Assets
| Type | Time | Amount | Unit |
|---|---|---|---|
| ifrs-full:Assets | 2023-12-31 | 81335000 | vDKK |
| ifrs-full:Assets | 2022-12-31 | 21516000 | vDKK |
Revenue
| Type | Start date | End date | Amount | Unit |
|---|---|---|---|---|
| ifrs-full:Revenue | 2023-01-01 | 2023-12-31 | 0 | vDKK |
| ifrs-full:Revenue | 2022-01-01 | 2022-12-31 | 0 | vDKK |
XML
See the xml submitted here:
XML: INVALID
Separator
The full data:
<?xml version="1.0" encoding="UTF-8" standalone="no"?>
<xbrli:xbrl xmlns:xbrli="http://www.xbrl.org/2003/instance"
xmlns="http://www.w3.org/1999/xhtml"
xmlns:arr="http://xbrl.dcca.dk/arr"
xmlns:ixt="http://www.xbrl.org/inlineXBRL/transformation/2022-02-16"
xmlns:cmn="http://xbrl.dcca.dk/cmn"
xmlns:sob="http://xbrl.dcca.dk/sob"
xmlns:link="http://www.xbrl.org/2003/linkbase"
xmlns:ifrs-full="https://xbrl.ifrs.org/taxonomy/2022-03-24/ifrs-full"
xmlns:iso4217="http://www.xbrl.org/2003/iso4217"
xmlns:ix="http://www.xbrl.org/2013/inlineXBRL"
xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance"
xmlns:mrv="http://xbrl.dcca.dk/mrv"
xmlns:pharmaequitygroup="http://pharmaequitygroup.com"
xmlns:xbrldi="http://xbrl.org/2006/xbrldi"
xmlns:gsd="http://xbrl.dcca.dk/gsd"
xmlns:xlink="http://www.w3.org/1999/xlink"
id="DKGAAP">
<link:schemaRef xlink:href="http://archprod.service.eogs.dk/taxonomy/20221001/entryDanishGAAPExcludingBalanceSheetIncomeStatementIncludingManagementsReview20221001.xsd"
xlink:type="simple"/>
<xbrli:context id="ctx1">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx40">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
<xbrldi:typedMember dimension="cmn:IdentificationOfAuditorDimension">
<cmn:auditorIdentifier>0</cmn:auditorIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx2">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfExecutiveBoardDimension">
<cmn:memberOfBoardIdentifier>0</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx3">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>0</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx5">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>2</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx7">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>4</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx4">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>1</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<xbrli:context id="ctx6">
<xbrli:entity>
<xbrli:identifier scheme="http://standards.iso.org/iso/17442">2138008SUI4D917FKN20</xbrli:identifier>
</xbrli:entity>
<xbrli:period>
<xbrli:startDate>2023-01-01</xbrli:startDate>
<xbrli:endDate>2023-12-31</xbrli:endDate>
</xbrli:period>
<xbrli:scenario>
<xbrldi:explicitMember dimension="cmn:ConsolidatedSoloDimension">cmn:ConsolidatedMember</xbrldi:explicitMember>
<xbrldi:typedMember dimension="cmn:IdentificationOfMemberOfSupervisoryBoardDimension">
<cmn:memberOfBoardIdentifier>3</cmn:memberOfBoardIdentifier>
</xbrldi:typedMember>
</xbrli:scenario>
</xbrli:context>
<gsd:NameOfReportingEntity contextRef="ctx1" id="fact1384" xml:lang="en">Pharma Equity Group A/S</gsd:NameOfReportingEntity>
<gsd:AddressOfReportingEntityStreetName contextRef="ctx1" id="fact1385" xml:lang="en">Slotsmarken</gsd:AddressOfReportingEntityStreetName>
<gsd:AddressOfReportingEntityStreetBuildingIdentifier contextRef="ctx1" id="fact1386" xml:lang="en">18, 2</gsd:AddressOfReportingEntityStreetBuildingIdentifier>
<gsd:AddressOfReportingEntityPostCodeIdentifier contextRef="ctx1" id="fact1387" xml:lang="en">2970</gsd:AddressOfReportingEntityPostCodeIdentifier>
<gsd:AddressOfReportingEntityDistrictName contextRef="ctx1" id="fact1388" xml:lang="en">Hørsholm</gsd:AddressOfReportingEntityDistrictName>
<gsd:IdentificationNumberCvrOfReportingEntity contextRef="ctx1" id="fact1389" xml:lang="en">26791413</gsd:IdentificationNumberCvrOfReportingEntity>
<gsd:LegalEntityIdentifierOfReportingEntity contextRef="ctx1" id="fact1390" xml:lang="en">2138008SUI4D917FKN20</gsd:LegalEntityIdentifierOfReportingEntity>
<gsd:ReportingPeriodStartDate contextRef="ctx1" id="fact1391" xml:lang="en">2023-01-01</gsd:ReportingPeriodStartDate>
<gsd:ReportingPeriodEndDate contextRef="ctx1" id="fact1392" xml:lang="en">2023-12-31</gsd:ReportingPeriodEndDate>
<gsd:PrecedingReportingPeriodStartDate contextRef="ctx1" id="fact1393" xml:lang="en">2022-01-01</gsd:PrecedingReportingPeriodStartDate>
<gsd:PredingReportingPeriodEndDate contextRef="ctx1" id="fact1394" xml:lang="en">2022-12-31</gsd:PredingReportingPeriodEndDate>
<gsd:InformationOnTypeOfSubmittedReport contextRef="ctx1" id="fact1395" xml:lang="en">Ã
rsrapport</gsd:InformationOnTypeOfSubmittedReport>
<gsd:IdentificationNumberCvrOfSubmittingEnterprise contextRef="ctx1" id="fact1396" xml:lang="en">33767552</gsd:IdentificationNumberCvrOfSubmittingEnterprise>
<gsd:NameOfSubmittingEnterprise contextRef="ctx1" id="fact1397" xml:lang="en">EasyX</gsd:NameOfSubmittingEnterprise>
<gsd:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="ctx1" id="fact1398" xml:lang="en">Vestervoldgade 8, 1th.</gsd:AddressOfSubmittingEnterpriseStreetAndNumber>
