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style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Management’s review</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 /><td>Management’s review</td></tr><tr><td /><td>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) and DayDose 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 review. The core business of the Group is parallel distribution and wholesale of phamarceuticals. The result for the year in the consolidated financial statements ended at a loss of EUR 0.2 million, which is not satisfactory. Revenue for the Abacus Medicine Group grew 42% in 2021 to EUR 940.7 million against EUR 663.6 million. The development was in line with the Outlook. This is the Group's highest revenue ever and was driven by organic growth from the expansion of our product range, as well as the full-year impact of the Pluripharm acquisition in August 2020. The ongoing COVID-19 pandemic resulted in generally subdued markets with weaker demand. Across Europe and beyond, healthcare systems were forced to prioritize COVID-19 ahead of many other types of treatments for the second year running. As a supplier of a wide range of prescription medicines this had a negative impact on our business. On top of this, the Group experienced difficult market conditions in Germany due to price changes. Germany represents more than half of the total sales of parallel distributed medicine in Europe. The effect of these dynamics and the full year impact of the Pluripharm acquisition was a gross margin for the Group of 8.7% in 2021, down from 10.2% the year before. Gross profit rose to EUR 81.5 million from EUR 67.6 million the year before. EBITDA of EUR 16.5 million and an EBITDA margin of 1.7% was within the Outlook but not in line with the long-term ambition.</td></tr><tr><td /><td>Profit for the year for the Abacus Medicine Group was EUR 0.4 million, which was not satisfactory. The result for DayDose ApS ended with a loss of EUR 0.3 million. The average number of full time employees was 1,052 in 2021.</td></tr></table> 940754000 81536000 -240000 2327000 30935000 -9597000 -19587000 0.087 0.259 1052 <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 comparative figures are not adjusted for the implementation of IFRS 16</td></tr><tr><td /><td>Gross margin</td><td>Gross profit x 100/Revenue</td></tr><tr><td /><td>Operating profit before depreciations</td><td>Operating profit excl. amortisation and depreciation x 100/Revenue</td></tr><tr><td /><td>and amortisations (EBITDA) margin</td></tr><tr><td /><td>Solvency ratio</td><td>Closing equity x 100/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 /><td>Investing in new licences and IT</td></tr><tr><td /><td>In 2021, the Abacus Medicine Group rapidly expanded the portfolio of product licences. In combination with investments in IT, the result was an increase in Intangible assets to EUR 30.9 million from 29.2 million the year before. Assets in the form of Property, plant and equipment decreased from EUR 11.4 million in 2020 to EUR 11.0 million in 2021. Current assets, mainly in the form of Inventory and Trade and other receivables, declined to EUR 157.4 million against 168.7 the previous year.</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>Unusual matters</td></tr><tr><td /><td>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 /><td>Material recognition and measurement uncertainties</td></tr><tr><td /><td>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 below.</td></tr><tr><td /><td>Outlook for 2022</td></tr><tr><td /><td>Our ability to grow the business remains intact despite the COVID-19 pandemic. Management expects that the number of prescriptions will revert towards a normalised level during 2022 and that the introduction of new products and services will drive further growth and revenue beyond EUR 1 billion. For 2022, Management expects that the FTW Group will achieve organic revenue growth of around 9‐19%. The FTW Group revenue is expected to be within the range of EUR 1,020-1,120 million and the EBITDA margin is expected to be within the range of 1.9%‐2.6% in 2022. The FTW Group management expects that the activities in FTW Invest and DayDose will have a limited negative 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 /><td>Special risks</td></tr><tr><td /><td>Market risk</td></tr><tr><td /><td>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><tr><td /><td>Currency risk</td></tr><tr><td /><td>The Group operates in more than a dozen countries and our profit, cash flows and equity are affected by exchange rate fluctuations, particularly SEK and GBP when it comes to sales and a number of different currencies, when it comes to purchases. 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><tr><td /><td>Interest rate risk</td></tr><tr><td /><td>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><tr><td /><td>Liquidity risk</td></tr><tr><td /><td>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 Abacus Medicine 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><tr><td /><td>Sustainability</td></tr><tr><td /><td>For 2021, a new Sustainability Report has been introduced in the subsidiary Abacus Medicine A/S. This report is the first of its kind in the Abacus Medicine Group. With the new report, the management wishes to make sustainability efforts more visible and clear to society and stakeholders. In the new Sustainability Report, detailed information on sustainability activities for the year, including ESG impact, are provided. Furthermore, all statutory measures around environmental impact, diversity and compliance in accordance with section 99a of the Danish Financial Statements Act and section 54, part 6, of the UK Modern Slavery Act are covered in the report.</td></tr><tr><td /><td>In the report, the Abacus Medicine Group's focus programs are described. The programs are centered around selected number of business areas that are the most significant and relevant to our sustainability efforts and environmental impact. In 2021, the Group worked with the following 8 focus programs: • Diversity • Community engagement • Transportation • Overall sourcing • Reduce waste • Supplier code of conduct • Sustainable initiatives and corporate guidelines • ESG reporting</td></tr><tr><td /><td>Among the key focus areas is the production. Abacus Medicine Group has successful focus programs concentrated around waste management processes in the production facilities as well as the sourcing activities in relation to packaging material. Another key focus area is the transport activities. The transport of medicines is a main driver for the Abacus Medicine Group and is basically the foundation of the business model. However, it is also the main contributor to our environmental footprint. As such, we work diligently every year on optimizing our transport activities in the most sustainable way. Lastly, we work with sustainability in the social area centered around our employees and our surroundings communities. In 2021, we took big steps in relation to our work with diversity and inclusion as well as our community engagement activities.</td></tr><tr><td /><td>Sustainability approach</td></tr><tr><td /><td>In 2021, the Abacus Medicine Group revised the approach to sustainability and implemented new and improved ways to evaluate our progress continuously throughout the year. In the Abacus Medicine Group, sustainability is governed at executive management level through our Sustainability Steering Committee. The Committee is comprised of relevant top level managers from different areas of the business. Together, the Committee sets the overall direction and strategy for the year and agrees on the focus programs to be executed on. It is the Committee’s responsibility to continuously evaluate the progress of our work throughout the year. The Committee engages in a running dialogue with the Board of Directors on the strategic direction for Sustainability through regular Board meetings and dedicated workshops. In the Abacus Medicine Group, we believe that sustainability should be a combined effort by the whole organization. Our work with sustainability is highly decentralized as we believe that engaging all departments and employees will create the greatest impact. As such, the daily responsibility for the focus programs is delegated to relevant line functions such as HR, Purchase, Supply Chain and Production.</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>Diversity</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 /><td>FTW Holding ApS only has a management consisting of a CEO and no employees and therefore FTW Holding ApS does not report on section §99b of the Danish Financial Statements Act.</td></tr><tr><td /><td>The subsidiary Abacus Medicine A/S recognises the importance of promoting diversity, including gender, at management levels. The purpose is to ensure equal opportunities through encouragement of diversity including age, ethnicity, nationality, religion, education and sexual orientation. Abacus Medicine seek to be an attractive workplace for all employees and focus on ensuring equal opportunities for all in career advancement and the prospect of occupying management positions.</td></tr><tr><td /><td>Abacus Medicine Group employs candidates for management positions with profiles and qualifications best suitable for the company. In this context, gender will be considered when appointing candidates for management positions while taking into account other relevant recruitment criteria, including professional qualifications, relevant experience, educational background, etc.</td></tr><tr><td /><td>The average number of full-time employee was 0 (2020: 0 employee).</td></tr><tr><td /><td>In 2021, Abacus Medicine Group welcomed a new member to the Board of Directors, Michala Fischer-Hansen. Mrs. Fischer-Hansen brings valuable experience from the pharmaceutical industry.</td></tr><tr><td /><td>Below we have listed the development in the gender representation at the management levels at Abacus Medicine Group.</td></tr><tr><td /><td>Board of Directors</td></tr><tr><td /><td>Men</td><td>86%</td></tr><tr><td /><td>Women</td><td>14%</td></tr><tr><td /><td>Executive Management team</td></tr><tr><td /><td>Men</td><td>78%</td></tr><tr><td /><td>Women</td><td>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>Statutory social responsibility statement, cf. FSA §99a</td></tr><tr><td /><td>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><tr><td /><td>Business model</td></tr><tr><td /><td>Abacus Medicine supplies prescription medicine worldwide to pharmacies, hospitals and pharmaceutical companies. Each day, more than 1,000 employees improve global access to medicine from offices, warehouses and production facilities in Europe, the US and Asia. The core business is known as parallel distribution. We help to reduce healthcare costs by giving patients in multiple European countries access to medicine at a lower price.</td></tr><tr><td /><td>Human Rights and Anti-Corruption</td></tr><tr><td /><td>Abacus Medicine has adopted a policy for Humans Rights, 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.</td></tr><tr><td /><td>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 2021, FTW Holding, therefore, have communicated these policies to relevant suppliers.</td></tr><tr><td /><td>Through an investigation into breeches of the policies in 2021, no breaches of human rights and anti-corruption policies was recorded.</td></tr><tr><td /><td>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><tr><td /><td>Environment and Climate</td></tr><tr><td /><td>Abacus Medicine is aware of its societal impact and the responsibilities to ensure well-documented processes and compliance with a wide range of environmental legislation. The largest environmental risk comes from use of electricity at production facilities, paper and cardboard waste from repackaging of medicine, and transport carried out by sub-suppliers. During 2021, Abacus Medicine worked with programs to produce assessments of the environmental impact of supplier’s solutions to carton material.</td></tr><tr><td /><td>Abacus Medicine aims to reduce its environmental and climate footprint across all its subsidiaries, to help create a more sustainable business.</td></tr><tr><td /><td>In the future, it is expected that the programs will help showcase where Abacus Medicine should use the most of its efforts to reduce the environmental and climate footprint of the company.</td></tr><tr><td /><td>Social and Employee matters</td></tr><tr><td /><td>Abacus Medicine strives to provide a safe, healthy and secure working environment for all its employees. The main risks to employees are assessed to be discrimination and dissatisfaction among the employees. 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. Through an employee satisfaction survey, room for improvement was found regarding global cooperation and global information flows. In 2021, a set of focus group discussions were held as part of the program to optimize global cooperation and information flows. The Covid-19 pandemic has not gone unnoticed at Abacus Medicine either. The main risk was assessed to be employees getting sick at the workplace. In response, the company provided online management training on remote management and created guidelines for managing employees from a distance. Material was created for both managers and employees to support them in the very unusual situation, and the HR departments at all locations made sure to follow up with both managers and employees to ensure a good working environment during the crisis.</td></tr><tr><td /><td>In the future we will continue optimize global cooperation and information flow.</td></tr><tr><td /><td>Data ethics</td></tr><tr><td /><td>The Abacus Medicine Group has not implemented a Data Ethics policy for 2021, due to the following reasons</td></tr><tr><td /><td>The majority of the Abacus Medicine Group’s business takes place in the business-to-business segment, and the involvement of personal data is therefore limited. The company has not implemented any new technologies that would give rise to concerns regarding data ethics in relation to personal data.