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cmn:ConsolidatedMember 29 39873389 2024-01-01 2024-12-31 cmn:ConsolidatedMember 0 iso4217:EUR xbrli:pure Regnskabsklasse C, stor virksomhed FTW Holding ApS Kalvebod Brygge 35 1560 Copenhagen 39873389 2018-09-15 Copenhagen, Denmark flemming.wagner@abacusmedicine.com 4570220212 2025-05-23 2024-01-01 2024-12-31 Torben Mauritzen 16647000 649000 782000 2411000 -542000 12263000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor's report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of FTW Holding ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and the parent company financial statements of FTW Holdings ApS for the financial year 1 January 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and - notes, including accounting policies, for the Group and the Parent Company, and a consolidated cash flow statement. The consolidated financial statements and the parent company financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2024 and of the results of the Group's and the Parent - Company's operations as well as the consolidated cash flows for the financial year 1 January 31 December 2024 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance as to whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and 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 the financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: ► Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. ► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control. ► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">► Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Parent Company to cease to continue as a going concern. ► Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. ► Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.</td></tr></table> Copenhagen 2025-05-23 20500000 13899000 18859000 342000 17514000 8610000 45268000 8031000 10943000 1008000 -19983000 0 3956000 2411000 0 782000 -19034000 6251000 3000 1486967000 1315942000 171025000 40578000 80050000 13899000 0 36498000 3000 1756000 17757000 3853000 7877000 -8770000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="22" align="left" valign="middle" >Notes</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" align="right" valign="middle" >2</td><td width="96%" colspan="21" align="left" valign="middle" >..Revenue</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >The presentation of revenue for FTW Holding Group is defined by the operational structure which is derived from the types of activities we are engaged in. Abacus Medicine Pharma Services accounts for less than 10% of the revenue, gross profit and assets in the Group, and due to similar characteristics, Abacus Medicine Pharma Services has been presented in combination with Abacus Medicine Pharma Trading.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Revenue in business operations Our business operations are carried out by the following activities. Pharma Trading and Pharma Services Supplies prescription medicine to pharmacies, hospitals and pharmaceutical companies and delivers pharmaceutical and healthcare services. Pharma Wholesale Conducts wholesale trade in pharmaceutical and related products and provides related services to pharmacies, hospitals, healthcare institutions and other wholesalers.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Operating information</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2023</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >EUR’000</td><td width="8%" colspan="2" align="left" valign="middle" >Pharma Trading and Pharma Services</td><td width="8%" colspan="2" align="left" valign="middle" >Pharma Wholesale</td><td width="8%" colspan="2" align="left" valign="middle" >Other</td><td width="8%" colspan="2" align="left" valign="middle" >Eliminations</td><td width="8%" colspan="2" align="left" valign="middle" >Total</td><td width="8%" colspan="2" align="left" valign="middle" >Pharma Trading and Pharma Services</td><td width="8%" colspan="2" align="left" valign="middle" >Pharma Wholesale</td><td width="8%" colspan="2" align="left" valign="middle" >Other</td><td width="8%" colspan="2" align="left" valign="middle" >Eliminations</td><td width="16%" colspan="1" align="left" valign="middle" >Total</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >...Revenue</td><td width="4%" align="right" valign="middle" >1020988</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >494310</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >3</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-28334</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >1486967</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >875639</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >366915</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >20</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-32200</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >1210374</td></tr><tr><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >¨...Gross Profit</td><td width="4%" align="right" valign="middle" >139045</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >31977</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >3</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >171025</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >118335</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >25793</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >10</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >144138</td></tr><tr><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >EBITDA</td><td width="4%" align="right" valign="middle" >45556</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >4989</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-148</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >50397</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >42192</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >5318</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-90</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >47420</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Total Assets</td><td width="4%" align="right" valign="middle" >273418</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >83886</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-838</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >356466</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >262291</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >56649</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >343</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >319283</td></tr><tr><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Total Liabilites</td><td width="4%" align="right" valign="middle" >187351</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >74058</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >3408</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >264817</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >192685</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >45389</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >1823</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="16%" align="right" valign="middle" >239897</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Fees paid to auditors appointed at the annual general meeting</td></tr><tr><td /><td>Koncern</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Fees payable to FTW Holding Group’s auditor for the audit of FTW Holding Group's financial statements and other non-audit services are specified as below.</td></tr><tr><td /><td>EUR’000</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>2024</td><td /><td>2023</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>The costs are recognised in the consolidated income statement as Other external costs.</td></tr></table> 367423 0 4000 180054 551476 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr><tr><td /><td>EUR’000</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>employ</td></tr><tr><td /><td>...Of which are capitalised as intangible assets</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>-3306</td><td /><td>-3467</td></tr><tr><td /><td>...Total staff costs in the income statement</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>80050</td><td /><td>66675</td></tr></table><br><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>In the above is included staff costs to the Board of Directors, Executive Management and Key Management Personnel of the subsidiary Abacus Medicine A/S. The full year costs amounted to EUR 4,065 thousand (2023: EUR 4,035 thousand) for the year ended 31 December 2024, hereof pension payments of EUR 285 thousand (2023: EUR 259 thousand). The above is split between an average of 13 members (2023: 16 members) of the Board of Directors, Executive Management and Key Management Personnel.</td></tr></table> 73896000 3429000 1702000 4329000 1370 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >5</td><td width="96%" colspan="21" align="left" valign="middle" >Share-based payments</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Warrants have been granted to members of Key Management Personnel and other employees of the company. As regards the 2020, 2021, 2022, 2023 and 2024 programmes, the employees only receive equity instruments. The share plans from 2020-2024 are still open.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Below is a brief description of each of the programs.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Warrant agreements entered into in April 2020 allow those eligible to subscribe for up to 98,200 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription price is EUR 10.16 per share, corresponding to a total potential subscription price of approximately EUR 998 thousand. This warrant agreement only allows settlement with shares which must take place in April 2025 at the latest. The warrant scheme has been accounted for as an equity-settled programme. Warrant agreements entered into in July 2020 allow those eligible to subscribe for up to 66,700 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription price is EUR 10.16 per share, corresponding to a total potential subscription price of approximately EUR 678 thousand. This warrant agreement only allows settlement with shares which must take place in December 2020 (45,700 shares) and April 2025 at the latest (21,000 shares). The warrant scheme has been accounted for as an equity-settled programme. Warrant agreements entered into in November and December 2021 allow those eligible to subscribe for up to 129,082 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription price is EUR 10.93 per share, corresponding to a total potential subscription price of approximately EUR 1,411 thousand. This warrant agreement only allows settlement with shares which must take place in April 2026 at the latest. The warrant scheme has been accounted for as an equity‐settled programme. Warrant agreements entered into in November 2022 allow those eligible to subscribe for up to 96,405 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription price is EUR 11.20 per share, corresponding to a total potential subscription price of approximately EUR 1,080 thousand. This warrant agreement only allows settlement with shares which must take place in April 2027 at the latest. The warrant scheme has been accounted for as an equitysettled programme. Warrant agreements entered into in November 2023 allow those eligible to subscribe for up to 131,000 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription price is EUR 14.02 per share, corresponding to a total potential subscription price of approximately EUR 1,837 thousand. This warrant agreement only allows settlement with shares which must take place in April 2028 at the latest. The warrant scheme has been accounted for as an equitysettled programme. Warrant agreements entered into in November 2024 allow those eligible to subscribe for up to 119,260 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription price is EUR 18.75 per share, corresponding to a total potential subscription price of approximately EUR 2,236 thousand. This warrant agreement only allows settlement with shares which must take place in April 2029 at the latest. The warrant scheme has been accounted for as an equitysettled programme.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Equity-settled expense</td><td width="4%" align="right" valign="middle" >465</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >281</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Cash-settled expense</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total share-based payment expense</td><td width="4%" align="right" valign="middle" >465</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >281</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Consolidated financial statements 1 January – 31 December</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Specification of outstanding share options</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="48%" colspan="9" align="left" valign="middle" >Key</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >managem.</td><td width="8%" colspan="2" align="left" valign="middle" >Other</td><td width="8%" colspan="2" align="left" valign="middle" >Total</td><td width="24%" colspan="3" align="left" valign="middle" >Average exercise price per option (EUR)</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >personnel</td><td width="8%" colspan="2" align="left" valign="middle" >employees</td><td width="32%" colspan="5" align="left" valign="middle" >number</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Outstanding at 31 December 2022</td><td width="4%" align="right" valign="middle" >52013</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >259204</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >311217</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Granted</td><td width="4%" align="right" valign="middle" >40400</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >90600</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >131000</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Forfeited</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-26210</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-26210</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Exercised</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Transfer between categories</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Outstanding at 31 December 2023</td><td width="4%" align="right" valign="middle" >92413</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >323594</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >416007</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Granted</td><td width="4%" align="right" valign="middle" >33700</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >85560</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >119260</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Forfeited</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-22929</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-22929</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Exercised</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Outstanding at 31 December 2024</td><td width="4%" align="right" valign="middle" >126113</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >386225</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >512338</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Exercisable at 31 December 2024</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >The average remaining contractual life for the share options outstanding at 31 December 2024 was 2.5 years (2023: 3.0 years). The exercise prices are between EUR 10.16 - EUR 18.75 per share option (2023: EUR 10.16 - EUR 14.02).</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >In 2024, the expense in regards to share-based payments recognised in the income statement amounts to EUR 465 thousand (2023: EUR 281 thousand).