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To the shareholders of AX VI VET Holding III ApS
2860 Søborg
Buddingevej 312
65194966
29663032
385
0
739
0
72046817
10154889
88224755
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statsautoriseret revisor
Account of the gender composition of Management
In general, the Groups employees and Management are meant to experience an open and unprejudiced
culture where the individual can use her or his skills in the best possible way, regardless of gender, race, sexual
orientation, or age. Women and men have the same opportunities for career advancement and leadership
positions. We always strive to have both genders represented in all recruitment processes.
The Groups policies about the under-represented gender are reassessed on a continuous basis to create a base
for increasing gender equality.
Board of Directors
The Companys board members are appointed by the shareholders at the general meeting. The board consists
of 2 men and no women. No changes were made to the Board of Directors in the current financial year. The
Group targets to elect at least one board member from the underrepresented gender to the Board of Directors
no later than 2025.
Management and other leadership positions
The Company aims to have at least 40% of its managers from the underrepresented gender from 2025. The
extended management team, defined as CEO-2, women make up 52% of the leadership positions.
The Company will continue to work dedicated to having both male and female candidates in the recruiting
process for management positions. It is the Companys aim and policy to increase the proportionate share of
women in the management team. Therefore, there has continued to be a focus on recruiting candidates of any
gender, wherever possible, for leadership positions.
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">26</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Subsidiaries</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="font-weight: bold; text-align: left">Name</td><td Colspan = 1 style="font-weight: bold; text-align: left">City</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">Ownership</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Denmark: </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">AX VI VET Holding II ApS</td><td Colspan = 1 style="text-align: left">Birkerød</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">AX VI VET Holding I ApS</td><td Colspan = 1 style="text-align: left">Birkerød</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">AX VI VET Holding ApS</td><td Colspan = 1 style="text-align: left">Birkerød</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetgruppen Holding A/S</td><td Colspan = 1 style="text-align: left">Birkerød</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetgruppen A/S</td><td Colspan = 1 style="text-align: left">Birkerød</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Fynske Dyrehospitaler ApS (Under konkurs)</td><td Colspan = 1 style="text-align: left">Svendborg</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Dyrlæge Mikkelsen ApS</td><td Colspan = 1 style="text-align: left">Herning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Nordre Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Lystrup</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Skejby Dyreklinik ApS</td><td Colspan = 1 style="text-align: left">Århus</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Dyrehospitalet Heden ApS</td><td Colspan = 1 style="text-align: left">Herning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">KØGE BUGT DYREKLINIK ApS</td><td Colspan = 1 style="text-align: left">Køge</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Skive Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Skive</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Frederiksberg Dyreklinik & Spa ApS</td><td Colspan = 1 style="text-align: left">København</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Frederikshavn Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Frederikshavn</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Vetgruppen Brønderslev Dyrehospital ApS</td><td Colspan = 1 style="text-align: left">Brønderslev</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Norway</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">AX VI VET NO Holding AS</td><td Colspan = 1 style="text-align: left">Strømmen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Holding AS</td><td Colspan = 1 style="text-align: left">Strømmen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet AS</td><td Colspan = 1 style="text-align: left">Strømmen</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Kristiansund AS</td><td Colspan = 1 style="text-align: left">Kristiansund</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Romerike Hesteklinikk AS</td><td Colspan = 1 style="text-align: left">Skjetten</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Larvik AS</td><td Colspan = 1 style="text-align: left">Larvik</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">40,9%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Stabekk AS</td><td Colspan = 1 style="text-align: left">Stabekk</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Østfold AS</td><td Colspan = 1 style="text-align: left">Frederikstad</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Steinkjer Veterinærsenter AS</td><td Colspan = 1 style="text-align: left">Steinkjer</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Stange Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Ottestad</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Ålesund Dyresykehus AS</td><td Colspan = 1 style="text-align: left">Alesund</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Veterinærkontoret i Førde AS</td><td Colspan = 1 style="text-align: left">Førde</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Smådyrsykehuset Gjøvik AS</td><td Colspan = 1 style="text-align: left">Gjøvik</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Empet Kløfta Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Kløfta</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Indre Østfold Dyreklinikkk AS</td><td Colspan = 1 style="text-align: left">Askim</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Porsgrunn Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Porsgrunn</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Hinna Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Stavanger</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Halden Dyreklinikk AS</td><td Colspan = 1 style="text-align: left">Halden</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Finland</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">AX VI VET FI Holding Oy</td><td Colspan = 1 style="text-align: left">Helsinki</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">HAKAMETSÄN ELÄINLÄÄKÄRIPALVELU OY</td><td Colspan = 1 style="text-align: left">Tampere</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">ELÄINSAIRAALA AISTI OY</td><td Colspan = 1 style="text-align: left">Vantaa</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 4 style="text-align: left">Kaarinan Eläinlääkäriasema Oy</td><td Colspan = 1 style="text-align: left">Kaarina</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">(continued on next page)</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table>
FINANCIAL HIGHLIGHTS
Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark. Financial highlights are calculated on basis of the financial statements,
and no adjustments nor normalisations for analysis purposes have been unless expressed in the section of the
financial highlights.
The ratios have been calculated as follows:
Return on invested capital = EBITDA * 100
Av. invested capital
Solvency = Equity at year-end * 100
Total assets
Return on equity = Profit or loss for the year * 100
CEO
Board member
3460 Birkerød
Hovedgaden 12C
72046817
40000
176449510
144093634
176449510
144093634
752168071
759349030
-80314538
-33769774
287960
287960
413312
413312
3018871
5156802
320438
0
3527314
0
Impairment of financial assets
Impairment of financial assets includes the impairment of investments in group enterprises for the financial year.
Knowledge resources
The Groups employees are the most important resource. It is important for the ongoing development of the
Group to maintain and attract a high level of professional competence within veterinarians, veterinary nurses
and clinic managers in particular.
We do that, among other things, by the measures below:
The Group collaborates with educational institutions. There is ongoing dialogue with these educational
institutions regarding the development and updating of education and courses
VetGruppen in Denmark focuses on internal training and continued education, and has, among other things,
established our own training concept (CampusVet), which functions at a very high professional level.
Education and courses is generally valued very highly, and continuous work is done to increase employees
skills and develop new educations. Where formal external training is not available, the Group will
undertake internal development of appropriate training
A management training program has also been developed in-house for clinic managers and selected
other employees
The Group uses both internal and external specialists to train employees at clinics in specialized medical
procedures, as well as further work on knowledge sharing across clinics.
Impairment of intangible assets and property, plant and equipment
The carrying amount of intangible assets and property plant and equipment is reviewed annually for indication
of impairment for loss, apart from what is expressed by usual amortisation and depreciation. If this applies,
impairment for loss is made of each asset or group of assets, respectively, to lower recoverable amount.
As recoverable amount, the higher of expected net selling price and net present value is applied. The net
present value is calculated as the present value of the anticipated cash flows from the use of the asset
or the group of assets.
Impairment for loss for the year is recognised in the income statement as amortisation, depreciation and
impairment for loss of property, plant and equipment and intangible assets.
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
Auditors Responsibilities for the Audit of the Consolidated Financial Statements and the Parent Company Financial
Statements section of our report. We are independent of the Group in accordance with the International Ethics
Standards Board for Accountants Code of Ethics for Professional Accountants (IESBA Code) and the additional
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.