</td></tr><tr><td /><td>The protection of individuals’ fundamental rights and freedoms is achieved through compliance with existing data protection laws, especially the requirements relating to data minimization, transparency and security.</td></tr><tr><td /><td>The use of non-personal data within the Abacus Medicine Group does not involve any new technologies that would give rise to ethical concerns.</td></tr></table> FTW Holding ApS 1560 Copenhagen Kalvebod Brygge 35, 2022-06-21 Torben Mauritzen 39873389 2018-09-15 Copenhagen, Denmark flemming.wagner@abacusmedicine.com 4570220212 859218000 23057000 42027000 10715000 0 5737000 -17000 112000 4530000 1302000 1542000 -180000 60000 1226000 73000 260000 16000 1677000 0 183000 8000 -703000 10715000 -17000 -112000 -4530000 -1503000 20685000 112000 3448000 1363000 7354000 2327000 0 0 2213000 0 0 1677000 1751000 <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 /><td>Accounting policies</td></tr><tr><td /><td /><td>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 2021, 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 /><td /><td>The annual report of FTW Holding ApS for 2021 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 /><td /><td>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 /><td /><td>Basis of preparation</td></tr><tr><td /><td /><td>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><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>Basis of preparation</td></tr><tr><td /><td>The Financial statements of FTW Holding ApS for 2021 has been prepared in accordance with the provisions applying to medium-sized reporting class C entities under the Danish Financial Statements Act. The Financial Statements for 2021 are presented in EUR.</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 /><td>Consolidated financial statements</td></tr><tr><td /><td /><td>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 2021. 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 /><td /><td>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 /><td /><td>Business combinations</td></tr><tr><td /><td /><td>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. 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 /><td /><td>Foreign currency translation</td></tr><tr><td /><td /><td>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 /><td /><td>Transactions and balances</td></tr><tr><td /><td /><td>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 /><td /><td>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><tr><td /><td /><td>Current versus non-current classification</td></tr><tr><td /><td /><td>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></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 /><td>Derivative financial instruments</td></tr><tr><td /><td /><td>Initial recognition</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>Income Statement</td></tr><tr><td /><td /><td>Revenue</td></tr><tr><td /><td /><td>The company has chosen IFRS 15 as interpretation for the recognition of revenue.</td></tr><tr><td /><td /><td>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 recognized at one-point-of-time. Due to factoring agreements, the receivables are either sold or financed, 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><tr><td /><td /><td>Rights of return</td></tr><tr><td /><td /><td>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 the Group 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></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 /><td>Assets and liabilities arising from rights of return</td></tr><tr><td /><td /><td>Rights of return assets</td></tr><tr><td /><td /><td>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 inventory.</td></tr><tr><td /><td /><td>Rights of return liabilities</td></tr><tr><td /><td /><td>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 the Group 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 /><td /><td>Significant accounting judgements, estimates and assumptions</td></tr><tr><td /><td /><td>Customer rebates, discounts and price adjustments</td></tr><tr><td /><td /><td>Certain contracts for the sale of products include customer rebates, discounts and price adjustments that give rise to variable consideration. 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 provisions for rebates, discounts and price adjustments granted to customers are recognized as a reduction of 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 /><td /><td>Cost of sales</td></tr><tr><td /><td /><td>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 /><td /><td>Other external expenses</td></tr><tr><td /><td /><td>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 /><td /><td>Staff costs</td></tr><tr><td /><td /><td>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 /><td /><td>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><tr><td /><td /><td>Share-based payments</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Other operating costs</td></tr><tr><td /><td /><td>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 /><td /><td>Finance income and expenses</td></tr><tr><td /><td /><td>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 /><td /><td>Income tax</td></tr><tr><td /><td /><td>Tax for the year</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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></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 /><td>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 /><td /><td>Intangible assets</td></tr><tr><td /><td /><td>Goodwill, Licenses, Software and IP rights</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Amortisation periods are as follows</td></tr><tr><td /><td /><td>Goodwill</td></tr><tr><td /><td /><td>Licenses</td></tr><tr><td /><td /><td>Software</td></tr><tr><td /><td /><td>IP Rights</td></tr><tr><td /><td /><td>The assets have no scrap value.</td></tr><tr><td /><td /><td>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 /><td /><td>Development costs</td></tr><tr><td /><td /><td>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 /><td /><td>Property, plant and equipment</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Land and buildings</td></tr><tr><td /><td /><td>Leasehold improvements</td></tr><tr><td /><td /><td>Other fixtures and fittings</td></tr><tr><td /><td /><td>The assets have no scrap value.</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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></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 /><td>Leases</td></tr><tr><td /><td /><td>Right-of-use assets</td></tr><tr><td /><td /><td>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). 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><tr><td /><td /><td>Lease liabilities</td></tr><tr><td /><td /><td>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 /><td /><td>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><tr><td /><td /><td>Short-term leases and leases of low-value assets</td></tr><tr><td /><td /><td>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><tr><td /><td /><td>Significant judgement in determining the lease term of contracts with extension options</td></tr><tr><td /><td /><td>FTW Holding determines the lease term as the non-cancellable term of the lease, together with any periods covered by an option to extend the lease if it is reasonably certain to be exercised, or any periods covered by an option to terminate the lease, if it is reasonably certain not to be exercised. Under the current contracts, FTW Holding has no material extension options.</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 /><td>Impairment of non-current assets</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Impairment is determined for goodwill by assessing the recoverable amount of the CGU to which the goodwill relates (Abacus Medicine Pharma Services). 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></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 /><td>Inventories</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Receivables</td></tr><tr><td /><td /><td>Receivables are measured at amortised cost.</td></tr><tr><td /><td /><td>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></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 /><td>Prepayments</td></tr><tr><td /><td /><td>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 /><td /><td>Cash</td></tr><tr><td /><td /><td>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 /><td /><td>Equity</td></tr><tr><td /><td /><td>Foreign currency translation reserve</td></tr><tr><td /><td /><td>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><tr><td /><td /><td>Cash flow hedge reserve</td></tr><tr><td /><td /><td>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 /><td /><td>Dividend</td></tr><tr><td /><td /><td>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><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>Reserve for net revaluation according to the equity method</td></tr><tr><td /><td>Net revaluation of equity investments in group entities is recognised at cost in the reserve for net revaluation according to the equity method if the earnings amount exceeds the costs. The reserve can be eliminated in case of losses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount.</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 /><td>Taxation</td></tr><tr><td /><td /><td>Current income tax and deferred tax</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>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 /><td /><td>Provisions</td></tr><tr><td /><td /><td>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 /><td /><td>Liabilities</td></tr><tr><td /><td /><td>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 /><td /><td>Other liabilities are measured at net realised value.</td></tr><tr><td /><td /><td>Fair value</td></tr><tr><td /><td /><td>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 /><td /><td>Level 1</td><td /><td>Value in an active market for similar assets/liabilities.</td></tr><tr><td /><td /><td>Level 2</td><td /><td>Value based on recognised valuation methods on the basis of observable market information.</td></tr><tr><td /><td /><td>Level 3</td><td /><td>Value based on recognised valuation methods and reasonable estimates (non-observable market information).</td></tr><tr><td /><td /><td>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></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 /><td>Cash flow statement</td></tr><tr><td /><td /><td>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 /><td /><td>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 /><td /><td>Cash flows are presented using the indirect method.</td></tr><tr><td /><td /><td>Cash flow from operating activities</td></tr><tr><td /><td /><td>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><tr><td /><td /><td>Cash flow from investing activities</td></tr><tr><td /><td /><td>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><tr><td /><td /><td>Cash flow from financing activities</td></tr><tr><td /><td /><td>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><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>Cash flow statement</td></tr><tr><td /><td>The parent company is omitted from preparation of cash flow statement in accordance the Danish Financial Statements Act 86 section 4. For cash flow, reference is made to the group consolidated financial statements.</td></tr><tr><td /><td>Equity investments in group entities</td></tr><tr><td /><td>The Parent’s equity investments in group entities are accounted for using the equity method. FTW Holding ApS has chosen to consider the equity method as a consolidation method. Under the equity method, an investment in the group entity is initially recognised at cost. The carrying amount of the investment is adjusted to recognize changes in the parent's share of net assets of the subsidiary since the acquisition date. Goodwill relating to the group entity is included in the carrying amount of the investment and is not tested for impairment separately, however the carrying amount of the equity investments in group entities is subject to an annual test for indications of impairment. Goodwill in group entities is amortised over 10 years. The statement of profit or loss reflects the parent’s share of the results of operations of the group entities. Any change in other comprehensive income of those group entities is presented as part of the parent's other comprehensive income. In addition, where a change has been recognised directly in the equity of the group entity, the Parent recognizes its share of any changes, when applicable, in the statement of changes in equity. Unrealised gains and losses resulting from transactions between the Parent and the group entity are eliminated. Investments in enterprises with negative net asset values are measured at DKK 0 (nil). The enterprise's proportionate share of any negative equity is set off against receivables from the investment to the extent the receivable is deemed irrecoverable. If the Parent Company has a constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognised under provisions. Net revaluations of the equity investments in group entities are transferred to the reserve for net revaluation, according to the equity method, to the extent that the carrying amount exceeds the acquisition 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 /><td /><td>Segment information</td></tr><tr><td /><td /><td>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="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td width="100%" colspan="23" align="left" valign="middle" >Noter</td></tr><tr><td colspan="23"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="92%" colspan="21" align="left" valign="middle" ><b>.Revenue</b></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="92%" 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 (previously named Aposave) 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 - Parallel Distribution.