</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >The following table list the inputs to the models used for the plan for the different programs</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2023</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2022</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2021</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2020</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Equity</td><td width="8%" colspan="2" align="left" valign="middle" >Equity</td><td width="8%" colspan="2" align="left" valign="middle" >Equity</td><td width="8%" colspan="2" align="left" valign="middle" >Equity</td><td width="16%" colspan="1" align="left" valign="middle" >Equity</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Settled</td><td width="8%" colspan="2" align="left" valign="middle" >Settled</td><td width="8%" colspan="2" align="left" valign="middle" >Settled</td><td width="8%" colspan="2" align="left" valign="middle" >Settled</td><td width="16%" colspan="1" align="left" valign="middle" >Settled</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Weighted average fair values at measurement date</td><td width="4%" align="right" valign="middle" >10,30</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >7,30</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >5,90</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >5,10</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0,09</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Weighted average share price</td><td width="4%" align="right" valign="middle" >25,00</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >18,70</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >14,90</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >14,60</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0,50</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Exercise price</td><td width="4%" align="right" valign="middle" >18,80</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >14,00</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >11,20</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >10,90</td><td width="4%" ></td><td width="16%" colspan="1" align="left" valign="middle" >10,2-13,5</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Expected volatility (%)</td><td width="8%" colspan="2" align="left" valign="middle" >38%</td><td width="8%" colspan="2" align="left" valign="middle" >29%</td><td width="4%" align="right" valign="middle" >0,31</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0,35</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0,35</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Expected life of share options</td><td width="8%" colspan="2" align="left" valign="middle" >53 months</td><td width="8%" colspan="2" align="left" valign="middle" >53 months</td><td width="8%" colspan="2" align="left" valign="middle" >53 months</td><td width="8%" colspan="2" align="left" valign="middle" >52-53 months</td><td width="16%" colspan="1" align="left" valign="middle" >1-60 months</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Dividend yield (%)</td><td width="8%" colspan="2" align="left" valign="middle" >0%</td><td width="8%" colspan="2" align="left" valign="middle" >0%</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Risk-free interest rate (%)</td><td width="8%" colspan="2" align="left" valign="middle" >1.8%/1.9%</td><td width="8%" colspan="2" align="left" valign="middle" >2.8%/3.2%</td><td width="8%" colspan="2" align="left" valign="middle" >1.0%/1.4%</td><td width="8%" colspan="2" align="left" valign="middle" >-0.5%/-0.6%</td><td width="16%" colspan="1" align="left" valign="middle" >-0.4%-0.6%</td></tr><tr><td width="4%" ></td><td width="48%" colspan="12" align="left" valign="middle" >Valuation method</td><td width="8%" colspan="2" align="left" valign="middle" >Black-Scholes</td><td width="8%" colspan="2" align="left" valign="middle" >Black-Scholes</td><td width="8%" colspan="2" align="left" valign="middle" >Black-Scholes</td><td width="8%" colspan="2" align="left" valign="middle" >Black-Scholes</td><td width="16%" colspan="1" align="left" valign="middle" >Black-Scholes</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >The expected volatility reflects 29%-38%, which is based on a peer Group median.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Consolidated financial statements 1 January – 31 December</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Notes</td></tr><tr><td colspan="22"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >14</td><td width="96%" colspan="21" align="left" valign="middle" >Minority share</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Non-controlling interests at 1 January</td><td width="4%" align="right" valign="middle" >45357,87</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >27436</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Share of profit for the period</td><td width="4%" align="right" valign="middle" >8770</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >9039</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Equity movements etc.</td><td width="4%" align="right" valign="middle" >-11581,9</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >8882,872</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Non-controlling interests at 31 December</td><td width="4%" align="right" valign="middle" >42546</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >45357,87</td></tr><tr><td colspan="22"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >20</td><td width="72%" colspan="18" align="left" valign="middle" >Change in working capital</td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Change in inventory</td><td width="4%" align="right" valign="middle" >-29599</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3880</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Change in receivables</td><td width="4%" align="right" valign="middle" >8759</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >1115</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Change in trade payables etc.</td><td width="4%" align="right" valign="middle" >39699</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-2547</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total</td><td width="4%" align="right" valign="middle" >18859</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2448</td></tr><tr><td colspan="22"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >25</td><td width="50%" colspan="1" align="left" valign="middle" >Business combinations</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >There have been no business combinations in Abacus Medicine during 2024.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Acquisition of ThuisApotheek B.V.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >In July 2023, Pluripharm Groep B.V. acquired the remaining 50% of the shares in ThuisApotheek B.V., and consequently now is the majority shareholder of ThuisApotheek. Pluripharm Groep B.V. has owned 50% of ThuisApotheek B.V. since 2014.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Strategic rationale and synergies</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Pluripharm Groep B.V.´s partial ownership has provided valuable insights into the business of ThuisApotheek and prosperities for the company. This include that online pharmacies experience higher margins compared to the traditional Dutch wholesale medicine business.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Consideration transferred</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The consideration transferred for the 50% shares in ThuisApotheek B.V. was EUR 746 thousand.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Earnings impact</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The acquisition of ThuisApotheek B.V. has impacted the 2023 result of Abacus Medicine Group with EUR 5,944 thousand in revenue and EUR 1,117 thousand in gross profit. If the acquisition had occurred on 1 January 2023, consolidated pro forma revenue and gross profit before special items would have contributed approximately EUR 11,295 thousand and EUR 1,962 thousand, respectively, to the consolidated reporting for the period ended 31 December 2023 .</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Transactions costs</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The total transaction costs recognised amounts to EUR 6 thousand in Other external costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >6</td><td width="96%" colspan="21" align="left" valign="middle" >Depreciation, amortisation and impairment</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Koncern</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >EUR’000</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Amortisation and write-downs, intangible assets</td><td width="4%" align="right" valign="middle" >7833</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >7169</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Depreciation, property, plant and equipment</td><td width="4%" align="right" valign="middle" >2269</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2074</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Depreciation, right-of-use assets</td><td width="4%" align="right" valign="middle" >3797</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3400</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total</td><td width="4%" align="right" valign="middle" >13899</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >12643</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="5%" align="right" valign="middle" >7</td><td width="95%" colspan="19" align="left" valign="middle" >Investments in subsidiaries and other investments</td></tr><tr><td width="5%" ></td><td width="95%" colspan="19" align="left" valign="middle" >Koncern</td></tr><tr><td colspan="20"></td></tr><tr><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="20%" colspan="4" align="left" valign="middle" >Ownership 2024</td><td width="5%" colspan="1" align="left" valign="middle" >Ownership 2023</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Name</td><td width="30%" colspan="6" align="left" valign="middle" >Registered office</td><td width="20%" colspan="4" align="left" valign="middle" >and voting rights</td><td width="5%" colspan="1" align="left" valign="middle" >and voting rights</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >FTW Invest ApS</td><td width="30%" colspan="6" align="left" valign="middle" >Denmark</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Evocative ApS</td><td width="30%" colspan="6" align="left" valign="middle" >Denmark</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Wagner Family Holding ApS</td><td width="30%" colspan="6" align="left" valign="middle" >Denmark</td><td width="5%" align="right" valign="middle" >0,9352</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >0,9283</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine A/S</td><td width="30%" colspan="6" align="left" valign="middle" >Denmark</td><td width="5%" align="right" valign="middle" >0,573811</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >0,573811</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Hungary KFT</td><td width="30%" colspan="6" align="left" valign="middle" >Hungary</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >+365 Medicines GmbH</td><td width="30%" colspan="6" align="left" valign="middle" >Germany</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Berlin GmbH *</td><td width="30%" colspan="6" align="left" valign="middle" >Germany</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Ltd</td><td width="30%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Austria GmbH</td><td width="30%" colspan="6" align="left" valign="middle" >Austria</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine France S.A.S.</td><td width="30%" colspan="6" align="left" valign="middle" >France</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Finland Oy</td><td width="30%" colspan="6" align="left" valign="middle" >Finland</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Ireland Ltd.</td><td width="30%" colspan="6" align="left" valign="middle" >Ireland</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Switzerland LLC **</td><td width="30%" colspan="6" align="left" valign="middle" >Switzerland</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >PharmaSave BVBA</td><td width="30%" colspan="6" align="left" valign="middle" >Belgium</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Originalis B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine WH B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Aposave S.L.</td><td width="30%" colspan="6" align="left" valign="middle" >Spain</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Zdrave Med Ltd.</td><td width="30%" colspan="6" align="left" valign="middle" >Bulgaria</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services ApS</td><td width="30%" colspan="6" align="left" valign="middle" >Denmark</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services Ltd.</td><td width="30%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services Asia Ltd.</td><td width="30%" colspan="6" align="left" valign="middle" >Hong Kong</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine US Inc.</td><td width="30%" colspan="6" align="left" valign="middle" >USA</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Aposave Mexico S de RL de</td><td width="30%" colspan="6" align="left" valign="middle" >Mexico</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >ApoSave Peru</td><td width="30%" colspan="6" align="left" valign="middle" >Peru</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripharm Holding B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripharm Groep B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >ThuisApotheek B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripharm B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripack Alkmaar</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripack Zwolle</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripack Breda</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluriplus B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Distrimed B.V</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripharm Apotheek Beheer B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Apotheekfonds Pharmaconnect B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >0,5</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >0,5</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripharm Direct B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Phardis B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Instellingsapotheek B.V.</td><td width="30%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripharm Ireland Ltd. **</td><td width="30%" colspan="6" align="left" valign="middle" >Ireland</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >Pluripharm Belgium B.V. **</td><td width="30%" colspan="6" align="left" valign="middle" >Belgium</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td width="5%" ></td><td width="40%" colspan="8" align="left" valign="middle" >DayDose ApS</td><td width="30%" colspan="6" align="left" valign="middle" >Denmark</td><td width="5%" align="right" valign="middle" >1</td><td width="5%" ></td><td width="5%" ></td><td width="5%" ></td><td width="5%" align="right" valign="middle" >1</td></tr><tr><td colspan="20"></td></tr><tr><td width="5%" ></td><td width="95%" colspan="19" align="left" valign="middle" >* Abacus Medicine Berlin GmbH has made use of the exemption option under Section 264 (3) HGB under German law. The prerequisite for this is the reference to the use of this exemption option in the consolidated notes of the Parent Company. This notice is hereby given.