Statutory CSR report
We constantly strive to improve the well-being of the pets entrusted to us in the clinics. It is important that we
work with high ethical standards based on science, evidence and best practice in order to ensure the highest
medical quality.
We focus on reducing and ensuring an intelligent and safe use of antibiotics and strive to reduce antimicrobial
resistance.
We strive to reduce our consumption of energy, increase the share of renewable energy and waste generated
from our clinics, offices and travel, as well as the production of educational material in sustainable ways. Futher,
the Group works to increase the share of recycled waste.
MANAGEMENTS REVIEW, CONTINUED 4
Data ethics
The Group handles general data in the form of customer and patient data, supplier data and employee data.
All data is processed in accordance with the GDPR. With the limited processing of data, it is the Companys
assessment that there is no need for a policy on data ethics. The Group will continuously assess whether
a policy is necessary.
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">20</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Contingent liabilities</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group has no contigent liabilities.</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The company is jointly taxed with other group companies and is jointly liable with the other group companies for payable </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">and unsettled corporation and withholding taxes. Any subsequent corrections to the corporate tax and withtholding</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">taxes can lead to a higher liability for the Company.</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company is jointly and severally liable for the Groups credit facilities. The liability is limited to a maximum of M.DKK 1.063.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">22</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Contractual obligations</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group has entered into lease agreements for premises. The lease agreements are non-cancellable and expire progressively </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">until 2032. The remaining lease obligation amounts to approximately T.DKK 226.528.</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company has no contractual obligations.</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1091px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">12</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 2 style="font-weight: bold; text-align: left"></td><td Colspan = 6 style="border-bottom: 1px solid; font-weight: bold; text-align: left">property, plant and equipment</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Leasehold</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Buildings and</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">improve-</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">land</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">ments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Fixtures etc.</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Cost at 1/1 2022</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">5.262.728</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">49.862.179</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">55.124.907</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Additions regarding acquisitions</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">38.430.409</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-172.669</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-3.019.710</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-3.192.379</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">767.320</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">7.079.533</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">12.950.261</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">77.970.241</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">98.000.035</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">16.773.809</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Transfers during the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-142.090</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-160.889</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-160.889</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-704.541</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">COST AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">6.906.864</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">18.212.989</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">124.651.821</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">149.771.674</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">55.124.907</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation, depreciation and impairment at 1/1 2022</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">332.437</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.582.211</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.914.648</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-4.293</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-378.541</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-382.834</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">32.117</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation and depreciation for the year</td><td Colspan = 1 style="text-align: Right">173.073</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.380.460</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">17.755.936</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">20.309.469</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.462.581</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Impairment for the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">777.778</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.634.202</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.411.980</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">240.673</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation, depreciation and impairment, disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">179.277</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">AMORTISATION, DEPRECIATION AND IMPAIRMENT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">168.780</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.490.675</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">23.593.808</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">27.253.263</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">4.914.648</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">CARRYING AMOUNT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">6.738.084</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">14.722.314</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">101.058.013</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">122.518.411</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">50.210.259</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Hereof, financially leased assets</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.333.701</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.333.701</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.851.215</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Selling price, disposals</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">919.715</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Carrying amount, disposals</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-160.889</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-160.889</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-883.818</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">PROFIT/LOSS ON SALE</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-160.889</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-160.889</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">35.897</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">2</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Events after the balance sheet date </td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">During 2023, the Group has continued to acquire veterinary clinics and carried out a refinancing of the Groups loan </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">arrangement and added further financing in order to continue the acquisitions . Otherwise, no events materially affecting </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">the Groups financial position have occurred after the financial year-end.</td></tr></table>
490455
183837
0
0
254284
0
2860 Søborg
Buddingevej 312
1043412066
377524944
1686843977
358470851
217424614
271082823
Regnskabsklasse C, stor virksomhed
The annual report and consolidated financial statements 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 Group and the Companys
financial position at 31 December 2022 and of the result of its operations and the Groups cash flows
for the financial year 1 January - 31 December 2022.
2023-06-29
2023-06-29
Leasing
Investments in group enterprises
Investments in group enterprises have been measured at cost
In the event, the cost exceeds the recoverable amount, a write-down is made to this lower value. Indications of
impairment exists for example when dividends exceeds the accumulated earnings since the acquisition or when
the cost exceeds the net asset value of the investments in group enterprises.
Recoverable amount used is the highest value of the expected net sales price and capital value. Capital value
is determined as the present value of the expected net cash flow from the possession of the individual investments.
Impairment is recognized in the income statement as impairment of financial assets.
Cost of goods sold
The cost of raw materials and consumables used to generet the companys revenue.
Staff costs
Staff costs include wages and salaries, including holiday pay, pensions, and other social security costs etc. to
the Company´s employees.
External expenses
External expenses comprise cost of selling costs, facility costs, and administrative expenses.
Income from investments in group enterprises
Income from investments in group enterprises comprises the dividends received for the year.
ACOUNTING POLICIES, CONTINUED 15
Other receivables (fixed assets)
Other receivables recognised under fixed assets comprise loans and rental deposits measured at amortised cost
which usually corresponds to nominal amount. In events when the carrying amount exceeds the recoverable
amount, impairment for loss is made to such lower value. Impairment for loss for the year is recognised in the
income statement as impairment for loss of financial assets.
Other operating income
Other operating income includes financial statement items of a secondary nature in relation to the primary
activity of the enterprise, ncluding reimbursements received from public authorities and gains from the sale
of fixed assets.
Other operating expenses
Other operating expenses comprises expenses of a secondary nature as viewed in relation to the companys
primary activities, including losses on sale of fixed assets and transaction costs.
Receivables
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. Provisions for bad debts are determined on the
basis of an individual assessment of each receivable.
Revenue
Revenue from the sale of goods and finished products are recognized in the income statement if delivery and transfer
of risk to the buyer have occurred before the end of the year, and if the revenue can be measured reliably and
the income is expected to be received
For the sale of services, revenue is generally recognized based on a measurable percentage of completion. However,
linear recognition is used for services delivered over time in a consistent pattern. If the percentage of completion is
not measurable or if the sales value or total completion costs are uncertain, revenue is recognized at the
maximum amount that the company believes it is entitled to and is expected to receive for the services rendered
on the balance sheet date.
Revenue is recorded excluding taxes and after deducting any applicable duties and discounts related to the sale.
Tax on profit or loss for the year
Tax on profit or loss for the year represents 22 % of the book profit or loss adjusted for non-taxable.
and non-deductible items.
Tax on profit or loss for the year consists of the anticipated tax portion of the taxable income for the year
adjusted for the changes for the year in deferred tax. Changes in deferred taxes due to the adjustment of tax
rates is recognised in the income statement.
ACOUNTING POLICIES, CONTINUED 16
Work performed for own account and capitalized under assets
The items consists of work performed in the financial year and capitalized under intangible fixed assets. The
measurement of work performed for own account is done at cost and includes personnel expenses.
Primary activities
The main activities of AX VI VET Holding ApS consist of owning capital shares in subsidiaries and providing
management services.
