xbrli:pureiso4217:DKK371263062022-01-012022-12-31cmn:ConsolidatedMember371263062022-01-012022-12-311cmn:ConsolidatedMember371263062022-01-012022-12-311cmn:ConsolidatedMember371263062021-01-012021-12-31cmn:ConsolidatedMember371263062022-01-012022-12-31371263062021-01-012021-12-31371263062022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember371263062022-01-012022-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember371263062022-01-012022-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember371263062022-01-012022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember371263062021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember371263062022-01-012022-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember371263062021-01-012021-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember371263062022-01-012022-12-31fsa:RetainedEarningsMember371263062022-01-012022-12-31fsa:RetainedEarningsMember371263062021-01-012021-12-31fsa:RetainedEarningsMember371263062022-12-31cmn:ConsolidatedMember371263062021-12-31cmn:ConsolidatedMember371263062022-12-31371263062021-12-31371263062022-01-01cmn:ConsolidatedMember371263062021-01-01cmn:ConsolidatedMember371263062022-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember371263062022-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember371263062022-01-01fsa:EquityAttributableToParentMembercmn:ConsolidatedMember371263062022-01-01fsa:MinorityInterestsMembercmn:ConsolidatedMember371263062022-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember371263062022-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember371263062022-12-31fsa:EquityAttributableToParentMembercmn:ConsolidatedMember371263062022-12-31fsa:MinorityInterestsMembercmn:ConsolidatedMember371263062022-01-01fsa:ContributedCapitalMember371263062022-01-01fsa:RetainedEarningsMember371263062022-01-01371263062022-12-31fsa:ContributedCapitalMember371263062022-12-31fsa:RetainedEarningsMember371263062022-01-012022-12-312cmn:ConsolidatedMember371263062021-01-012021-12-312cmn:ConsolidatedMember371263062022-01-012022-12-31fsa:ShorttermPrepaymentsOfWorkInProgressMembercmn:ConsolidatedMember371263062022-01-012022-12-31fsa:OtherShorttermPayablesMembercmn:ConsolidatedMember371263062022-01-012022-12-31fsa:ShorttermDeferredIncomeMembercmn:ConsolidatedMemberGrundlag for konklusionKonklusion2023-07-062023-07-0633963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2021-12-312021-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2022-12-312022-01-01NB Herlev Holding ApS37126306ÅrsrapportKøbenhavn S23006WeidekampsgadeHerlevHerlev2730<br /><br />205Herlev HovedgadeThe Executive Board has today considered and approved the annual report of NB Herlev Holding ApS for the financial year 01.01.2022 - 31.12.2022. The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2022 - 31.12.2022.I believe that the management commentary contains a fair review of the affairs and conditions referred to
therein.I recommend the annual report for adoption at the Annual General Meeting.HerlevThomas NielsenTo the shareholders of NB Herlev Holding ApSWe have audited the consolidated financial statements and the parent financial statements of NB Herlev Holding ApS for the financial year 01.01.2022 - 31.12.2022, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the
Danish Financial Statements Act.
In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2022 and of the results of their operations and the consolidated cash flows for the financial year 01.01.2022 - 31.12.2022 in accordance
with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements
applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the consolidated financial statements and the parent financial statements" section of this auditor’s
report. We are independent of the Group in accordance
with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional
Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled
our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis
for our opinion.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in
accordance
with the Danish Financial Statements Act, and for such internal control as Management determines
is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and the Entity’s ability to continue
as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 the additional requirements applicable in Denmark will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if,
individually or in the aggregate, they could reasonably be expected to influence the economic decisions of
users taken on the basis of these consolidated financial statements and parent financial statements.
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark,
we exercise professional judgement and maintain professional scepticism throughout the audit. We also:<br />Identify and assess the risks of material misstatement of the consolidated financial statements and the parent 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.
<br />Obtain an understanding of internal control relevant to the audit in order to design audit procedures
that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the
effectiveness of the Group's and the Entity’s internal control.
<br />Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates
and related disclosures made by Management.