</td></tr><tr><td colspan="20"></td></tr><tr><td width="5%" ></td><td width="95%" colspan="19" align="left" valign="middle" >** Newly established company in 2024</td></tr><tr><td colspan="20"></td></tr><tr><td width="5%" ></td><td width="95%" colspan="19" align="left" valign="middle" >Consolidated financial statements 1 January – 31 December</td></tr><tr><td colspan="20"></td></tr><tr><td width="5%" ></td><td width="95%" colspan="19" align="left" valign="middle" >Notes</td></tr><tr><td colspan="20"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >8</td><td width="96%" colspan="21" align="left" valign="middle" >Finance income and expenses</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Finance income</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Finance income</td><td width="4%" align="right" valign="middle" >342</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >360</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Foreign exchange gain, net</td><td width="4%" align="right" valign="middle" >1414</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >1471</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total finance income</td><td width="4%" align="right" valign="middle" >1756</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >1831</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Finance expenses</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Finance costs</td><td width="4%" align="right" valign="middle" >17406</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >14373</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Interests, lease liabilities</td><td width="4%" align="right" valign="middle" >259</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >269</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Amortised loan costs</td><td width="4%" align="right" valign="middle" >91</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >21</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Foreign exchange loss, net</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total finance expenses</td><td width="4%" align="right" valign="middle" >17756</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >14663</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >9</td><td width="96%" colspan="21" align="left" valign="middle" >Income tax</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Current income tax</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Current income tax charge</td><td width="4%" align="right" valign="middle" >5719,567</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >8141,521</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Adjustment in respect of current income tax of previous year</td><td width="4%" align="right" valign="middle" >120,4174</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-167,394</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Relating to origination and reversal of temporary difference</td><td width="4%" align="right" valign="middle" >-1987,21</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-2494,96</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Income tax expense reporting in the income statement</td><td width="4%" align="right" valign="middle" >3852,777</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >5479,164</td></tr><tr><td colspan="22"></td></tr></table> 0 -33000 8473000 0 15000 7491000 342000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Development costs comprise capitalised expenses for the new ERP system for Abacus Medicine Group.</td></tr><tr><td /><td>Software is amortised over 3-10 years and Licences are amortised over 5-8 years. Software has been written down with EUR 26 thousand in 2024 (2023: EUR 0 thousand) and Licences has been written down with EUR 316 thousand in 2024 (2023: EUR 413 thousand) due to uncertainty of the future utilisation of the assets. There have been no further indications of impairment of the intangible assets.</td></tr><tr><td /><td>Goodwill was recognised as a part of the acquisition of the Abacus Medicine Pharma Services entities on 21 December 2017, Pluripharm Group on 29 July 2020 and ThuisApotheek on 1 July 2023. Goodwill is amortised over 10 years. There have been no indications of impairment of the Goodwill.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Property, plant and equipment</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>Koncern</td><td /><td>Koncern</td><td /><td>Koncern</td><td /><td>Koncern</td></tr><tr><td /><td>EUR’000</td></tr></table> 0 -457000 10943000 0 672000 -250000 2269000 -630000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" align="right" valign="middle" >12</td><td width="96%" colspan="21" align="left" valign="middle" >Leases (IFRS 16)</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="24%" colspan="3" align="left" valign="middle" >Other fixed</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Buildings</td><td width="8%" colspan="2" align="left" valign="middle" >assets</td><td width="16%" colspan="1" align="left" valign="middle" >fi I alt</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >EUR’000</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Right-of-use assets</td></tr><tr><td width="4%" ></td><td width="64%" colspan="16" align="left" valign="middle" >Opening balance at 1 January 2024</td><td width="4%" align="right" valign="middle" >6059</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >1597</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >7656</td></tr><tr><td width="4%" ></td><td width="64%" colspan="16" align="left" valign="middle" >Additions from business combinations</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="64%" colspan="16" align="left" valign="middle" >Additions</td><td width="4%" align="right" valign="middle" >1238</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >659</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >1897</td></tr><tr><td width="4%" ></td><td width="64%" colspan="16" align="left" valign="middle" >Disposals</td><td width="4%" align="right" valign="middle" >-4</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-108</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-112</td></tr><tr><td width="4%" ></td><td width="64%" colspan="16" align="left" valign="middle" >Depreciation</td><td width="4%" align="right" valign="middle" >-2932</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >-865</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-3797</td></tr><tr><td width="4%" ></td><td width="64%" colspan="16" align="left" valign="middle" >Remeasurement of lease liabilities</td><td width="4%" align="right" valign="middle" >877</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >144</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >1021</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="64%" colspan="16" align="left" valign="middle" >Carrying amount at 31 December 2024</td><td width="4%" align="right" valign="middle" >5238</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >1427</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >6665</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Leasing liabilities</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Maturity analysis - contractual undiscounted cash flows</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Less than 1 year</td><td width="4%" align="right" valign="middle" >3992</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3640</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Between 1 and 5 years</td><td width="4%" align="right" valign="middle" >3411</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >5196</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >More than 5 years</td><td width="4%" align="right" valign="middle" >245</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >The undiscounted cash flows</td><td width="4%" align="right" valign="middle" >7648</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >8836</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Lease liability recognised on the balance sheet</td><td width="4%" align="right" valign="middle" >7348</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >10207</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Current lease liability</td><td width="4%" align="right" valign="middle" >3822</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3420</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Non-current lease liability</td><td width="4%" align="right" valign="middle" >3526</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >5018</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Amount recognised in the income statement</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Interest expense from lease liabilities</td><td width="4%" align="right" valign="middle" >259</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >292</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Lease expenses for short-term leases</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total</td><td width="4%" align="right" valign="middle" >259</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >292</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >In 2024, Abacus Medicine paid EUR 4,296 thousand (2023: EUR 3,636 thousand) on lease contracts of which interest payments related to lease liabilities amount to EUR 213 thousand (2023: EUR 233 thousand) and down payments on lease liabilities amounts to EUR 4,083 thousand (2023: EUR 3,403 thousand).</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Costs recognised in the period for short-term leases were EUR 0 thousand (2023: EUR 0 thousand) and low-value leases were EUR 0 thousand (2023: EUR 0 thousand). Expenses are recognised on a straight-line basis as Other external costs.</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" align="right" valign="middle" >13</td><td width="96%" colspan="21" align="left" valign="middle" >Other receivables</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deposits regarding factoring agreement</td><td width="4%" align="right" valign="middle" >6707</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >6523</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >VAT receivables</td><td width="4%" align="right" valign="middle" >1880</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >17311</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Other receivables</td><td width="4%" align="right" valign="middle" >9302</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >6862</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total</td><td width="4%" align="right" valign="middle" >17889</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >30696</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Abacus Medicine Group has historically not suffered any significant losses. Allowance for bad debt amounts to EUR 0.4 million as of 31 December 2024 (2023: EUR 0.6 million).</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" align="right" valign="middle" >15</td><td width="96%" colspan="21" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax 1 January</td><td width="4%" align="right" valign="middle" >3160</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >320</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Additions from business combination</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >327</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Currency translation</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >10</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax for the year recognised in the income statement</td><td width="4%" align="right" valign="middle" >1987</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2496</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax for the year recognised on equity</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Other adjustments</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >7</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax 31 December</td><td width="4%" align="right" valign="middle" >5147</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3160</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Reflected in the statement of financial position as follows</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax assets</td><td width="4%" align="right" valign="middle" >6633</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >4894</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax liabilities</td><td width="4%" align="right" valign="middle" >-1485,92</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-1734,43</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax 31 December</td><td width="4%" align="right" valign="middle" >5147,076</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3159,567</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Deferred tax relates to</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Intangible assets</td><td width="4%" align="right" valign="middle" >-5492</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-5112</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Tangible assets</td><td width="4%" align="right" valign="middle" >580</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >516</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Tax losses carried forward</td><td width="4%" align="right" valign="middle" >3941</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >4400</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Other assets and liabilities, net</td><td width="4%" align="right" valign="middle" >6118</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3356</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax 31 December</td><td width="4%" align="right" valign="middle" >5147</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >3160</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >16</td><td width="72%" colspan="18" align="left" valign="middle" >Borrowings</td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Non-current</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Credit institutions and banks</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total non-current</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Current</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Credit institutions and banks</td><td width="4%" align="right" valign="middle" >51233</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >62843</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Factoring</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total current</td><td width="4%" align="right" valign="middle" >51233</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >62843</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Wagner Family Holding has a credit facility of EUR 8.1 million secured by way of a pledge on a number of shares in Abacus Medicine A/S. Abacus Medicine has a committed credit facility with Danske Bank, with a maximum credit limit of EUR 101 million. The bank credit facility is renegotiated on a three year basis. Next renegotiation is in 2027.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" align="right" valign="middle" >17</td><td width="96%" colspan="21" align="left" valign="middle" >Trade payables</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Trade payables</td><td width="4%" align="right" valign="middle" >110366</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >84538</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Customer rebates and discounts</td><td width="4%" align="right" valign="middle" >56552</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >47187</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total</td><td width="4%" align="right" valign="middle" >166918</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >131725</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >18</td><td width="72%" colspan="18" align="left" valign="middle" >Other payables</td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Non-current</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >VAT payables</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >729</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Employee related payables</td><td width="4%" align="right" valign="middle" >1390</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >1344</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total non-current</td><td width="4%" align="right" valign="middle" >1390</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2073</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Current</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >VAT payables</td><td width="4%" align="right" valign="middle" >14896</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >12078</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Employee related payables</td><td width="4%" align="right" valign="middle" >7075</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >8554</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Other payables</td><td width="4%" align="right" valign="middle" >2719</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >110</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total current</td><td width="4%" align="right" valign="middle" >24690</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >20742</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >19</td><td width="96%" colspan="21" align="left" valign="middle" >Provisions</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="8%" colspan="2" align="left" valign="middle" >Koncern</td><td width="16%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >At 1 January</td><td width="4%" align="right" valign="middle" >5388</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >4257</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Arising during the period</td><td width="4%" align="right" valign="middle" >6327</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >5388</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Utilised</td><td width="4%" align="right" valign="middle" >-5388</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-4257</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Unused amounts reversed</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >At 31 December</td><td width="4%" align="right" valign="middle" >6327</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >5388</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Current</td><td width="4%" align="right" valign="middle" >6327</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >5388</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Non-current</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="16%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Provisions comprise provisions for sold products expected to be returned in the coming year. The return provision is utilised during the financial year.