AX VI VET Holding ApS, together with its subsidiaries (the Group), main activity is to run Veterinary clinics in
Scandinavia. The Company has veterinary clinics nationwide in Denmark and Norway and also operates in Finland
and Sweden all clinics with a foundation in a high level of medical quality and service for animals and their
owners. Our clinics have all relevant diagnostic equipment, so we can provide a quick answer directly from the
clinics and initiate any treatment. With us, safety, care and closeness are the focus areas, and it is important
for us to continuously expand and strengthen the professional quality of the services around animal welfare and
treatment.
The Company is headquartered in Birkerød, Denmark with its core markets being Denmark, Norway, Finland and
Sweden. The Company is indirectly majority owned by Danish private equity fund Axcel, which is a member of
DVCA, for which reason the Company is governed by DVCAs guidelines.
Events after the balance sheet date
During 2023, the Company has continued to acquire veterinary clinics. Otherwise, no events materially affecting
the Groups financial position have occurred after the financial year-end.
MANAGEMENTS REVIEW, CONTINUED 3
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1061px" ><tr><td style="width: 4%"></td><td style="width: 23%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left">13</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left"></td><td Colspan = 8 style="border-bottom: 1px solid; font-weight: bold; text-align: left">fixed asset investments</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 16 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 9 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Other securities </td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">Other </td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 9 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">and investments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">receivables</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">COST AT 1/1 2022</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.369.888</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.369.888</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Additions regarding acquisitions</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.890.372</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-16.505</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-16.505</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">5.064</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">2.642.352</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.362.147</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">6.004.499</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">474.452</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Disposals for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">COST AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.642.352</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">5.715.530</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">8.357.882</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.369.888</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">IMPAIRMENT AT 1/1 2022</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">Impairment for the year</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">177.650</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">177.650</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">IMPAIRMENT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">177.650</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">177.650</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 8 style="text-align: left">CARRYING AMOUNT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.642.352</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">5.537.880</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">8.180.232</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.369.888</td></tr></table>
557491
639918
104224200
32262679
157310897
768532
494194
0
3808297
0
4042278
-5392793
114853512
17852571
17852571
0
114853512
0
CASH FLOW STATEMENT
The cash flow statement shows the companys cash flows broken down by operating, investing and financing
activities, changes for the year in cash and cash equivalents as wells as cash and cash equivalents at the
beginning and end of the year.
Cash flows from acquisitions and divestments are shown separately under cash flows from investing activities.
In the cash flow statement, cash flows regarding acquired companies are recognized from the date of acquisition
and cash flows from divested companies are recognized until the transfer date.
Cash flows from operating activities have been calculated as profit or loss adjusted for non-cash operating
items, financial income and expenses paid, corporation taxes, as well as increase and decrease in inventories,
trade receivables, trade payables, and other changes in assets and liabilities other than provisions derired from
operations.
Cash flows from investing activities comprise payments in the year in connection with acquisition and sale of
fixed assets as well as payments in connection with acquisition and divestment of companies.
Cash flows from financing activities comprise payments in the year from inception and repayment of long-term
liabilities other than provisions as well as payments made to and received from the shareholders.
Cash and cash equivalents comprise cash deposited in the bank and cash in hand.
In accordance with the Danish Financial Statement Act § 86, section 4 the parent company has not prepared a
cash flow statement.
Development in activities and finances
The group has continued to expand both within its current markets and, in parallel, entered new markets, which
have impacted the groups financial results. The group has made significant investments throughout its markets
to build the competences and organizations required for further growth. Further, the group has invested in
strengthening the backbone and IT setup, which have impacted the group costs. Therefore the financial results
are different to the expectations for the year. The Group realized an operating result of T.DKK -136.143 this year
and the years profit after tax amounts to T.DKK -192.089.
During 2022, additional animal clinics have been acquired and just as we continue to expand the Group, we also
continue to build skills that support operation and development of the chain. We have, among other things, a
continued education program, which aims to ensure the high level of professionalism through theoretical and
practical training. We have also conducted management training so we can develop our managers to remain among
the best in the industry. We want a long and healthy life for all animals that we see, and we believe that health is
best preserved through education and prevention.
Outlook
For 2023, we expect a positive development in the result supported by continued investment in new veterinary
clinics, an increased market share and an overall growing market. Management expects an organic revenue
growth of 5-10% for 2023.
BASIS OF CONSOLIDATION
The consolidated financial statements comprise the parent company and the enterprises (group enterprises)
controlled by the parent company. The parent company is deemed to be controlling an enterprise when it directly
or indirectly controls more than 50% of the voting rights or is otherwise able to exercise control of more than 50%
of the voting rights or is otherwise able to exercise control or de facto control with respect to the economic and
operational decisions in the enterprise.
The consolidated financial statements are prepared on the basis of the financial statements of the parent company
and the Group enterprises by the adding together items of a uniform nature.
In the preparation of the consolidated financial statements, all intercompany balances, income and expenses as
well as gains and losses arising from transactions between the group enterprises have been eliminated.
Equity investments in the group enterprises have been eliminated by the group enterprises proportionate shares
of the equity value
The financial statements used for the purpose of consolidation have been prepared in accordance with the
consolidated accounting policies. The net profit or loss for the year and the equity of foreign enterprises have
been expressed in Danish Kroner. Foreign currency translation adjustments arising as a result of translation of
the equity of the foreign enterprises at the beginning of the financial years and translation of the net profit or loss
for the financial years from the average rate of exchange to the closing rate are charged directly to equity.
Where group enterprises have been acquired, the balance resulting from the elimination has to the extent possible
been distributed on the assets and liabilities of the group enterprises whose value is above or below the amount at
which they were booked when the group relation was established. Any remaining positive balance is treated as
goodwill and stated under intangible assets. Any negative balance which is equal to an expected cost or an adverse
development in the group enterprises is recognised in the income statement when acquired.
ACOUNTING POLICIES, CONTINUED 12
BUSINESS COMBINATIONS
In the financial year 2022 there has been several acquisitions where the group has achieved control.
Acquisitions of enterprises and other business transfers (assets acquired and liabilities assumed constituting a
business) are accounted for using the purchase method under which the identifiable assets and liabilities of the
entity acquired are measured at fair value at the time of acquisition. Acquired contingent liabilities are recognised
at fair value to the extent that the value can be measured reliably.
The time of acquisition is the time when obtaining control of the acquired entity.
The cost of the entity acquired is the fair value of the consideration agreed, including consideration contingent on
future events (earn outs). Where cost includes contingent consideration, this is measured at fair value at the time
of acquisition. Contingent consideration is subsequently measured at fair value. Any value adjustments are
recognised in the income statement.
Transaction costs directly attributable to the acquisition of subsidiaries are recognised in the income statement as
incurred.
Positive differences between the cost of the entity acquired and the fair value of identifiable assets and liabilities
are recognised as goodwill in intangible assets in the balance sheet and are amortised in the income statement on
a straight-line basis over their estimated useful lives. Where the differences are negative, they are recognised
immediately in the income statement.
Where the purchase price allocation is not final, positive and negative differences from acquired entity due to
changes to the recognition and measurement of identifiable net assets may be adjusted for up to 12 months after
the time of acquisition. These adjustments are also reflected in the value of goodwill or negative goodwill,
including in amortisation already made.