<gsd:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="ctx1" id="fact1399" xml:lang="en">1560 København V</gsd:AddressOfSubmittingEnterprisePostcodeAndTown>
<gsd:ToolForPreparingTheXBRLInstanceDocument contextRef="ctx1" id="fact1400" xml:lang="en">xWizard version 1.1.1257.4, by EasyX Aps. www.easyx.eu</gsd:ToolForPreparingTheXBRLInstanceDocument>
<cmn:TypeOfAuditorAssistance contextRef="ctx1" id="fact1401" xml:lang="en">Revisionspåtegning</cmn:TypeOfAuditorAssistance>
<arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1402" xml:lang="en">Grundlag for konklusion</arr:TypeOfBasisForModifiedOpinionOnAuditedFinancialStatements>
<arr:TypeOfModifiedOpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1403" xml:lang="en">Konklusion</arr:TypeOfModifiedOpinionOnAuditedFinancialStatements>
<cmn:IdentificationNumberCvrOfAuditFirm contextRef="ctx40" id="fact1637" xml:lang="en">20222670</cmn:IdentificationNumberCvrOfAuditFirm>
<cmn:IdentificationNumberOfAuditor contextRef="ctx40" id="fact1640" xml:lang="en">mne10944</cmn:IdentificationNumberOfAuditor>
<mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender contextRef="ctx1" id="fact1000" xml:lang="en">1.4 Diversity in the Management</mrv:StatementOfTargetFiguresAndPoliciesForTheUnderrepresentedGender>
<mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors contextRef="ctx1" id="fact1001" xml:lang="en">In 2023, the Board of Directors (first-tier management level) had both male and female members. However, by 31 December 2023, the Board of Directors consists only of 5 male members, whereby the female share is of 0% (2022 3 members 0%). In its search for new board candidates, gender distribution is considered, together with other relevant competencies for election at the annual general meeting in 2024. It is the Companyâs goal to achieve equal gender representation in the Board of Directors by 2026 at the latest.</mrv:StatusOfAchievementOfTargetFigureOfUnderrepresentedGenderBoardOfDirectors>
<mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels contextRef="ctx1" id="fact1006" xml:lang="en">By the end of 2023, the Executive Board consists of 1 male person (end 2022 female share: 0%). The Company has no other employees than the CEO. At group level, in addition to the CEO of the parent company, other key management persons consist of 2 male persons. As long as the parent company only has one employee, policy for gender allocation is not applicable for the second-tier management level. If the parent company expands its organization and more people is employed by the parent company, and depending on the management structure that will be implemented, the Board of Directors expects that the target for gender allocation for the second-tier management will be based on equal gender representation.</mrv:StatusOfAchievementOfTargetFigureOtherManagementLevels>
<mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels contextRef="ctx1" id="fact1013" xml:lang="en">With the current legal structure, the Board of Directors are focused on having equal gender representation for the second-tier management group on a group level by 2026 at the latest. Based on the current legal and management structure for the Company and the Group, the actual gender allocation and the targets can be summarized as follows:</mrv:PrimaryActionsForFulfillmentOfTargetFigureOtherManagementLevels>
<mrv:StatementOfCorporateSocialResponsibility contextRef="ctx1" id="fact1017" xml:lang="en">Corporate social responsibility As a company deeply committed to corporate social responsibility, we prioritize actions that reflect our dedication to the broader economic, societal, and environmental interests. At the heart of our operations are our patients, who constitute our DNA and our primary stakeholders. Our innovative repositioning strategy focuses on converting existing medications into locally administered drugs, enhancing the targeted delivery, safety, and efficacy beyond what is currently available as standard care. This approach not only addresses specific healthcare needs more effectively but also aligns with our long-term vision of creating economic value for our primary stakeholders while fostering a sustainable and health-centric future. Our commitment to corporate social responsibility (CSR) is embedded in our mission to develop new effective medicines for the local treatment of serious, acute, and chronic inflammatory diseases that have significant consequences for patients and society and for which there is currently no optimal treatment. Our mission is inspired by patients and the opportunity to address their unmet medical needs. Pharma Equity Group has a small internal organization but is still committed to doing everything we can to ensure that our efforts benefit our direct stakeholders (patients, shareholders, business partners, and colleagues) as well as society. Our CSR policy focuses on areas most relevant to our core business: ⢠Quality in relation to research, development, and product supply activities - We adhere to the highest standards of quality by always following international development and safety guideline and do comprehensive risk assessments in all our research, development, and product supply efforts." ⢠Putting patients first - Our main priority in drug developments is product quality. This prioritization promotes patient safety and efficacy, meeting their needs with no compromise. ⢠Creating strong business partnerships â Our business partnerships have been there since the foundation. ⢠Environmental conditions, including the company's work to reduce climate impacts from the company's activities â We actively work to minimize our environmental footprint and reduce climate impact in all our operations. This commitment is especially evident in the assessment process of new potential vendors, where we rigorously inquire about their environmental footprint to ensure alignment with our sustainability goals. ⢠Working environment, employee well-being, and diversity âOur goal is to cultivate a welcoming culture where diversity is celebrated, and every employee is satisfied and feels valued. ⢠Respect for human rights - We uphold the highest standards of human rights in every aspect of our operations, ensuring fairness, personal data protection and equity. ⢠Anti-corruption and bribery - We strictly enforce policies against corruption and bribery to maintain integrity and trust in all our dealings. ⢠Business ethics â Our business ethics guide us to conduct our activities with honesty, integrity, and transparency for all stakeholders. We work to create a better life for patients and are proud to be working with the Colitis â Crohn Foreningen (CCF), which is a part of our CSR.</mrv:StatementOfCorporateSocialResponsibility>
<sob:StatementByExecutiveAndSupervisoryBoards contextRef="ctx1" id="fact1052" xml:lang="en">Statement of the Board of Directors and Executive Management The Board of Directors and Executive Management have today considered and approved the Annual Report of Pharma Equity Group A/S for the financial year 1 January 2023 â 31 December 2023 for the Group and the Parent company. The consolidated financial statements and parent company financial statements have been prepared in accordance with IFRS Accounting Standards ("IFRS") as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and parent company financial statements give a true and fair view of the Groupâs and the parent companyâs financial position as of 31 December 2023, and of the results of the Groupâs and the parent companyâs operations and cash flows for the financial year 1 January 2023 â 31 December 2023. In our opinion, the Management review includes a fair review of the development of the Groupâs and the parent companyâs operations, financial and non-financial matters, the results for the year, and the Groupâs and the parent companyâs financial position, as well as a review of the principal risks and uncertainties to which the Group and the parent company are exposed. In our opinion, the annual report with the file name PEG-2023-12-31-en.zip is prepared in accordance with the ESEF Regulation. We recommend that the Annual Report be approved at the Annual General Meeting.</sob:StatementByExecutiveAndSupervisoryBoards>
<sob:PlaceOfSignatureOfStatement contextRef="ctx1" id="fact1070" xml:lang="en">Hørsholm</sob:PlaceOfSignatureOfStatement>
<sob:DateOfApprovalOfAnnualReport contextRef="ctx1" id="fact1071">2024-03-20</sob:DateOfApprovalOfAnnualReport>
<cmn:NameAndSurnameOfMemberOfExecutiveBoard contextRef="ctx2" id="fact1404" xml:lang="en">Thomas Kaas Selsø</cmn:NameAndSurnameOfMemberOfExecutiveBoard>
<cmn:TitleOfMemberOfExecutiveBoard contextRef="ctx2" id="fact1405" xml:lang="en">CEO</cmn:TitleOfMemberOfExecutiveBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx3" id="fact1406" xml:lang="en">Christian Vinding Thomsen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx3" id="fact1407" xml:lang="en">Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx5" id="fact1409" xml:lang="en">Martin Engell-Rossen</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:TitleOfMemberOfSupervisoryBoard contextRef="ctx5" id="fact1410" xml:lang="en">Vice Chairman</cmn:TitleOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx7" id="fact1412" xml:lang="en">Omar S Qandeel</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx4" id="fact1408" xml:lang="en">Lars Rosenkrantz Gundorph</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<cmn:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="ctx6" id="fact1411" xml:lang="en">Peter Vilmann</cmn:NameAndSurnameOfMemberOfSupervisoryBoard>
<arr:IndependentAuditorsReportsAudit contextRef="ctx1" id="fact1072" xml:lang="en">Independent auditorâs report</arr:IndependentAuditorsReportsAudit>
<arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact1073" xml:lang="en">To the shareholders of Pharma Equity Group A/S</arr:AddresseeOfAuditorsReportOnAuditedFinancialStatements>