</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >21</td><td width="50%" colspan="1" align="left" valign="middle" >Contractual obligations and contingencies etc.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The parent company is jointly taxed with the Danish entities within the FTW Holding ApS Group, with FTW Holding ApS as the administrative company. The parent company is, together with the other Danish companies in FTW Holding ApS Group, liable for corporate taxes and withholding taxes on dividends, interests and royalties.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Abacus Medicine Group is currently party to certain lawsuits, disputes etc. of various scopes. In management’s opinion, apart from items recognised in the statement of financial position or disclosed in the financial statements, the outcome of these lawsuits, disputes etc., individually and in the aggregate, is not expected to have a material impact on Abacus Medicine’s financial position.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >22</td><td width="50%" colspan="1" align="left" valign="middle" >Mortgage and collateral</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Bank debt of EUR 3.5 million within Wagner Family Holding has been secured by way of a pledge on a number of shares in Abacus Medicine A/S.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Bank debt of EUR 47 million within Abacus Medicine has been secured by way of a pledge on all of Abacus Medicine’s existing as well as future receivables, totalling EUR 25 million (2023: EUR 46 million), in intangible assets totalling EUR 31 million (2023: EUR 30 million), property, plant and equipment totaling EUR 3 million (2023: EUR 2 million) and inventories totalling EUR 203 million (2023: EUR 177 million).</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >23</td><td width="96%" colspan="21" align="left" valign="middle" >Financial risk and financial instruments</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Koncern</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >The derivative financial instruments are measured at level 2 (observable input) of the fair value hierarchy. The subsidiary Abacus Medicine A/S uses cash flow hedges as part of hedging highly proable forecast sales and purchases in other currencies than EUR. Historically this has mainly been SEK, GBP and NOK. The Group has not used Cash flow hedging instruments in 2023 and 2024.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Nominal value (local currency '000)</td><td width="8%" colspan="2" align="left" valign="middle" >Expiry below 1 year</td><td width="8%" colspan="2" align="left" valign="middle" >Expiry 1-5 years</td><td width="8%" colspan="2" align="left" valign="middle" >Expiry above 5 years</td><td width="8%" colspan="2" align="left" valign="middle" >Average hedging price</td><td width="8%" colspan="2" align="left" valign="middle" >Fair value assets</td><td width="8%" colspan="2" align="left" valign="middle" >Fair value liabilities</td><td width="16%" colspan="1" align="left" valign="middle" >Change in fair value used for measuring cash flow hedge reserve</td></tr><tr><td width="4%" ></td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="24%" colspan="6" align="left" valign="middle" >-</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" align="right" valign="middle" >2023</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="24%" colspan="6" align="left" valign="middle" >-</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="7%" align="right" valign="middle" >24</td><td width="93%" colspan="13" align="left" valign="middle" >Related party disclosures</td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >Koncern</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >The related parties of FTW Holding ApS comprise the following</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >Related party</td><td width="42%" colspan="6" align="left" valign="middle" >Residence</td><td width="9%" colspan="1" align="left" valign="middle" >Reason for related party</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >Flemming Wagner</td><td width="42%" colspan="6" align="left" valign="middle" >Gammel Kongevej 105, 05. tv. 1850 Frederiksberg C</td><td width="9%" colspan="1" align="left" valign="middle" >Shareholders</td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >Tina Wagner</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >The following shareholders are registered with an ownership share exceeding 5%</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >Shareholder</td><td width="51%" colspan="7" align="left" valign="middle" >Residence</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="42%" colspan="6" align="left" valign="middle" >Flemming Wagner</td><td width="51%" colspan="7" align="left" valign="middle" >Gammel Kongevej 105, 05. tv. 1850 Frederiksberg C</td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >Tina Wagner</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >Transactions to and from related parties are made at terms equivalent to those that prevail in arm’s length transactions.</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >Executives</td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >The FTW Holding ApS’s related parties with significant influence includes the Board of Directors in the subsidiary Abacus Medicine A/S and executives in the parent company, including these employees’ family members, and entities in which these executives have a significant influence.</td></tr><tr><td colspan="14"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="13" align="left" valign="middle" >The remuneration to executives is disclosed in note 4.</td></tr><tr><td colspan="14"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >26</td><td width="50%" colspan="1" align="left" valign="middle" >Events after the reporting period</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Koncern</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >No events have occurred after the balance sheet date which could have a material effect on FTW Holding ApS’ financial position at 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FTW Holding is a private limited company registered in Denmark. The financial statements section of the annual report, for the period 1 January – 31 December 2024, comprise both the consolidated financial statements of FTW Holding ApS and its subsidiaries (the Group) and the separate Parent Company financial statements.</td></tr><tr><td colspan="1">The annual report of FTW Holding ApS for 2024 have been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large reporting class C entities.</td></tr><tr><td colspan="1">Effective from the financial year 2020, the Company has implemented amending act no. 1716 of 27 December 2018 to the Danish Financial Statements Act. The implementation of the amending act has not affected the Company's accounting policies on recognition and measurement of assets and liabilities but has solely entailed new and amended presentation and disclosure requirements.</td></tr></table> true <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis of preparation</td></tr><tr><td colspan="1">The consolidated financial statements have been prepared on a historical cost basis, except for derivative financial instruments, which have been measured at fair value. The consolidated financial statements are presented in euros and all values are rounded to the nearest thousand (EUR'000), except when otherwise indicated.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements comprise the financial statements of FTW Holding ApS (the Parent) and the subsidiaries controlled by the Parent, as at 31 December 2024. FTW Holding ApS controls an entity when it is exposed to or has rights to variable returns from its involvement in the entity and has the ability to affect those returns through its power over the entity.</td></tr><tr><td colspan="1">On consolidation, intra-Group income and expenses, shareholdings, intra-Group balances and dividends, and realised and unrealised gains on intra-Group transactions are eliminated. The subsidiaries' financial statement items are included 100% in the consolidated financial statements. Non-controlling interests' share of the profit/loss for the year and of the equity of subsidiaries that are not wholly-owned are included in the Group's profit/loss and equity, respectively, but are presented separately.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business combinations</td></tr><tr><td colspan="1">Business combinations are accounted for by using the acquisition method. The cost of an acquisition is measured as the aggregate of the consideration transferred, measured at acquisition date fair value and the amount of any non-controlling interest in the acquiree. For each business combination, the Group decides whether it will measure the non-controlling interest in the acquiree at fair value or at the proportionate share of the acquiree’s identifiable net assets. Acquisition costs incurred are expensed and included in the income statement as other operating costs. When the Group acquires a business, it assesses the financial assets and liabilities assumed for appropriate classification and designation in accordance with the contractual terms, economic circumstances and pertinent conditions at the acquisition date. Subsequent changes in the fair value of the contingent consideration which is deemed to be an asset or liability will be recognised in accordance with IFRS 9 in the income statement. Goodwill is initially measured at cost, being the excess of the aggregate of the consideration transferred and the amount recognised for the non-controlling interest over the net identifiable assets acquired and liabilities assumed. The recognition is done using a transaction by transaction approach of the goodwill which increases the minority shares at initial recognition. After initial recognition, goodwill is measured at cost less any accumulated impairment losses. For the purpose of impairment testing, goodwill acquired in a business combination is, from the acquisition date, allocated to cash-generating units that are expected to benefit from the combination, irrespective of whether other assets or liabilities of the acquiree are assigned to those units. Where goodwill forms part of a cash-generating unit and part of the operation within that unit is disposed of, the goodwill associated with the operation disposed of is included in the carrying amount of the operation when determining the gain or loss on disposal of the operation. Goodwill disposed of in such circumstances is measured based on the relative values of the operation disposed of and the portion of the cash-generating unit retained.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation</td></tr><tr><td colspan="1">The Group’s consolidated financial statements are presented in euros. For each entity, the Group determines the functional currency and items included in the financial statements of each entity are measured using that functional currency. The Group uses the direct method of consolidation and on disposal of a foreign operation, the gain or loss that is reclassified to profit or loss reflects the amount that arises from using this method.</td></tr><tr><td colspan="1">Transactions and balances</td></tr><tr><td colspan="1">Transactions in foreign currencies are initially recorded by the Group’s entities at their respective functional currency spot rates at the date the transaction first qualifies for recognition. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rates of exchange at the reporting date. Differences arising on settlement or translation of monetary items are recognised in profit or loss. Non-monetary items that are measured in terms of historical cost in a foreign currency are translated using the exchange rates at the dates of the initial transactions.</td></tr><tr><td colspan="1">In determining the spot exchange rate to use on initial recognition of the related asset, expense or income (or part of it) on the derecognition of a non-monetary asset or non-monetary liability relating to advance consideration, the date of the transaction is the date on which the Group initially recognises the non-monetary asset or non-monetary liability arising from the advance consideration. If there are multiple payments or receipts in advance, the Group determines the transaction date for each payment or receipt of advance consideration.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current versus non-current classification</td></tr><tr><td colspan="1">FTW Holding ApS presents assets and liabilities in the statement of financial position based on current/non-current classification. An asset is current when it is either: • Expected to be realised or intended to be sold or consumed in the normal operating cycle, • Held primarily for the purpose of trading, • Expected to be realised within twelve months after the reporting period, or • Cash or cash equivalent unless restricted from being exchanged or used to settle a liability for at least twelve months after the reporting period. All other assets are classified as non-current. A liability is current when, either: • It is expected to be settled in the normal operating cycle, • It is held primarily for the purpose of trading, • It is due to be settled within twelve months after the reporting period, or • There is no unconditional right to defer the settlement of the liability for at least twelve months after the reporting period. All other liabilities are classified as non-current. Deferred tax assets and liabilities are classified as non-current assets and liabilities.</td></tr><tr><td colspan="1">Consolidated financial statements 1 January – 31 December</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Derivative financial instruments</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Initial recognition</td></tr><tr><td colspan="1">The Group uses forward currency contracts (derivative financial instruments) to hedge its foreign currency risks relating to receivables and payables. Such derivative financial instruments are initially recognised at fair value on the date on which a derivative contract is entered into and are subsequently re-measured at fair value. Derivatives are carried as financial assets when the fair value is positive and as financial liabilities when the fair value is negative.</td></tr><tr><td colspan="1">Any gains or losses arising from changes in the fair value of derivatives are taken directly to profit or loss, except for the effective portion of cash flow hedges, which is recognised in equity and later reclassified to the income statement when the hedge item affects the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income Statement</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Rights of return</td></tr><tr><td colspan="1">Certain contracts provide our customers with a right to return the goods. The expected value method is used to estimate the goods that will not be returned because this method best predicts the amount of variable consideration to which Abacus Medicine will be entitled. For goods that are expected to be returned, instead of revenue, a refund liability is recognised. A right of return asset (and corresponding adjustment to cost of sales) is also recognised for the right to recover products from a customer.</td></tr><tr><td colspan="1">Assets and liabilities arising from rights of return</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Rights of return assets</td></tr><tr><td colspan="1">A right of return asset represents the right to recover the goods expected to be returned by customers. The asset is measured at the former carrying amount of the inventory, less any expected costs to recover the goods, including any potential decrease in the value of the returned goods. The measurement of the asset is updated and recorded for any revisions to its expected level of returns, as well as any additional decrease in the value of the returned products. The right of return asset is presented under inventories.