In respect of step acquisitions, any previously held investments in the entity acquired are remeasured at fair value
at the time of acquisition. The difference between the carrying amount of the investment previously held and the
fair value is recognised in the income statement.
RECOGNITION AND MEASUREMENT
The financial statements have been prepared based on historical cost.
The income is recognised in the income statement as earned. Value adjustments of financial assets and liabilities
measured at fair value or amortised cost are recognised. Furthermore, all costs incurred to earn the profit or loss for
the year have been recognised in the income statement, including amortisation, depreciation, write-down and
provisions, as well as reversals as a consequence of changed accounting estimates of amounts previously
recognised in the income statement.
Assets are recognised in the balance sheet when it is probable that future economic benefits will flow into the
Company, and the value of the asset can be measured reliably.
ACOUNTING POLICIES, CONTINUED
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.
On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are
measured as described below for each financial statement item.
Certain financial assets and liabilities are measured at amortised cost, by which a constant redemption yield is
recognised over the term. Amortised cost is calculated as original cost less installments and addition/deduction
of the accumulated amortisation of the difference between cost and the nominal amount. Thereby, capital and
exchange losses or gains are allocated over the term.
On recognition and measurement, anticipated losses and risks that appear before presentation of the annual report
and which confirm or invalidate affairs or conditions existing at the balance sheet date are considered.
The functional currency is Danish Kroner, DKK. All other currencies are considered foreign currencies.
FOREIGN CURRENCY TRANSLATION
During the year, transactions in foreign currencies have been translated by applying the exchange rate at the
transaction date. If currency positions are considered a hedge of future cash flows, the value adjustments are
recognised directly in equity.
Receivables and debt denominated in foreign currencies have been recognised at the exchange rate of the
balance sheet date.
Realised and unrealised exchange gains and losses have been recognised in the income statement under
other financial income and expenses.
Foreign group enterprises are considered as separate entities. Income statements are converted using the
average exchange rate for the year, while balance sheet items are converted using the exchange rates on
the balance sheet date. Exchange rate differences arising from the conversion of foreign group enterprises
equity at the beginning of the year to the exchange rates on the balance sheet date, as well as from the
conversion of income statements from average rates to the exchange rates on the balance sheet date, are
directly recognized in the equity in the fair value reserve.
Currency adjustments of transactions with foreign group enterprises, which are considered part of the overall
investment in affiliated companies, are directly recognized in equity in the fair value reserve. Similarly, gains
and losses on foreign exchange rates related to loans and derivative financial instruments entered to hedge
separate foreign group enterprises are directly recognized in equity.
ACOUNTING POLICIES, CONTINUED
Prepayments
Prepayments comprise costs incurred relating to subsequent financial years.
ACOUNTING POLICIES, CONTINUED 19
Intangible assets
Intangible assets are measured at cost less accumulate amortisation.
Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when
the asset is ready to be put into operation.
Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the company
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets.
Other development costs not meeting the criteria for capitalisation are recognised as costs in the income
statement as incurred.
For own-developed development projects, capitalised after 1st January 2016 the carrying amount less
deferred tax is transferred from "Retained earnings" to "Reserve for development expenditure" under equity.
Carrying amounts which exist as a consequence of purchases of assets or enterprises are not taken into the
reserve.
Assets are amortised on a straight-line basis over their estimated useful lives:
Useful
lives
Development projects 5 y.
Goodwill 25 y.
Determine the amortisation period for goodwill is based on an assessment of the acquired enterprises market
position, earnings, strong customer loyalty and expectations of a continuously positive development in the
market for the Groups services.
As the intangible assets are not being traded in an active and effective market, no residual values after end of
use are included when determining the depreciation period.
Profit/loss on sale has been included in the income statement under other operating income and
other operating expenses.
ACOUNTING POLICIES, CONTINUED 17
Inventories
Inventories are measured at cost according to the FIFO method. In the event of cost exceeding net realisable
value, write-down is made to this lower value.
Cost of goods for resale as well as raw materials and consumables comprises purchase price plus landing costs.
The net realisable value of inventories is calculated at the amount expected to be generated by sale in the
process of normal operations with deduction of selling expenses and costs of completion. The net realisable
value is determined allowing for marketability, obsolescence and development in expected sales.
Property, plant and equipment
Property, plant and equipment are measured at cost less accumulate depreciation. The basis of depreciation is
cost less estimated residual value after the end of useful life. Land is not depreciated.
Cost comprises the acquisition price as well as costs directly related to the acquisition until the time when the
asset is ready to be put into operation.
The cost of an asset is divided into separate components that are depreciated separately if the useful life of
the individual components is significantly different.
Depreciation is initiated when the assets are ready to be taken into operation. Assets are depreciated on a
straight-line basis over their estimated useful lives with following residual values:
Useful Resudial
lives value
Land and buildings 20 y. 0%
Leasehold improvement 5-10 y. 0%
Fixtures and fittings, tools and equipment 3-10 y. 0%
Minor purchases with useful lives below one year have been recognised as expenses in the income statement in external expenses.
Profit/loss on sale or retirement has been included in the income statement under other operating income
and other operating expenses.
Property, plant and equipment that are assets held under lease and meet the conditions for financial leasing
are accounted for according to the same guidelines as owned assets. Assets held under lease are recognised
in the balance sheet at the lower of fair value and present value of the future lease payments. On calculation
of the present value, the internal interest rate of the lease is applied as discount factor or an approximate value
thereof. Assets held under finance lease are depreciated and written down according to the same policies as
are determined for the Companys remaining fixed assets.
The capitalised remaining lease commitment is recognised in the balance sheet as a liability other than provisions,
and the interest portion of lease payments is recognised over the term of the lease in the income statement.
Remaining leases are considered operating lease. Payments in relation to operating lease are recognised
on a straight-line basis in the income statement over the term of the lease.
ACOUNTING POLICIES, CONTINUED 18
Deferred tax and corporation tax
Deferred tax is measured using the balance sheet liability method. Provision has been made for deferred tax by 22%
on all temporary differences between carrying amount and tax-based value of assets and liabilities. Deferred tax is
also measures with respect of the planned use of the asset and the settlement of the liability.
The tax value of the tax losses to be carried forward are included in the calculation of deferred taxes if it is probable
that the losses can be used. Deferred tax assets are measured at net realisable value.
Deferred tax assets that are not expected to be used withn a few years are dislosed as contingent assets in the
notes to the financial statements.
The Company is jointly taxed with other Danish group enterprises with AX VI VET Holding III ApS as management
Company. The tax effect of the joint taxation is allocated among the group enterprises in ratio to their taxable
income according to the rules on full allocation with a refund for tax losses of the Danish Corporation Tax Act.
Joint tax contributions between the jointly taxed companies which have not been settled at the
balance sheet date are classified as joint tax contributions in receivables or liabilities.