<br />Conclude on the appropriateness of Management’s use of the going concern basis of accounting in
preparing the consolidated financial statements and the parent financial statements, and, based on the audit evidence obtained, whether a material
uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Entity’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 consolidated financial statements and the parent financial statements or, if such
disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence
obtained up to the date of our auditor’s report. However, future events or conditions may cause the
Group and the Entity to cease to continue as a going concern.
<br />Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.<br />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 the management commentary.
Our opinion on the consolidated financial statements and the parent financial statements does not cover the management commentary, and we do not express
any form of assurance conclusion thereon.
In connection with our audit of the consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required under the Danish Financial Statements Act.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent financial statements and has been prepared in accordance with the requirements of the Danish Financial
Statements Act. We did not identify any material misstatement of the management commentary.CopenhagenJan Larsenmne16541State Authorised Public AccountantFinancial highlights2022
DKK'0002021
DKK'0002020
DKK'0002019
DKK'0002018
DKK'000Key figuresRevenue294,161224,976421,641356,836275,928Gross profit/loss242,215193,103293,810280,764222,652Operating profit/loss77,18956,941143,338123,52581,728Net financials(316,553)457,940671,032(9,671)(14,291)Profit/loss for the year(225,683)440,375753,37570,8175,403Profit for the year excl
.
minority interests(239,094)432,171738,01149,538(525)Balance sheet total1,348,5051,538,3351,108,781570,26379,466Investments in property, plant and equipment5,3903,96240,19729,52979,466Equity1,108,7421,342,469956,086199,81279,411Equity excl. minority interests1,094,2671,327,407931,732146,91479,411RatiosNet margin (%)(76.72)195.74178.6819.851.96Return on equity (%)(19.75)38.26136.8443.78(0.68)Equity ratio (%)81.1586.2984.0325.7699.93The financial highlights from 2018 to 2020 have not been restated as a result of changes in accounting policies to
IFRS on the recognition of development projects and revenue. Please refer to the accounting policies for further
specifications.
The financial highlights, include the activities of NBCD A/S and Sanos A/S in the period before 30 june 2020.Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Net margin (%)
:
Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year excl. minority interests * 100
Average equity excl. minority interestsEquity ratio (%)
:Equity excl. minority interests * 100
Balance sheet totalPrimary activitiesThe activities of the Parent Company comprise shareholdings in other companies and related activity. The
most material investment is in Nordic Bioscience Holding A/S which carry out research and development
within the pharmaceutical sector.
The group's business activities
The Group was established in 2018 when the Company acquired the majority interest in Nordic Bioscience
Holding A/S.
The main activities of the group are research and development within the pharmaceutical sector. The research
and development are performed both for own and for third parties on contract basis and consist of both
clinical and preclinical research.
For a more detailed description we refer to the consolidated financials of Nordic Bioscience Holding A/SDevelopment in activities and financesThe Group have performed a IFRS conversion project (GAAP Analysis) to evaluate the impact of changing
accounting policies to International Financial Reporting Standards (IFRS). The analysis showed differences in two
areas: Certain development cost should be capitalized under IFRS and the historic applied revenue recognition
principle was different compared to IFRS 15. Based on this, the Group have decided to change its accounting
principles on these two areas. The change is further described in the Accounting Principles-section.
The Group has continued its activities with an increased level of activity compared to 2021. As a result, the Group
reached a gross profit of DKK 242,2 million and an operating profit of DKK 77,1 million. Earnings before interest,
taxes, depreciation and amortisation (EBITDA) was DKK 88,4 million compared to DKK 63 million in 2021.Profit/loss for the year in relation to expected developmentsThe Parent Company’s income statement for the year ended 31.12.2022 shows a loss of DKK 239,094,047 and the balance sheet shows equity of DKK 1,094,267,464 at 31.12.2022.
The Group’s income statement for the year ended 31.12.2022 shows a loss of DKK 225,683,296 and the balance sheet shows equity of DKK 1,108,741,500 at 31.12.2022.
The management had expected that earnings was positive in 2022, and consequently the result is below the expectations. The Parent Company has significant investment in publicly traded Securities which fluctuate with the stock market. The loss in 2022 is influenced by negative fair value adjustments of DKK 315 million.
The management expects earnings before net financial items to be positive in 2023 and net financial items to fluctuate with the stock market.
