26848024 2022-01-01 2022-12-31 26848024 2022-01-01 2022-12-31 2 26848024 2021-01-01 2021-12-31 26848024 2022-12-31 26848024 2021-12-31 26848024 2021-12-31 fsa:ContributedCapitalMember 26848024 2022-01-01 2022-12-31 fsa:ContributedCapitalMember 26848024 2022-12-31 fsa:ContributedCapitalMember 26848024 2021-12-31 fsa:RetainedEarningsMember 26848024 2022-01-01 2022-12-31 fsa:RetainedEarningsMember 26848024 2022-12-31 fsa:RetainedEarningsMember 26848024 2022-01-01 2022-12-31 1 26848024 2022-01-01 2022-12-31 1 26848024 2022-01-01 2022-12-31 2 26848024 2022-01-01 2022-12-31 3 26848024 2022-01-01 2022-12-31 1 iso4217:DKK xbrli:pure Proxeon Biosystems ApS Kamstrupvej 90 DK-4000 Roskilde Michael Toftvad The Executive Board and Board of Directors have today considered and adopted the Financial Statements ofProxeon Biosystems ApS for the financial year 1 January - 31 December 2022.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 December2022 of the Company and of the results of the Company operations for 2022.We recommend that the Annual Report be adopted at the Annual General Meeting. Roskilde Michael Toftvad Manager Piet Van der Zand Chairman Michael Toftvad Anthony Hugh Smith To the shareholder of Proxeon Biosystems ApS In our opinion, the Financial Statements give a true and fair view of the financial position of the Company a31 December 2022 and of the results of the Company´s operations for the financial year 1 January - 31December 2022 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of Proxeon Biosystems ApS for the financial year 1 January - 31December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes,including a summary of significant accounting policies (”the Financial Statements”). We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additionalrequirements applicable in Denmark. Our responsibilities under those standards and requirements arefurther described in the ”Auditor’s responsibilities for the audit of the Financial Statements” section of ourreport. We are independent of the Company in accordance with the International Ethics Standards Board forAccountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additionalethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities inaccordance with these requirements and the IESBA Code. We believe that the audit evidence we haveobtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the Financial Statements does not cover Management’s Review, and we do not express anyform of assurance conclusion thereon.In connection with our audit of the Financial Statements, our responsibility is to read Management’s Reviewand, in doing so, consider whether Management’s Review is materially inconsistent with the FinancialStatements 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 informationrequired under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review is in accordance with the FinancialStatements and has been prepared in accordance with the requirements of the Danish Financial StatementsAct. We did not identify any material misstatement in Management’s Review. Management is responsible for the preparation of financial statements that give a true and fair view inaccordance with the Danish Financial Statements Act, and for such internal control as Managementdetermines is necessary to enable the preparation of financial statements that are free from materialmisstatement, whether due to fraud or error.In preparing the Financial Statements, Management is responsible for assessing the Company´s ability tocontinue as a going concern, disclosing, as applicable, matters related to going concern and using the goingconcern basis of accounting in preparing the Financial Statements unless Management either intends toliquidate 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 freefrom material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ouropinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted inaccordance with ISAs and the additional requirements applicable in Denmark will always detect a materialmisstatement 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 ofusers taken on the basis of these Financial Statements.As part of an audit conducted in accordance with ISAs and the additional requirements applicable inDenmark, 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 orerror, design and perform audit procedures responsive to those risks, and obtain audit evidence that issufficient and appropriate to provide a basis for our opinion. The risk of not detecting a materialmisstatement resulting from fraud is higher than for one resulting from error as fraud may involvecollusion, 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 thatare appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectivenessof the Company´s internal control.● Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimatesand related disclosures made by Management.● Conclude on the appropriateness of Management’s use of the going concern basis of accounting inpreparing the Financial Statements and, based on the audit evidence obtained, whether a materialuncertainty exists related to events or conditions that may cast significant doubt on the Company´s abilityto continue as a going concern. If we conclude that a material uncertainty exists, we are required to drawattention in our auditor’s report to the related disclosures in the Financial Statements or, if suchdisclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidenceobtained up to the date of our auditor’s report. However, future events or conditions may cause theCompany to cease to continue as a going concern.● Evaluate the overall presentation, structure and contents of the Financial Statements, including thedisclosures, and whether the Financial Statements represent the underlying transactions and events in amanner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scopeand timing of the audit and significant audit findings, including any significant deficiencies in internal controlthat we identify during our audit. Hellerup PricewaterhouseCoopersStatsautoriseret Revisionspartnerselskab 33771231 Morten Jørgensen Mads Blichfeldt Fjord State Authorised Public Accountan State Authorised Public Accounta mne32806 mne46065 20 Key activitiesThe Company's core activity is to develop and market technology, equipment and consumables forpharmaceutical and biotechnological research, and possibly clinical therapy, and other related activities.Development in the yearThe income statement of the Company for 2022 shows a profit of TDKK 30,393, and at 31 December 2022the balance sheet of the Company shows positive equity of TDKK 387,369.