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">16</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Share capital</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The share capital consists of 41.331.200 certificates of DKK 0,01 of which are divided into: 40.917.888 B- share certificates and</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">413.312 C- share certificates.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">6</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Staff costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Wages and salaries</td><td Colspan = 1 style="text-align: Right">347.442.132</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">73.461.552</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Pensions </td><td Colspan = 1 style="text-align: Right">24.563.490</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">4.943.851</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other social security costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">18.645.733</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">8.568.262</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">390.651.355</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">86.973.665</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Average number of full-time employees</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">739</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">385</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Management remuneration:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Board of Directors and Board of Executives</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.209.417</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">820.723</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.209.417</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">820.723</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Incentive program:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group offers management and other key employees and clinic owners (sellers) the opportunity to co-invest in the </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">company to create a financial incentive for future growth. All parties invest in the same company to create a consistent </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">incentive. The investments consist of a combination of preference and ordinary shares, and all employees enter into the </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">same shareholder agreement.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1129px" ><tr><td style="width: 21%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 6 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Statement of changes in equity</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Reserve for</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Share</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">foreign currency</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Retained</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Proposed</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Minority</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">translation</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">earning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">dividens</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">interest</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 6 style="text-align: left">Equity at 1/1 2021</td><td Colspan = 1 style="text-align: Right">40.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">40.000</td></tr><tr><td Colspan = 6 style="text-align: left">Capital increase</td><td Colspan = 1 style="text-align: Right">247.960</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">247.712.041</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">219.410.607</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">467.370.608</td></tr><tr><td Colspan = 6 style="text-align: left">Dividends paid</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-183.837</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-183.837</td></tr><tr><td Colspan = 6 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-24.096.313</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-19.158.078</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-43.254.391</td></tr><tr><td Colspan = 6 style="text-align: left">Equity adjustments, minority interests</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-33.831.935</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">44.706.935</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">10.875.000</td></tr><tr><td Colspan = 6 style="text-align: left">Net exchange differences, investments in group enterprises </td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.947.835</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.499.968</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">5.447.803</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 6 style="text-align: left">Equity at 1/1 2022</td><td Colspan = 1 style="text-align: Right">287.960</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.947.835</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">189.783.793</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">247.275.595</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">440.295.183</td></tr><tr><td Colspan = 6 style="text-align: left">Capital increase</td><td Colspan = 1 style="text-align: Right">125.352</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">163.836.416</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">53.462.846</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">217.424.614</td></tr><tr><td Colspan = 6 style="text-align: left">Dividends paid</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-490.455</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-490.455</td></tr><tr><td Colspan = 6 style="text-align: left">Purchase of own shares</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-927.281</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-772.068</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-1.699.349</td></tr><tr><td Colspan = 6 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-104.813.923</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-87.275.143</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-192.089.066</td></tr><tr><td Colspan = 6 style="text-align: left">Equity adjustments, minority interests</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.277.793</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-2.153.861</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">123.932</td></tr><tr><td Colspan = 6 style="text-align: left">Net exchange, foreign subsidary</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-5.019.219</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.192.148</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-9.211.367</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 6 style="text-align: left">Equity at 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-2.071.384</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">250.156.798</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">205.854.766</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">454.353.492</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1129px" ><tr><td style="width: 21%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 10 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Statement of changes in equity</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Share</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Retained</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Proposed</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">earning</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">dividens</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 10 style="text-align: left">Equity at 1/1 2021</td><td Colspan = 1 style="text-align: Right">40.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">40.000</td></tr><tr><td Colspan = 10 style="text-align: left">Capital increase</td><td Colspan = 1 style="text-align: Right">247.960</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">247.712.040</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">247.960.000</td></tr><tr><td Colspan = 10 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-1.639.226</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-1.639.226</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 10 style="text-align: left">Equity at 1/1 2022</td><td Colspan = 1 style="text-align: Right">287.960</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">246.072.814</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">246.360.774</td></tr><tr><td Colspan = 10 style="text-align: left">Capital increase</td><td Colspan = 1 style="text-align: Right">125.352</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">125.226.648</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">125.352.000</td></tr><tr><td Colspan = 10 style="text-align: left">Transferred from distribution of profit/loss</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-13.391.923</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-13.391.923</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 10 style="text-align: left">Equity at 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">413.312</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">357.907.539</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">358.320.851</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr></table>
87465497
-60000
403371165
-167500
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1091px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">14</td><td Colspan = 15 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Investments in group enterprises</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Ownership</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right">Share</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 6 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">share</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">capital</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="border-bottom: 1px solid; text-align: left">Group enterprises</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 4 style="border-top: 1px solid; text-align: left">AX VI VET Holding II ApS , Registered in: Rudersdal</td><td Colspan = 1 style="text-align: Right">54,6%</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">675.004</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="text-align: left">For indirect ownerships please refer to note 26.</td></tr><tr><td Colspan = 17 style="font-weight: bold; text-align: Right">34</td></tr></table>
Årsrapport
886607719
0
1398834437
0
0
0
6738084
0
2369888
345262265
8180232
357702319
17978433
0
35005116
0
inforevision, Statsautoriseret Revisionsaktieselskab
-5123367
-28965405
0
0
2642352
0
14910269
0
32059053
0
0
2369888
0
Chairman
Deferred income
Deferred income comprise of income received relating to subsequent years.
ACOUNTING POLICIES, CONTINUED 20
EQUITY AND LIABILITIES
Equity
The proportional share of minority interests part of the equity in the subsidiary companies is presented as a
separate item under the equity. The proportional share of minority interests part of the results of subsidiary
companies is presented separately in the appropriation of the result and is also included in the consolidated
statement of equity along with other adjustments, including changes in ownership interests during the
financial year.
Managements proposed dividends for the financial year is disclosed as a separate item in equity.
Financial income
Financial income is recognised with amounts concerning the the financial year. Financial income comprise
interest and realised and unrealised exchange gains.
Financial expenses
Financial expenses is recognised with amounts concerning the the financial year. Financial expenses comprise
interest, realised and unrealised exchange losses, amortised interest on lease commitments and amortisation of
debt to credit institutions.
Financial liabilities
Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred, which
are directly related with the loan. In subsequent years, financial liabilities are measured at amortised cost equal to
the capitalised value using the effective interest rate. The difference between the proceeds and the nominal
value is recognised in the income statement over the period of the loan.
Financial liabilities also include the capitalized residual obliagtion on finance leases.
Short-term liabilities are measured at amortised cost, substantially corresponding to nominal value.
Social responsibility
Social conditions
People is our most important asset, and every employee must be treated with respect and fairness.
Employment terms
The Group complies with all applicable laws and regulations regarding employer and employee rights and duties,
including the right to freedom of association and the right to collective bargaining in accordance with applicable
legislation. The work must be organized in such a way that the employees right to privacy and free time with
their family is respected, and there must be no requirement that the employees act in a way that is incompatible
with their personal values.
Health and well-being
The Group strives to ensure that it is possible to maintain a healthy work-life balance and proactively seeks to
address concerns related to health or working conditions before they develop into problems.
Through investments in the physical and mental working environment, the Company will create more time and
space for employees to do what they do best helping animals and their owners.
Through measures we will continuously monitor and work with the relevant areas to ensure a good work
environment and employee well-being.
Anti-discrimination and equal opportunities
The Group does not tolerate any form of discrimination based on religion, race, skin colour, gender, disability,
age, nationality, sexual orientation or political opinion. Every employee has the right to a working environment
that is open, accepting and inclusive. The basis for recruitment, promotion and development in the Group
is based on merits such as qualifications, experience and performance.
Sexually offensive behavior and harassment
Abusive behavior of all kinds is serious and is not accepted. We have a zero-tolerance policy towards harassment
of any kind, whether it is discrimination based on race, religion, gender, ethnicity, sexual orientation or any
other type of discrimination.
Human rights
The Group respects and observes international human rights and complies with national legislations in our
markets. The Group does not accept child labour, forced labor or any form of human trafficking.
The risk of violations is generally assessed as low, and there have been no cases of violations or violations of
human rights in 2022.
MANAGEMENTS REVIEW, CONTINUED 5
0
Anti-corruption
The Group disapproves of any kind of corruption and complies with national legislations. We have zero tolerance
towards any form of corruption, fraudulent behavior or human rights violations. Based on our commitment, we
have prepared a code of conduct and an anti-corruption policy that all employees must follow. This is supported
by a whistleblower policy. We have also drawn up a code of conduct for suppliers that covers our expectations
and requirements in connection with, among other things, child labour, forced labour, discrimination, anti-corruption,
and bribery. In addition, we focus on data protection and data security as two areas of high importance in our
industry to ensure responsible business conduct.
Research and development activities in or for the Group
The Group does not conduct research but focuses on developing the veterinary professional environment and
the quality of treatment in the Groups clinics.
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">19</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Contingent assets</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Group has unrecognised deferred tax assets of T.DKK 8.669 which primarily consists of losses carried forward.</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company has unrecognised deferred tax assets of T.DKK 383 which consists of losses carried forward.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">18</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Deferred income</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Services</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">9.005.808</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">9.005.808</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">21</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Assets charged and security</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Group:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Company pledge, nom. T.DKK 1.000, in the Groups inventory and receivables from sales has been deposited as security for the </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">engagement with credit institution. The book value of the pledged assets amounts to T.DKK 2.466.</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Cash relating to the Norwegian subsidaries which amounts to T.DKK 28.719 are restricted for tax withholding purposes and </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">as a rental guarantee.</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Parent:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Company has no assets charged or securities.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">23</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Related parties</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The Companys related parties comprise the following:</td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Controlling influence: </td><td Colspan = 1 style="text-align: left">Basis of controlling influence:</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Axcel VI K/S 2</td><td Colspan = 1 style="text-align: left">Main shareholder</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">No diclosures of transactions with related parties as Management believes that all trancations </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">with related parties has been carried out on arms lenght basis. </td></tr></table>
Special risks - operating and financial risks
The Company is exposed to financial risks related to changes in interest rates and foreign currency.
The Company partly uses interest rate swaps to manage its exposure to changes in interest rates. Foreign currency
exposures are mainly related to sales and purchases are mainly in DKK, NOK, EUR and SEK. Foreign exchange risks
are therefore limited to the listed currencies and are not hedged; however, Management assesses the exposure on
a continuous basis. The Group is not significantly affected by other financial or operational risks, which are
uncommon for the industry in which the Group operates.
The Board of Directors and Board of Executives have today considered and adopted the annual report and
consolidated financial statements for 1 January - 31 December 2022 for AX VI VET Holding III ApS.
8880211
932981
MANAGEMENTS REVIEW, CONTINUED 6
Financial highlights
Amounts in T.DKK. 2022 2021 2019/20
Income statement
Revenue 695.637
162.329
Ge0eral
Gross profit/loss 403.371
87.465
Ge0eral
EBITDA 12.720
492
Ge0eral
Net financials -59.315
-10.052
Ge0eral
Profit/loss for the year -192.089
-43.254
Ge0eral
Balance sheet
Total assets 1.686.844
1.043.412
Ge0eral
Investment in property, plant and equipment 61.147
16.632
Ge0eral
Invested capital 1.451.525
889.389
0
Equity 454.353
440.295
Ge0eral
Cash flows Ge0eral
Cash flow from operating activities -80.315
-33.770
Cash flow from investing activities -678.385
-652.797
Ge0eral
Cash flow from financing activities 752.168
759.349
Ge0eral
Cash flows for the year -6.531
72.782
Ge0eral
Average number of full-time employee 739
385
Ge0eral
Ratios
Return on invested capital (%) 1,1%
0,1%
0,0%
Solvency ratio (%) 26,9%
42,2%
100,0%
Return on equity (%) -42,9%
-19,6%
0,0%
Financial highlights are defined and calculated in accordance with the current version of
Recommendations & Ratios issued by the CFA Society Denmark. Please refer to account policies
for definitions and calculations.
CHANGES IN ACCOUNTING POLICIES
Accounting policies are changes in relation to classification of salary compensations from public authorities.
Salary compensations from public authorities have in previous years been recognised as a reduction to staff
costs. Changing the accounting policies, salary compensations from public authorities are recognised as Other
operating income.
The change in accounting policies has no effect on profit/loss for the financial year, equity or total assets.
Comparative figures have been changed as Other operating income and staff costs for the financial year 2021
is adjusted by T.DKK 4.346 and T.DKK -4.346, respectively.
The annual report has been prepared in accordance with Danish financial statements legislation as well
as generally accepted accounting principles.
The annual report has been prepared in accordance with the reporting requirements of the Danish Financial
Statements Act of class C enterprises (large enterprises).
The accounting policies have been changed from last year.