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Rights of return liabilities</td></tr><tr><td colspan="1">A refund liability is the obligation to refund some or all of the consideration received (or receivable) from the customer and is measured at the amount Abacus Medicine ultimately expects it will have to return to the customer. The estimates of refund liabilities are updated (along with the corresponding change in the transaction price) at the end of each reporting period. The right of return liability is presented under provisions.</td></tr><tr><td colspan="1">Consolidated financial statements 1 January – 31 December</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Significant accounting judgements, estimates and assumptions</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Customer rebates, discounts and price adjustments</td></tr><tr><td colspan="1">Certain contracts for the sale of products include customer rebates, discounts and price adjustments that give rise to variable considerations. Customer rebates and discounts vary across distribution channels, and price adjustments are in some cases dependent on future market price development. In estimating the variable consideration, Abacus Medicine considers the contract information, historical experience, business forecast and the current economic conditions. The accruals for rebates, discounts and price adjustments granted to customers are recognised as a reduction of revenue.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Share-based payments</td></tr><tr><td colspan="1">Certain employees of the Group receive remuneration in the form of share-based payments, whereby program participants render services as consideration for equity instruments (“equity-settled transactions”) or cash (“cash-settled transactions”), which is relevant for the program where the employees have the option to choose between equity instruments or cash. The cost of equity-settled transactions is determined by the fair value at the date when the grant is made, using an appropriate valuation model. The cost of cash-settled transactions are determined by the expected payment to the employees.</td></tr><tr><td colspan="1">That cost is recognised in staff costs, together with a corresponding increase in equity (other capital reserves) for equity-settled programs or other payables for cash-settled programs, over the period in which the service and, where applicable, the performance conditions are fulfilled (the vesting period). The cumulative expense recognised for equity-settled transactions at each reporting date until the vesting date reflects the extent to which the vesting period has expired and the Group’s best estimate of the number of equity instruments that will ultimately vest. The expense or income in the income statement for a period represents the movement in cumulative expense recognised as at the beginning and end of that period.</td></tr><tr><td colspan="1">A liability is recognised for the fair value of cash-settled transactions, within other payables (current). The fair value is measured initially and at each reporting date up to and including the settlement date, with changes in fair value recognised in employee benefits expense. The fair value is expensed over the period until the vesting date with recognition of a corresponding liability.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">The company has chosen IFRS 15 as interpretation for the recognition of revenue. The presentation of revenue is defined by the operational structure which is derived from the types of activities we are engaged in. Abacus Medicine Pharma Services accounts for less than 10% of the revenue, gross profit and assets in the Group, and due to similar characteristics, Abacus Medicine Pharma Services has been presented in combination with Abacus Medicine Pharma Trading.</td></tr><tr><td colspan="1">Revenue from the sale of goods is recognised when the performance obligation is satisfied, i.e. when control of the goods have passed to the buyer. All sales of goods are recognised at one-point-of-time. Due to factoring agreements, the majority of receivables are sold and the payments are in general received from the factoring company within one day. Revenue is measured at fair value of the agreed consideration, excluding VAT and taxes charged on behalf of third parties. Provisions for rebates and discounts granted to customers are recognised as a reduction of revenue, whereas the effect of expected returns is recorded as a reduction of gross profit, i.e. revenue and cost of sales.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cost of sales</td></tr><tr><td colspan="1">Cost of sales includes the costs for pharmaceutial goods and consumables used in generating the year's revenue.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other external expenses</td></tr><tr><td colspan="1">Other external costs include expenses in regards to the Group’s principal activities, arising during the year. This includes expenses for sales, advertisement, administration, service relating to office buildings etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs include wages and salaries, including share-based payments, holiday pay and pensions, as well as other expenses for social security etc., relating to the Group’s employees. Within staff costs, any compensation received from public authorities has been deducted.</td></tr><tr><td colspan="1">Incentive programs under which the employee has the opportunity for net settlement are recognised on a regular basis with the share of the earned value and are, similarly, recognised under Other payables. The value of the underlying agreement is defined in the contracts and depends on the Group’s earnings.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Other operating costs</td></tr><tr><td colspan="1">Other operating costs are presented as special items in Abacus Medicine A/S. Special items are used in connection with the presentation of profit or loss for the year to distinguish consolidated operating profit from exceptional items, which by their nature are not related to the Group's ordinary operations. Special items consist of costs related to seeking new capital, i.e. IPO and private equity projects, and transaction costs related to acquisition of enterprises.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Finance income and expenses</td></tr><tr><td colspan="1">Finance income and expenses comprise interest income and expenses, exchange gains and losses on transactions denominated in foreign currencies etc., as well as surcharges and allowances under the on-account tax scheme etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income tax</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax for the year</td></tr><tr><td colspan="1">Tax for the year comprises current tax on the expected taxable income for the year and the year’s deferred tax adjustments. The tax expense relating to the profit for the year is recognised in the income statement, and the tax expense relating to transactions recognised in equity is recognised in equity.</td></tr><tr><td colspan="1">FTW Holding ApS is jointly taxed with its Danish Group entities, and FTW Holding ApS is also the administration company of the Danish Group entities towards the Danish Tax authorities. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption).</td></tr><tr><td colspan="1">Jointly taxed entities entitled to a tax refund are, as a minimum, reimbursed by the administration company based on the current rates applicable to interest allowances, and jointly taxed entities having less tax paid, as a maximum, a surcharge based on the current rates applicable to interest surcharges to the management company.</td></tr><tr><td colspan="1">Consolidated financial statements 1 January – 31 December</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="11">Goodwill, Licenses, Software and IP rights</td></tr><tr><td colspan="11">Goodwill is initially recognised at the amount by which the purchase price for a business combination exceeds the recognised value of the identifiable assets and liabilities assumed. Goodwill comprises future growth expectations, buyer-specific synergies, the workforce in place and know-how. Subsequent to initial recognition, goodwill is measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="11">Licenses relate to marketing permits and product approvals. Licenses are measured at cost less accumulated amortisation and impairment losses. Cost comprises of the purchase price and salaries directly attributable until the date when the marketing permits and product approvals are available for use. The basis of amortisation is cost. The licenses are set with no residual value. Amortisation is provided on a straight-line basis over the expected useful lives of the assets. The basis of amortisation is based on the residual value of the asset and is reduced by impairment losses, if any. In case of changes in the depreciation period or the residual value, the effect on the amortisation charges is recognised prospectively as a change in accounting estimates.</td></tr><tr><td colspan="11">Software is measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td colspan="11">IP rights are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td colspan="11">On initial recognition, the costs of licenses, software and IP rights are recognised in the balance sheet and measured at cost and subsequently at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="11">Amortisation periods are as follows</td></tr><tr><td>Goodwill</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>10 years</td></tr><tr><td>Licenses</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>5 - 8 years</td></tr><tr><td>Software</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>3 - 10 years</td></tr><tr><td>IP Rights</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>10 years</td></tr><tr><td colspan="11">The assets have no scrap value.</td></tr><tr><td colspan="11">Gains and losses on the disposal of rights and licenses are made up as the difference between the selling price less selling costs and the carrying amount at the date of disposal. The gains or losses are recognised in the income statement as Other operating income or Other operating expenses, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development costs</td></tr><tr><td colspan="1">Development expenditures on an individual project are recognised as an intangible asset when the the Group can demonstrate: • The technical feasibility of completing the intangible asset so that the asset will be available for use or sale • Its intention to complete and its ability and intention to use or sell the asset • How the asset will generate future economic benefits • The availability of resources to complete the asset • The ability to measure reliably the expenditure during development Following initial recognition of the development expenditure as an asset, the asset is carried at cost less any accumulated amortisation and accumulated impairment losses. Amortisation of the asset begins when development is complete and the asset is available for use. It is amortised over the period of expected future benefit. During the period of development, the asset is tested for impairment annually.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="11">Property, plant and equipment</td></tr><tr><td colspan="11">Property, plant and equipment consists of leasehold improvements and other fixtures and fittings. Leasehold improvements and other fixtures and fittings are measured at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td colspan="11">The cost for a total asset is split in separate components, which are depreciated separately, if the useful life of each of the components differ.</td></tr><tr><td colspan="11">Depreciation is provided on a straight-line basis over the expected useful lives of the assets/components. The expected useful lives are as follows</td></tr><tr><td>Land and buildings</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>30 Years</td></tr><tr><td>Leasehold improvements</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>3-5 years</td></tr><tr><td>Other fixtures and fittings</td><td /><td /><td /><td /><td /><td /><td /><td /><td /><td>2-10 years</td></tr><tr><td colspan="11">The assets have no scrap value.</td></tr><tr><td colspan="11">Depreciation is calculated on cost price less scrap value and impairment losses, if any. The depreciation period and the residual value are determined at the acquisition date and are reassessed annually. If the residual value exceeds the carrying amount, no further depreciation charges are recognised.</td></tr><tr><td colspan="11">When the depreciation period or the residual value is changed, the effect on depreciation is recognised prospectively as a change in accounting estimates.</td></tr><tr><td colspan="11">Gains and losses at sale of property, plant and equipment is calculated as the difference between the sales price less the sales expenses and the carrying amount at the date of sale. Gains or losses are recognised in the income statement as the item other operating income and other operating expenses, respectively.</td></tr><tr><td colspan="11">Consolidated financial statements 1 January – 31 December</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Right-of-use assets</td></tr><tr><td colspan="1">FTW Holding recognises right-of-use assets at the commencement date of the lease (i.e., the date the underlying asset is available for use) in accordance with IFRS 16. Right-of-use assets are measured at cost, less any accumulated depreciation and impairment losses, and adjusted for any remeasurement of lease liabilities. The cost of right-of-use assets includes the amount of lease liabilities recognised, initial direct costs incurred, and lease payments made at or before the commencement date less any lease incentives received. Unless the Group is reasonably certain to obtain ownership of the leased asset at the end of the lease term, the recognised right-of-use assets are depreciated on a straight-line basis over the shorter of its estimated useful life and the lease term (1-5 years). Right-of-use assets are subject to impairment.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Lease liabilities</td></tr><tr><td colspan="1">At the commencement date of the lease, the Group recognises lease liabilities measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments (including in-substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option reasonably certain to be exercised by the Group and payments of penalties for terminating a lease, if the lease term reflects FTW Holding's exercising the option to terminate. The variable lease payments that do not depend on an index or a rate are recognised as expense in the period on which the event or condition that triggers the payment occurs.</td></tr><tr><td colspan="1">In calculating the present value of lease payments, FTW Holding uses the incremental borrowing rate at the lease commencement date if the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if there is a modification, a change in the lease term, a change in the in-substance fixed lease payments or a change in the assessment to purchase the underlying asset.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Short-term leases and leases of low-value assets</td></tr><tr><td colspan="1">FTW Holding applies the short-term lease recognition exemption to its short-term leases of machinery and equipment (i.e., those leases that have a lease term of 12 months or less from the commencement date and do not contain a purchase option). It also applies the lease of low-value assets recognition exemption to leases of office equipment that are considered of low value. Lease payments on short-term leases and leases of low-value assets are recognised as other external costs on a straight-line basis over the lease term.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of non-current assets</td></tr><tr><td colspan="1">The Group assesses, at each reporting date, whether there is an indication that an asset may be impaired. If any indication exists, or when annual impairment testing for an asset is required, the Group estimates the asset’s recoverable amount. An asset’s recoverable amount is the higher of an asset’s or CGU’s fair value less costs of disposal and its value in use. The recoverable amount is determined for an individual asset, unless the asset does not generate cash inflows that are largely independent of those from other assets or Groups of assets. When the carrying amount of an asset or CGU exceeds its recoverable amount, the asset is considered impaired and is written down to its recoverable amount.