<arr:OpinionOnAuditedFinancialStatements contextRef="ctx1" id="fact1074" xml:lang="en">Opinion We have audited the consolidated financial statements and the parent company financial statements of Pharma Equity Group A/S for the financial year 1 January â 31 December 2023, which comprise statements of comprehensive income, financial position, changes in equity and cash flows, and notes, including material accounting policy information, for the Group and the Parent Company. The consolidated financial statements and the parent company financial statements are prepared in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the financial position of the Group and the Parent Company at 31 December 2023 and of the results of the Group's and the Parent Company's operations and cash flows for the financial year 1 January â 31 December 2023 in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act. Our opinion is consistent with our long-form audit report to the Audit Committee and the Board of Directors.</arr:OpinionOnAuditedFinancialStatements>
<arr:DescriptionOfQualificationsOfAuditedFinancialStatements contextRef="ctx1" id="fact1087" xml:lang="en">Basis for opinion 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 company financial statements" (hereinafter collectively referred to as "the financial statements") section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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. To the best of our knowledge, we have not provided any prohibited non-audit services as described in article 5(1) of Regulation (EU) no. 537/2014. Appointment of auditor We were initially appointed as auditor of Pharma Equity Group A/S on 10 February 2023 for the financial year 2022. We have been reappointed annually by resolution of the general meeting for a total consecutive period of 1 year up until the financial year 2023.</arr:DescriptionOfQualificationsOfAuditedFinancialStatements>
<arr:KeyAuditMattersAudit contextRef="ctx1" id="fact1105" xml:lang="en">Key audit matters Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the consolidated and parent company financial statements for the financial year 2023. These matters were addressed during our audit of the financial statements as a whole and in forming our opinion thereon. We do not provide a separate opinion on these matters. For each matter below, our description of how our audit addressed the matter is provided in that context. We have fulfilled our responsibilities described in the "Auditor's responsibilities for the audit of the consolidated and parent financial statements" section, including in relation to the key audit matters below. Accordingly, our audit included the design and performance of procedures to respond to our assessment of the risks of material misstatement of the financial statements. The results of our audit procedures, including the procedures performed to address the matters below, provide the basis for our audit opinion on the consolidated and parent company financial statements. Key audit matters Capital resources. In 2023, the Company has not received payment from Portinho S.A as further explained in note 2.1 to the consolidated financial statements. Excluding value of the Portinho S.A receivable, current liabilities exceed current assets with a considerable amount, though settlement of part of the current liabilities can be deferred beyond 31 December 2024 in case no payments are received from Portinho S.A in 2024. The Groupâs outlook for 2024 implies that no revenue is expected in 2024 and that further funds are needed to carry out the expected plans for 2024. We have identified the sufficiency of the Groupâs capital resources as a key audit matter. The Groupâs outlook for 2024 implies that no revenue is expected in 2024 and hence it is essential for the Group and the parent company to prepare the consolidated and parent company financial statements on a going- concern basis that sufficient funding is in place for a period of at least until 31 December 2024. Reference is made to notes 2.1, 17, 22 and 25 to the consolidated financial statements. How our audit addressed the key audit matter Our procedures in relation to the assessment of capital resources included: - Reviewing and challenging the key assumptions in managementâs forecasted cash flows for 2024; â Assessing the consistency of the cash flow forecasts against the budget approved by the Board of Directors of the Company; - Agreeing the Groupâs debt facilities to supporting documents with focus on the agreements entered that maturity date can be deferred if no payment will be received from Portinho S.A in 2024; - Obtained documentation for convertible loans obtained in 2024; â Challenging managementâs plans for obtaining the planned and expected additional funding required to meet the plans for 2024 and to be able to service debt obligations as they fall due in 2024, including assessing whether the plans and expectations appear realistic and achievable; - Assessing the appropriateness of the disclosures included in notes 2.1, 17, 22 and 25 to the consolidated financial statements. Portinho S.A receivable In past years, it was agreed that the Portinho S.A receivable matured on 1 July 2023. The Company did not receive any payment by the due date and still no payments have been received until the date of this auditorâs