1022532
1253328
14722314
0
4930291
0
603116883
131164170
1232490485
150000
0
345262265
0
357702319
503109581
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1061px" ><tr><td style="width: 4%"></td><td style="width: 23%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left">13</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and depreciation,</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left"></td><td Colspan = 10 style="border-bottom: 1px solid; font-weight: bold; text-align: left">fixed asset investments</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 16 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 11 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Investments</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 11 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">in group</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td></tr><tr><td Colspan = 11 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">enterprises</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">TOTAL</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 10 style="text-align: left">COST AT 1/1 2022</td><td Colspan = 1 style="text-align: Right">345.262.265</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">345.262.265</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">40.000</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 10 style="text-align: left">Additions for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">25.498.941</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">25.498.941</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">345.222.265</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 10 style="text-align: left">COST AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">370.761.206</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">370.761.206</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">345.262.265</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 10 style="text-align: left">IMPAIRMENT AT 1/1 2022</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 10 style="text-align: left">Impairment for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">13.058.887</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">13.058.887</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 10 style="text-align: left">IMPAIRMENT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">13.058.887</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">13.058.887</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td></tr><tr><td Colspan = 16 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 10 style="text-align: left">CARRYING AMOUNT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">357.702.319</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">357.702.319</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">345.262.265</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">17</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Long-term liabilities other than provisions</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Debts to credit institutions</td><td Colspan = 1 style="text-align: Right">1.045.327.137</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">497.486.813</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">131.104.170</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Lease commitments</td><td Colspan = 1 style="text-align: Right">2.289.316</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.823.589</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other payables</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">35.061.427</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">14.910.269</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.082.677.880</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">514.220.671</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">131.104.170</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Instalments next financial year:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Debts to credit institutions</td><td Colspan = 1 style="text-align: Right">12.022.699</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">10.337.913</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Lease commitments</td><td Colspan = 1 style="text-align: Right">1.422.856</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">773.177</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other payables</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.002.374</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">16.447.929</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">11.111.090</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Debt outstanding after 5 years:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Debts to credit institutions</td><td Colspan = 1 style="text-align: Right">582.826.537</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">247.298.544</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">131.104.170</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Lease commitments</td><td Colspan = 1 style="text-align: Right">349.414</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other payables</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">4.450.318</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">3.506.292</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">587.626.269</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">250.804.836</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">131.104.170</td><td Colspan = 1 style="text-align: left"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">8</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Other financial expenses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Interest expenses to group enterprises</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other financial expenses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">60.337.503</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">11.305.237</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">165.536</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.017.176</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">60.337.503</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">11.305.237</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">165.536</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.017.176</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">7</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Other financial income</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Interest income to group enterprises</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">437.950</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other financial income</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.022.532</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.253.328</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.022.532</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.253.328</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">437.950</td><td Colspan = 1 style="text-align: left"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">1</td><td Colspan = 13 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Accounting estimates</td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">The valuation of goodwill and investments in group enterprises has been assessed through a discounted cash flow analysis. The </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">cash flow analysis includes five-year projections, along with a terminal period, and is based on the actual results for 2022, </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">adjusted for expectations for the remainder of the year. The expectations reflect decisions that have already been made and </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">include managements assessments of pricing, product portfolio, procurement agreements, and similar factors. The growth </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">expectations used for the next 5 years reflect external market assessments. A WACC of 9,4% has been applied for alle countries, </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">which reflects the risk-free rate, market risk premium, and interest rate on external financing. An increase of 0,5%-point to the </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">WACC would decrease the estimated enterprise value by M.DKK 128 and subsequently a decrease of 0,5%-point would </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">increase the estimated enterprise value by M.DKK 147</td></tr></table>
22709036
-775642
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">15</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Prepayments</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Prepaid rent</td><td Colspan = 1 style="text-align: Right">1.286.098</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Insurance, subscription fees, etc.</td><td Colspan = 1 style="text-align: Right">1.546.552</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">15.799</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Other prepayed external costs</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">694.664</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">304.639</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">3.527.314</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">320.438</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr></table>
886607719
0
1396071904
0
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 6 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left">4</td><td Colspan = 13 style="font-weight: bold; text-align: left">Fee to the auditor elected on </td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left"></td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">the annual general meeting</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Fee for statutory audit</td><td Colspan = 1 style="text-align: Right">2.283.051</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">1.426.477</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Fee for other services</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">569.502</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">193.208</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.852.553</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.619.685</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">In accordance with the Danish Financial Statement Act § 96, section 3 the fee to the auditor elected on the annual general meeting </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">for the parent company has been omitted as they are included in the consolidated financial statement. </td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left">NOTES</td></tr></table>
60337503
11305237
17978433
0
35005116
0
1043412066
377524944
1686843977
358470851
490124433
131104170
1033672025
0
AX VI VET Holding III ApS
38661208
60000
140978884
167500
5042267
0
7698899
0
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 1091px" ><tr><td style="width: 3%"></td><td style="width: 4%"></td><td style="width: 22%"></td><td style="width: 2%"></td><td style="width: 7%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 1%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 9%"></td><td style="width: 2%"></td><td style="width: 8%"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="font-weight: bold; text-align: left">11</td><td Colspan = 15 style="font-weight: bold; text-align: left">List of fixed assets, amortisation and</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="border-bottom: 1px solid; font-weight: bold; text-align: left">impairment, intangible assets</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 10 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Development</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">Acquired</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 8 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Goodwill</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">Projects</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">rights</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">I ALT</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">31/12 2021</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Cost at 1/1 2022</td><td Colspan = 1 style="text-align: Right">899.764.497</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">899.764.497</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Additions regarding acquisitions</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">85.971.189</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-29.790.046</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">254.284</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-29.535.762</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">5.490.639</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Additions for the year</td><td Colspan = 1 style="text-align: Right">630.511.218</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">2.601.713</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">633.112.931</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">808.302.669</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">COST AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.500.485.669</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.601.713</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">254.284</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">1.503.341.666</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">899.764.497</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation and impairment at 1/1 2022</td><td Colspan = 1 style="text-align: Right">13.156.778</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">13.156.778</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-781.612</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-781.612</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">7.461</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Amortisation for the year</td><td Colspan = 1 style="text-align: Right">48.095.745</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">93.464</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">48.189.209</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">13.045.571</td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">Impairment for the year</td><td Colspan = 1 style="text-align: Right">43.942.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">43.942.