</td></tr><tr><td colspan="1">In assessing value in use, the estimated future cash flows are discounted to their present value using a pre-tax discount rate that reflects current market assessments of the time value of money and the risks specific to the asset. In determining fair value less costs of disposal, recent market transactions are taken into account. If no such transactions can be identified, an appropriate valuation model is used. These calculations are corroborated by valuation multiples, quoted share prices for publicly traded companies or other available fair value indicators.</td></tr><tr><td colspan="1">The Group bases its impairment calculation on detailed budgets and forecast calculations. The budget and forecast calculation generally covers a period of five years. A long-term growth rate is calculated and applied to project future cash flows after the fifth year.</td></tr><tr><td colspan="1">Impairment losses of continuing operations are recognised in the statement of profit or loss in expense categories consistent with the function of the impaired asset.</td></tr><tr><td colspan="1">For assets, an assessment is made at each reporting date to determine whether there is an indication that previously recognised impairment losses no longer exist or have decreased. If such indication exists, the Group estimates the asset’s recoverable amount.</td></tr><tr><td colspan="1">Impairment is determined for goodwill by assessing the recoverable amount of the CGU to which the goodwill relates (Abacus Medicine Pharma Services, Pluripharm and ThuisApotheek). When the recoverable amount of the CGU is less than its carrying amount, an impairment loss is recognised. Impairment losses relating to goodwill cannot be reversed in future periods.</td></tr><tr><td colspan="1">Consolidated financial statements 1 January – 31 December</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value.</td></tr><tr><td colspan="1">The cost of goods for resale, as well as materials and consumables, comprises the cost of acquisition plus delivery costs and, for finished goods, indirect production overheads, including packaging material, are added.</td></tr><tr><td colspan="1">The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">The measurement of the provision for bad debt for receivables is based on the expected credit loss and the lifetime expected loss for all trade receivables. Where there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised at the individual receivable level.</td></tr><tr><td colspan="1">The companies within Abacus Medicine Group are part of a Group cash pool in Danske Bank. Therefore, for subsidiaries having cash in bank these are presented as IC receivables and respectively for bank debt being part of the cash pool is presented as IC payables.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments recognised under Current assets comprise expenses incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash</td></tr><tr><td colspan="1">Cash and short-term deposits in the statement of financial position comprise cash at banks and on hand.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Foreign currency translation reserve</td></tr><tr><td colspan="1">The exchange adjustment reserve in the consolidated financial statements comprises exchange differences arising on the translation of the financial statements of foreign enterprises from their functional currencies into EUR. On realisation, accumulated value adjustments are taken from equity to financial items in the income statement.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow hedge reserve</td></tr><tr><td colspan="1">The hedge transaction reserve contains the accumulated net change in the fair value of hedging transactions that meet the criteria for hedging future cash flows and for which the hedged transaction has yet to be realised.</td></tr><tr><td colspan="1">Dividend</td></tr><tr><td colspan="1">Dividend proposed for the year is recognised as a liability at the date when it is adopted at the annual general meeting (declaration date).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Taxation</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Current income tax and deferred tax</td></tr><tr><td colspan="1">Current tax payable and receivable is recognised in the balance sheet as tax computed on the expected taxable income for the year, adjusted for tax on the taxable income of prior years and for prepaid tax.</td></tr><tr><td colspan="1">Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with the exception of temporary differences occurring at the time of acquisition of assets and liabilities neither affecting the results of operations nor the taxable income.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity.</td></tr><tr><td colspan="1">Joint taxation contribution payable and receivable is recognised in the balance sheet as "Corporation tax receivable" or as "Corporation tax payable".</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Provisions</td></tr><tr><td colspan="1">Provisions comprise anticipated expenses for returned goods. Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event and it is probable that an outflow of resources will be required to settle the obligation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are initially recognised at fair value less transaction costs. Subsequently, the financial liabilities are measured at amortised cost using the effective interest method, whereby transaction costs and any premium or discount are recognised as financial expenses over the term of the liabilities.</td></tr><tr><td colspan="1">Other liabilities are measured at net realised value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="3">Fair value</td></tr><tr><td colspan="3">All assets and liabilities which are measured at fair value, or whose fair value is disclosed, are classified based on the fair value hierarchy, see below</td></tr><tr><td>Level 1</td><td /><td>Value in an active market for similar assets/liabilities.</td></tr><tr><td>Level 2</td><td /><td>Value based on recognised valuation methods on the basis of observable market information.</td></tr><tr><td>Level 3</td><td /><td>Value based on recognised valuation methods and reasonable estimates (non-observable market information).</td></tr><tr><td colspan="3">Fair value measurements are based on the principal market. If no principal market exists, the measurement is based on the most advantageous market, i.e. the market that maximises the price of the asset or liability less transaction and/or transport costs.</td></tr><tr><td colspan="3">Consolidated financial statements 1 January – 31 December</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in Cash as well as the Group's Cash at the beginning and end of the year.</td></tr><tr><td colspan="1">The cash flow effect of acquisitions and disposals of entities is shown separately in cash flows from investing activities. Cash flows from corporate acquisitions are recognised in the cash flow statement from the date of acquisition. Cash flows from disposals of entities are recognised up until the date of disposal.</td></tr><tr><td colspan="1">Cash flows are presented using the indirect method.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow from operating activities</td></tr><tr><td colspan="1">Cash flow from operating activities are calculated as the Group's share of the profit/loss adjusted for non-cash operating items, changes in working capital and income taxes paid.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow from investing activities</td></tr><tr><td colspan="1">Cash flow from investing activities comprises payments in connection with acquisitions and disposals of entities, activities and intangible assets, property, plant and equipment and financial assets.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow from financing activities</td></tr><tr><td colspan="1">Cash flow from financing activities comprises changes in the size or composition of the the Group's share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, and payment of dividend to shareholders.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Segment information</td></tr><tr><td colspan="1">The segment disclosures provided reflect the information for the reportable segments which the management receives monthly in its capacity as decision maker. The allocation of resources and the segment performance are evaluated based on revenue, gross profit and profitability measured on earnings before interest, taxes, depreciations and amortisation (EBITDA).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Today, the Executive Management have discussed and approved the Annual Report of FTW Holding ApS for the financial year 1 - January 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is presented in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and the Parent Company financial statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2024 and of the results of the Group’s and the Parent Company’s - operations and the Group's cash flow for the financial year 1 January 31 December 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management’s Review includes a true and fair review of the development in the Group’s and the Parent Company’s operations and financial conditions, of the results for the year and of the financial position of the Group and the Parent Company, as well as a description of the more significant risks and uncertainty facing the Group and the Parent Company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be approved at the Annual General Meeting.</td></tr></table> Copenhagen 2025-05-23 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key figures</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Key ratios</td></tr></table> 10943000 0 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="9">* Figures relating to Pluripharm are consolidated as from 29 July 2020.</td></tr><tr><td>Gross margin</td><td /><td /><td /><td /><td /><td /><td /><td>Gross profit x 100</td></tr><tr><td /><td /><td /><td /><td /><td /><td /><td /><td>Revenue</td></tr><tr><td>Operating profit before depreciations</td><td /><td /><td /><td /><td /><td /><td /><td>Operating profit excl. amortisation and</td></tr><tr><td>and amortisations (EBITDA) margin</td><td /><td /><td /><td /><td /><td /><td /><td>depreciation x 100</td></tr><tr><td /><td /><td /><td /><td /><td /><td /><td /><td>Revenue</td></tr><tr><td>Solvency ratio</td><td /><td /><td /><td /><td /><td /><td /><td>Closing equity x 100</td></tr><tr><td /><td /><td /><td /><td /><td /><td /><td /><td>Total assets</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">FTW Holding ApS was established 15 September 2018. The purpose of the company is to hold the shares in FTW Invest ApS and the majority of the shares in Wagner Family Holding ApS, which owns the majority of shares in Abacus Medicine A/S (Abacus Medicine Group), DayDose ApS, and Evocative ApS. The activities within the Group consist mainly of the activities within the Abacus Medicine Group, accordingly the business review reflects primarily the Abacus Medicine Group’s business. Abacus Medicine Group is established as one of the market leaders in parallel distribution. We are growing within pharmaceutical services and also operate as a medicine wholesaler. The result for the year in the consolidated financial statements ended at a profit of EUR 16.7 million, which was beyond expectations for 2024. Organic revenue growth of 23% soundly exceeded the 2024 outlook of 8-12%, driven by strong execution in the Pharma Trading and Pharma Wholesale divisions. EBITDA reached a record high of EUR 50.4 million. This was within our outlook and an increase at a lower rate than revenue due to high investments in strategic opportunities. As a result, the EBITDA margin of 3.4% was below the expected range of 3.7-4.1%. The great result for the year marks a promising continuation of the Group’s strategy, Access26, which was launched last year. Financially, our strategic ambitions until the end of 2026 are yearly double-digit revenue growth on average and profitability that will rise at an even higher rate. We fully achieved this goal in 2024 to a degree where we find ourselves slightly ahead of the plan. The result was driven by high growth in both the Pharma Wholesale and the Pharma Trading divisions. Demand for medicine at lower prices remained high in our European core markets throughout the year, which resulted in a strong growth in revenue in the Pharma Trading division (our parallel import business). There was good momentum in the Pharma Services division, where sales cycles can be 12 months or more, and we signed partnership agreements with a number of new pharmaceutical companies. It was an exceptional year for the Pharma Wholesale division, with a strong revenue growth. There were shifts in market share among the four leading Dutch medicine wholesalers and Pluripharm emerged as one of the winners.</td></tr><tr><td colspan="1">As a result of the above, revenue grew 23% in 2024 to EUR 1,487 million against 1,210 million in 2023. EBITDA grew 6% in 2024 to 50.4 million against 47.4 million in 2023. This resulted in an EBITDA-margin of 3.4% for 2024, which was within the range of our outlook. This is the Group's highest revenue and EBITDA ever. Profit for the year for the Abacus Medicine Group was EUR 17.6 million (2023: EUR 20 million), which was beyond expectations. The result for DayDose ApS ended with a loss of DKK 16 thousand. The average number of full time employees was 1,370 in 2024.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investing in new licences and IT</td></tr><tr><td colspan="1">In 2024, the Abacus Medicine Group expanded the portfolio of product licences. In combination with investments in IT, the result was an increase in Intangible assets to EUR 38.1 million from 36.7 million the year before. Assets in the form of Property, plant and equipment increased from EUR 10.5 million in 2023 to EUR 19 million in 2024. Current assets, mainly in the form of Inventory and Trade and other receivables, increased to EUR 286.6 million in 2024 against 258.9 million in 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Unusual matters</td></tr><tr><td colspan="1">No unusual matters occurred in the financial year which have had a material effect on the Group and Parent Company’s financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Material recognition and measurement uncertainties</td></tr><tr><td colspan="1">In preparing the consolidated financial statements, Management makes various accounting estimates and assumptions which form the basis of the presentation, recognition and measurement of the Group's assets and liabilities. Determining the carrying amounts of certain assets and liabilities requires estimates and assumptions concerning future events. Estimates and assumptions are based on historical experience and other factors, which Management assesses to be reasonable, but which by their nature involve uncertainty and unpredictability. These assumptions may have to be revised, and unexpected events or circumstances may occur. FTW Holding Group is subject to risks and uncertainties that may lead to the actual results differing from these estimates, both positively and negatively. Specific risks are discussed in the Management review in the section above.</td></tr><tr><td colspan="1">Outlook for 2025</td></tr><tr><td colspan="1">The Group expects to build further on the strong momentum of 2024 and maintain its track record of high organic revenue growth in 2025. FTW Group expect organic revenue growth in the range of 14-18%, based on our sizeable investments in both existing businesses and new markets, coupled with favourable long-term trends for the healthcare industry. The expected revenue is 1,65 to 1,75 bnEUR for 2025. Given our strong execution and market opportunities, we decided in 2024 to accelerate our investments in selected elements of our Access26 strategy. In 2025, we will continue to invest in operational capacity, our digital platform and additional employees to deliver profitable growth. FTW Group expect to generate solid absolute EBITDA growth this year, and the EBITDA margin to develop more gradually to a range between 3.3% and 3.7%. The FTW Group management expects that the activities in FTW Invest and DayDose will have a limited impact on this range.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date which could have a material effect on FTW Holding ApS’ financial position at 31 December 2024.