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheetdate. 39387000 30910000 264000 202000 39123000 30708000 380000 0 478000 26000 39025000 30682000 8632000 6750000 30393000 23932000 30393000 23932000 256501000 224268000 0 13000 130941000 139572000 387442000 363853000 387442000 363853000 387442000 363853000 4000000 4000000 383369000 352976000 387369000 356976000 73000 127000 0 6750000 73000 6877000 73000 6877000 387442000 363853000 4000000 352976000 0 30393000 4000000 383369000 Current tax for the year 8,632 6,7508,632 6,750 Contingent liabilitiesThe company has received a claim from the Danish Tax Authorities of 123.3 MDKK, regarding witholdingtax. The claim has resulted in a mutual agreement procedure with Denmark and Germany, that is in theprocess of being transfered to USA as counterpart.To avoid further interest payments on the tax claim Management has decided to pay the claim.Management expects to win the case or at least to receive a corresponding correction from the parentCompany in the USA. Therefore, Management has recognized the claimed amount including interests as areceivable in the financial statement line item Corporation tax.The group companies are jointly and severally liable for tax on the jointly taxed income of the Group.Moreover, the group companies are jointly and severally liable for Danish withholding taxes by way ofdividend tax, tax on royalty payments and tax on unearned income. Any subsequent adjustments ofcorporation taxes and withholding taxes may increase the Company's liability. Consolidated Financial StatementsThe company is included in the consolidated report of the Parent Company Name Place of registered officeThermo Fisher Scientific Inc., which is theMassachusetts, USAcompany's ultimate Parent Company.The consolidated report of Thermo Fisher Scientific Inc. may be obtained at the following address:Thermo Fisher Scientific Inc., 168 Third Avenue, Waltham, MA 02451, USA The Annual Report of Proxeon Biosystems ApS for 2022 has been prepared in accordance with the provisionsof the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rulesapplying to reporting class C.The Financial Statements for 2022 are presented in TDKK.Recognition and measurementRevenues are recognised in the income statement as earned. Furthermore, value adjustments of financialassets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurredto achieve the earnings for the year are recognised in the income statement.Assets are recognised in the balance sheet when it is probable that future economic benefits attributable tothe 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 benefits will flow outof 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 asdescribed for each item below.Translation policiesTransactions in foreign currencies are translated at the exchange rates at the dates of transaction. Exchangedifferences arising due to differences between the transaction date rates and the rates at the dates of paymentare recognised in financial income and expenses in the income statement. Where foreign exchangetransactions are considered hedging of future cash flows, the value adjustments are recognised directly inequity.Receivables, payables and other monetary items in foreign currencies that have not been settled at thebalance sheet date are translated at the exchange rates at the balance sheet date. Any differences between theexchange rates at the balance sheet date and the rates at the time when the receivable or the debt arose arerecognised in financial income and expenses in the income statement.Fixed assets acquired in foreign currencies are measured at the transaction date rates.Income statementNet salesRevenue from the sale is recognised when the risks and rewards relating to the goods sold have beentransferred to the purchaser, the revenue can be measured reliably and it is probable that the economicbenefits relating to the sale will flow to the Company.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discountsrelating to sales.Gross profitWith reference to section 32 of the Danish Financial Statements Act, gross profit/loss comprises of revenue.Administrative expensesAdministrative expenses comprise expenses for Management, administrative staff, office expenses,depreciation, etc.Financial income and expensesFinancial income and expenses are recognised in the income statement at the amounts relating to thefinancial year.Tax on profit/loss for the yearTax for the year consists of current tax for the year and changes in deferred tax for the year. The taxattributable to the profit for the year is recognised in the income statement, whereas the tax attributable toequity transactions is recognised directly in equity.The Company is jointly taxed with Danish subsidiaries in the Thermo Fisher Scientific Group. The tax effectof the joint taxation is allocated to enterprises in proportion to their taxable incomes.Balance sheetReceivablesReceivables are recognised in the balance sheet at amortised cost, which substantially corresponds tonominal value. Provisions for estimated bad debts are made.Deferred tax assets and liabilitiesDeferred income tax is measured using the balance sheet liability method in respect of temporary differencesarising between the tax bases of assets and liabilities and their carrying amounts for financial reportingpurposes on the basis of the intended use of the asset and settlement of the liability, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either byelimination in tax on future earnings or by set-off against deferred tax liabilities within the same legal taxentity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislationat the balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes indeferred tax due to changes to tax rates are recognised in the income statement or in equity if the deferred taxrelates to items recognised in equity.Current tax receivables and liabilitiesCurrent tax liabilities and receivables are recognised in the balance sheet as the expected taxable income forthe year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments andrepayment under the on-account taxation scheme are recognised in the income statement in financial incomeand expenses.Financial debtsDebts are measured at amortised cost, substantially corresponding to nominal value. true Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2022-01-01 2022-12-31 2021-01-01 2021-12-31 2023-06-28 Reporting class B true 26848024 2002-10-31 Roskilde 2023-06-28 25014855 TMF Denmark A/S H.C. Andersens Boulevard 38, 3. th 1553 København V Opinion Basis for Opinion 2023-06-28 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab