xbrli:pureiso4217:DKK395042512021-01-012021-12-31395042512021-01-012021-12-311395042512021-01-012021-12-312395042512021-01-012021-12-313395042512021-01-012021-12-314395042512021-01-012021-12-315395042512021-01-012021-12-311395042512021-01-012021-12-311395042512021-01-012021-12-312395042512020-01-012020-12-31395042512021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember395042512020-01-012020-12-31fsa:ProposedDividendRecognisedInEquityMember395042512021-01-012021-12-31fsa:RetainedEarningsMember395042512020-01-012020-12-31fsa:RetainedEarningsMember395042512021-01-012021-12-31fsa:ContributedCapitalMember395042512021-01-012021-12-31fsa:RetainedEarningsMember395042512021-01-012021-12-31fsa:ProposedDividendRecognisedInEquityMember395042512021-12-31395042512020-12-31395042512021-01-01fsa:ContributedCapitalMember395042512021-12-31fsa:ContributedCapitalMember395042512021-01-01fsa:RetainedEarningsMember395042512021-12-31fsa:RetainedEarningsMember395042512021-01-01fsa:ProposedDividendRecognisedInEquityMember395042512021-12-31fsa:ProposedDividendRecognisedInEquityMember395042512021-01-01Annual reportAuditor's report on audited financial statementsfalseReporting class BtruefalsefalseInstitutional Holding P/STuborg Boulevard32900Hellerup395042512018-04-18Gentofte2021-01-012021-12-312020-01-012020-12-312022-06-28Klaus RisagerJon Steingrim JohnsenNicolai Ørnstrup PilehaveMichael Nellemann PedersenTorsten FelsJan Erik SaugestadChairmanMichael Nellemann PedersenPricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabPricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejenStrandvejen444429002900HellerupHellerup3377123133771231Institutional Holding P/STuborg Boulevard 32900 Hellerup39504251The Board of Directors and the Executive Board have today considered and approved the An-nual Report of Institutional Holding P/S for the financial year 1 January – 31 December 2021. The Annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the financial position at 31 December 2021 of the Company and of the results of the Company operations for the financial year 1 January – 31 December 2021. In our opinion, Management's Review includes a true and fair account of the matters ad-dressed in the Review. We recommend the annual report for adoption at the Annual General Meeting. Hellerup2022-06-23To the Shareholders of Institutional Holding P/S OpinionIn 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 for the finan-cial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Institutional Holding P/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”).Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s Responsibilities for the Audit of the Finan-cial Statements section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Pro-fessional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these re-quirements and the IESBA Code. We believe that the audit evidence we have obtained is suffi-cient and appropriate to provide a basis for our opinion.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. In preparing the financial statements, Management is responsible for assessing the Compa-ny’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.Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an au-ditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional re-quirements 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 us-ers taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements appli-cable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, wheth-er 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 opin-ion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of express-ing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of ac-counting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of ac-counting 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 signifi-cant 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. • Evaluate the overall presentation, structure and contents of the financial statements, in-cluding the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Manage-ment’s Review and, in doing so, consider whether Management’s Review is materially incon-sistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the in-formation required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement in Man-agement’s Review.Hellerup2022-06-23Per Rolf LarssenCasper LarsenState Authorised Public AccountantState Authorised Public Accountantmne24822mne45855Primary activities The Company’s main activity is to own shares in the management company AIP Management P/S and the general partner AIP Komplementar ApS. Development in activities and finances The income statement of the Company for 2021 shows a profit of DKK 220,121 and at 31 De-cember 2021 the balance sheet of the Company shows equity of DKK 3,038,214. The devel-opment in the financial year’s activities is as expected.This annual report has been presented in accordance with the provisions of the Danish Finan-cial Statements Act governing reporting class B enterprises with addition of a few elements from reporting class C enterprises. The Financial Statements for 2021 are presented in DKK. The accounting policies applied remain unchanged from last year. Recognition and measurement Revenues are recognised in the income statement as earned. Furthermore, value adjust-ments of financial assets and liabilities measured at fair value or amortised cost are recog-nised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic bene-fits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Translation policies Transactions in foreign currencies are translated at the exchange rates at the dates of transac-tion. Exchange differences arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been set-tled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Other external expense Other external expense comprises expenses for administration expenses, etc. Gross profit/loss Gross profit/loss is calculated with reference to Section 32 of the Danish Financial Statements Act as a summary of other external costs. Income from investments in associates In the income statement, dividends are recognized from investments in associates in the fi-nancial year in which the dividend is declared. Financial expenses Financial expense are recognised in the income statement at the amounts relating to the fi-nancial year and in addition to interest. Tax on profit/loss for the year The company is not taxable independently, which is why the tax liability is incumbent on the company’s investors. As a result, no tax and deferred tax has been set aside in the accounts.Investment in associates Investments in associates are recognized and measured at cost. If there is an indication of a need for impairment, an impairment test is performed. Where the carrying amount exceeds the recoverable amount it is written down to this lower value. Other receivables Other receivables are recognised in the balance sheet at amortised cost, which substantially corresponds to nominal value. Provisions for estimated bad debts are made. Cash Cash comprises cash in bank deposits. Equity Dividend distribution proposed by Management for the year is disclosed as a separate equity item. Financial debts Debts are measured at amortised cost, substantially corresponding to nominal value. -25143-20043250088250788348241048622012124773540022012124773540250000220121222735402201210252000025250002520000252500025200002525000508887085088870863117364088563626164959331562613174593500000500000253821423180930250000303821430680935000005000002318093253821425000003068093118047106500118047106500118047106500315626131745930025000025000000Investments in associates: Cost primo 2,525,000 2,525,000 Additions in year 0 0 Disposals in year -5,000 0 Cost ultimo 2,520,000 2,525,000 Financial assets 2,520,000 2,525,000 The company holds shares in the following company: AIP Management P/S, domiciled in Denmark and a 49.9% ownership interest. AIP Komplementar ApS, domiciled in Denmark and a 50% ownership interest. Contingent assets, liabilities and other financial obligations The company has no mortgages, surety guarantees or similar obligations other than what is shown in the financial statements.