</td></tr><tr><td colspan="1">Management's review (continued)</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate governance</td></tr><tr><td colspan="1">The Group strives to exercise and maintain good corporate governance to ensure accountability and transparency for our employees, shareholders and other stakeholders. Please refer to the description of corporate governance in the Annual Report 2024 for Abacus Medicine A/S.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Special risks</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Market risk</td></tr><tr><td colspan="1">Market risk is the risk that the fair value or future cash flows of a financial instrument will fluctuate because of changes in market prices. Market risk comprises three types of risk: currency risk, interest rate risk and other price risk. Financial instruments affected by market risk include borrowings, deposits and derivative financial instruments. Abacus Medicine is not considered to be directly affected by an equity price risk or a commodity risk (price volatility of certain commodities, i.e. oil prices, metal prices etc.).</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Currency risk</td></tr><tr><td colspan="1">Abacus Medicine sells finished products and purchases products in currencies other than EUR and is therefore exposed to a currency risk. The exposure to fluctuations in EUR/DKK is considered to be limited due to Denmark’s fixed exchange rate policy towards EUR and is consequently not hedged. Sales in SEK, NOK and GBP are considered a risk, as the currency historically has been unstable compared to EUR/DKK. It is our policy to hedge significant commercial currency risks, primarily via foreign exchange contracts. Speculative currency transactions are not made. Relating foreign exchange risks are generally not hedged, as Management is of the opinion that regular hedging of such long-term investments will not be optimal taking into account the overall risk and costs.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Interest rate risk</td></tr><tr><td colspan="1">The Group's interest-bearing debt, which accounts for a significant part of the balance sheet total implies that changes in the interest rate level will have a material impact on the Group's results of operations. The Group has not hedged interest rate risks.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liquidity risk</td></tr><tr><td colspan="1">Parallel distribution is a very liquidity-intensive industry, as most of the raw material purchases are to be paid in advance or with very short payment terms, while the customer side is characterized by normal and often long payment terms. This creates a liquidity requirement in the period between payment to suppliers and receipt of customer payments. On the other hand, wholesale activity is less liquidity dependent than parallel distribution due to payment terms from suppliers and to customers are more aligned. The Group aims to have sufficient credit facilities that can accommodate the fluctuations that occur in day-to-day operations, and that within these facilities Abacus Medicine has sufficient reserves for account unforeseen liquidity needs. This objective is met through building and maintaining sound and trustworthy relationships with bank and factoring companies, which have resulted in the existence of sufficiently large credit lines for factoring and credit facilities. For further information please refer to note 16.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Sustainability</td></tr><tr><td colspan="1">The world around us is changing rapidly. How we care for it and the people in it is becoming ever more important to society and governments, and regulations are evolving to reflect this focus – and the Group is evolving its sustainability efforts to reflect this. We acknowledge the significant link between our environmental, social and governance (ESG) and business performance and take a proactive approach to integrate sustainability strategically within our processes and operations. This creates value for both our company and the society in which we operate. We view the Corporate Sustainability Reporting Directive as a driver for ESG and thus an opportunity to generate value for the Abacus Medicine Group. An increased focus on ESG will advance our sustainability initiatives and expand our non-financial data reporting. Our Sustainability Steering Committee (SSC), which includes stakeholders from a broad range of business functions across the Abacus Medicine Group, is an integral part of our strategic approach to sustainability and ESG. The SSC takes a project-based approach to all sustainability related topics and is involved in the CSRD implementation.</td></tr><tr><td colspan="1">In our Sustainability Report 2024, we highlighted all statutory measures relating to environmental impact, diversity and compliance in accordance with sections 99a of the Danish Financial Statements Act and section 54, part 6, of the UK Modern Slavery Act.</td></tr><tr><td colspan="1">Contribution to the UN Sustainable Development Goals The Group’s objective is to provide better access to medicine. We believe this is our strongest contribution to society, but we also want to take responsibility for our impact on the environment and society. We support the UN Sustainable Development Goals (SDGs) to help solve major global challenges.</td></tr><tr><td colspan="1">Management's review (continued)</td></tr><tr><td colspan="1">People and Community Moving healthcare. Moving you. This is our employer brand and the promise we make to all current and future employees – a workplace focused on not only providing meaningful jobs but also fostering meaningful relationships between people. In 2024, we continued our growth, welcoming 181 new employees globally. As we expand, it remains a top priority to ensure that the Group remains a good place to work. The Abacus Medicine Group often promotes internal talent to leadership positions that require fundamental skills. To support this, we have initiated our internal Fundamental Leadership Development Training, in which 38 employees participated in 2024. Additionally, we launched our Global Mentor Programme aimed at early career employees. This programme connects leaders and employees across our locations, providing a space for colleagues to realize opportunities and build on their professional development by learning from the experience and insights of others. All members of our Senior Management Team, as well as new leaders, have been trained to live up to the promise in our employer brand. We firmly believe that conscious inclusion and diversity awareness is an everyday practice that all employees should apply, and we actively work towards that goal. We have launched an inclusive project team initiative and a playbook on how to create diverse teams and ensure an inclusive environment. In May 2024, we celebrated Diversity and Inclusion Week globally, focusing on conscious inclusion and unconscious biases. It included a myriad of different activities across locations, with the overall aim of helping us all become more conscious and aware of the value of both diversity and inclusion.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statutory social responsibility statement, cf. FSA §99a</td></tr><tr><td colspan="1">FTW Holding is the parent company of Abacus Medicine A/S and has assessed that the main impacts on social and environmental conditions are related to the business activities of the subsidiary. Therefore, the company’s reporting on social responsibility, cf. the statutory requirements of FSA §99a, focuses on Abacus Medicine’s efforts within the areas of corporate responsibility.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Business model</td></tr><tr><td colspan="1">Abacus Medicine supplies prescription medicine worldwide to pharmacies, hospitals and pharmaceutical companies. Each day, more than 1,500 employees improve global access to medicine from offices, warehouses and production facilities in Europe and Asia. The core business is known as parallel distribution. We help to reduce healthcare costs by giving patients in 35 countries around the world access to medicine at a lower price.</td></tr><tr><td colspan="1">Management's review (continued)</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Human Rights and Anti-Corruption</td></tr><tr><td colspan="1">The Group has zero tolerance regarding slavery and human trafficking, and have therefore adopted Modern Slavery Policies, which includes an Anti-Human Trafficking Policy and an Anti-Slavery Policy. Furthermore, an Anti-Corruption Policy is set in place to counter corruption in all its forms. Although the risks for human rights abuses and corruption has been assessed low, Abacus Medicine is aware of the risks of breaches to our policies in the global value chain. We maintain a zero-tolerance stance against any form of corruption, including bribery, extortion, kick-backs, and facilitation payments, and prohibit engagement in such activities by employees or associates.</td></tr><tr><td colspan="1">Abacus Medicine continuously seeks to promote and implement these policies where it has an influence, particularly contractors, suppliers, and all other entities and individuals with whom it has a business relationship. In 2024, FTW Holding Group, therefore, have communicated these policies to relevant suppliers.</td></tr><tr><td colspan="1">Through an investigation into breeches of the policies in 2024, no breaches of human rights and anti-corruption policies was recorded.</td></tr><tr><td colspan="1">Abacus Medicine continuously seeks to promote respect for these policies by others where it has an influence, particularly contractors, suppliers, and all other entities and individuals with whom it has a business relationship.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Environment</td></tr><tr><td colspan="1">The Group’s objective is to provide better access to medicine. We believe this is our strongest contribution to society, but we also want to take responsibility for our impact on the environment and society.</td></tr><tr><td colspan="1">We support the UN Sustainable Development Goals (SDGs) to help solve major global challenges. Our efforts focus on pursuing three SDGs which relate to our core business: SDG 3 (Good Health and Well-being), SDG 8 (Decent Work and Economic Growth) and SDG 12 (Responsible Consumption and Production). In 2024, Abacus Medicine worked with three focus areas that all support our core ESG efforts and ensure that ESG is increasingly becoming an integral part of our operations and processes.</td></tr><tr><td colspan="1">As a result of our business model, energy consumption, CO2 emissions from transport, procurement of medicine, and repackaging, are considered to pose significant risks to environmental and climatic conditions.</td></tr><tr><td colspan="1">In 2024, we actively collaborate with our logistics partners to explore alternative, greener transportation solutions and gather data for better insight into our environmental footprint, developed a more responsible waste management, and being more energy efficient, to reduce the environmental and climate footprint across all subsidiaries, to help create a more sustainable business. As a result, we have in 2024 recycled 99,9 % of our 243 tonnes of paper and cardboard in Hungary. We will continue the development of our responsible waste management in 2025.</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Social and Employee matters</td></tr><tr><td colspan="1">Our commitment to employee satisfaction and well-being has always been a cornerstone of our culture. We measure performance on this annually through our global employee satisfaction survey, which reflected an 80% participation rate in 2024. The results were encouraging, showing a very positive score of 3.5 out of 4 on colleague-to-colleague relationships, a strong score of 3.3 out of 4 in employee-leader relationships and 3.2 out of 4 for employee engagement and commitment. At our core is our diverse workforce and a dedication to be completely free of discrimination in all aspects with our well-established Anti-Discrimination Policy. In 2025, our management will discuss and consider implementing the recommendations our employees gave us in the annual survey from 2024 in order to improve the well-being of our employees.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data ethics</td></tr><tr><td colspan="1">We protect fundamental rights in relation to personal data. Our Personal Data and Privacy Policy and Guidelines for Handling of Personal Data, see section 99d of the Danish Financial Statements Act, can be found on our website (https://abacusmedicinegroup.com/privacy-and-cookie-policy/). These ensure that we comply with laws and regulations in relation to the protection of personal data. Since 2023, data ethics are a part of the Abacus Medicine Group’s Personal Data and Privacy Policy, because we believe that it is important to consider the ethical dimension of fundamental human rights when we use technology.</td></tr></table> Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M xWizard version 1.1.1364.0, by EasyX Aps. www.easyx.eu 2023-01-01 2023-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 16000 -177000 -328000 42807000 671000 42989000 36397000 79386000 5960000 65357000 31465000 20595000 10048000 0 0 0 0 0 0 0 0 0 0 0 0 0 347000 0 0 0 -347000 7542000 0 0 1284000 539000 6797000 335000 0 671000 0 0 -336000 7877000 347000 671000 1284000 539000 6114000 8770000 302000 111000 1127000 -1081000 6149000 16000 -177000 -675000 49604000 335000 49103000 42546000 91649000 12214000 34484000 18972000 6665000 352000 235000 6633000 67341000 112769000 116709000 28191000 17889000 1353000 12214000 289125000 356466000 16000 -852000 49604000 335000 42546000 1486000 0 3526000 1390000 6402000 6327000 3822000 51233000 166918000 4184000 25931000 0 258415000 264817000 356466000 73797000 39313000 30409000 11437000 18972000 25078000 12643000 -42398000 360000 14561000 3756000 -13598000 6589000 2081000 746000 -7526000 0 3403000 0 791000 1614000 13099000 -8025000 3000 1210374000 1066236000 144138000 30042000 66676000 12643000 0 34777000 3133000 1831000 14663000 5479000 19599000 10560000 -9039000 419042 0 7000 9000 435042 61307000 3722000 2002000 3111000 1196 2081000 0 0 Share of profit (loss) in associates -3000 Share of profit (loss) in associates -3133000 Finance income -1756000 Finance income -1831000 Finance expenses 17757000 Finance expenses 14663000 Non-cash items, net 1794000 Non-cash items, net -663000 Disposals non-current assets 1000 Disposals non-current assets 1593000 Change in paid deposits -2000 Change in paid deposits 297000 Proceeds from borrowings (credit facility) -11701000 Proceeds from borrowings (credit facility) 20717000 Proceeds from exercise of warrants 0 Proceeds from exercise of warrants 0 Deposits regarding bank agreement -184000 Deposits regarding bank agreement -1548000 Aqusition of minorities 0 Aqusition of minorities 0 Proceeds from exercise of warrants 0 Proceeds from exercise of warrants 0 13982000 5960000 33892000 10547000 7656000 217000 233000 4894000 57439000 117084000 82795000 23373000 30696000 1936000 5960000 261844000 319283000 16000 -505000 42807000 671000 36397000 79386000 1734000 0 5018000 2073000 8825000 5388000 3420000 62843000 131725000 6954000 20742000 0 231072000 239897000 319283000 0 0 18852000 8577000 36922000 19013000 1097000 1097000 8486000 2778000 0 0 441000 -441000 0 0 0 0 -13000 1650000 441000 -3000 1890000 26000 0 -18000 6382000 18000 4753000 316000 0 0 0 0 0 0 0 -2000 0 0 0 848000 0 0 0 0 20930000 10490000 10440000 43286000 24100000 19186000 1097000 1097000 0 8484000 3626000 4858000 4184000 695000 1974000 1199000 14437000 8154000 0 4130000 0 0 0 407000 0 -99000 331000 0 8000 -64000 240000 0 -358000 6482000 0 664000 -186000 1622000 -630000 8314000 1102000 7212000 2198000 1375000 823000 19897000 8960000 10937000 Flemming Wagner CEO <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Staff costs</td></tr></table> 112000 0 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >3</td><td width="96%" colspan="21" align="left" valign="middle" >Equity investments in group entities</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Moder</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="4" align="left" valign="middle" >Ownership 2024</td><td width="24%" colspan="3" align="left" valign="middle" >Ownership 2023</td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Name</td><td width="24%" colspan="6" align="left" valign="middle" >Registered office</td><td width="16%" colspan="4" align="left" valign="middle" >and voting rights</td><td width="24%" colspan="3" align="left" valign="middle" >and voting rights</td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >FTW Invest ApS</td><td width="24%" colspan="6" align="left" valign="middle" >Denmark</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Evocative ApS</td><td width="24%" colspan="6" align="left" valign="middle" >Denmark</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Wagner Family Holding ApS</td><td width="24%" colspan="6" align="left" valign="middle" >Denmark</td><td width="4%" align="right" valign="middle" >93,52%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >92,83%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine A/S</td><td width="24%" colspan="6" align="left" valign="middle" >Denmark</td><td width="4%" align="right" valign="middle" >57,38%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >57,38%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Hungary Kft.