OutlookThe Group expects increased activities in 2023. For the R&D Services and Diagnostics we expect increased
revenue and earnings of at least 10%. We furthermore expect that the pharmaceutical projects will be fully
financed by the earnings from the R&D Services and Diagnostics, also without receiving any milestones or other
payments form partnered programs.
Use of financial instrumentsInflation-risk is low as the Company is not bound to material agreements with long duration and fixed prices.
Credit-risk is low as the customer-base is broad and the largest customers within top-25 Pharma-Companies. The
Company has a good profitability and no interest-bearing debt, except for customary Danish Mortgage debt (long
term property financing).
Knowledge resourcesThe key to the Group’s success is our +25 years of research in the ECM (Extracellular Matrix) and the
development of diagnostic and therapeutic tools from insights of our more than 168 employees, whereby more
than 120 are directly engaged in research and development activities. The Group seeks to foster a unique and
competitive environment with the freedom to explore scientific ideas. We believe in publishing our scientific
results and publish more than 50 scientific articles a year in the highest-ranking specialist journals.Environmental performanceWe use a minimal number of products in our activities and limited quantities hereof, which could potentially
damage the external environment. We find it very important to comply with or exceed all applicable
environmental regulations and have a good and close relationship with the relevant authorities overseeing such
activities.Research and development activitiesThe Group carries out research and development for own and third parties within the pharmaceutical sector. The
core activities are carried out in the entities Nordic Bioscience A/S and in KeyBioscience AG. The biochemical
markers developed and commercialized in Nordic Bioscience A/S are typically used as aid in diagnosing or
predicting disease development for various diseases, including response to various therapies. In KeyBioscience
AG, the focus is on pharmaceutical projects with the aim to develop better treatments.Group relations
* NBCD A/S and Sanos A/S were sold with effect from december 10, 2020.
** Rheoscience ApS has been liquidated with effect from 4. November 2022.
*** Nordic Bioscience Beijing Ltd. were sold with effect from 3. April 2022.Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 294160929224975925162163905032442431872870242214866193103055120526675105252838468601733393432791982126942236133630256067718935456941496-91982-126942-32415810-316361523189114429661450-13058353405310410-91612166111726571256179231050461912511927532641971682092003152475842107339-271779350483245108-301645833460934278-4609605442546778-625517862843928103237530323753-225683296440374577-239094047-23909404713410751-239094047432171244134107518203333-239094047432171244-239094047-23909404743217124467916683492368007626624081039534051976316277081496729241499534550886066927864682905669529765942790000764576297771846610350031500622486910623521913150063745321832796201629597731232588266374532183279620294213907615023294213907615023383813052046535730938124124363269620163053476470113804996363199552913279319326238996276420485396217078117069707571843166798045732623899727612671276782030972761267127678203097276126712767820309727612671276782030662930137349444813502764785844473293574783643523111855453771415075817104431650712864796501348505150153833464311080618281369759270216703521670352167035216703510921004291325239815109210042913252398151094267464132740685014474036150625661108741500134246941621670351370129737137229677230893980140319075221670351092100429109426746414474036109426746413274068502167035137012973713722967722167035109210042942197610453511854219761045351185326000032750001643461643467284076072065481284526644675241894935314868551646455520050880071372651082265101372651082265100254514180289799031922769120741844678545800019065621253368197566040150514042137943644235242023976365019586522713794364423524201348505150153833464311080618281369759270-44889922-44889922-15831414-60721336-44889922-4488992200-9821926-982192659546615954661-41773551777306Other entries on equity is including the value of the Groups Warrent program which was introduced in 2022. The value of the Groups Warrent program is 1,052,715 DKK.
Changes in accounting policies is the value of the Groups change in accounting policies to IFRS related to previous
years.<br />Other entries on equity is including the value of the Groups Warrent program which was introduced in 2022. The value of the Groups Warrent program is 1,052,715 DKK.
