-01-01 2023-12-31 1 fsa:SubsidiaryMember 41908033 2023-01-01 2023-12-31 fsa:OtherInvestmentsMember cmn:ConsolidatedMember 41908033 2023-01-01 2023-12-31 fsa:DepositsLongtermInvestmentsAndReceivablesMember cmn:ConsolidatedMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 41908033 Sonas Midco ApS Telefonvej 8D, 2. 2860 Søborg PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Strandvejen 44 2900 Hellerup Denmark 39 45 39 45 koebenhavn@pwc.dk 2024-04-17 Jeppe Ragnar Andersen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive Board has today considered and adopted the Annual Report of Sonas Midco ApS for the financial year 1 January - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements and the Consolidated Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and the Group and of the results of the Company and Group operations and of consolidated cash flows for 2023. In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review. We recommend that the Annual Report be adopted at the Annual General Meeting. 2024-04-17 Søborg Karl Sebastian Inger CEO Jeppe Ragnar Andersen Andrea Jayne Davis To the shareholder of Sonas Midco ApS Opinion In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of the Group’s and the Parent Company’s operations and of consolidated cash flows for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Sonas Midco ApS for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (”the Financial Statements”). 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 Group 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 consolidated financial statements and parent company 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 Group´s and the Parent 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 Group or the Parent 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 judgement and maintain professional scepticism 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 Group´s and the Parent 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 Group´s and the Parent 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 Group and the Parent 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. Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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 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, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Management’s Review. Hellerup 2024-04-17 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Kristian Højgaard Carlsen State Authorised Public Accountant mne44112 202964000 142686000 65358000 472000 -29043000 -27372000 -15714000 -27372000 -50580000 -27677000 970160000 1422082000 637963000 650543000 2017000 -7465000 -7362000 -1337597000 41215000 1368507000 66 51 0.511 0.415 0.322 0.003 0.155 0.063 -0.143 -0.192 0.045 0.017 -0.03 -0.019 0.644 0.633 0.658 0.457 0.014 -0.028 -0.079 -0.085 Key activities The company's main activity is to provide services exclusively to the group companies and and also owning investments in associates as well as in subsidiaries. Development in the year The income statement of the Group for 2023 shows a profit of DKK 8,784,598, and at 31 December 2023 the balance sheet of the Group shows a positive equity of DKK 629,203,392. The past year and follow-up on development expectations from last year The company’s expectations of an increase in the net result has been met. Targets and expectations for the year ahead Management expect an increase in the net result I the coming year. External environment The company is conscious abouts its impact on the environment and is committed to improving in this area. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 281128935 266044771 0 0 137498096 157996319 0 0 143630839 108048452 0 0 99951640 93743011 64643 52039 43679199 14305441 -64643 -52039 0 2404206 0 0 43679199 16709647 -64643 -52039 0 0 8791215 -17986287 5563621 1188487 242851 25091 21786197 15069862 0 38800 27456623 2828272 8969423 -18052035 18672025 20509297 39206 -4465 8784598 -17681025 8930217 -18047570 0 0 8930217 -18047570 125240 196806 0 0 661785605 714045173 0 0 661910845 714241979 0 0 23610756 24640487 0 0 11652791 13255190 0 0 2718332 3530109 0 0 37981879 41425786 0 0 0 0 618993687 610120835 48001511 1474747 0 0 485619 457201 0 0 48487130 1931948 618993687 610120835 748379854 757599713 618993687 610120835 56689572 51954805 0 0 4233644 10407388 0 25432 14388944 12957716 0 0 17038871 19803788 0 0 92351031 95123697 0 25432 136937100 126616821 10079373 9875733 229288131 221740518 10079373 9901165 977667985 979340231 629073060 620022000 83817007 83817007 83817007 83817007 22000000 22000000 22000000 22000000 523166847 514156381 523166847 514154993 628983854 619973388 628983854 619972000 219538 365157 0 0 629203392 620338545 628983854 619972000 213968582 212460734 0 0 64200 64200 0 0 18108895 17486984 0 0 232141677 230011918 0 0 20157868 14034940 50000 50000 14906026 23782422 39206 0 16568587 17940748 0 0 64690435 73231658 0 0 116322916 128989768 89206 50000 348464593 359001686 89206 50000 977667985 979340231 629073060 620022000 83817007 22000000 514154993 365157 0 0 81637 0 0 0 8930217 -145619 83817007 22000000 523166847 219538 83817007 22000000 514154993 0 0 81637 0 0 8930217 83817007 22000000 523166847 8784598 -17681025 92612909 96964466 -9335930 26992795 92061577 106276236 5563621 1188487 -21786197 -15069862 75839001 92394861 -17345160 -20877428 58493841 71517433 -1861629 0 -46555181 -2370062 0 990697 -48416810 -1379365 0 -10827847 -1326865 0 62265 6483560 1507848 1507848 243248 -2836439 10320279 67301629 126616821 59315192 136937100 126616821 136937100 126616821 136937100 126616821 Personnel expenses 73094721 50463706 0 0 Depreciation on PP&E 3650934 3716648 0 0 Other expenses 60752441 103815965 0 0 Total 137498096 157996319 0 0 Personnel expenses 22585911 19160090 0 0 Depreciations on PP&E 1654603 1322250 0 0 Depreciations on goodwill 52259568 56982420 0 0 Depreciations on patents 71566 71566 0 0 Other expenses 23379992 16206685 64643 52039 Total 99951640 93743011 64643 52039 94975460 69080921 0 0 705173 542876 0 0 95680633 69623797 0 0 124 120 0 0 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 4861900 496061 242851 25091 701721 451352 0 0 0 241074 0 0 5563621 1188487 242851 25091 0 39412 0 0 20738455 14975320 0 38800 1047742 55130 0 0 OtherFinanceExpenses 21786197 15069862 0 38800 14873225 8920673 39206 -4465 2771166 1637148 0 0 1027634 9075053 0 0 0 876423 0 0 18672025 20509297 39206 -4465 357829 850202426 357829 850202426 161023 136157253 71566 52259568 232589 188416821 125240 661785605 27905558 21782936 6560387 0 1441185 420445 27905558 23224121 6980832 3265071 8527746 3030278 1029731 3043584 1232222 4294802 11571330 4262500 23610756 11652791 2718332 678220074 678220074 678220074 678220074 -68099239 -50112954 81637 0 8791215 -17986285 -59226387 -68099239 618993687 610120835 Sanos Group ApS Søborg 100 618993687 8791215 987093 457201 45827009 28418 46814102 485619 487654 0 699755 0 1187409 0 48001511 485619 Investments in subsidiaries are specified as follows: Deferred tax asset at 1 January 19803788 16795114 0 0 Net amounts recognized through group acquisition 1333114 5522245 0 0 Amounts recognised in the income statement for the year -2771166 -2513571 0 0 Amounts recognised in equity for the year -1326865 0 0 0 Deferred tax asset at 31 December 17038871 19803788 0 0 0 0 0 0 213968582 212460734 0 0 213968582 212460734 0 0 0 0 0 0 0 0 0 0 64200 64200 0 0 64200 64200 0 0 0 0 0 0 0 0 0 0 18108895 17486984 0 0 18108895 17486984 0 0 16568587 17940748 0 0 Payments due within 1 year are recognised in short-term debt. Other debt is recognised in long-term debt. The debt falls due for payment as specified below: Credit institutions Deposits Other payables Deferred income contains prepayments received for costs derived from ongoing projects. -5563621 -1188487 21786197 15069862 57636671 62092883 18672025 20509297 81637 0 0 480911 92612909 96964466 -6166003 6119802 -8541223 24237290 5371296 -3364297 -9335930 26992795 Rental and lease obligations Total liabilities under rental or lease agreements until maturity 12108061 14726858 0 0 Other contingent liabilities The Entity participates in a Danish joint taxation arrangement where Sonas HoldCo ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc. for the jointly taxed entities, and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. Transactions The Company has chosen only to disclose transactions which have not been made on an arm's length basis in accordance with section 98(c)(7) of the Danish Financial Statements Act. Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office Investcorp Holdings B.S.C. Kingdom of Bahrain Sonas HoldCo ApS Søborg The Group Annual Report of Sonas HoldCo ApS may be obtained at the following address: Telefonvej 8D, 22860 SøborgDenmark The Annual Report of Sonas Midco ApS for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Consolidated Financial Statements and the Parent Company Financial Statements for 2023 are presented in DKK. 1 Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset 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 out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Basis of consolidation The Consolidated Financial Statements comprise the Parent Company, Sonas Midco ApS, and subsidiaries in which the Parent Company directly or indirectly holds more than 50% of the votes or in which the Parent Company, through share ownership or otherwise, exercises control. Enterprises in which the Group holds between 20% and 50% of the votes and exercises significant influence but not control are classified as associates. On consolidation, items of a uniform nature are combined. Elimination is made of intercompany income and expenses, shareholdings, dividends and accounts as well as of realised and unrealised profits and losses on transactions between the consolidated enterprises. The Parent Company's investments in the consolidated subsidiaries are set off against the Parent Company's share of the net asset value of subsidiaries stated at the time of consolidation. Minority interests Minority interests form part of the Group's total equity. Upon distribution of net profit, net profit is broken down on the share attributable to minority interests and the share attributable to the shareholders of the Parent Company. Minority interests are recognised on the basis of a remeasurement of acquired assets and liabilities to fair value at the time of acquistition of subsidiaries. On subsequent changes to minority interests where the Group retains control of the subsidiary, the consideration is recognised directly in equity. Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates. Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Group. The stage of completion is determined on the basis of completed thresholds in the underlying contracts. Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales. Production expenses comprise costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, as well as operation, administration and management of service spots. Administrative expenses comprise expenses for Management, administrative staff, office expenses, depreciation, etc. Amortisation of goodwill is also included to the extent that goodwill relates to administrative activities. Other operating income and other operating expenses comprise items of a secondary nature to the main activities of the Group: including gains and losses on the sale of intangible assets and property, plant and equipment and negative goodwill from the purchase of subsidiaries. The item “Income from investments in subsidiaries” in the income statement includes the proportionate share of the profit for the year. Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the profit for the year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with wholly owned Danish and foreign subsidiaries. The tax effect of the joint taxation is allocated to enterprises in proportion to their taxable incomes. Goodwill acquired is measured at cost less accumulated amortisation. Goodwill is amortised on a straight-line basis over its useful life, which is assessed at 3-20 years. Patents and licences are measured at the lower of cost less accumulated amortisation and recoverable amount. Patents are amortised over the remaining patent period, and licences are amortised over the licence period; however not exceeding 5 year. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Buildings 10-50 years Other fixtures and fittings, tools and equipment 3-10 years Leasehold improvements 3-7 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of intangible assets and property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by amortisation and depreciation. If so, the asset is written down to its lower recoverable amount. Investments in subsidiaries are recognised and measured under the equity method. The item “Investments in subsidiaries” in the balance sheet include the proportionate ownership share of the net asset value of the enterprises calculated on the basis of the fair values of identifiable net assets at the time of acquisition with deduction or addition of unrealised intercompany profits or losses and with addition of the remaining value of any increases in value and goodwill calculated at the time of acquisition of the enterprises. The total net revaluation of investments in subsidiaries is transferred upon distribution of profit to “Reserve for net revaluation under the equity method“ under equity. The reserve is reduced by dividend distributed to the Parent Company and adjusted for other equity movements in the subsidiaries. Subsidiaries with a negative net asset value are recognised at DKK 0. Any legal or constructive obligation of the Parent Company to cover the negative balance of the enterprise is recognised in provisions. Fixed asset investments, which consist of listed bonds and shares, are measured at their fair values at the balance sheet date. Fair value is determined on the basis of the latest quoted market price. Investments which are not traded in an active market are measured at the lower of cost and recoverable amount. Other fixed asset investments consist of deposits. Receivables are measured in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts. Deferred income tax is measured using the balance sheet liability method in respect of temporary differences arising between the tax bases of assets and liabilities and their carrying amounts for financial reporting purposes on the basis of the intended use of the asset and settlement of the liability, respectively. Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation at the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred tax relates to items recognised in equity. Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and expenses. Loans, such as loans from credit institutions, are recognised initially at the proceeds received net of transaction expenses incurred. Subsequently, the loans are measured at amortised cost; the difference between the proceeds and the nominal value is recognised as an interest expense in the income statement over the loan period. Other debts are measured at amortised cost, substantially corresponding to nominal value. Deferred income comprises payments received in respect of income in subsequent years. The cash flow statement shows the Group’s cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Group’s cash and cash equivalents at the beginning and end of the year. Cash flows from operating activities are calculated as the net profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation, amortisation and impairment losses, and provisions. Working capital comprises current assets less short-term debt excluding items included in cash and cash equivalents. Cash flows from investing activities comprise cash flows from acquisitions and disposals of intangible assets, property, plant and equipment as well as fixed asset investments. Cash flows from financing activities comprise cash flows from the raising and repayment of long-term debt as well as payments to and from shareholders. Cash and cash equivalents comprise ”Cash at bank and in hand”. The cash flow statement cannot be immediately derived from the published financial records. Gross margin Gross profit x 100 / Revenue Profit margin Profit/loss of ordinary primary operations x 100 / Revenue Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end Solvency ratio Equity at year end x 100 / Total assets at year end Return on equity Net profit for the year x 100 / Average equity