iso4217:DKK338587522021-01-012021-12-31338587522021-01-012021-12-311338587522021-01-012021-12-311338587522021-01-012021-12-31338587522020-01-012020-12-31338587522021-01-012021-12-31fsa:RetainedEarningsMember338587522020-01-012020-12-31fsa:RetainedEarningsMember338587522021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember338587522021-01-012021-12-31fsa:RetainedEarningsMember338587522021-12-31338587522020-12-31338587522021-01-01fsa:ContributedCapitalMember338587522021-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember338587522021-01-01fsa:RetainedEarningsMember338587522021-01-01338587522021-12-31fsa:ContributedCapitalMember338587522021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember338587522021-12-31fsa:RetainedEarningsMemberGrundlag for konklusionKonklusion2022-08-082022-08-08true2020-01-012020-12-3133963556København S23006WeidekampsgadeDeloitte Statsautoriseret RevisionspartnerselskabKøbenhavnKøbenhavn V1561Regnskabsklasse BRevisionspåtegning2021-12-312021-01-011 78HavneholmenMerigen ApS33858752339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Executive Board has today considered and approved the annual report of Merigen ApS for the financial year 01.01.2021 - 31.12.2021. The annual report is presented in accordance with the Danish Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Company’s financial position at 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021.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.CopenhagenAndreas Rutger SegerrosTo the shareholder of Merigen ApSWe have audited the financial statements of Merigen ApS for the financial year 01.01.2021 - 31.12.2021, 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 31.12.2021 and of the results of its operations for the financial year 01.01.2021 - 31.12.2021 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 financial statements" section of this auditor’s report. We are independent of the Entity 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 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 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 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.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. CopenhagenKim Takata Mückemne10944State Authorised Public AccountantPrimary activitiesThe primary activity of the Company is to hold shares in companies in the Eir Ventures structure and the Sunstone Life Science Ventures structure.Development in activities and financesThe loss for the year is DKK 32 thousand.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.860006000-86000-6000-300022000630005200060006000-3200062000-3200062000-601000569000340003600011610001166000119500012020001195000120200060003570007000700013000364000919000593000932000957000212700021590008000080000317000918000169700011280002094000212600080000918000112800021260008000031700016970001500015000180001800033000330003300033000212700021590001 Financial assetsInvestments in group enterprises DKK'000Investments in associates DKK'000Cost beginning of year15863Cost end of year15863Revaluations beginning of year22302Share of profit/loss for the year(3)63Dividend0(67)Revaluations end of year19298Carrying amount end of year341,161Investments in subsidiariesRegistered inCorporate formEquity interest %Equity DKK'000Merigen ABHelsingborgAB10034Investments in associatesRegistered inCorporate formEquity interest %Heartcore Capital (LSV) Special Limited Partner II ApSCopenhagenApS14.55Sunstone LSV Special Limited Partner III Holding ApSCopenhagenApS13.33Sunstone LSV Invest III Holding ApSCopenhagenApS16.67Sunstone LSV Special LP II Holding ApSCopenhagenApS5.00Eir Ventures Danmark ApSCopenhagenApS29.002 Receivables from group enterprisesThe Company has provided financing for group enterprises. The total value of the receivable amounts to DKK 5.898k and management expect that the amount will be fully returned during 2022. 3 Contingent assetsThe Company has an unrecognised tax asset of DKK 38k. This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. The annual report is presented in DKK 1,000.falseConsolidated financial statementsReferring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared.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.Other external expensesOther external expenses include various corporate expenses.Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual enterprises’ profit/loss after elimination of internal profits or losses. Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual associates’ profit/loss after elimination of internal profits or losses.Other financial expensesOther financial expenses comprise interest expenses and realised and unrealised foreign exchange losses.Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value and plus or minus unrealised intra-group profits or losses. 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. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount. Investments in associatesInvestments in associate enterprises are recognised and measured under the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity. Associates with negative equity value are measured at DKK 0. Net revaluation of investments associate is taken to reserve for net revaluation under the equity method if the carrying amount exceeds cost.Investments in associates fall within the definitions of both participating interests and associates, yet in the financial statements they have been presented as investments in associates because this designation reflects more accurately the Company’s involvement in the relevant entities. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.CashCash comprises bank deposits.Other financial liabilitiesOther financial liabilities are measured at amortized cost and comprises other prepaid contributions from limited partners.2022-08-08Andreas Rutger Segerros