Changes in accounting policies is the value of the Groups change in accounting policies to IFRS related to previous
years.11200246605588172818671274434410173533079567146720779412511172657557262482-360141361-5927407-39724591-24589627-293021828734539573-158449610-5151350-3961601039916767-2099631135955166-314018139770494739Mortage debt paid-3124031-3539861-3124031-3539861-3171421707669548785919972-11257291039054280135027647897276126712767820301 Staff costs2022
DKK2021
DKKWages and salaries96,020,74976,845,387Pension costs6,699,3044,961,145Other social security costs428,618695,271Other staff costs4,393,4743,545,114107,542,14586,046,917Average number of full-time employees172152By reference to section 98b(3),(ii), of the Danish Financial Statemnts Act, remuneration to Management is not disclosed.17215202 Other financial income2022
DKK2021
DKKOther interest income876,5590Fair value adjustments0110,466,473Other financial income10,296,09815,151,45011,172,657125,617,9231 Other financial income2022
DKK2021
DKKOther interest income208,5210Fair value adjustments0110,466,473Other financial income10,296,09814,652,80210,504,619125,119,2753 Other financial expenses2022
DKK2021
DKKOther interest expenses3,359,8096,097,800Exchange rate adjustments7,830,480328,191Fair value adjustments313,779,6890Other financial expenses1,449,7381,783,209326,419,7168,209,2002022
DKK2021
DKKOther interest expenses3,359,8096,097,800Exchange rate adjustments7,830,480328,191Fair value adjustments313,779,6890Other financial expenses1,449,7381,783,209326,419,7168,209,200<br />2 Other financial expenses2022
DKK2021
DKKOther interest expenses18,15733,631Exchange rate adjustments0290,499Fair value adjustments313,779,6890Other financial expenses1,449,7381,783,209315,247,5842,107,339<br />2022
DKK2021
DKKOther interest expenses18,15733,631Exchange rate adjustments0290,499Fair value adjustments313,779,6890Other financial expenses1,449,7381,783,209315,247,5842,107,3394 Tax on profit/loss for the year2022
DKK2021
DKKCurrent tax(1,223,295)46,722,865Change in deferred tax(46,964,273)(3,983,504)Adjustment concerning previous years2,091,514(192,583)(46,096,054)42,546,7783 Tax on profit/loss for the year2022
DKK2021
DKKCurrent tax028,439,281Change in deferred tax(64,701,138)0Adjustment concerning previous years2,149,3520(62,551,786)28,439,2815 Proposed distribution of profit/loss2022
DKK2021
DKKRetained earnings(239,094,047)432,171,244Minority interests' share of profit/loss13,410,7518,203,333(225,683,296)440,374,5774 Proposed distribution of profit and loss2022
DKK2021
DKKRetained earnings(239,094,047)432,171,244(239,094,047)432,171,2446 Intangible assetsCompleted development projects
DKKAcquired intangible assets
DKKAcquired patents
DKKGoodwill
DKKDevelopment projects in progress
DKKCost beginning of year4,490,18874,334,8460162,079,0511,496,729Addition through business combinations etc00206,592,000090,496,502Transfers6,380,122000(6,380,122)Additions008,028,02507,816,936Cost end of year10,870,31074,334,846214,620,025162,079,05193,430,045Amortisation and impairment losses beginning of year(997,819)(74,334,846)0(121,559,288)0Addition through business combinations etc00(206,592,000)0(90,496,502)Impairment losses for the year0000(1,305,835)Amortisation for the year(3,080,823)0(401,401)(32,415,810)0Amortisation and impairment losses end of year(4,078,642)(74,334,846)(206,993,401)(153,975,098)(91,802,337)Carrying amount end of year6,791,66807,626,6248,103,9531,627,708Completed development projects
DKKAcquired intangible assets
DKKAcquired patents
DKKGoodwill
DKKDevelopment projects in progress
DKKCost beginning of year4,490,18874,334,8460162,079,0511,496,729Addition through business combinations etc00206,592,000090,496,502Transfers6,380,122000(6,380,122)Additions008,028,02507,816,936Cost end of year10,870,31074,334,846214,620,025162,079,05193,430,045Amortisation and impairment losses beginning of year(997,819)(74,334,846)0(121,559,288)0Addition through business combinations etc00(206,592,000)0(90,496,502)Impairment losses for the year0000(1,305,835)Amortisation for the year(3,080,823)0(401,401)(32,415,810)0Amortisation and impairment losses end of year(4,078,642)(74,334,846)(206,993,401)(153,975,098)(91,802,337)Carrying amount end of year6,791,66807,626,6248,103,9531,627,7087 Development projectsCompleted development projects and development projects in progress include the development of tecnology
which automate various processes within the production of biomarkers. The development projects are expected
to be completed within one year and comprise both external consultancy fees and internal labor costs.8 Property, plant and equipmentLand and buildings
DKKOther fixtures and fittings, tools and equipment
DKKLeasehold improvements
DKKCost beginning of year78,349,82528,187,7021,580,205Additions299,1125,091,0320Disposals00(1,063,057)Cost end of year78,648,93733,278,734517,148Depreciation and impairment losses beginning of year(10,059,260)(18,759,802)(1,580,205)Depreciation for the year(1,661,813)(4,989,167)0Reversal regarding disposals001,063,057Depreciation and impairment losses end of year(11,721,073)(23,748,969)(517,148)Carrying amount end of year66,927,8649,529,76509 Financial assetsDeposits
