31477093 2023-01-01 2023-12-31 31477093 2023-01-01 2023-12-31 0 31477093 2023-01-01 2023-12-31 0 31477093 2023-01-01 2023-12-31 1 31477093 2023-01-01 2023-12-31 2 31477093 2022-01-01 2022-12-31 31477093 2021-01-01 2021-12-31 31477093 2020-01-01 2020-12-31 31477093 2019-01-01 2019-12-31 31477093 2023-01-01 2023-12-31 0 31477093 2022-01-01 2022-12-31 1 31477093 2021-01-01 2021-12-31 2 31477093 2020-01-01 2020-12-31 3 31477093 2019-01-01 2019-12-31 4 31477093 2023-12-31 31477093 2022-12-31 31477093 2021-12-31 31477093 2020-12-31 31477093 2019-12-31 31477093 2023-01-01 2023-12-31 0 iso4217:DKK xbrli:pure 2023-01-01 2023-12-31 31477093 2024-07-08 Maria Mercedes A Sola <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive and Supervisory Boards have today considered and adopted the Annual Report of ConvaTec Denmark</td></tr><tr><td colspan="1">A/S for the financial year 1 January - 31 December 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Annual Report is prepared 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 Financial Statements give a true and fair view of the financial position at 31 December 2023 of the</td></tr><tr><td colspan="1">Company and of the results of the Company's operations for 2023.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Management's Review includes a true and fair account of the matters addressed in the Review.</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 adopted at the Annual General Meeting.</td></tr></table> Ballerup 2024-07-08 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of ConvaTec Denmark A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of ConvaTec Denmark A/S for the financial year 01.01.2023-</td></tr><tr><td colspan="1">31.12.2023, which comprise the income statement, balance sheet, statement of changes in equity, and notes, including</td></tr><tr><td colspan="1">a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish</td></tr><tr><td colspan="1">Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial</td></tr><tr><td colspan="1">position at 31.12.2023and of the results of its operations for the financial year 01.01.2023-31.12.2023in accordance with</td></tr><tr><td colspan="1">the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements</td></tr><tr><td colspan="1">applicable in Denmark. Our responsibilities under those standards and requirements are further described in the</td></tr><tr><td colspan="1">"Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent</td></tr><tr><td colspan="1">of the Entity in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics</td></tr><tr><td colspan="1">for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have</td></tr><tr><td colspan="1">fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that</td></tr><tr><td colspan="1">the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with</td></tr><tr><td colspan="1">the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable</td></tr><tr><td colspan="1">the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In</td></tr><tr><td colspan="1">preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going</td></tr><tr><td colspan="1">concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of</td></tr><tr><td colspan="1">accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease</td></tr><tr><td colspan="1">operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from</td></tr><tr><td colspan="1">material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion.</td></tr><tr><td colspan="1">Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with</td></tr><tr><td colspan="1">ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists.</td></tr><tr><td colspan="1">Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could</td></tr><tr><td colspan="1">reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As</td></tr><tr><td colspan="1">part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise</td></tr><tr><td colspan="1">professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">• Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error,</td></tr><tr><td colspan="1">design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and</td></tr><tr><td colspan="1">appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from</td></tr><tr><td colspan="1">fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions,</td></tr><tr><td colspan="1">misrepresentations, or the override of internal control.</td></tr><tr><td colspan="1">• Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are</td></tr><tr><td colspan="1">appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the</td></tr><tr><td colspan="1">Entity’s internal control.</td></tr><tr><td colspan="1">• Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and</td></tr><tr><td colspan="1">related disclosures made by Management .</td></tr><tr><td colspan="1">• Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing</td></tr><tr><td colspan="1">the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists</td></tr><tr><td colspan="1">related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going</td></tr><tr><td colspan="1">concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s</td></tr><tr><td colspan="1">report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our</td></tr><tr><td colspan="1">opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report.</td></tr><tr><td colspan="1">However, future events or conditions may cause the Entity to cease to continue as a going concern.</td></tr><tr><td colspan="1">• Evaluate the overall presentation, structure and content of the financial statements, including the disclosures</td></tr><tr><td colspan="1">in the notes, and whether the financial statements represent the underlying transactions and events in a manner</td></tr><tr><td colspan="1">that gives a true and fair view.</td></tr><tr><td colspan="1">We communicate with those charged with governance regarding, among other matters, the planned scope and</td></tr><tr><td colspan="1">timing of the audit and significant audit findings, including any significant deficiencies in internal control that</td></tr><tr><td colspan="1">we identify during our audit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the management commentary</td></tr><tr><td colspan="1">Management is responsible for the management commentary. Our opinion on the financial statements does not cover</td></tr><tr><td colspan="1">the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our</td></tr><tr><td colspan="1">audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider</td></tr><tr><td colspan="1">whether the management commentary is materially inconsistent with the financial statements, or our knowledge</td></tr><tr><td colspan="1">obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider</td></tr><tr><td colspan="1">whether the management commentary provides the information required by relevant law and regulations.</td></tr><tr><td colspan="1">Based on the work we have performed; we conclude that the management commentary is in accordance with the</td></tr><tr><td colspan="1">financial statements and has been prepared in accordance with the requirements in the relevant law and regulations.</td></tr><tr><td colspan="1">We did not identify any material misstatement of the management commentary.</td></tr></table> Copenhagen 2024-07-08 Convatec Denmark A/S Østmarken 3A 2860 Søborg Municipality of reg. office: <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">Financial Highlights</td></tr><tr><td colspan="1">Seen over a five-year period, the development of the Company is described by the following financial highlights</td></tr></table> 19664000 -1905000 438000 0 17 0.668 0.003 <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 ratios have been prepared in accordance with the recommendations and guidelines issued by the CFA Society Denmark. For</td></tr><tr><td colspan="1">definitions, see under accounting policies.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Review</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">Main activity</td></tr><tr><td colspan="1">ConvaTec Denmark A/S is owned by the ConvaTec Denmark Holdings ApS.</td></tr><tr><td colspan="1">ConvaTec Denmark A/S main activity is to commercialize medical devices in 5 main business areas</td></tr><tr><td colspan="1">• Ostomy Care: Products designed to meet customers' needs after going through an Ostomy surgery.</td></tr><tr><td colspan="1">• Wound Therapeutics: Products designed to successfully address Human Skin Wounds.</td></tr><tr><td colspan="1">• Critical Care: Products designed to successfully address Fecal Incontinence, Intensive Care treatment and</td></tr><tr><td colspan="1">Operating Theatre procedures.</td></tr><tr><td colspan="1">• Continence Care: Products designed to successfully address Urinary Incontinence.</td></tr><tr><td colspan="1">• Infusion Care: Products designed to subcutaneous infusion of painkillers.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in the year</td></tr><tr><td colspan="1">Gross profit for 2023 amounted to TDKK 19,664 compared to TDKK 22,645 in 2022.</td></tr><tr><td colspan="1">EBIT amounts to TDKK 2,225 compared to 2022, where EBIT was TDKK 2,465.</td></tr><tr><td colspan="1">Revenues decreased by 38% mainly due to the impact of exit from Critical Care Business (TDKK -26,293).</td></tr><tr><td colspan="1">The income statement of the Company for 2023 shows a profit of KK 438, and at 31 December 2023 the balance sheet</td></tr><tr><td colspan="1">of the Company shows equity of TDKK 128,263.</td></tr><tr><td colspan="1">Special risks - operating risks and financial risks</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">Operating risks</td></tr><tr><td colspan="1">The main commercial risk of ConvaTec Denmark A/S relates to the ability of sustaining its strong market position. All</td></tr><tr><td colspan="1">products are developed and produced by the ConvaTec Group and ConvaTec seeks to be at the cutting edge when it</td></tr><tr><td colspan="1">comes to product development within our business areas and activities.</td></tr><tr><td colspan="1">Foreign exchange risks</td></tr><tr><td colspan="1">ConvaTec Denmark A/S has sales and purchase in DKK, and loan in EUR accordingly, the Company has limited exposed</td></tr><tr><td colspan="1">to changes in currency exchange rates. These financial risks are monitored and managed in close cooperation with the</td></tr><tr><td colspan="1">Parent, ConvaTec Group, which follows a low-risk policy.