</td><td width="24%" colspan="6" align="left" valign="middle" >Hungary</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >+365 Medicines GmbH</td><td width="24%" colspan="6" align="left" valign="middle" >Germany</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Berlin GmbH *</td><td width="24%" colspan="6" align="left" valign="middle" >Germany</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Ltd</td><td width="24%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Austria GmbH</td><td width="24%" colspan="6" align="left" valign="middle" >Austria</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine France S.A.S.</td><td width="24%" colspan="6" align="left" valign="middle" >France</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Finland Oy</td><td width="24%" colspan="6" align="left" valign="middle" >Finland</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Ireland Ltd.</td><td width="24%" colspan="6" align="left" valign="middle" >Ireland</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Switzerland LLC**</td><td width="24%" colspan="6" align="left" valign="middle" >Switzerland</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="24%" colspan="3" align="left" valign="middle" >-</td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >PharmaSave BVBA</td><td width="24%" colspan="6" align="left" valign="middle" >Belgium</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Originalis B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine WH B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Aposave S.L.</td><td width="24%" colspan="6" align="left" valign="middle" >Spain</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Zdrave Med Ltd.</td><td width="24%" colspan="6" align="left" valign="middle" >Bulgaria</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services ApS</td><td width="24%" colspan="6" align="left" valign="middle" >Denmark</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services Ltd.</td><td width="24%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services Asia Ltd.</td><td width="24%" colspan="6" align="left" valign="middle" >Hong Kong</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine US Inc.</td><td width="24%" colspan="6" align="left" valign="middle" >USA</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Aposave Mexico S de RL de</td><td width="24%" colspan="6" align="left" valign="middle" >Mexico</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >ApoSave Peru</td><td width="24%" colspan="6" align="left" valign="middle" >Peru</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripharm Holding B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripharm Groep B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >ThuisApotheek B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripharm B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripack Alkmaar</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripack Zwolle</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripack Breda</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluriplus B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Distrimed B.V</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripharm Apotheek Beheer B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Apotheekfonds Pharmaconnect B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >50,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >50,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripharm Direct B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Phardis B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Instellingsapotheek B.V.</td><td width="24%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripharm Ireland Ltd.**</td><td width="24%" colspan="6" align="left" valign="middle" >Ireland</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="24%" colspan="3" align="left" valign="middle" >-</td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >Pluripharm Belgium B.V.**</td><td width="24%" colspan="6" align="left" valign="middle" >Belgium</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="24%" colspan="3" align="left" valign="middle" >-</td></tr><tr><td width="4%" ></td><td width="32%" colspan="8" align="left" valign="middle" >DayDose ApS</td><td width="24%" colspan="6" align="left" valign="middle" >Denmark</td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >100,00%</td><td width="4%" ></td><td width="16%" ></td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >* Abacus Medicine Berlin GmbH has made use of the exemption option under Section 264 (3) HGB under German law. The prerequisite for this is the reference to the use of this exemption option in the consolidated notes of the Parent Company. This notice is hereby given.</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >** Newly established company in 2024</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Cost as at 1 January</td><td width="4%" align="right" valign="middle" >6784,369</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >6779</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Addition</td><td width="4%" align="right" valign="middle" >1007,383</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >5,369128</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Cost as at 31 December</td><td width="4%" align="right" valign="middle" >7791,752</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >6784,369</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Value adjustments as at 1 January</td><td width="4%" align="right" valign="middle" >33603,85</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >23342,85</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Ownership portion of profit for the year</td><td width="4%" align="right" valign="middle" >7912</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >10349</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Ownership portion of equity movement in group entities etc.</td><td width="4%" align="right" valign="middle" >-1098</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-88</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Dividend received</td><td width="4%" align="right" valign="middle" >-1432,3</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Value adjustments as at 31 December</td><td width="4%" align="right" valign="middle" >38985,56</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >33603,85</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Carrying value as at 31 December</td><td width="4%" align="right" valign="middle" >46777,31</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >40388,22</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Which are presented as follows</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Equity investments in group entities and other investments</td><td width="4%" align="right" valign="middle" >46777,31</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >50654,59</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >As at 31 December</td><td width="4%" align="right" valign="middle" >46777,31</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >50654,59</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" align="right" valign="middle" >4</td><td width="96%" colspan="21" align="left" valign="middle" >Finance income and expenses</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Moder</td><td width="16%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Finance income</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Intercompany interest</td><td width="4%" align="right" valign="middle" >57,69037</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >55,91463</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Other interest</td><td width="4%" align="right" valign="middle" >39,89197</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >27,51112</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total finance income</td><td width="4%" align="right" valign="middle" >97,58234</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >83,42575</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Moder</td><td width="16%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Finance expenses</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Intercompany interest</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Other interest</td><td width="4%" align="right" valign="middle" >-0,40849</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-1,39325</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Total finance expense</td><td width="4%" align="right" valign="middle" >-0,40849</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-1,39325</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Moder</td><td width="16%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="4%" align="right" valign="middle" >5</td><td width="96%" colspan="21" align="left" valign="middle" >Tax</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Income statement</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >EUR’000</td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Current income tax</td><td width="4%" align="right" valign="middle" >9,94279</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >-7,10992</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Relating to origination and reversal of temporary difference</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >184,3935</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Tax</td><td width="4%" align="right" valign="middle" >9,94279</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >177,2836</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Deferred tax</td></tr><tr><td width="4%" ></td><td width="96%" colspan="21" align="left" valign="middle" >Balance sheet</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >Moder</td><td width="16%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" ></td><td width="4%" align="right" valign="middle" >2024</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >2023</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax 1 January</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax for the year recognised in profit for the year</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr><tr><td width="4%" ></td><td width="72%" colspan="18" align="left" valign="middle" >Deferred tax 31 December</td><td width="4%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="16%" align="right" valign="middle" >0</td></tr><tr><td colspan="22"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >6</td><td width="50%" colspan="1" align="left" valign="middle" >Receivables from group entities</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >In 2022, FTW Holding ApS has provided a loan of DKK 8 million to FTW Invest Aps. The loan has to be repaid end of 2026 at the latest.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >7</td><td width="50%" colspan="1" align="left" valign="middle" >Other receivables</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Other receivables includes receivables which are due end of 2024 at the latest.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >8</td><td width="50%" colspan="1" align="left" valign="middle" >Contractual obligations and contingencies etc.</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >FTW Holding ApS is jointly taxed with the Danish entities within the FTW Holding ApS group, with FTW Holding ApS as the administrative company. FTW Holding ApS is, together with the other Danish companies in FTW Holding ApS group, liable for corporate taxes and withholding taxes on dividends, interests and royalties.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >9</td><td width="50%" colspan="1" align="left" valign="middle" >Mortgage and collateral</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >For information on mortgage and collateral for the Group, please refer back to the note 22 in the consolidated financial statements. The parent company has no pledges or collaterals.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >FTW Holding ApS has pledged the shares in Wagner Family Holding ApS as security for the bank loans within the Group. For detailed desciption of terms and amounts please refer back to note 22 in the consolidated financial statements.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >10</td><td width="50%" colspan="1" align="left" valign="middle" >Related party disclosures</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Controlling Influence</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >The related parties of FTW Holding ApS is disclosed in note 24 of the consolidated financial statements.</td></tr><tr><td colspan="2"></td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >In 2022, FTW Holding ApS has provided a loan of DKK 8 million (EUR 1.1 million) to FTW Invest Aps. The entity recevies interests on the loan, refer to note 4 finance income and expenses.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="50%" align="right" valign="middle" >11</td><td width="50%" colspan="1" align="left" valign="middle" >Events after the reporting period</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >Moder</td></tr><tr><td width="50%" ></td><td width="50%" colspan="1" align="left" valign="middle" >No events have occurred after the balance sheet date which could have a material effect on FTW Holding ApS’ financial position at 31 December 2024.</td></tr></table> 7877000 -6000 671000 -1098000 31000 112000 -142000 7912000 98000 0 7867000 -10000 6480000 1062000 Ledelsespåtegning 29000 19000 29000 -48000 10349000 83000 1000 10383000 -177000 10560000 10349000 -460000 16000 33604000 8698000 671000 42989000 0 0 0 0 6480000 0 0 -1098000 1062000 -6000 0 0 335000 0 671000 0 16000 38986000 9766000 335000 49103000 46777000 46777000 1219000 9000 295000 952000 2475000 49252000 16000 38986000 9766000 335000 136000 0 13000 149000 149000 49252000 40388000 40388000 1141000 0 290000 1352000 2783000 43171000 16000 33604000 8698000 671000 42989000 158000 9000 15000 182000 182000 43171000 1023978000 105542000 14068000 5117000 1973000 31079000 -8687000 -15842000 6550000 0 0 1140 940754000 81536000 5737000 -240000 2327000 30935000 -9597000 -19587000 1751000 0 0 1052 663601000 67524000 4308000 -952000 2031000 -14350000 -9004000 20804000 -2550000 0 0 913 Operating profit before depreciations and amortisation (EBITDA) 50397000 Operating profit before depreciations and amortisation (EBITDA) 47420000 Operating profit before depreciations and amortisation (EBITDA) 26055000 Operating profit before depreciations and amortisation (EBITDA) 16452000 Operating profit before depreciations and amortisation (EBITDA) 12534000 Financial expenses, net -16001000 Financial expenses, net -12832000 Financial expenses, net -6182000 Financial expenses, net -4418000 Financial expenses, net -4439000 61146000 174056000 235202000 61563000 13875000 159764000 60621000 157382000 218003000 56471000 16544000 144988000 55784000 168662000 224446000 57174000 8014000 159258000 Portion relating to investments in intangible assets 8473000 Portion relating to investments in intangible assets 6589000 Portion relating to investments in intangible assets 6635000 Portion relating to investments in intangible assets 7354000 Portion relating to investments in intangible assets 6895000 Of which relate to intangible assets -8031000 Of which relate to intangible assets -6589000 Of which relate to intangible assets -6635000 Of which relate to intangible assets -7354000 Of which relate to intangible assets -6895000 Of which relate to tangible assets -10943000 Of which relate to tangible assets -2081000 Of which relate to tangible assets -1973000 Of which relate to tangible assets -2327000 Of which relate to tangible assets -2031000 EBITDA Margin 0 EBITDA Margin 0 EBITDA Margin 0 EBITDA Margin 0 EBITDA Margin 0 EY Godkendt Revisionspartnerselskab 30700228 Ole Becker State Authorised Public Accountant mne33732