</td></tr><tr><td colspan="23"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="92%" colspan="21" align="left" valign="middle" >Revenue in business operations Our business operations are carried out by the following activities. Abacus Medicine - Parallel Distribution and Pharma Services Supplies prescription medicine to pharmacies, hospitals and pharmaceutical companies and delivers pharmaceutical and healthcare services. Pluripharm 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="23"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="92%" colspan="21" align="left" valign="middle" ><b>Operating information</b></td></tr><tr><td colspan="23"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="12%" ></td><td width="4%" ></td><td width="5%" align="left" valign="middle" ><b>2021</b></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="3%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="5%" ></td><td width="0%" ></td><td width="5%" align="left" valign="middle" ><b>2020</b></td><td width="0%" ></td><td width="7%" ></td><td width="0%" ></td><td width="3%" ></td><td width="4%" ></td><td width="8%" ></td><td width="0%" ></td><td width="13%" ></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="12%" ></td><td width="4%" ></td><td width="36%" colspan="10" align="left" valign="middle" ><b>Abacus</b></td><td width="40%" colspan="9" align="left" valign="middle" ><b>Abacus</b></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="2" align="left" valign="middle" ><b>EUR’000</b></td><td width="9%" colspan="2" align="left" valign="middle" ><b>Medicine</b></td><td width="11%" colspan="2" align="left" valign="middle" ><b>Pluripharm</b></td><td width="3%" colspan="2" align="left" valign="middle" ><b>Other</b></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Eliminations</b></td><td width="5%" colspan="2" align="left" valign="middle" ><b>Total</b></td><td width="5%" colspan="2" align="left" valign="middle" ><b>Medicine</b></td><td width="7%" colspan="2" align="left" valign="middle" ><b>Pluripharm*</b></td><td width="7%" colspan="2" align="left" valign="middle" ><b>Other</b></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Eliminations</b></td><td width="13%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td colspan="23"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="2" align="left" valign="middle" >Revenue</td><td width="5%" align="left" valign="middle" > 672.073 </td><td width="4%" ></td><td width="7%" align="left" valign="middle" > 284.647 </td><td width="4%" ></td><td width="3%" align="left" valign="middle" >14</td><td width="0%" ></td><td width="8%" align="left" valign="middle" > (15.980)</td><td width="0%" ></td><td width="5%" align="left" valign="middle" ><b> 940.754 </b></td><td width="0%" ></td><td width="5%" align="left" valign="middle" > 567.730 </td><td width="0%" ></td><td width="7%" align="left" valign="middle" > 98.592 </td><td width="0%" ></td><td width="3%" align="left" valign="middle" > 100 </td><td width="4%" ></td><td width="8%" align="left" valign="middle" > (2.821)</td><td width="0%" ></td><td width="13%" align="left" valign="middle" ><b> 663.601 </b></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="2" align="left" valign="middle" >Gross Profit</td><td width="5%" align="left" valign="middle" > 63.483 </td><td width="4%" ></td><td width="7%" align="left" valign="middle" > 18.053 </td><td width="4%" ></td><td width="3%" align="left" valign="middle" >1</td><td width="0%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="5%" align="left" valign="middle" ><b> 81.536 </b></td><td width="0%" ></td><td width="5%" align="left" valign="middle" > 61.243 </td><td width="0%" ></td><td width="7%" align="left" valign="middle" > 6.314 </td><td width="0%" ></td><td width="3%" align="left" valign="middle" > (33)</td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="13%" align="left" valign="middle" ><b> 67.524 </b></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="2" align="left" valign="middle" >EBITDA</td><td width="5%" align="left" valign="middle" > 16.104 </td><td width="4%" ></td><td width="7%" align="left" valign="middle" > 458 </td><td width="4%" ></td><td width="3%" align="left" valign="middle" > (110)</td><td width="0%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="5%" align="left" valign="middle" ><b> 16.452 </b></td><td width="0%" ></td><td width="5%" align="left" valign="middle" > 13.749 </td><td width="0%" ></td><td width="7%" align="left" valign="middle" > (1.266)</td><td width="0%" ></td><td width="3%" align="left" valign="middle" > 51 </td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="13%" align="left" valign="middle" ><b> 12.534 </b></td></tr><tr><td colspan="23"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="2" align="left" valign="middle" >Total Assets</td><td width="5%" align="left" valign="middle" > 172.659 </td><td width="4%" ></td><td width="7%" align="left" valign="middle" > 42.917 </td><td width="4%" ></td><td width="3%" align="left" valign="middle" > 2.427 </td><td width="0%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="5%" align="left" valign="middle" ><b> 218.003 </b></td><td width="0%" ></td><td width="5%" align="left" valign="middle" > 157.793 </td><td width="0%" ></td><td width="7%" align="left" valign="middle" > 61.734 </td><td width="0%" ></td><td width="3%" align="left" valign="middle" > 4.919 </td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="13%" align="left" valign="middle" ><b> 224.446 </b></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="16%" colspan="2" align="left" valign="middle" >Total Liabilites</td><td width="5%" align="left" valign="middle" > 127.413 </td><td width="4%" ></td><td width="7%" align="left" valign="middle" > 33.517 </td><td width="4%" ></td><td width="3%" align="left" valign="middle" > 602 </td><td width="0%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="5%" align="left" valign="middle" ><b> 161.532 </b></td><td width="0%" ></td><td width="5%" align="left" valign="middle" > 118.135 </td><td width="0%" ></td><td width="7%" align="left" valign="middle" > 48.368 </td><td width="0%" ></td><td width="3%" align="left" valign="middle" > 769 </td><td width="4%" ></td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="13%" align="left" valign="middle" ><b> 167.272 </b></td></tr><tr><td colspan="23"></td></tr><tr><td width="4%" ></td><td width="4%" ></td><td width="92%" colspan="21" align="left" valign="middle" >* Pluripharm result as from 29 July 2020.</td></tr><tr><td colspan="23"></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="100%" colspan="4" align="left" valign="middle" ><b>Fees paid to auditors appointed at the annual general meeting</b></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >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 colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>EUR’000</b></td><td width="15%" align="left" valign="middle" ><b>2021</b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Audit</td><td width="15%" align="left" valign="middle" > 289 </td><td width="21%" ></td><td width="18%" align="left" valign="middle" >335</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Other assurance engagements</td><td width="15%" align="left" valign="middle" > 1 </td><td width="21%" ></td><td width="18%" align="left" valign="middle" >2</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>Total audit related services</b></td><td width="15%" align="left" valign="middle" ><b> 290 </b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>337</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Tax consultancy</td><td width="15%" align="left" valign="middle" > - </td><td width="21%" ></td><td width="18%" align="left" valign="middle" >33</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Other non-audit services</td><td width="15%" align="left" valign="middle" > 4 </td><td width="21%" ></td><td width="18%" align="left" valign="middle" >9</td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>Total fee to EY</b></td><td width="15%" align="left" valign="middle" ><b> 294 </b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>379</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >The costs are recognised in the consolidated income statement as Other external costs.</td></tr><tr><td colspan="4"></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="100%" colspan="5" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" ><b>EUR’000</b></td><td width="17%" align="left" valign="middle" ><b>2021</b></td><td width="12%" ></td><td width="23%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" >Wages and salaries</td><td width="17%" align="left" valign="middle" >36.657</td><td width="12%" ></td><td width="23%" align="left" valign="middle" >29.420</td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" >Pensions, defined contribution plans</td><td width="17%" align="left" valign="middle" >2.550</td><td width="12%" ></td><td width="23%" align="left" valign="middle" >2.241</td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" >Other social security costs</td><td width="17%" align="left" valign="middle" >655</td><td width="12%" ></td><td width="23%" align="left" valign="middle" >539</td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" >Other staff costs</td><td width="17%" align="left" valign="middle" >3.005</td><td width="12%" ></td><td width="23%" align="left" valign="middle" >2.675</td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" >Share-based payment expense</td><td width="17%" align="left" valign="middle" >183</td><td width="12%" ></td><td width="23%" align="left" valign="middle" >332</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" ><b>Total staff costs</b></td><td width="17%" align="left" valign="middle" ><b>43.050</b></td><td width="12%" ></td><td width="23%" align="left" valign="middle" ><b>35.207</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" >Of which are capitalised as intangible assets</td><td width="17%" align="left" valign="middle" >-1.017</td><td width="12%" ></td><td width="23%" align="left" valign="middle" >-921</td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" ><b>Total staff costs in the income statement</b></td><td width="17%" align="left" valign="middle" ><b>42.033</b></td><td width="12%" ></td><td width="23%" align="left" valign="middle" ><b>34.286</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" ></td><td width="12%" ></td><td width="17%" align="left" valign="middle" ><b>2021</b></td><td width="12%" ></td><td width="23%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="48%" colspan="2" align="left" valign="middle" >Average number of full-time employee (full year)</td><td width="17%" align="left" valign="middle" > 1.052 </td><td width="12%" ></td><td width="23%" align="left" valign="middle" >913</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >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 3,023 thousand (2020: EUR 2,743 thousand) for the year ended 31 December 2021, hereof pension payments of EUR 202 thousand (2020: EUR 169 thousand). The above is split between an average of 16 members (2020: 15 members) of the Board of Directors, Executive Management and Key Management Personnel.</td></tr><tr><td colspan="5"></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="100%" colspan="13" align="left" valign="middle" ><b>Share-based payments</b></td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >Warrants have been granted to members of the board of directors, Key Management Personnel and other employees in the subsidiary Abacus Medicine A/S.</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >Below is a brief description of each of the active programs.</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >Warrant agreements entered into in December 2018 allow those eligible to subscribe for up to 164,719 new shares of EUR 0.05 each in Abacus Medicine A/S. This warrant agreement only allows settlement with shares which must take place in December 2020 (85,107 shares, subscription price EUR 16.22), July 2021 (39,799 shares, subscription price EUR 10.42) and February 2022 (39,813 shares, subscription price EUR 10.16). 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 program. 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 program. Warrant agreements entered into in July and December 2020 allow those eligible to subscribe for up to 45,308 new shares of EUR 0.05 each in Abacus Medicine A/S. The subscription price is EUR 13.49 per share, corresponding to a total potential subscription price of EUR 611 thousand. This warrant agreement was only allowed to be settled with shares in December 2020. The warrant scheme has been accounted for as an equity-settled program. 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 program.</td></tr><tr><td colspan="13"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>EUR’000</b></td><td width="6%" align="left" valign="middle" ><b>2021</b></td><td width="9%" ></td><td width="6%" align="left" valign="middle" ><b>2020</b></td><td width="11%" ></td><td width="6%" ></td><td width="6%" ></td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td colspan="13"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Equity-settled expense</td><td width="6%" align="left" valign="middle" >183</td><td width="9%" ></td><td width="6%" align="left" valign="middle" >332</td><td width="11%" ></td><td width="6%" ></td><td width="6%" ></td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" >Cash-settled expense</td><td width="15%" colspan="2" align="left" valign="middle" >-</td><td width="65%" colspan="10" align="left" valign="middle" >-</td></tr><tr><td colspan="13"></td></tr><tr><td width="20%" colspan="1" align="left" valign="middle" ><b>Total share-based payment expense</b></td><td width="6%" align="left" valign="middle" ><b>183</b></td><td width="9%" ></td><td width="6%" align="left" valign="middle" ><b>332</b></td><td width="11%" ></td><td width="6%" ></td><td width="6%" ></td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" ><b>Specification of outstanding share options</b></td></tr><tr><td colspan="13"></td></tr><tr><td width="20%" ></td><td width="6%" ></td><td width="9%" ></td><td width="6%" ></td><td width="59%" colspan="9" align="left" valign="middle" ><b>Key</b></td></tr><tr><td width="20%" ></td><td width="6%" ></td><td width="15%" colspan="2" align="left" valign="middle" ><b>Board of</b></td><td width="17%" colspan="2" align="left" valign="middle" ><b>managem.</b></td><td width="6%" colspan="2" align="left" valign="middle" ><b>Other</b></td><td width="13%" colspan="2" align="left" valign="middle" ><b>Total</b></td><td width="23%" colspan="3" align="left" valign="middle" ><b>Average exercise price per option (EUR)</b></td></tr><tr><td width="20%" ></td><td width="6%" ></td><td width="15%" colspan="2" align="left" valign="middle" ><b>Directors</b></td><td width="17%" colspan="2" align="left" valign="middle" ><b>personnel</b></td><td width="6%" colspan="2" align="left" valign="middle" ><b>employees</b></td><td width="36%" colspan="5" align="left" valign="middle" ><b>number</b></td></tr><tr><td colspan="13"></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" ><b>Outstanding at 31 December 2019</b></td><td width="9%" align="left" valign="middle" ><b> 45.309 </b></td><td width="6%" ></td><td width="11%" align="left" valign="middle" ><b>74.855</b></td><td width="6%" ></td><td width="6%" align="left" valign="middle" ><b>115.699</b></td><td width="0%" ></td><td width="13%" align="left" valign="middle" ><b>235.863</b></td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Additions relating to previous years</td><td width="9%" align="left" valign="middle" > 45.308 </td><td width="6%" ></td><td width="11%" align="left" valign="middle" >46.350</td><td width="6%" ></td><td width="6%" align="left" valign="middle" >118.550</td><td width="0%" ></td><td width="13%" align="left" valign="middle" >210.208</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Forfeited</td><td width="9%" align="left" valign="middle" >-52.364</td><td width="6%" ></td><td width="11%" align="left" valign="middle" >-22.710</td><td width="6%" ></td><td width="6%" align="left" valign="middle" >-18.181</td><td width="0%" ></td><td width="13%" align="left" valign="middle" >-93.255</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Exercised</td><td width="9%" align="left" valign="middle" >-38.253</td><td width="6%" ></td><td width="11%" align="left" valign="middle" >-64.099</td><td width="6%" ></td><td width="6%" align="left" valign="middle" >-61.470</td><td width="0%" ></td><td width="13%" align="left" valign="middle" >-163.822</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >838</td></tr><tr><td colspan="13"></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" ><b>Outstanding at 31 December 2020</b></td><td width="9%" align="left" valign="middle" ><b> - </b></td><td width="6%" ></td><td width="11%" align="left" valign="middle" ><b> 34.396 </b></td><td width="6%" ></td><td width="6%" align="left" valign="middle" ><b>154.598</b></td><td width="0%" ></td><td width="13%" align="left" valign="middle" ><b>188.994</b></td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Granted</td><td width="9%" align="left" valign="middle" > - </td><td width="6%" ></td><td width="11%" align="left" valign="middle" > 34.763 </td><td width="6%" ></td><td width="6%" align="left" valign="middle" >94.319</td><td width="0%" ></td><td width="13%" align="left" valign="middle" >129.082</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Forfeited</td><td width="9%" align="left" valign="middle" > - </td><td width="6%" ></td><td width="11%" align="left" valign="middle" >-3.830</td><td width="6%" ></td><td width="6%" align="left" valign="middle" >-24.200</td><td width="0%" ></td><td width="13%" align="left" valign="middle" >-28.030</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Exercised</td><td width="9%" align="left" valign="middle" > - </td><td width="6%" ></td><td width="11%" align="left" valign="middle" >-17.090</td><td width="6%" ></td><td width="6%" align="left" valign="middle" >-6.504</td><td width="0%" ></td><td width="13%" align="left" valign="middle" >-23.594</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Transfer between categories</td><td width="9%" align="left" valign="middle" > - </td><td width="6%" ></td><td width="11%" align="left" valign="middle" > 11.264 </td><td width="6%" ></td><td width="6%" align="left" valign="middle" >-11.264</td><td width="0%" ></td><td width="13%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >1042</td></tr><tr><td colspan="13"></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" ><b>Outstanding at 31 December 2021</b></td><td width="9%" align="left" valign="middle" ><b>0</b></td><td width="6%" ></td><td width="11%" align="left" valign="middle" ><b> 59.503 </b></td><td width="6%" ></td><td width="6%" align="left" valign="middle" ><b>206.949</b></td><td width="0%" ></td><td width="13%" align="left" valign="middle" ><b>266.452</b></td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td colspan="13"></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" ><b>Exercisable at 31 December 2021</b></td><td width="9%" align="left" valign="middle" > - </td><td width="6%" ></td><td width="11%" align="left" valign="middle" > - </td><td width="6%" ></td><td width="6%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="13%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >The average remaining contractual life for the share options outstanding at 31 December 2021 was 3.1 years (2020: 2.5 years). The exercise prices are between EUR 10.16 - EUR 10.93 per share option (2020: EUR 10.16 - EUR 10.42).</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >In 2021, the expense in regards to share-based payments recognised in the income statement amounts to EUR 183 thousand (2020: EUR 332 thousand).</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" 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="13"></td></tr><tr><td width="20%" ></td><td width="6%" ></td><td width="9%" align="left" valign="middle" ><b>2021</b></td><td width="6%" ></td><td width="11%" ></td><td width="6%" ></td><td width="6%" align="left" valign="middle" ><b>2020</b></td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" align="left" valign="middle" ><b>2018</b></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="20%" ></td><td width="6%" ></td><td width="32%" colspan="4" align="left" valign="middle" ><b>Equity</b></td><td width="19%" colspan="4" align="left" valign="middle" ><b>Equity</b></td><td width="23%" colspan="3" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td width="20%" ></td><td width="6%" ></td><td width="32%" colspan="4" align="left" valign="middle" ><b>Settled</b></td><td width="19%" colspan="4" align="left" valign="middle" ><b>Settled</b></td><td width="23%" colspan="3" align="left" valign="middle" ><b>Settled</b></td></tr><tr><td colspan="13"></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Weighted average fair values at measurement date</td><td width="9%" align="left" valign="middle" >51</td><td width="6%" ></td><td width="11%" ></td><td width="6%" ></td><td width="6%" align="left" valign="middle" >27</td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" align="left" valign="middle" >17</td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Weighted average share price</td><td width="9%" align="left" valign="middle" >146</td><td width="6%" ></td><td width="11%" ></td><td width="6%" ></td><td width="6%" align="left" valign="middle" >120</td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" align="left" valign="middle" >108</td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Exercise price</td><td width="9%" align="left" valign="middle" >109</td><td width="6%" ></td><td width="11%" ></td><td width="6%" ></td><td width="19%" colspan="4" align="left" valign="middle" >10.2-13.5</td><td width="9%" align="left" valign="middle" >162</td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Expected volatility (%)</td><td width="9%" align="left" valign="middle" >35%</td><td width="6%" ></td><td width="11%" ></td><td width="6%" ></td><td width="6%" align="left" valign="middle" >35%</td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" align="left" valign="middle" >25%</td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Expected life of share options</td><td width="32%" colspan="4" align="left" valign="middle" >52-53 months</td><td width="19%" colspan="4" align="left" valign="middle" >1-60 months</td><td width="23%" colspan="3" align="left" valign="middle" >25-39 months</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Dividend yield (%)</td><td width="9%" align="left" valign="middle" >0,0%</td><td width="6%" ></td><td width="11%" ></td><td width="6%" ></td><td width="6%" align="left" valign="middle" >0,0%</td><td width="0%" ></td><td width="13%" ></td><td width="0%" ></td><td width="9%" align="left" valign="middle" >0,0%</td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Risk-free interest rate (%)</td><td width="32%" colspan="4" align="left" valign="middle" >-0.5%/-0.6%</td><td width="19%" colspan="4" align="left" valign="middle" >-0.4-0.6 %</td><td width="9%" align="left" valign="middle" >0,0%</td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Valuation method</td><td width="32%" colspan="4" align="left" valign="middle" >Black-Scholes</td><td width="19%" colspan="4" align="left" valign="middle" >Black-Scholes</td><td width="23%" colspan="3" align="left" valign="middle" >Black-Scholes</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >The expected volatility reflects 35%, which is based on a peer Group median.</td></tr><tr><td colspan="13"></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="100%" colspan="21" align="left" valign="middle" ><b>Change in working capital</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>EUR’000</b></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Change in inventory</td><td width="8%" align="left" valign="middle" >-6.420</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-28.248</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Change in receivables</td><td width="8%" align="left" valign="middle" >17.947</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-6.650</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Change in trade payables etc.</td><td width="8%" align="left" valign="middle" >9.158</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >11.565</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Total</b></td><td width="8%" align="left" valign="middle" ><b>20.685</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>-23.333</b></td></tr><tr><td colspan="21"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Business combinations</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Acquisition of Pluripharm Holding B.V. (previously Goofy-Sam Holding B.V.)</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In July 2020, Abacus Medicine A/S acquired the Dutch wholesaler Pluripharm Groep B.V. and all shares in its parent company, Pluripharm Holding B.V., in a deal combining a cash injection and conversions of loans and trade receivables. Pluripharm is a full-range wholesaler of pharmaceuticals, medical devices and related products and services to pharmacies and hospitals.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Consideration transferred</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The consideration transferred for the shares in Pluripharm Holding B.V. was EUR 1 and subsequently a capital contributions in cash (EUR 8.5 million) and remission of debt (EUR 7.2 million) has been made.</td></tr><tr><td colspan="1"></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="100%" colspan="6" align="left" valign="middle" ><b>Depreciation, amortisation and impairment</b></td></tr><tr><td width="58%" colspan="3" align="left" valign="middle" ><b>EUR’000</b></td><td width="11%" align="left" valign="middle" ><b>2021</b></td><td width="18%" ></td><td width="13%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="58%" colspan="3" align="left" valign="middle" >Amortisation and write-downs, intangible assets</td><td width="11%" align="left" valign="middle" >5.809</td><td width="18%" ></td><td width="13%" align="left" valign="middle" >4.432</td></tr><tr><td width="58%" colspan="3" align="left" valign="middle" >Depreciation, property, plant and equipment</td><td width="11%" align="left" valign="middle" >2.430</td><td width="18%" ></td><td width="13%" align="left" valign="middle" >1.816</td></tr><tr><td width="58%" colspan="3" align="left" valign="middle" >Depreciation, right-of-use assets</td><td width="11%" align="left" valign="middle" >2.476</td><td width="18%" ></td><td width="13%" align="left" valign="middle" >1501</td></tr><tr><td colspan="6"></td></tr><tr><td width="58%" colspan="3" align="left" valign="middle" ><b>Total</b></td><td width="11%" align="left" valign="middle" ><b>10.715</b></td><td width="18%" ></td><td width="13%" align="left" valign="middle" ><b>7.750</b></td></tr><tr><td colspan="6"></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="100%" colspan="13" align="left" valign="middle" ><b>Investments in subsidiaries and other investments</b></td></tr><tr><td width="20%" ></td><td width="6%" ></td><td width="9%" ></td><td width="6%" ></td><td width="11%" ></td><td width="6%" ></td><td width="6%" ></td><td width="0%" ></td><td width="22%" colspan="4" align="left" valign="middle" ><b>Ownership 2021</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Ownership 2020</b></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" ><b>Name</b></td><td width="38%" colspan="6" align="left" valign="middle" ><b>Registered office</b></td><td width="22%" colspan="4" align="left" valign="middle" ><b>and voting rights</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>and voting rights</b></td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >FTW Invest ApS</td><td width="38%" colspan="6" align="left" valign="middle" >Denmark</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Wagner Family Holding ApS</td><td width="38%" colspan="6" align="left" valign="middle" >Denmark</td><td width="13%" align="left" valign="middle" >92,8%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >92,8%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine A/S</td><td width="38%" colspan="6" align="left" valign="middle" >Denmark</td><td width="13%" align="left" valign="middle" >57,5%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >58,1%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Hungary KFT</td><td width="38%" colspan="6" align="left" valign="middle" >Hungary</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >+365 Medicines GmbH</td><td width="38%" colspan="6" align="left" valign="middle" >Germany</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Berlin GmbH</td><td width="38%" colspan="6" align="left" valign="middle" >Germany</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Ltd</td><td width="38%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Austria GmbH</td><td width="38%" colspan="6" align="left" valign="middle" >Austria</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine France S.A.S.</td><td width="38%" colspan="6" align="left" valign="middle" >France</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Finland Oy</td><td width="38%" colspan="6" align="left" valign="middle" >Finland</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Ireland Ltd.</td><td width="38%" colspan="6" align="left" valign="middle" >Ireland</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >PharmaSave BVBA</td><td width="38%" colspan="6" align="left" valign="middle" >Belgium</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Originalis B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Zdrave Med Ltd.</td><td width="38%" colspan="6" align="left" valign="middle" >Bulgaria</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Pharma Services ApS</td><td width="38%" colspan="6" align="left" valign="middle" >Denmark</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Pharma Services Ltd.</td><td width="38%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Pharma Services Asia Ltd.</td><td width="38%" colspan="6" align="left" valign="middle" >Hong Kong</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Pharma Services Inc.</td><td width="38%" colspan="6" align="left" valign="middle" >USA</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Abacus Medicine Pharma Services B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Aposave Mexico S de RL de</td><td width="38%" colspan="6" align="left" valign="middle" >Mexico</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >ApoSave Peru*</td><td width="38%" colspan="6" align="left" valign="middle" >Peru</td><td width="22%" colspan="4" align="left" valign="middle" >-</td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripharm Holding B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripharm Groep B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Thuis-apotheek B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >50%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >50%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Clinic Care Services B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >17%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >17%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripharm B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripack Alkmaar</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripack Zwolle</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripack Breda</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluriplus B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Distrimed B.V</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripharm Apotheek Beheer B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Apotheekfonds Pharmaconnect B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >50%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >50%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Pluripharm Direct B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Risus Financieringen B.V.*</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="22%" colspan="4" align="left" valign="middle" >-</td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Phardis B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Instellingsapotheek B.V.</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Instellingsapotheek Gelderse Vallei B.V.*</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="22%" colspan="4" align="left" valign="middle" >-</td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Instellingsapotheek Oost B.V.*</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="22%" colspan="4" align="left" valign="middle" >-</td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >Instellingsapotheek Zuidwest B.V.*</td><td width="38%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="22%" colspan="4" align="left" valign="middle" >-</td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td width="26%" colspan="2" align="left" valign="middle" >DayDose ApS</td><td width="38%" colspan="6" align="left" valign="middle" >Denmark</td><td width="13%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="9%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" >100%</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >* Company liquidated in 2021.</td></tr><tr><td colspan="13"></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="100%" colspan="4" align="left" valign="middle" ><b>Finance income and expenses</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>EUR’000</b></td><td width="15%" align="left" valign="middle" ><b>2021</b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Finance income</b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Other finance income</td><td width="15%" align="left" valign="middle" >112</td><td width="21%" ></td><td width="18%" align="left" valign="middle" >187</td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>Total finance income</b></td><td width="15%" align="left" valign="middle" ><b>112</b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>187</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>EUR’000</b></td><td width="15%" align="left" valign="middle" ><b>2021</b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Finance expenses</b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Other finance costs</td><td width="15%" align="left" valign="middle" >3.448</td><td width="21%" ></td><td width="18%" align="left" valign="middle" >3.626</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Interests, lease liabilities</td><td width="15%" align="left" valign="middle" >197</td><td width="21%" ></td><td width="18%" align="left" valign="middle" >95</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Amortised loan costs</td><td width="15%" align="left" valign="middle" >207</td><td width="21%" ></td><td width="18%" align="left" valign="middle" >228</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Foreign exchange loss, net</td><td width="15%" align="left" valign="middle" >678</td><td width="21%" ></td><td width="18%" align="left" valign="middle" >677</td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>Total finance expenses</b></td><td width="15%" align="left" valign="middle" ><b>4.530</b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>4.626</b></td></tr><tr><td colspan="4"></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="100%" colspan="4" align="left" valign="middle" ><b>Income tax</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>EUR’000</b></td><td width="15%" align="left" valign="middle" ><b>2021</b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Current income tax</b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Current income tax charge</td><td width="15%" align="left" valign="middle" >1.110</td><td width="21%" ></td><td width="18%" align="left" valign="middle" >880</td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Adjustment in respect of current income tax of previous year</td><td width="15%" align="left" valign="middle" > (7)</td><td width="21%" ></td><td width="18%" align="left" valign="middle" > (318)</td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" >Relating to origination and reversal of temporary difference</td><td width="15%" align="left" valign="middle" >439</td><td width="21%" ></td><td width="18%" align="left" valign="middle" >178</td></tr><tr><td colspan="4"></td></tr><tr><td width="46%" colspan="1" align="left" valign="middle" ><b>Income tax expense reporting in the income statement</b></td><td width="15%" align="left" valign="middle" ><b>1.542</b></td><td width="21%" ></td><td width="18%" align="left" valign="middle" ><b>740</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Consolidated financial statements 1 January – 31 December</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b></b></td></tr><tr><td colspan="4"></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 /><td>Intangible assets</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 /><td>Development costs comprise capitalised expenses for the new ERP system for Abacus Medicine Group, which was taken into use in 2020.</td></tr><tr><td /><td /><td>Software is amortised over 3-10 years and Licenses are amortised over 5-8 years. Licenses has been written down with EUR 223 thousand in 2021 (2020: EUR 161 thousand). There have been no further indications of impairment of the intangible assets.</td></tr><tr><td /><td /><td>Goodwill was recognised as a part of the acquisition of the Abacus Medicine Pharma Services (previously named Aposave) entities on 21 December 2017 and the Pluripharm Group on 29 July 2020. Goodwill is amortised over 10 years. There have been no indications of impairment of the Goodwill.</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 colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Intangible assets</td><td width="8%" align="left" valign="middle" >-4.566</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-3.751</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Tangible assets</td><td width="8%" align="left" valign="middle" >444</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >243</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Tax losses carried forward</td><td width="8%" align="left" valign="middle" >4.000</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >3.471</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Other assets and liabilities, net</td><td width="8%" align="left" valign="middle" >166</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >539</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax 31 December</td><td width="8%" align="left" valign="middle" >44</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >502</td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Borrowings</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>EUR’000</b></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Non-current</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Credit institutions and banks</td><td width="8%" align="left" valign="middle" >1.838</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Total non-current</b></td><td width="8%" align="left" valign="middle" ><b>1.838</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>0</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Current</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Credit institutions and banks</td><td width="8%" align="left" valign="middle" >51.861</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >52.588</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Factoring</td><td width="8%" align="left" valign="middle" >0</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >18.554</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Total current</td><td width="8%" align="left" valign="middle" ><b>51.861</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>71.142</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" >Wagner Family Holding has a credit facility of EUR 1.5 million secured by way of a pledge on a number of shares in Abacus Medicine A/S. Abacus Medicine A/S has a committed credit facility with Danske Bank, with a maximum credit limit of EUR 74 million (DKK 550 million). The bank credit facility is renegotiated on a three year basis. Next renegotiation is in 2023. The Group has in 2021 entered a new non-recourse factoring agreement with ABN AMRO for the activities in Pluripharm, hence the factoring liability at 31 December 2021 amounts to EUR 0 (2020: EUR 18.6 million).</td></tr><tr><td colspan="21"></td></tr></table> 0 23000 7354000 37000 0 -39000 5586000 223000 -116000 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 /><td /><td>Property, plant and equipment</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="100%" colspan="21" align="left" valign="middle" ><b>Leases (IFRS 16)</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="13%" ></td><td width="4%" ></td><td width="6%" ></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="4%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Buildings</b></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Other fixed assets</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Total</b></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>EUR’000</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Right-of-use assets</b></td></tr><tr><td width="70%" colspan="16" align="left" valign="middle" >Opening balance at 1 January 2021</td><td width="4%" align="left" valign="middle" > 4.077 </td><td width="4%" align="left" valign="middle" > 1.275 </td><td width="8%" align="left" valign="middle" > 1.275 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 5.352 </td></tr><tr><td width="70%" colspan="16" align="left" valign="middle" >Additions</td><td width="4%" align="left" valign="middle" > 5.887 </td><td width="4%" ></td><td width="8%" align="left" valign="middle" > 953 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 6.840 </td></tr><tr><td width="70%" colspan="16" align="left" valign="middle" >Disposals</td><td width="4%" align="left" valign="middle" > - </td><td width="4%" ></td><td width="8%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > - </td></tr><tr><td width="70%" colspan="16" align="left" valign="middle" >Depreciation</td><td width="4%" align="left" valign="middle" >-1.913</td><td width="4%" ></td><td width="8%" align="left" valign="middle" >-563</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-2.476</td></tr><tr><td width="70%" colspan="16" align="left" valign="middle" >Remeasurement of lease liabilities</td><td width="4%" align="left" valign="middle" > 92 </td><td width="4%" ></td><td width="8%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 92 </td></tr><tr><td colspan="21"></td></tr><tr><td width="70%" colspan="16" align="left" valign="middle" ><b>Carrying amount at 31 December 2021</b></td><td width="4%" align="left" valign="middle" ><b> 8.143 </b></td><td width="4%" ></td><td width="8%" align="left" valign="middle" ><b> 1.665 </b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b> 9.808 </b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Leasing liabilities</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Maturity analysis - contractual undiscounted cash flows</b></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Less than 1 year</td><td width="8%" align="left" valign="middle" > 2.634 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 1.825 </td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Between 1 and 5 years</td><td width="8%" align="left" valign="middle" > 8.217 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 3.649 </td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >More than 5 years</td><td width="8%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > - </td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>The undiscounted cash flows</b></td><td width="8%" align="left" valign="middle" ><b> 10.851 </b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b> 5.474 </b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Lease liability recognised on the balance sheet</b></td><td width="8%" align="left" valign="middle" ><b> 10.144 </b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b> 5.384 </b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Current lease liability</td><td width="8%" align="left" valign="middle" > 2.353 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 1.776 </td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Non-current lease liability</td><td width="8%" align="left" valign="middle" > 7.791 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 3.608 </td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Amount recognised in the income statement</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Interest expense from lease liabilities</td><td width="8%" align="left" valign="middle" >197</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >95</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Lease expenses for short-term leases</td><td width="8%" align="left" valign="middle" >0</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >26</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Total</b></td><td width="8%" align="left" valign="middle" ><b> 197 </b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b> 121 </b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" >In 2021, Abacus Medicine paid EUR 2,367 thousand (2020: EUR 1,599 thousand) on lease contracts of which interest payments related to lease liabilities amount to EUR 154 thousand (2020: EUR 95 thousand) and down payments on lease liabilities amounts to EUR 2,213 thousand (2020: EUR 1,504 thousand).</td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" >Costs recognised in the period for short-term leases were EUR 0 thousand (2020: EUR 26 thousand) and low-value leases were EUR 0 thousand (2020: EUR 0 thousand). Expenses are recognised on a straight-line basis as Other external costs.</td></tr><tr><td colspan="21"></td></tr></table> -721000 2327000 80000 15000 2430000 5000 <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="21" align="left" valign="middle" ><b>Other receivables</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>EUR’000</b></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" >Receivables from Group entities</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deposits regarding factoring agreement</td><td width="8%" align="left" valign="middle" >4.235</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >5.734</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Other receivables</td><td width="8%" align="left" valign="middle" >9.825</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >5.943</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Total</b></td><td width="8%" align="left" valign="middle" ><b>14.060</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>11.677</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" >The subsidiary Abacus Medicine Group’s customers are mainly wholesalers and pharmacies. In general, all Abacus Medicine’s invoices to customers are sold to a factoring company which limits the trade receivable risk and days. Further, management monitors payment patterns of the customers and estimates the need for writedowns. Credit ratings, insurance of customers and market-specific development are taken into account in order to assess the need for further write-downs. Abacus Medicine Group has historically not suffered any significant losses. Allowance for bad debt amounts to EUR 0.5 million as of 31 December 2021 (2020: EUR 0.5 million).</td></tr><tr><td colspan="21"></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="100%" colspan="21" align="left" valign="middle" ><b>Non-controlling interests</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>EUR’000</b></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Non-controlling interests at 1 January</b></td><td width="8%" align="left" valign="middle" >23.952</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >22.936</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Share of profit for the period</td><td width="8%" align="left" valign="middle" >-60</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-15</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Equity movements etc.</td><td width="8%" align="left" valign="middle" >794</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >1.031</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Non-controlling interests at 31 December</b></td><td width="8%" align="left" valign="middle" ><b>24.686</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>23.952</b></td></tr><tr><td colspan="21"></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="100%" colspan="21" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>EUR’000</b></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax 1 January</td><td width="8%" align="left" valign="middle" >500</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-2.428</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Additions from business combination</td><td width="8%" align="left" valign="middle" >0</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >3.075</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Currency translation</td><td width="8%" align="left" valign="middle" >-1</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-13</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax for the year recognised in the income statement</td><td width="8%" align="left" valign="middle" >-439</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-178</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax for the year recognised on equity</td><td width="8%" align="left" valign="middle" >-16</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >46</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax 31 December</td><td width="8%" align="left" valign="middle" >44</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >502</td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" >Reflected in the statement of financial position as follows</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax assets</td><td width="8%" align="left" valign="middle" >4.179</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >3.657</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax liabilities</td><td width="8%" align="left" valign="middle" >-4.135</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-3.155</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Deferred tax 31 December</td><td width="8%" align="left" valign="middle" >44</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >502</td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" >Deferred tax relates to</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="100%" colspan="21" align="left" valign="middle" ><b>Provisions</b></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>EUR’000</b></td></tr><tr><td width="13%" ></td><td width="4%" ></td><td width="6%" ></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="4%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >At 1 January</td><td width="8%" align="left" valign="middle" >6.008</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >4.243</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Arising during the period</td><td width="8%" align="left" valign="middle" >4.134</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >6.008</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Utilised</td><td width="8%" align="left" valign="middle" >-6.008</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-4.243</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Unused amounts reversed</td><td width="8%" align="left" valign="middle" >0</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>At 31 December</b></td><td width="8%" align="left" valign="middle" >4.134</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >6.008</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Current</td><td width="8%" align="left" valign="middle" >4.134</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >6.008</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Non-current</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="14%" colspan="1" align="left" valign="middle" >-</td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" 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="21"></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="100%" colspan="21" align="left" valign="middle" ><b>Other payables</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>EUR’000</b></td><td width="8%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Non-current</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >VAT payables</td><td width="8%" align="left" valign="middle" >1.535</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >0</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Employee related payables</td><td width="8%" align="left" valign="middle" >1.245</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >1.251</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Total non-current</b></td><td width="8%" align="left" valign="middle" ><b>2.780</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>1.251</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Current</b></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >VAT payables</td><td width="8%" align="left" valign="middle" >14.578</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >11.679</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Employee related payables</td><td width="8%" align="left" valign="middle" >3.139</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >4.626</td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" >Other payables</td><td width="8%" align="left" valign="middle" >1.380</td><td width="0%" ></td><td width="14%" align="left" valign="middle" >1.133</td></tr><tr><td colspan="21"></td></tr><tr><td width="78%" colspan="18" align="left" valign="middle" ><b>Total current</b></td><td width="8%" align="left" valign="middle" ><b>19.097</b></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>17.438</b></td></tr><tr><td colspan="21"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Deferred income</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Deferred income consists of payments received from customers that cannot be recognised as revenue until in the subsequent financial year.</td></tr><tr><td colspan="1"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Contractual obligations and contingencies etc.</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" 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 width="100%" colspan="1" align="left" valign="middle" >In December 2021, Abacus Medicine Hungary Kft. entered into a rent contract for a new administration building in Budapest. With the new contract the company has made a commitment of at least five years, totalling a contingent liability of EUR 1.5 million.</td></tr><tr><td width="100%" 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="1"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Mortgage and collateral</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Bank debt of EUR 1.5 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="100%" colspan="1" align="left" valign="middle" >Bank debt of EUR 49 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 31 million (2020: EUR 31 million), in intangible assets totalling EUR 21 million (2020: EUR 17 million), plant and equipment totaling EUR 2 million (2020: EUR 2 million) and inventories totalling EUR 89 million (2020: EUR 95 million).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In addition, the shares in the subsidiary Abacus Medicine Hungary Kft., totalling EUR 2.5 million (2020: EUR 2.4 million), and the shares in the subsidiary Abacus Medicine Berlin Gmbh, totalling EUR 0.5 million (2020: EUR 0.4 million), have been provided as collateral.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Bank debt of EUR 3 million (2020: EUR 4 million) within Pluripharm has been secured by way of a pledge on the property totalling EUR 4 million (2020: EUR 4 million).</td></tr><tr><td colspan="1"></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="100%" colspan="21" align="left" valign="middle" ><b>Financial risk and financial instruments</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" 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 fair value of the hedges has been recognised under “Other payables” and equity under the FX hedge reserve. The table below shows the timing of the nominal values of the subsidiary Abacus Medicine’s hedging items</td></tr><tr><td colspan="21"></td></tr><tr><td width="13%" ></td><td width="4%" ></td><td width="6%" ></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="4%" colspan="2" align="left" valign="middle" ><b>Nominal value (local currency '000)</b></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Expiry below 1 year</b></td><td width="6%" colspan="2" align="left" valign="middle" ><b>Expiry 1-5 years</b></td><td width="6%" colspan="2" align="left" valign="middle" ><b>Expiry above 5 years</b></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Average hedging price</b></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Fair value assets</b></td><td width="8%" colspan="2" align="left" valign="middle" ><b>Fair value liabilities</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Change in fair value used for measuring cash flow hedge reserve</b></td></tr><tr><td width="13%" align="left" valign="middle" ><b>2021</b></td><td width="4%" ></td><td width="6%" ></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="4%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="38%" colspan="6" align="left" valign="middle" >SEK/EUR</td><td width="4%" align="left" valign="middle" >30.048</td><td width="0%" ></td><td width="8%" align="left" valign="middle" >30.048</td><td width="0%" ></td><td width="6%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="6%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="8%" colspan="2" align="left" valign="middle" >1 SEK/1 EUR</td><td width="4%" align="left" valign="middle" > 20 </td><td width="4%" ></td><td width="8%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 20 </td></tr><tr><td width="13%" ></td><td width="4%" ></td><td width="6%" ></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="4%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="4%" align="left" valign="middle" > 20 </td><td width="4%" ></td><td width="8%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="14%" align="left" valign="middle" > 20 </td></tr><tr><td colspan="21"></td></tr><tr><td width="13%" align="left" valign="middle" ><b>2020</b></td><td width="4%" ></td><td width="6%" ></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="4%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="4%" ></td><td width="4%" ></td><td width="8%" ></td><td width="0%" ></td><td width="14%" ></td></tr><tr><td width="38%" colspan="6" align="left" valign="middle" >SEK/EUR</td><td width="4%" align="left" valign="middle" >32.119</td><td width="0%" ></td><td width="8%" align="left" valign="middle" >32.119</td><td width="0%" ></td><td width="6%" colspan="2" align="left" valign="middle" >-</td><td width="6%" colspan="2" align="left" valign="middle" >-</td><td width="8%" colspan="2" align="left" valign="middle" >1 SEK/1 EUR</td><td width="8%" colspan="2" align="left" valign="middle" >-</td><td width="8%" align="left" valign="middle" > 53 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-53</td></tr><tr><td width="13%" ></td><td width="4%" ></td><td width="6%" ></td><td width="4%" ></td><td width="7%" ></td><td width="4%" ></td><td width="4%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="6%" ></td><td width="0%" ></td><td width="8%" ></td><td width="0%" ></td><td width="4%" align="left" valign="middle" > - </td><td width="4%" ></td><td width="8%" align="left" valign="middle" > 53 </td><td width="0%" ></td><td width="14%" align="left" valign="middle" >-53</td></tr><tr><td colspan="21"></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="100%" colspan="13" align="left" valign="middle" ><b>Related party disclosures</b></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >The related parties of FTW Holding ApS comprise the following</td></tr><tr><td colspan="13"></td></tr><tr><td width="58%" colspan="6" align="left" valign="middle" ><b>Related party</b></td><td width="28%" colspan="6" align="left" valign="middle" ><b>Residence</b></td><td width="14%" colspan="1" align="left" valign="middle" ><b>Reason for related party</b></td></tr><tr><td colspan="13"></td></tr><tr><td width="58%" colspan="6" align="left" valign="middle" >Flemming Wagner</td><td width="28%" colspan="6" align="left" valign="middle" >Gammel Kongevej 105, 05. tv. 1850 Frederiksberg C</td><td width="14%" colspan="1" align="left" valign="middle" >Shareholders</td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >Tina Wagner</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >The following shareholders are registered with an ownership share exceeding 5%</td></tr><tr><td colspan="13"></td></tr><tr><td width="58%" colspan="6" align="left" valign="middle" ><b>Shareholder</b></td><td width="42%" colspan="7" align="left" valign="middle" ><b>Residence</b></td></tr><tr><td colspan="13"></td></tr><tr><td width="58%" colspan="6" align="left" valign="middle" >Flemming Wagner</td><td width="42%" colspan="7" align="left" valign="middle" >Gammel Kongevej 105, 05. tv. 1850 Frederiksberg C</td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >Tina Wagner</td></tr><tr><td colspan="13"></td></tr><tr><td width="100%" 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="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" ><b>Executives</b></td></tr><tr><td width="100%" 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="13"></td></tr><tr><td width="100%" colspan="13" align="left" valign="middle" >The remuneration to executives is disclosed in note 4.</td></tr><tr><td colspan="13"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Events after the reporting period</b></td></tr><tr><td width="100%" 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 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Financial statements of the Parent Company</td></tr><tr><td /><td>The accounting policies of the Parent Company are consistent with those applied in the consolidated financial statements, note 1 in the consolidated financial statements, including the below accounting policies for investments in group subsidiaries.</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 by Management on the annual 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">Today, the Executive Management have discussed and approved the Annual Report of FTW Holding ApS for the financial year 1 January – 31 December 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report is presented 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">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 2021 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 2021.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management’s Review includes a 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 2022-06-21 <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>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 /><td>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 /><td>Opinion</td></tr><tr><td /><td>We have audited the financial statements of FTW Holding ApS for the financial year 1 January – 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td /><td>In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations and cash flows for the financial year 1 January – 31 December 2021 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 /><td>Basis for opinion</td></tr><tr><td /><td>We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Independence</td></tr><tr><td /><td>We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Management's responsibilities for the financial statements</td></tr><tr><td /><td>Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr><tr><td /><td>In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td /><td>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.</td></tr><tr><td /><td>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</td></tr><tr><td /><td>► Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control.</td></tr><tr><td /><td>► Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control.</td></tr><tr><td /><td>► Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td /><td>Auditor's responsibilities for the audit of the financial statements (continued)</td></tr><tr><td /><td>► Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern.</td></tr><tr><td /><td>► 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.</td></tr><tr><td /><td>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 /><td>Statement on the Management's review</td></tr><tr><td /><td>Management is responsible for the Management's review.</td></tr><tr><td /><td>Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td /><td>In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td /><td>Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td /><td>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 2022-06-21 Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense SØ xWizard version 1.1.1125.0, by EasyX Aps. www.easyx.eu 2020-01-01 2020-12-31 Revisionspåtegning Grundlag for konklusion Konklusion 663601000 67524000 -952000 2031000 -14350000 -9004000 20804000 0.102 0.255 913 421529000 49839000 -1349000 1985000 -35056000 -8541000 50312000 0.118 0.422 623 90419000 11477000 603000 395000 79000 -3119000 3166000 0.127 0.106 450 Operating profit before depreciations and amortisation (EBITDA) 16452000 Operating profit before depreciations and amortisation (EBITDA) 12534000 Operating profit before depreciations and amortisation (EBITDA) 13483000 Operating profit before depreciations and amortisation (EBITDA) 3716000 Operating profit (EBIT) 5737000 Operating profit (EBIT) 4308000 Operating profit (EBIT) 3031000 Operating profit (EBIT) 1716000 Financial expenses, net -4418000 Financial expenses, net -4439000 Financial expenses, net -3034000 Financial expenses, net -843000 Non-current assets 60621000 Non-current assets 55784000 Non-current assets 24483000 Non-current assets 17922000 Current assets 157382000 Current assets 168662000 Current assets 108649000 Current assets 78359000 218003000 56471000 30911000 10968000 9808000 123000 4632000 4179000 60621000 72184000 41281000 21105000 14060000 1198000 7554000 157382000 16000 -503000 31734000 538000 24686000 4135000 1838000 7791000 2780000 16544000 4134000 2353000 51861000 66903000 632000 19097000 8000 144988000 161532000 218003000 7554000 48864000 17953000 17251000 6283000 10968000 224446000 57174000 133132000 56229000 96281000 10210000 Portion relating to investments in intangible assets 7354000 Portion relating to investments in intangible assets 6895000 Portion relating to investments in intangible assets 6436000 Portion relating to investments in intangible assets 2733000 Non-current liabilities 16544000 Non-current liabilities 8014000 Non-current liabilities 4412000 Non-current liabilities 2032000 Current liabilities 144988000 Current liabilities 159258000 Current liabilities 72491000 Current liabilities 84039000 Of which relate to intangible assets -7354000 Of which relate to intangible assets -6895000 Of which relate to intangible assets -6436000 Of which relate to intangible assets -2733000 Of which relate to tangible assets -2327000 Of which relate to tangible assets -2031000 Of which relate to tangible assets -1985000 Of which relate to tangible assets -395000 Total cash flow 1751000 Total cash flow -2550000 Total cash flow 6715000 Total cash flow 126000 EBITDA Margin 0.017 EBITDA Margin 0.019 EBITDA Margin 0.032 EBITDA Margin 0.041 Flemming Wagner CEO 663601000 596077000 67524000 20704000 34286000 7750000 476000 4308000 -81000 187000 4626000 -212000 740000 -952000 -937000 15000 7749000 -81000 -187000 -4626000 731000 -23333000 187000 3626000 365000 -14350000 6895000 2031000 0 -9004000 0 1504000 -415000 896000 0 20804000 -2550000 29151000 11352000 5352000 72000 6200000 3657000 55784000 68004000 40545000 41453000 11677000 1180000 5803000 168662000 224446000 16000 -394000 31987000 1613000 23952000 57174000 3155000 0 3608000 1251000 8014000 6008000 1776000 71142000 61992000 895000 17438000 7000 159258000 167272000 224446000 5803000 16000 -199000 -195000 31987000 33221000 57174000 5803000 41450000 16342000 15395000 0 0 0 0 0 0 0 0 0 0 0 0 39000 0 9000 0 0 0 0 30000 0 0 0 139000 0 0 0 0 0 -139000 655000 -718000 0 0 0 0 0 98000 -287000 -253000 655000 -180000 39000 139000 9000 1613000 0 98000 -287000 -1436000 16000 -169000 -334000 31734000 31785000 16000 21157000 10435000 1613000 33221000 6779000 21157000 0 0 0 0 -946000 352000 0 236000 -1000 0 538000 1613000 0 0 -173000 1613000 351000 7000 29000 -36000 -123000 24000 -183000 -10000 <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="7" align="left" valign="middle" >Noter</td></tr><tr><td colspan="7"></td></tr><tr><td width="25%" ></td><td width="75%" colspan="6" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="25%" ></td><td width="25%" colspan="3" align="left" valign="middle" ><b>EUR’000</b></td><td width="25%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="25%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="25%" ></td><td width="25%" colspan="3" align="left" valign="middle" >Wages and salaries</td><td width="25%" align="left" valign="middle" >29</td><td width="0%" ></td><td width="25%" align="left" valign="middle" >14</td></tr><tr><td width="25%" ></td><td width="25%" colspan="3" align="left" valign="middle" >Pensions</td><td width="25%" align="left" valign="middle" >0</td><td width="0%" ></td><td width="25%" align="left" valign="middle" >0</td></tr><tr><td width="25%" ></td><td width="25%" colspan="3" align="left" valign="middle" >Other social securities costs</td><td width="25%" align="left" valign="middle" >0</td><td width="0%" ></td><td width="25%" align="left" valign="middle" >0</td></tr><tr><td width="25%" ></td><td width="25%" colspan="3" align="left" valign="middle" >Other staff costs</td><td width="25%" align="left" valign="middle" >0</td><td width="0%" ></td><td width="25%" align="left" valign="middle" >0</td></tr><tr><td colspan="7"></td></tr><tr><td width="25%" ></td><td width="25%" colspan="3" align="left" valign="middle" ><b>Total staff costs</b></td><td width="25%" align="left" valign="middle" ><b>29</b></td><td width="0%" ></td><td width="25%" align="left" valign="middle" ><b>14</b></td></tr><tr><td colspan="7"></td></tr><tr><td width="25%" ></td><td width="75%" colspan="6" align="left" valign="middle" >The average number of full-time employee was 0 (2020: 0 employee).