</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">Targets and expectations for the year ahead</td></tr><tr><td colspan="1">Total net sales are expected to be comparable to 2023 with a projected increase of 2.5%</td></tr><tr><td colspan="1">ConvaTec will continue to have its strong market position in Denmark. No major tender position has changed or</td></tr><tr><td colspan="1">expected to be changed in 2023. EBIT for 2023 is expected to be in the range of 1.5 %– 2.5 % increase from 2022.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Data ethics</td></tr><tr><td colspan="1">ConvaTec Denmark A/S strives to use data responsibly and sustainably. However, currently the company has decided</td></tr><tr><td colspan="1">not to develop and implement a specific policy regarding data ethics.</td></tr><tr><td colspan="1">We consider that our current use of data in relation to our company and business does not have a character that implies</td></tr><tr><td colspan="1">data ethical issues. As such advanced data analysis e.g. “big data” analyses, use of AI or algorithms for automated</td></tr><tr><td colspan="1">decisions or other applications of data, which could imply significant consequences for society or population groups, is</td></tr><tr><td colspan="1">not currently an integrated part of our business strategy or activities</td></tr><tr><td colspan="1">In this assessment, we have further emphasized that ConvaTec Denmark A/S besides the data protection law also</td></tr><tr><td colspan="1">complies with the health legislation including medical equipment, which outlines the ethical rules for how we perform</td></tr><tr><td colspan="1">our business activities. The use and application of data within our company and industry is constantly changing, and we</td></tr><tr><td colspan="1">will therefore continuously perform an assessment of the need to develop and implement a policy on data ethics.</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">Subsequent events</td></tr><tr><td colspan="1">No events post the balance sheet date to report.</td></tr></table> 17439000 0 2225000 0 1311000 3216000 320000 -2599000 2481000 <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="5" align="left" valign="middle" ><b>Statement of Changes in Equity</b></td></tr><tr><td width="40%" ></td><td width="17%" ></td><td width="13%" ></td><td width="15%" colspan="1" align="right" valign="middle" >Proposed</td><td width="15%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="40%" ></td><td width="17%" ></td><td width="13%" colspan="1" align="right" valign="middle" >Retained</td><td width="15%" colspan="1" align="right" valign="middle" >dividend for</td><td width="15%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="40%" ></td><td width="17%" colspan="1" align="right" valign="middle" >Share capital</td><td width="13%" colspan="1" align="right" valign="middle" >earnings</td><td width="15%" colspan="1" align="right" valign="middle" >the year</td><td width="15%" colspan="1" align="right" valign="middle" >Total</td></tr><tr><td width="40%" ></td><td width="17%" colspan="1" align="right" valign="middle" >TDKK</td><td width="13%" colspan="1" align="right" valign="middle" >TDKK</td><td width="15%" colspan="1" align="right" valign="middle" >TDKK</td><td width="15%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Equity at 1 January 2023</td><td width="17%" align="right" valign="middle" > 500 </td><td width="13%" align="right" valign="middle" > 127.057 </td><td width="15%" align="right" valign="middle" > - </td><td width="15%" align="right" valign="middle" > 127.557 </td></tr><tr><td colspan="5"></td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="17%" align="right" valign="middle" > - </td><td width="13%" align="right" valign="middle" >- 41.562 </td><td width="15%" align="right" valign="middle" > 42.000 </td><td width="15%" align="right" valign="middle" > 438 </td></tr><tr><td colspan="5"></td></tr><tr><td width="40%" colspan="1" align="left" valign="middle" >Equity ay 31 December 2023</td><td width="17%" align="right" valign="middle" > 500 </td><td width="13%" align="right" valign="middle" > 85.763 </td><td width="15%" align="right" valign="middle" > 42.000 </td><td width="15%" align="right" valign="middle" > 128.263 </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="3" align="left" valign="middle" ><b>Notes</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Staff expenses</b></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" ><b>2023</b></td><td width="17%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="38%" align="right" valign="middle" > 15.710 </td><td width="17%" align="right" valign="middle" > 18.297 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Pensions</td><td width="38%" align="right" valign="middle" > 1.333 </td><td width="17%" align="right" valign="middle" > 1.602 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Other social security expenses</td><td width="38%" align="right" valign="middle" > 396 </td><td width="17%" align="right" valign="middle" > 274 </td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" > 17.439 </td><td width="17%" align="right" valign="middle" > 20.173 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" ><b>Average number of employees</b></td><td width="38%" align="right" valign="middle" ><b>17</b></td><td width="17%" align="right" valign="middle" ><b>12</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" >Remuneration</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" >of</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" >Management</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" >2023</td><td width="17%" ></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Executive management</td><td width="38%" align="right" valign="middle" > 3.590 </td><td width="17%" ></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" > 3.590 </td><td width="17%" ></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >ConvaTec PLC has implemented different share-based compensation programs for the Company’s Executive Board, other key</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >management persons and other eligible employees. Share-based compensation programs are granted on a yearly basis over a fixed</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >period. Share-based compensation programs entitle the Executive Board, other key management persons and other eligible</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >employees to buy shares in the ConvaTec PLC per agreement at a pre-agreed price.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The total share-based compensation are valued using the Black-Scholes model and the expense is recognised in the income</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >statement (staff expenses) throughout the vesting period with a corresponding adjustment in equity.</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" ><b>Depreciation and amortisation of intangible assets and property, plant and equipment</b></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" ><b>2023</b></td><td width="17%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Depreciation of property, plant and equipment</td><td width="38%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >7</td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >7</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" ><b>2023</b></td><td width="17%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Interest paid to group enterprises</td><td width="38%" align="right" valign="middle" > 3.165 </td><td width="17%" align="right" valign="middle" > 2.523 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Exchange loss</td><td width="38%" align="right" valign="middle" > 51 </td><td width="17%" align="right" valign="middle" > 848 </td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" > 3.216 </td><td width="17%" align="right" valign="middle" > 26.078 </td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" ><b>Tax on profit for the year</b></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" ><b>2023</b></td><td width="17%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Current tax for the year</td><td width="38%" align="right" valign="middle" >- 2.599 </td><td width="17%" align="right" valign="middle" >- 607 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Deferred tax for the year</td><td width="38%" align="right" valign="middle" > 2.783 </td><td width="17%" align="right" valign="middle" > - </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Adjustment of tax concerning previous years</td><td width="38%" align="right" valign="middle" >- 302 </td><td width="17%" align="right" valign="middle" > - </td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" >- 118 </td><td width="17%" align="right" valign="middle" >- 607 </td></tr><tr><td colspan="3"></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="6" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of 500,000 shares of a nominal value of TDKK 1. No shares carry any special rights.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >There have been no changes in the share capital during the last 5 years.</td></tr><tr><td colspan="6"></td></tr><tr><td width="34%" ></td><td width="29%" align="right" valign="middle" >2023</td><td width="12%" align="right" valign="middle" >2022</td><td width="8%" align="right" valign="middle" >2021</td><td width="8%" align="right" valign="middle" >2020</td><td width="9%" align="right" valign="middle" >2019</td></tr><tr><td width="34%" ></td><td width="29%" colspan="1" align="right" valign="middle" >TDKK</td><td width="12%" colspan="1" align="right" valign="middle" >TDKK</td><td width="8%" colspan="1" align="right" valign="middle" >TDKK</td><td width="8%" colspan="1" align="right" valign="middle" >TDKK</td><td width="9%" colspan="1" align="right" valign="middle" >TDKK</td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Share capital at 1 January</td><td width="29%" align="right" valign="middle" > 500 </td><td width="12%" align="right" valign="middle" > 500 </td><td width="8%" align="right" valign="middle" > 500 </td><td width="8%" align="right" valign="middle" > 500 </td><td width="9%" align="right" valign="middle" > 500 </td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Capital increase</td><td width="29%" align="right" valign="middle" > - </td><td width="12%" align="right" valign="middle" > - </td><td width="8%" align="right" valign="middle" > - </td><td width="8%" align="right" valign="middle" > - </td><td width="9%" align="right" valign="middle" > - </td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Capital decrease</td><td width="29%" align="right" valign="middle" > - </td><td width="12%" align="right" valign="middle" > - </td><td width="8%" align="right" valign="middle" > - </td><td width="8%" align="right" valign="middle" > - </td><td width="9%" align="right" valign="middle" > - </td></tr><tr><td colspan="6"></td></tr><tr><td width="34%" colspan="1" align="left" valign="middle" >Share capital at 31 December</td><td width="29%" align="right" valign="middle" > 500 </td><td width="12%" align="right" valign="middle" > 500 </td><td width="8%" align="right" valign="middle" > 500 </td><td width="8%" align="right" valign="middle" > 500 </td><td width="9%" align="right" valign="middle" > 500 </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 /><td>Distribution of profit</td></tr><tr><td /><td /><td>2023</td><td>2022</td></tr><tr><td /><td /><td>TDKK</td><td>TDKK</td></tr></table> -41562000 <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="3" align="left" valign="middle" ><b>Contingent assets, liabilities and other financial obligations</b></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" ><b>2023</b></td><td width="17%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Rental and lease obligations</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Lease obligations under operating leases. Total future lease payments</td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Within 1 year</td><td width="38%" align="right" valign="middle" > 693 </td><td width="17%" align="right" valign="middle" > 733 </td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Between 1 and 5 years</td><td width="38%" align="right" valign="middle" > 107 </td><td width="17%" align="right" valign="middle" > 2.256 </td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" > 800 </td><td width="17%" align="right" valign="middle" > 2.989 </td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company is party to a national Danish joint taxation scheme with ConvaTec Denmark Holdings as the management company.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Consequently, the Company is jointly liable for corporation taxes for the jointly taxed companies. The Company is also jointly liable</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >for any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies.</td></tr><tr><td colspan="3"></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="2" align="left" valign="middle" ><b>Related parties</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" ><b>Controlling interest</b></td><td width="47%" colspan="1" align="left" valign="middle" ><b>Basis</b></td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Convatec Denmark Holdings ApS</td><td width="47%" colspan="1" align="left" valign="middle" >Immediate parent</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Convatec Holdings U.K. Limited</td><td width="47%" colspan="1" align="left" valign="middle" >Intermediate parent</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Convatec Group Holdings Limited</td><td width="47%" colspan="1" align="left" valign="middle" >Intermediate parent</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Convatec Group PLC</td><td width="47%" colspan="1" align="left" valign="middle" >Ultimate parent</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Transactions</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Trade with related parties, including trade with the parent company, is based on market terms.</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" ><b>Consolidated Financial Statements</b></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Company is included in the Group Annual Report of the Ultimate Parent</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Name</td><td width="47%" colspan="1" align="left" valign="middle" >Place of registered office</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Convatec Group PLC</td><td width="47%" colspan="1" align="left" valign="middle" >UK</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The Group Annual Report of ConvaTec Group PLC may be obtained at the following address</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >3 Forbury Place, 23 Forbury Road, UK.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Fee to auditors appointed at the general meeting</b></td></tr><tr><td width="45%" ></td><td width="38%" align="right" valign="middle" ><b>2023</b></td><td width="17%" align="right" valign="middle" ><b>2022</b></td></tr><tr><td width="45%" ></td><td width="38%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>TDKK</b></td></tr><tr><td width="45%" colspan="1" align="left" valign="middle" >Audit fee to Deloitte</td><td width="38%" align="right" valign="middle" >198</td><td width="17%" align="right" valign="middle" >213</td></tr></table> Regnskabsklasse B <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>Accounting Policies</td></tr><tr><td /><td>The Annual Report of ConvaTec Denmark A/S for 2023 has been prepared in accordance with the provisions of the Danish Financial</td></tr><tr><td /><td>Statements Act applying to medium - sized enterprises of reporting class B.</td></tr><tr><td /><td>The accounting policies applied remain unchanged from last year.</td></tr><tr><td /><td>The Financial Statements for 2023 are presented in TDKK.</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>Consolidated financial statements</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>With reference to section 112 of the Danish Financial Statements Act and to the consolidated financial statements of ConvaTec</td></tr><tr><td /><td>Group PLC, the Company has not prepared consolidated financial statements.</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>Cash flow 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>With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated</td></tr><tr><td /><td>financial statements of ConvaTec Group PLC, the Company has not prepared a cash flow 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>Recognition and measurement</td></tr><tr><td /><td>Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities</td></tr><tr><td /><td>measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are</td></tr><tr><td /><td>recognised in the income statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due</td></tr><tr><td /><td>to changed accounting estimates of amounts that have previously been recognised in the income statement.</td></tr><tr><td /><td>Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the</td></tr><tr><td /><td>Company, and the value of the asset can be measured reliably.</td></tr><tr><td /><td>Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the</td></tr><tr><td /><td>value of the liability can be measured reliably.</td></tr><tr><td /><td>Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item</td></tr><tr><td /><td>below.</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>Leases</td></tr><tr><td /><td>All leases are considered operating leases. Payments made under operating leases are recognized in the income statement on a</td></tr><tr><td /><td>straight-line basis over the lease term.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Translation policies</td></tr><tr><td /><td>Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchange differences arising due</td></tr><tr><td /><td>to differences between the transaction date rates and the rates at the dates of payment are recognized in financial income and</td></tr><tr><td /><td>expenses in the income statement. Where foreign exchange transactions are considered hedging of future cash flows, the value</td></tr><tr><td /><td>adjustments are recognized directly in equity.</td></tr><tr><td /><td>Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are</td></tr><tr><td /><td>translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date</td></tr><tr><td /><td>and the rates at the time when the receivable or the debt arose are recognized in financial income and expenses in the income</td></tr><tr><td /><td>statement.</td></tr><tr><td /><td>Fixed assets acquired in foreign currencies are measured at the transaction date rates.</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>Share-based payments</td></tr><tr><td /><td>Equity-settled share-based payments to employees etc. are measured at the fair value of the award on the grant date. The fair value</td></tr><tr><td /><td>of the awards at the date of the grant, which is estimated to be equal to the market value, is expensed in the income statement (staff</td></tr><tr><td /><td>expenses) over the vesting period, with appropriate adjustments being made during the period to reflect expected and actual</td></tr><tr><td /><td>forfeitures. A corresponding entry is recorded directly through equity (retained earnings).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>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>Revenue</td></tr><tr><td /><td>Revenue from the sale of goods is recognized when the risks and rewards relating to the goods sold have been transferred to the</td></tr><tr><td /><td>customer, the revenue can be measured reliably and it is probable that the economic benefits relating to the sale will flow to the</td></tr><tr><td /><td>Company.</td></tr><tr><td /><td>Revenue is measured at the consideration received and is recognized exclusive of VAT and net of discounts relating to sales.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Expenses for raw materials and consumables</td></tr><tr><td /><td>Expenses for raw materials and consumables comprise the raw materials and consumables consumed to achieve revenue for the</td></tr><tr><td /><td>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>Other external expenses</td></tr><tr><td /><td>Other external expenses comprise expenses for premises, sales and distribution as well as office expenses, 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>Gross profit/loss</td></tr><tr><td /><td>With reference to section 32 of the Danish Financial Statements Act, revenue has not been disclosed in 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 /><td>Staff expenses</td></tr><tr><td /><td>Staff expenses comprise wages and salaries as well as payroll expenses other than production wages included in “Other external</td></tr><tr><td /><td>expenses”.</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>Depreciation</td></tr><tr><td /><td>Depreciation comprises depreciation of property, plant and equipment.</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>Income from investments in subsidiaries</td></tr><tr><td /><td>Dividends from subsidiaries are recognized as income in the income statement when adopted at the General Meeting of the</td></tr><tr><td /><td>subsidiary.</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 income and expenses</td></tr><tr><td /><td>Financial income and expenses are recognized in the income statement at the amounts relating to the financial 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>Tax on profit/loss for the year</td></tr><tr><td /><td>Tax for the year consists of current tax for the year and changes in deferred tax for the year. The tax attributable to the loss for the</td></tr><tr><td /><td>year is recognized in the income statement, whereas the tax attributable to equity transactions is recognized directly in equity.</td></tr><tr><td /><td>The Company is jointly taxed with Danish group enterprises. The tax effect of the joint taxation is allocated to enterprises in proportion</td></tr><tr><td /><td>to their taxable incomes.</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>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>Property, plant and equipment</td></tr><tr><td /><td>Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses.</td></tr><tr><td /><td>Cost comprises the cost of acquisition and expense directly related to the acquisition up until the time when the asset is ready for</td></tr><tr><td /><td>use.</td></tr><tr><td /><td>Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the</td></tr><tr><td /><td>assets, which are</td></tr><tr><td /><td>The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the</td></tr><tr><td /><td>basis of the following estimated useful lives of the assets</td></tr><tr><td /><td>Other fixtures and fittings etc 3 years</td></tr><tr><td /><td>Depreciation period and residual value are reassessed annually.</td></tr><tr><td /><td>The carrying amounts of property, plant and equipment are reviewed on an annual basis to determine whether there is any indication</td></tr><tr><td /><td>of impairment other than that expressed by amortization and depreciation.</td></tr><tr><td /><td>If so, the asset is written down to its lower recoverable 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>Investments in subsidiaries</td></tr><tr><td /><td>Investments in subsidiaries are measured at cost. Where cost exceeds the recoverable amount, write-down is made to this lower</td></tr><tr><td /><td>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>Receivables</td></tr><tr><td /><td>Receivables are measured in the balance sheet at the lower of amortized cost and net realizable value, which corresponds to nominal</td></tr><tr><td /><td>value less provisions for bad debts.</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>Current tax receivables and liabilities</td></tr><tr><td /><td>Current tax liabilities and receivables are recognized in the balance sheet as the expected taxable income for the year adjusted for</td></tr><tr><td /><td>tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme</td></tr><tr><td /><td>are recognized in the income statement in financial income and expenses.</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 debts</td></tr><tr><td /><td>Debts are measured at amortized cost, substantially corresponding to nominal 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>Financial Highlights</td></tr><tr><td /><td>Explanation of financial ratios</td></tr><tr><td /><td>Gross margin</td><td>Gross profit x 100 /</td></tr><tr><td /><td /><td>'Revenue</td></tr><tr><td /><td>Profit margin</td><td>Profit before financials x 100 /</td></tr><tr><td /><td /><td>'Revenue</td></tr><tr><td /><td>Return on assets</td><td>Profit before financials x 100 /</td></tr><tr><td /><td /><td>Total assets</td></tr><tr><td /><td>Solvency ratio</td><td>Equity at year end x 100 /</td></tr><tr><td /><td /><td>Total assets at year end</td></tr><tr><td /><td>Return on equity</td><td>Net profit for the year x 100 /</td></tr><tr><td /><td /><td>Average equity</td></tr></table> Årsrapport 21625744 Intertrust Denmark A/S Sundkrogsgade 21 2100 København Ø xWizard version 1.1.1272.1, by EasyX Aps. www.easyx.eu 2022-01-01 2022-12-31 Revisionspåtegning Grundlag for konklusion Konklusion Michael Christian Remy Jensen Maria Mercedes A Sola Kjersti Grimsrund Chairman Michael Christian Remy Jensen Mark Edward Warren 22645000 10503741000 10510320000 0 12 0.564 16.235 20173000 7000 2465000 10529820000 8000 26087000 10506206000 -607000 -3507000 -39652000 22128000 -15438000 589575000 5000 20 0.448 0.505 17958000 -26321000 -19151000 0 22 0.447 -0.016 15905000 -54299000 -42644000 27000 22 0.438 -0.035 Profit before financial income and expenses 2225000 Profit before financial income and expenses 2465000 Profit before financial income and expenses 2095000 Profit before financial income and expenses 2201000 Profit before financial income and expenses 167000 192127000 128263000 6253000 0 2599000 181311000 3000 730000 21000 190917000 1210000 192127000 500000 85763000 42000000 826000 52612000 10426000 63864000 63864000 192127000 0 226018000 127558000 16996000 63418000 140810000 353000 1000 3513000 25000 225116000 902000 226018000 500000 127058000 0 615000 75091000 22754000 98460000 98460000 226018000 10549973000 2604102000 1167210000 2633648000 1177534000 2729516000 1196629000 Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Henrik WolffMikkelsen State Authorised Public Accountant mne33747 Weidekampsgade 6 DK-2300 Copenhagen S