385415362017-03-242017-12-31385415362017-03-242017-12-31Direktionsmedlem 01385415362017-03-242017-12-31Direktionsmedlem 02385415362017-03-242017-12-31Bestyrelsesmedlem 1385415362017-03-242017-12-31Bestyrelsesmedlem 2385415362017-03-242017-12-31Bestyrelsesmedlem 3385415362017-03-242017-12-31Bestyrelsesmedlem 4385415362017-03-242017-12-31Bestyrelsesmedlem 5385415362017-12-31385415362016-12-31385415362017-03-242017-12-31fsa:CompletedDevelopmentProjectsMember385415362017-12-31fsa:CompletedDevelopmentProjectsMember385415362017-12-31fsa:InvestmentsInGroupEnterprisesMember385415362017-03-242017-12-31fsa:InvestmentsInGroupEnterprisesMember385415362016-01-012016-12-31385415362017-03-242017-12-31fsa:RetainedEarningsMember385415362017-03-242017-12-31fsa:RetainedEarningsMember385415362017-12-31fsa:ContributedCapitalMember385415362017-12-31fsa:RetainedEarningsMember385415362017-12-31cmn:PreviousYearMemberfsa:ContributedCapitalMember385415362017-12-31cmn:FourYearsAgoMemberfsa:ContributedCapitalMember385415362017-03-242017-12-31cmn:PreviousYearMemberfsa:ContributedCapitalMember385415362017-03-242017-12-31cmn:ThreeYearsAgoMemberfsa:ContributedCapitalMember385415362017-12-31cmn:TwoYearsAgoMemberfsa:ContributedCapitalMember385415362017-12-31cmn:ThreeYearsAgoMemberfsa:ContributedCapitalMember385415362017-03-242017-12-31fsa:ContributedCapitalMember385415362017-03-242017-12-31Revisionsvirksomhed 01385415362017-03-242017-12-31Revisionsvirksomhed 01 - Revisor 01385415362017-03-242017-12-31Revisionsvirksomhed 01 - Revisor 02iso4217:DKKThe company’s main activities is to hold shares in subsidiaries. The loss for the year are DKK (53)k. The total assets are DKK 6,204k. and the equity is DKK 6.001k.No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.Lars NannerupLars Nygaard JepsenThe Board of Directors and the Executive Board have today considered and approved the annual report of Infuser Holding ApS for the financial year 24.03.2017 - 31.12.2017.The annual report is presented in accordance with the Danish Financial Statements Act. We recommend the annual report for adoption at the Annual General Meeting. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. Lars Nygaard JepsenFinn MogensenOh Kim SunAntonio Jose Mugica RiveroMatthew Stanley JohnsonCEO620409562040950620409562040952030361030361000003036-50000-50000-53036This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C. Assets 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.Intellectual property rights etc comprise development projects completed and in progress with related intellectual property rights, acquired intellectual property rights, patents 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. 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 the estimated useful lives of the assets. The amortisation period is 5 years. Development projects are written down to the lower of recoverable amount and carrying amount. 9204443-9204443062040958828974-2624879Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. Other financial expenses comprise interest expenses as well as tax surcharge under the Danish Tax Prepayment Scheme etc. 303638541536Infuser Holding ApSCopenhagen2018-06-18Lars Nygaard JepsenIn our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2017 and of the results of its operations for the financial year 24.03.2017 - 31.12.2017.2018-06-18CopenhagenGross profit or loss comprises revenue, other operating income, cost of raw materials and consumables and external expenses. The Entity serves as an administration company in a Danish joint taxation arrangement. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable from the date of group establishment for income taxes etc for the jointly taxed entities, also for obligations, if any, relating to the withholding of tax on interest, royalties and dividends for these entities. 33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade Postboks 16000900 København C620409506001059029174593083600203036-530360-53036-5303612596418-5303629174593083600Management 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 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 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 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 exits. 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 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: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the 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 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 Entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, 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.We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the financial statements section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.We have audited the financial statements of Infuser Holding ApS for the financial year 24.03.2017 - 31.12.2017, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2017 and of the results of its operations for the financial year 24.03.2017 - 31.12.2017 in accordance with the Danish Financial Statements Act.Management is responsible for the management commentary. Our opinion on the 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 financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the 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.Based on the work we have performed, we conclude that the management commentary 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 of the management commentary.Årsrapport6204095Regnskabsklasse BTo the shareholders of Infuser Holding ApS1272139800005441921192139The company is dependent on the subsidiary Infuser ApS’ continued operation. The Management in Infuser ApS is aware of the company’s capital ressources. The management in Infuser ApS has after year-end had dialogue with potential investors which will ensure Infuser ApS a significant capital injection which will secure the cash flow for the rest of 2018. As no agreement regarding further equity financing of Infuser ApS has currently been finalized, there is a degree of uncertainty related to the Infuser ApS ability to continue as a going concern, which causes uncertainty on the effect on Infuser Holding ApS continued operation.Investments in group entreprises totals DKK 6.204k. Investments in group entreprises are measured at cost. Group entreprises balance sheet consists of material development projects and patents, since there has been no significant income related the mentioned projects and patents, the measurement in group entreprises is subject to significant uncertainty. Therefore there is uncertainty related to the measurement of investments in group entreprises. Management is confident that income and cash flow related to projects and patents will be significant and that the significant uncertainty primarily relates to the timing of income and cash flow. It is the opinion of Management that the net booked value of development projects and the related patents including investments in group entreprises is not subject to impairment.Copenhagen2018-06-1812721398000062487818163310Ole Maaløes Vej52200Copenhagen NWeidekampsgade Postboks 160060900København COn 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 one 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. 29174593136636-12596418Revisionspåtegning-530360The accounting policies applied for these financial statements are consistent with those applied last year. Investments in group enterprises are measured at cost and are written down to the lower of recoverable amount and carrying amount. State Authorised Public AccountantState Authorised Public AccountantBjørn Winkler JakobsenHenrik Wolff Mikkelsen36 10 20 30The company is dependent on the subsidiary Infuser ApS’ continued operation. As no agreement regarding further equity financing of Infuser ApS has currently been finalized, there is a degree of uncertainty related to the company’s ability to continue as a going concern. For further description, reference is made to note 1. Our audit opinion have not been qualified as a result of above. 2017-03-242017-12-312016-12-312016-01-01mne32127mne337473396355633963556Deloitte Statsautoriseret RevisionspartnerselskabDeloitte Statsautoriseret Revisionspartnerselskab