</td></tr><tr><td colspan="7"></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="100%" colspan="19" align="left" valign="middle" ><b>Equity investments in group entities and other investments</b></td></tr><tr><td width="16%" ></td><td width="0%" ></td><td width="0%" ></td><td width="16%" ></td><td width="0%" ></td><td width="16%" ></td><td width="0%" ></td><td width="0%" ></td><td width="16%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="16%" colspan="4" align="left" valign="middle" ><b>Ownership 2021</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>Ownership 2020</b></td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" ><b>Name</b></td><td width="16%" colspan="6" align="left" valign="middle" ><b>Registered office</b></td><td width="16%" colspan="4" align="left" valign="middle" ><b>and voting rights</b></td><td width="20%" colspan="1" align="left" valign="middle" ><b>and voting rights</b></td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >FTW Invest ApS</td><td width="16%" colspan="6" align="left" valign="middle" >Denmark</td><td width="16%" align="left" valign="middle" >100,0%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100,0%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Wagner Family Holding ApS</td><td width="16%" colspan="6" align="left" valign="middle" >Denmark</td><td width="16%" align="left" valign="middle" >92,8%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >92,8%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine A/S</td><td width="16%" colspan="6" align="left" valign="middle" >Denmark</td><td width="16%" align="left" valign="middle" >57,5%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >58,1%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Hungary Kft.</td><td width="16%" colspan="6" align="left" valign="middle" >Hungary</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >+365 Medicines GmbH</td><td width="16%" colspan="6" align="left" valign="middle" >Germany</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Berlin GmbH</td><td width="16%" colspan="6" align="left" valign="middle" >Germany</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Ltd</td><td width="16%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Austria GmbH</td><td width="16%" colspan="6" align="left" valign="middle" >Austria</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine France S.A.S.</td><td width="16%" colspan="6" align="left" valign="middle" >France</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Finland Oy</td><td width="16%" colspan="6" align="left" valign="middle" >Finland</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Ireland Ltd.</td><td width="16%" colspan="6" align="left" valign="middle" >Ireland</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >PharmaSave BVBA</td><td width="16%" colspan="6" align="left" valign="middle" >Belgium</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Originalis B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Zdrave Med Ltd.</td><td width="16%" colspan="6" align="left" valign="middle" >Bulgaria</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services ApS</td><td width="16%" colspan="6" align="left" valign="middle" >Denmark</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services Ltd.</td><td width="16%" colspan="6" align="left" valign="middle" >United Kingdom</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services Asia Ltd.</td><td width="16%" colspan="6" align="left" valign="middle" >Hong Kong</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services Inc.</td><td width="16%" colspan="6" align="left" valign="middle" >USA</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Abacus Medicine Pharma Services B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Aposave Mexico S de RL de</td><td width="16%" colspan="6" align="left" valign="middle" >Mexico</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >ApoSave Peru*</td><td width="16%" colspan="6" align="left" valign="middle" >Peru</td><td width="16%" colspan="4" align="left" valign="middle" >-</td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripharm Holding B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripharm Groep B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Thuis-apotheek B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >50%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >50%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Clinic Care Services B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >17%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >17%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripharm B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripack Alkmaar</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripack Zwolle</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripack Breda</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluriplus B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Distrimed B.V</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripharm Apotheek Beheer B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Apotheekfonds Pharmaconnect B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >50%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >50%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Pluripharm Direct B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Risus Financieringen B.V.*</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" colspan="4" align="left" valign="middle" >-</td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Phardis B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Instellingsapotheek B.V.</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Instellingsapotheek Gelderse Vallei B.V.*</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" colspan="4" align="left" valign="middle" >-</td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Instellingsapotheek Oost B.V.*</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" colspan="4" align="left" valign="middle" >-</td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >Instellingsapotheek Zuidwest B.V.*</td><td width="16%" colspan="6" align="left" valign="middle" >The Netherlands</td><td width="16%" colspan="4" align="left" valign="middle" >-</td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td width="48%" colspan="8" align="left" valign="middle" >DayDose ApS</td><td width="16%" colspan="6" align="left" valign="middle" >Denmark</td><td width="16%" align="left" valign="middle" >100%</td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="20%" align="left" valign="middle" >100%</td></tr><tr><td colspan="19"></td></tr><tr><td width="100%" colspan="19" align="left" valign="middle" >* Company liquidated in 2021.</td></tr><tr><td colspan="19"></td></tr><tr><td width="100%" colspan="19" align="left" valign="middle" ><b>Parent Company financial statements 1 January – 31 December</b></td></tr><tr><td colspan="19"></td></tr><tr><td width="100%" colspan="19" align="left" valign="middle" ><b></b></td></tr><tr><td colspan="19"></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 /><td>Equity investments in group entities and other investments (continued)</td></tr></table> 0 -123000 352000 823000 <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="21" align="left" valign="middle" ><b>Tax</b></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Income statement</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="70%" colspan="18" align="left" valign="middle" ><b>EUR’000</b></td><td width="14%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="16%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="70%" colspan="18" align="left" valign="middle" >Current income tax</td><td width="14%" align="left" valign="middle" >10</td><td width="0%" ></td><td width="16%" align="left" valign="middle" >23</td></tr><tr><td width="70%" colspan="18" align="left" valign="middle" >Relating to origination and reversal of temporary difference</td><td width="14%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="16%" align="left" valign="middle" > - </td></tr><tr><td colspan="21"></td></tr><tr><td width="70%" colspan="18" align="left" valign="middle" ><b>Tax</b></td><td width="14%" align="left" valign="middle" ><b>10</b></td><td width="0%" ></td><td width="16%" align="left" valign="middle" ><b>23</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Deferred tax</b></td></tr><tr><td width="100%" colspan="21" align="left" valign="middle" ><b>Balance sheet</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="14%" ></td><td width="0%" ></td><td width="0%" ></td><td width="14%" ></td><td width="0%" ></td><td width="14%" ></td><td width="0%" ></td><td width="0%" ></td><td width="14%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="14%" ></td><td width="0%" ></td><td width="0%" ></td><td width="0%" ></td><td width="14%" align="left" valign="middle" ><b>2021</b></td><td width="0%" ></td><td width="16%" align="left" valign="middle" ><b>2020</b></td></tr><tr><td colspan="21"></td></tr><tr><td width="70%" colspan="18" align="left" valign="middle" >Deferred tax 1 January</td><td width="14%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="16%" align="left" valign="middle" > - </td></tr><tr><td width="70%" colspan="18" align="left" valign="middle" >Deferred tax for the year recognised in profit for the year</td><td width="14%" align="left" valign="middle" > - </td><td width="0%" ></td><td width="16%" align="left" valign="middle" > - </td></tr><tr><td colspan="21"></td></tr><tr><td width="70%" colspan="18" align="left" valign="middle" ><b>Deferred tax 31 December</b></td><td width="14%" align="left" valign="middle" ><b>0</b></td><td width="0%" ></td><td width="16%" align="left" valign="middle" ><b>0</b></td></tr><tr><td colspan="21"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Contractual obligations and contingencies etc.</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contingent liabilities</b></td></tr><tr><td width="100%" 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="1"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Mortgage and collateral</b></td></tr><tr><td width="100%" 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="1"></td></tr><tr><td width="100%" 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="1"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Related party disclosures</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Controlling Influence</b></td></tr><tr><td width="100%" 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="1"></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 width="100%" colspan="1" align="left" valign="middle" ><b>Events after the reporting period</b></td></tr><tr><td width="100%" 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 2021.</td></tr></table> 16000 20563000 10670000 538000 31785000 27341000 800000 39000 273000 3486000 4598000 31939000 16000 20562000 10670000 538000 140000 2000 12000 154000 154000 31939000 6779000 20562000 27341000 Disposals non-current assets 15000 Disposals non-current assets 0 Change in paid deposits 69000 Change in paid deposits -79000 Proceeds from borrowings (credit facility) -17443000 Proceeds from borrowings (credit facility) 20671000 Proceeds from exercise of warrants 247000 Proceeds from exercise of warrants 1373000 Deposits regarding bank agreement 1499000 Deposits regarding bank agreement -1047000 Proceeds from exercise of warrants 0 Proceeds from exercise of warrants 0 8353000 0 14725000 20122000 1097000 5506000 0 0 895000 -895000 0 0 0 0 0 0 3000 123000 1015000 0 0 2329000 0 -75000 0 0 19000 6336000 -83000 0 -39000 2708000 223000 -41000 0 0 0 0 0 0 0 0 0 0 0 1000 0 0 0 0 549000 0 0 0 0 0 15866000 4540000 11326000 26394000 10787000 15607000 1097000 1097000 0 5507000 1529000 3978000 3804000 113000 1423000 765000 10168000 3165000 0 19000 -31000 0 215000 0 -193000 204000 0 0 172000 0 -528000 2104000 111000 15000 2043000 5000 3796000 324000 3472000 1533000 838000 695000 11922000 5121000 6801000 89000 14000 -103000 62000 416000 -457000 -23000 -433000 24000 62000 314000 0 -946000 62000 236000 -2109000 538000 1613000 27936000 789000 794000 275000 4537000 6395000 34331000 16000 21157000 10435000 1613000 33221000 337000 752000 21000 1110000 1110000 34331000 6779000 21157000 27936000 6755000 20781000 EY Godkendt Revisionspartnerselskab 2000 Frederiksberg Dirch Passers Allé 36 30700228 Jan C. Olsen State Authorised Public Accountant mne33717 Ole Becker State Authorised Public Accountant mne33732 30700228 EY Godkendt Revisionspartnerselskab