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">103.746</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">AMORTISATION AND IMPAIRMENT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">104.413.765</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">93.464</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">104.507.229</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">13.156.778</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 6 style="text-align: left">CARRYING AMOUNT AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.396.071.904</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">2.508.249</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">254.284</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">1.398.834.437</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">886.607.719</td></tr><tr><td Colspan = 17 style="text-align: left"> </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="text-align: left">The Groups development projects include the development of internal systems for managing the administration of the clinics, which are expected to significantly reduce </td></tr><tr><td Colspan = 2 style="text-align: left"></td><td Colspan = 15 style="text-align: left">administration costs. The systems have been implemented as of the end of 2022.</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">3</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Revenue</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Denmark</td><td Colspan = 1 style="text-align: Right">389.452.472</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">116.657.667</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Rest of Nordics</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">306.184.437</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">45.671.105</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">695.636.909</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">162.328.772</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left">5</td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">Special items</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Impairment of financial assets</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">13.058.887</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Impairment of intangible assets</td><td Colspan = 1 style="text-align: Right">43.942.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment of purchase price, previous years</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">4.400.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">48.342.854</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">13.058.887</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="font-weight: bold; text-align: left"> </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">Special items are recognized in the income statement in the items "Amortisation, depreciation and impairment for loss of </td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left"></td><td Colspan = 13 style="text-align: left">intangible and tangible fixed assets", "Impairment of financial assets" and "Other operating expenses".</td></tr></table>
<table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse: collapse; width: 770px" ><tr><td style="width: 4%"></td><td style="width: 4%"></td><td style="width: 16%"></td><td style="width: 12%"></td><td style="width: 4%"></td><td style="width: 2%"></td><td style="width: 14%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 12%"></td><td style="width: 2%"></td><td style="width: 11%"></td><td style="width: 2%"></td></tr><tr><td Colspan = 6 style="font-weight: bold; text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">GROUP</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center">PARENT</td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: Center"></td><td Colspan = 1 style="font-weight: bold; text-align: left"></td></tr><tr><td Colspan = 1 style="font-weight: bold; text-align: left">9</td><td Colspan = 13 style="font-weight: bold; text-align: left">Tax on profit/loss for the year,</td></tr><tr><td Colspan = 1 style="border-bottom: 1px solid; font-weight: bold; text-align: left"></td><td Colspan = 5 style="border-bottom: 1px solid; font-weight: bold; text-align: left">corporation tax and deferred tax</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2022</td><td Colspan = 1 style="text-align: Right"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2021</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="border-top: 1px solid; text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Tax on profit/loss for the year:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tax on taxable income for the year</td><td Colspan = 1 style="text-align: Right">2.644.175</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">489.937</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment, previous years</td><td Colspan = 1 style="text-align: Right">8.060</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-6.020.780</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">334.074</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-3.368.545</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">824.011</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Payable corporation tax:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Payable at 1/1 2022</td><td Colspan = 1 style="text-align: Right">6.808.232</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Additions regarding acquisitions</td><td Colspan = 1 style="text-align: Right">4.761.064</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">7.137.607</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment, previous years</td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">112.757</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Paid re. previous years</td><td Colspan = 1 style="text-align: Right">-8.660.211</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-932.981</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Prepaid taxes on account</td><td Colspan = 1 style="text-align: Right">-220.000</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tax on taxable income for the year</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">2.644.175</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">490.849</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">PAYABLE AT 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">5.333.260</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">6.808.232</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Deferred tax:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax at 1/1 2022</td><td Colspan = 1 style="text-align: Right">-494.194</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Additions regarding acquisitions</td><td Colspan = 1 style="text-align: Right">2.697.871</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-715.623</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Exchange rate adjustments</td><td Colspan = 1 style="text-align: Right">-115.436</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">112</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Adjustment, previous years</td><td Colspan = 1 style="text-align: Right">124.242</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-112.757</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax for the year </td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-6.020.780</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">334.074</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Deferred tax at 31/12 2022</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-3.808.297</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-494.194</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Deferred tax is incumbent upon the following </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left"> assets and liabilities:</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Intangible assets</td><td Colspan = 1 style="text-align: Right">7.227.393</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">3.851.672</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Tangible assets</td><td Colspan = 1 style="text-align: Right">1.874.240</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">478.891</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Current assets</td><td Colspan = 1 style="text-align: Right">-666.036</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">-330.120</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Liabilities</td><td Colspan = 1 style="text-align: Right">1.418.881</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">Unutilised losses</td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-13.662.775</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">-4.494.638</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 1px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 5 style="text-align: left">TOTAL</td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-3.808.297</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">-494.194</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td><td Colspan = 1 style="border-bottom: 3px solid; text-align: Right">0</td><td Colspan = 1 style="text-align: left"></td></tr><tr><td Colspan = 14 style="text-align: left"> </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">Deferred tax assets are measured at net realizable value, and are based on Management´s best estimate of the ability to use</td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">losses carried forward within a 3-5 years period. In the assessment, management has paid special attention to the budget for </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">2023 that shows a profit to be offset against the losses carried forward. The profit realised so far for 2023 further supports </td></tr><tr><td Colspan = 1 style="text-align: left"></td><td Colspan = 13 style="text-align: left">the accuracy in the budget.</td></tr></table>
86973665
0
390651355
0
440295183
246360774
454353492
358320851
45279968
0
101058013
0
19263096
40727671
mne35841
0
0
0
13058887
1050412
0
866460
0
In our opinion the managements review includes a fair review of the affairs and conditions referred to therein.
247275595
0
205854766
0
Peter Thomsen
11305237
2017176
60337503
5537880
-19158078
0
-87275143
0
-24096313
-1639226
-104813923
-13391923
0
0
0
0
-43254391
-1639226
-192089066
-13391923
-32378471
-60000
-136142640
-167500
50210259
0
122518411
0
0
0
0
0
2607106
Birkerød
2021-01-01
-42430380
-1639226
-195457611
-13391923
612317015
636610341
2313136
474452
0
22107790
0
743770
Statement on the Managements review
Management is responsible for Managements Review.
Our opinion on the Consolidated Financial Statements and the Parent Company Financial Statements does not
cover Managements Review, and we do not express any form of assurance conclusion thereon.
In connection with our audit of the Consolidated Financial Statements and the Parent Company Financial Statements,
our responsibility is to read Managements Review and, in doing so, consider whether Managements Review is
materially inconsistent with the Consolidated Financial Statements or the Parent Company Financial Statements or
our knowledge obtained during the audit, or otherwise appears to be materially misstated.
Moreover, it is our responsibility to consider whether Managements Review provides the information required
under the Danish Financial Statements Act.
Based on the work we have performed, we conclude that Managements 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 Statement Acts. We did not identify any material
misstatement of Managements Review.
Konklusion
165536
61264931
0
95003080
0
2021-12-31
131105644
0
4382178
0
13436294
0
14198950
22107790
34081026
743770
6808232
0
5333260
0
17847516
60000
40102870
115000
8342051
0
19046516
0
2023-06-29
Søborg
Auditors responsibility for the Audit of the Financial Statements and consolidated financial statements
Our objectives are to obtain reasonable assurance about whether the Consolidated Financial Statements
and the
Parent Company Financial Statements as a whole are free from material misstatement, whether
due to fraud or error,
and to issue an auditors 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 Consolidated Financial Statements and Parent
Company Financial Statements.
INDEPENDENT AUDITORS AUDIT REPORT, CONTINUED 9
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgment and maintain professional skepticism throughout the audit. We also:
* Identify and assess the risks of material misstatement of the Consolidated Financial Statements and the
Parent 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 Groups and the Parent Companys 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 Managements use of the going concern basis of accounting in preparing
the Consolidated Financial Statements and the Parent Company 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 Groups and the Parent Companys ability to continue as a going concern. If we
conclude that a material uncertainty exists, we are required to draw attention in our auditors report to the
related disclosures in the Consolidated Financial Statements and the Parent Company 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 auditors report. However, future events or conditions may cause the Group and
the Company to cease to continue as a going concern.
* Evaluate the overall presentation, structure and contents of the Consolidated Financial Statements
and the
Parent Company Financial Statements, including the disclosures, and whether the Consolidated Financial
Statements and the Parent Company 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.
INDEPENDENT AUDITORS AUDIT REPORT, CONTINUED 10
824011
0
-3368545
0
0
1699349
0
We recommend that the annual report and consolidated financial statements be adopted at the Annual
General Meeting.
2022-12-31
2022-01-01
100007302
60000
166260534
150000
11111090
0
16447929
0
Revisionspåtegning
131104170
1066229951
0
Jesper Tranegaard Berril Andersen
Thomas Helbo
Asbjørn Mosgaard Hyldgaard
Björn Erik Larsson
inforevision, Statsautoriseret Revisionsaktieselskab
-6531099
72782459
939187866
345262265
1529533080
357702319
Opinion
We have audited the annual report and consolidated financial statements of AX VI VET Holding III ApS for the
financial year 1 January - 31 December 2022, which comprise of the accounting policies applied, income statement,
balance sheet, statement of changes in equity, notes and cash flow statement for the Group. The annual report
and consolidated financial statements are prepared under the Danish Financial Statements Act.
In our opinion the financial statement give a true and fair view of the Companys and Groups financial position at
31 December 2022 and of its result of operations and the cash flows for the Group for the financial year
1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.
1253328
437950
1022532
0
-19399910
0
-47445232
0
0
919715
61147374
16631719
674793194
500462346
7311779
12652220
2947835
0
-2071384
0
189783793
246072814
250156798
357907539
162328772
0
695636909
0
0
0
0
35000
Managements responsibility for the Financial Statements and consolidated financial statements
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 Consolidated
FinancialStatements and Parent Company Financial Statements that are free from material misstatement, whether
due to fraud or error.
In preparing the Consolidated Financial Statements and the Parent Company Financial Statements, Management is
responsible for assessing the Groups and the Parent Companys 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
Consolidated Financial Statements and the Parent Company Financial Statements unless Management either
intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so.
Grundlag for konklusion
0
0
-231100
0