DKKDeferred tax
DKKCost beginning of year31,5000Addition through business combinations etc062,248,691Additions72,0000Cost end of year103,50062,248,691Carrying amount end of year103,50062,248,6915 Financial assetsInvestments in group enterprises
DKKReceivables from group enterprises
DKKOther investments
DKKCost beginning of year608,558,248091,612,166Transfers91,612,1660(91,612,166)Additions017,000,0000Disposals0(500,000)0Cost end of year700,170,41416,500,0000Impairment losses beginning of year(480,388,705)0(91,612,166)Changes in accounting policies(44,889,923)00Transfers(91,612,166)091,612,166Amortisation of goodwill(32,415,810)00Share of profit/loss for the year36,681,32500Dividend(45,178,074)00Reversal of impairment losses(1,076,401)00Investments with negative equity value depreciated over receivables 2,494,820(2,494,820)0Other adjustments5,954,66100Impairment losses end of year(650,430,273)(2,494,820)0Carrying amount end of year49,740,14114,005,1800A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.
For Investments in group enterprises, the value of DKK 8,103,953 is related to Goodwill.10 Deferred tax
Changes during the year2022
DKKRecognised directly as tax asset62,248,691End of year62,248,691Deferred tax assetsDeferred tax relates to intangible assets, property, plant and equipment, inventories and other provisions.<br />12 Deferred tax2022
DKK2021
DKKIntangible assets(3,530,120)(1,097,602)Property, plant and equipment(1,541,758)(1,261,184)Receivables440,000440,000Tax losses carried forward2,896,7600Other taxable temporary differences018,224,133Other deductible temporary differences303,6000Deferred tax(1,431,518)16,305,347
Changes during the year2022
DKK2021
DKKBeginning of year16,305,347(594,669)Recognised in the income statement(17,736,865)3,983,504Recognised directly in equity012,916,512End of year(1,431,518)16,305,347Deferred tax assetsThe tax asset is composed of tax loss carryforwards and unutilised tax
deductions consisting of timing differences. Management believes that the tax asset is likely to be offset against
future taxable income within the next 2-3 years.
6 Deferred tax2022
DKKTax losses carried forward64,701,138Deferred tax64,701,138
Changes during the year2022
DKKRecognised in the income statement64,701,138End of year64,701,138Deferred tax assetsThe tax asset is composed of tax loss carryforwards and unutilised tax
deductions consisting of timing differences. Management believes that the tax asset is likely to be offset against
future taxable income within the next 2-3 years.11 Contract work in progress2022
DKK2021
DKKContract work in progress3,256,2072,521,900Progress billings(5,792,092)(6,748,181)Transferred to liabilities other than provisions2,845,2664,467,524309,381241,24313 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years.14 Contributed capitalNumberNominal
value
DKKRecorded par
value
DKKShares2,167,03512,167,0352,167,03512,167,03515 Non-current liabilities other than provisionsDue within 12
months
2022
DKKDue within 12
months
2021
DKKDue after
more than 12
months
2022
DKKOutstanding
after 5 years
2022
DKKMortgage debt3,260,0003,275,00042,197,61029,228,5453,260,0003,275,00042,197,61029,228,545Mortgage debt is secured by way of mortgage on properties at a book value of DKK 66,927,864.16 Prepayments received from customersPrepayments received from customers consist of payments received in connection with projects in progress and
future projects.17 Other payables2022
DKK2021
DKKWages and salaries, personal income taxes, social security costs, etc. payable8,880,2989,168,089Holiday pay obligation3,602,0888,570,931Other costs payable6,745,3053,002,82419,227,69120,741,84418 Deferred incomeDeferred income is related to the Groups PhD- and Post-Doc projects which is supported and funded by
Innovationsfonden. 19 Changes in working capital2022
DKK2021
DKKIncrease/decrease in inventories(21,806,367)(7,615,023)Increase/decrease in receivables61,233,962113,687,944Increase/decrease in trade payables etc.(1,007,205)11,274,874Other changes(31,138,523)10,095,6467,281,867127,443,44120
Fair value informationOther investments
DKKFair value end of year 972,761,267Unrealised fair value
adjustments recognised in
the income statement
(313,779,689)The items listed above are unrealised and realised fair value adjustments recognised in the income statement on listed securities included in other investments.8
Fair value informationOther investments
DKKFair value end of year972,761,267Unrealised fair value
adjustments recognised in
the income statement(313,779,689)The items listed above are unrealised and realised fair value adjustments recognised in the income statement on listed securities included in other investments.21 Transactions with related partiesOnly non-arm's length related party transactions are disclosed in the annual report.
No
such transactions were conducted during the financial year.10 Transactions with related partiesOnly non-arm's length related party transactions are disclosed in the annual report.
No
such transactions were conducted during the financial year.22 SubsidiariesRegistered inCorporate
formOwnership
%Nordic Bioscience Holding A/S HerlevA/S73.90Symic OA ApSHerlevApS55.63Nordic Sporting Clays ApSCopenhagenApS59.004974014183279620140051800009 Contingent liabilitiesThe Entity serves as the administration company in a Danish jointtaxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entityis therefore liable for income taxes etc for the
jointly taxed entities, and also for obligations, if any, relating tothe withholding of tax on interest, royalties and
dividends for these entities.
This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).Changes in accounting policiesThe Group has performed a IFRS conversion project (GAAP Analysis) to evaluate the impact of changing
accounting policies from the Danish Financial Statements Act to International Financial Reporting Standards
(IFRS). The conclusion of the analysis was, that certain development cost should be capitalized under IFRS.
Furthermore the historic revenue recognition principles was different from the principles in IFRS 15. Based on
this, the Group have decided to change its accounting principles on these two areas. The Annual report for 2022
is prepared accordance with the Danish Financial Statements Act but without any numerical differences to the
principles in IFRS.
Revenue
The change in accounting policies has led to a decrease in Revenue for 2022 of DKK 15,828 thousand and
increase of Prepayment received from customers of DKK 15,828 thousand. Consequently, the total effect of the
change in accounting policies is a decrease in this year's pre-tax profit of DKK 15,828 thousand. Tax for the year
incumbent on the change in accounting policies, consisting of an adjustment of current tax, amounts to DKK
3,482 thousand, after which net profit for the year decreases by DKK 12,345 thousand. The balance sheet total
increases by DKK 12,345 thousand, while equity decreases by DKK 12,345 thousand at 31.12.2022.
Development projects
The change in accounting policies has led to an increase in Development projects of DKK 3,430 thousand and
decrease of Research and development costs of DKK 3,430 thousand. Consequently, the total effect of the change
in accounting policies is an increase in this year's pre-tax profit of DKK 3,430 thousand. Tax for the year
incumbent on the change in accounting policies, consisting of an adjustment of deferred tax, amounts to DKK
775 thousand, after which net profit or loss for the year increases by DKK 3,430 thousand. The balance sheet
total increases by DKK 2,675 thousand, while equity increases by DKK 2,675 thousand at 31.12.2022.
The comparative figures have been restated following the change in accounting policies.
Furthermore the presentation of few comparative figures has been restated. However, the restatement does not
neither affect the Group's results nor it equity.
Apart from the areas mentioned above, the annual report has been presented applying the accounting policies consistently with last year.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. <br />Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence, are regarded as associates.<br />Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.Foreign currency translationOn initial recognition, foreign currency transactions are translated applying the exchange rate at the
transaction
date. Receivables, payables and other monetary items denominated in foreign currencies that
have not been
settled at the balance sheet date are translated using the exchange rate at the balance
sheet date. Exchange
differences that arise between the rate at the transaction date and the rate in effect
at the payment date, or the
rate at the balance sheet date, are recognised in the income statement as
financial income or financial expenses.
RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement
when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales
discounts and is measured at fair value of the consideration fixed.Contract work in progress consist of EU-projects which are included in revenue based on the stage of completion
so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of- completion method).Production costsProduction costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise
wages and salaries, rent and lease, and amortisation, depreciation and impairment losses relating to intangible
assets and property, plant and equipment included in the production process. In addition, the item includes
ordinary write-down of inventories.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary
inventory
writedowns.Research and development costsResearch and development costs comprise research costs, costs of development projects not qualifying for
recognition in the balance sheet, and amortisation and impairment losses relating to development projects.Administrative expensesAdministrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages
and salaries for administrative staff and Management, stationery and office supplies, and amortisation,
depreciation and impairment losses relating to intangible assets and property, plant and equipment used for
administration of the Entity.Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after full elimination of intra-group profits or losses.
Income from other fixed asset investments Income from other fixed asset investments comprises gains in the form of interest, dividends, etc. on fixed
asset investments which are not investments in group enterprises or associates.Other financial incomeOther financial income comprises dividends etc received on other investments, interest income, including
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group
enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.The Parent is jointly taxed with all of its Danish group enterprises. The current Danish income tax is allocated
among
the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax
losses).Other taxesThe item includes tax amounts calculated on a basis other than income for the year, which are not refunded
to the Entity.GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful
life reliably, for which reason such useful life has been set at 10 years. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 5 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.<br />Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights, acquired intellectual property rights and prepayments for intangible assets.Development projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. For development projects
protected by intellectual property rights, the maximum period of amortisation is the remaining duration of the
relevant rights. The amortisation periods used are 3 years.
Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the
term of the agreement, but over no more than 20 years. The amortisation of patents and licences begins after
regulatory approval has been obtained.
Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
Interest expenses on loans for the financing of the manufacture of property, plant and equipment are
included
in cost if they relate to the manufacturing period. All other financial costs are recognised in the income
statement.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Buildings50 yearsOther fixtures and fittings, tools and equipment3-7 yearsLeasehold improvements10 years
For leasehold improvements and assets subect to finance leases, the depreciation period cannot exceed the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in group enterprisesInvestments in group enterprises are recognised and measured in the parent financial statements according to the equity
method.
This means that investments are measured at the pro rata share of the enterprises’ equity value.
Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises
are written down to net realisable value based on a specific assessment. If the Parent has a legal
or constructive
obligation to cover the liabilities of the relevant enterprise, and it is probable that such
obligation will involve a
loss, a provision is recognised that is measured at present value of the costs
necessary to settle the obligations at
the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to
reserve
for net revaluation according to the equity method in equity.
Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their
estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.
Contract work in progressContract work in progress is measured at the selling price of the work carried out at the balance sheet date.
The selling price is measured based on the stage of completion and the total estimated income from the
individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total
budgeted consumption of resources.
If the selling price of a contract in progress cannot be made up reliably, it is measured at the lower of costs
incurred and net realisable value.
Each contract in progress is recognised in the balance sheet in receivables or liabilities other than provisions,
depending on whether the net value, calculated as the selling price less prepayments received, ispositive or
negative.
Costs of sales work and of securing contracts, and finance costs are recognised in the income statement
as incurred.Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.Other investments (current assets)Other current asset investments comprise listed securities measured at fair value (market price) at the
balance sheet date, and unlisted investments measured at the lower of cost and net realisable value.CashCash comprises cash in hand and bank deposits.Minority interestsOn initial recognition, minority interests are measured at the minority interests’ share of the acquiree’s net assets measured at fair value. No goodwill related to the minority interests’ equity interests in the acquiree is recognised.Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds
to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at
amortised
cost. This means that the difference between the proceeds at the time of borrowing and the nominal
repayable
amount of the loan is recognised in the income statement as a financial expense over the term
of the loan
applying the effective interest method.<br />Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Deferred incomeDeferred income comprises income received for recognition in subsequent financial years. Deferred income
is measured at cost.Cash flow statementThe cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
The cash flow statement shows cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk less
short-
term bank loans.
2023-07-06Thomas Nielsen