report. The principal of the receivable and accrued interest in total amount to DKK 79.1 million. In the past years, the receivable has been measured at a discounted value as an approximation of fair value, in the stand-alone parent company financial statements. As stated in notes 2.1 and 14 to the consolidated financial statements and note 2 in the parent company financial statements, Management is confident that the receivable in time will be recovered. However, it may take longer time than originally agreed and anticipated before the receivable will be recovered. Hence, Management has reassessed the fair value of the receivable to reflect the realistic timeline before the receivable is recovered. On this basis, the net realisable value has been determined to DKK 58 million resulting in an allowance for the year of DKK 4.4 million in the consolidated financial statements and DKK 12.8 million in the parent company financial statements. Due to the uncertainty as to whether Managementâs assessment of the recoverability and the timing of when this realistically will take place, and the complexity of determining a realiable net realisable value under these circumstances, we consider the measurement of the Portinho S.A receivable to be a key audit matter. Our procedures in relation to the assessment of the net realisable value of the Portinho S.A receivable included: â Reviewing Managementâs documentation of its dialogue with representatives of Portinho S.A including confirmation of outstanding amount and accrued interest as of 31 December 2023; - Reviewing and challenging Managementâs documentation and support for its assessment that the Portinho S.A receivable in time will be recovered; - Testing and evaluating the appropriateness of the model used to determine the net realisable value of the receivable including challenging the reasonableness of the key assumptions such as timing of when the receivable realistically is expected to be recovered and testing and challenging the discount rate used to calculate the the net realisable value; â Assessing the appropriateness of the disclosures included in notes 2.1 and 14 to the consolidated financial statements and note 2 in the parent company financial statements. Parent company financial statements: Impairment assessment of investment in Reponex Pharmaceuticals A/S On 24 March 2023, Pharma Equity Group A/S acquired the entire share capital in Reponex Pharmaceuticals A/S by issuing 977,347,625 shares of DKK 1 each in a rights issue to the shareholders of Reponex Pharmaceuticals A/S. In the parent company financial statements, the investment is measured at cost. If recoverable amount is lower than cost, the investment should be written down to the lower recoverable amount. For accounting purposes, the purchase price for the investment in Reponex Pharmaceuticals A/S is based on the market price for the Pharma Equity Group A/S shares issued to the shareholders of Reponex Pharmaceuticals A/S, which had its first day of trading on 28 March 2023 whereby the cost was determined to equal DKK 689m. At 31 December 2023, the share price for Pharma Equity Group A/S is lower than the share price at 28 March 2023, which implies that the value of the investment in Reponex Pharmaceuticals A/S could be impaired. As described in note 2 to the parent company financial statements, Management has performed an impairment test, which shows that the recoverable amount is higher than the carrying value based on the cost determined at 28 March 2023. We identified the potential impairment of the investment in Reponex Pharmaceuticals A/S in the parent company financial statements as a key audit matter due to the significance of the investment in the parent company financial statements and the complexity and subjective nature of Managementâs determination of the recoverable amount. Our procedures in relation to the assessment of the recoverable amount of the investment in Reponex Pharmaceuticals A/S included: â Reviewing Managementâs documentation for its assessment of its investment in Reponex Pharmaceuticals, including progress of the development of the underlying product candidates; - Evaluate the appropriateness of the model used by management to calculate the recoverable amount for Reponex Pharmaceutical A/S; - Assess and challenge the reasonableness of the key assumptions such as likelihood that partnership agreements will be entered, royalty rates, market size and market shares, timeline and discount rates; - Reviewing and comparing external valuations of Pharma Equity Group A/S â and thereby indirectly valuations of Reponex Pharmaceuticals A/S â with the valuations prepared by Management; â Assessing the appropriateness of the disclosures included in note 2 of the parent company financial statements</arr:KeyAuditMattersAudit>
<arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="ctx1" id="fact1273" xml:lang="en">Statement on the Managementâs review Management is responsible for the Management's review. Our opinion on the consolidated and parent company financial statements does not cover the Management's review, and we do not express any assurance conclusion thereon. In connection with our audit of the consolidated and parent company financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the consolidated and parent company financial statements, or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required by relevant law and regulations. Based on our procedures, we conclude that the Management's review is in accordance with the consolidated and parent company financial statements and has been prepared in accordance with the requirements of relevant law and regulations. We did not identify any material misstatement of the Management's review.</arr:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements>
<arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="ctx1" id="fact1286" xml:lang="en">Managementâs responsibilities for the consolidated and parent company financial statements Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with IFRS Accounting Standards as adopted by the EU and additional requirements of 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 consolidated and parent company financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated and parent company financial statements unless Management either intends to liquidate the Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</arr:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements>
<arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="ctx1" id="fact1297" xml:lang="en">Auditorâs responsibilities for the audit of the consolidated and parent company financial statements Our objectives are to obtain reasonable assurance as to whether the consolidated and parent company 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 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 the consolidated and parent company financial statements. As part of an audit conducted in accordance with ISAs and 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 consolidated and parent company 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 Group's and the Parent Company'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 consolidated and parent company 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 Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated and parent company 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 Parent Company to cease to continue as a going concern. - Evaluate the overall presentation, structure and contents of the consolidated and parent company financial statements, including the note disclosures, and whether the consolidated and parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. - Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion. 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 also provide those charged with governance with a statement that we have complied with relevant ethical requirements regarding independence, and to communicate with them all relationships and other matters that may reasonably be thought to bear on our independence, and where applicable, actions taken to eliminate threats or safeguards applied. From the matters communicated with those charged with governance, we determine those matters that were of most significance in the audit of the consolidated financial statements and the parent company financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditor's report unless law or regulation precludes public disclosure about the matter.</arr:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed>
<arr:AuditorsReportOnXbrlTagging contextRef="ctx1" id="fact1346" xml:lang="en">Report on compliance with the ESEF Regulation As part of our audit of the consolidated financial statements and parent company financial statements of Pharma Equity Group A/S, we performed procedures to express an opinion on whether the annual report of Pharma Equity Group A/S for the financial year 1 January â 31 December 2023 with the file name PharmaEquityGroup-2023-12-31-en.zip is prepared, in all material respects, in compliance with the Commission Delegated Regulation (EU) 2019/815 on the European Single Electronic Format (ESEF Regulation) which includes requirements related to the preparation of the annual report in XHTML format and iXBRL tagging of the consolidated financial statements including notes. Management is responsible for preparing an annual report that complies with the ESEF Regulation. This responsibility includes: - The preparing of the annual report in XHTML format; - The selection and application of appropriate iXBRL tags, including extensions to the ESEF taxonomy and the anchoring thereof to elements in the taxonomy, for all financial information required to be tagged using judgement where necessary; - Ensuring consistency between iXBRL tagged data and the consolidated financial statements presented in human readable format; and - For such internal control as Management determines necessary to enable the preparation of an annual report that is compliant with the ESEF Regulation. - Our responsibility is to obtain reasonable assurance on whether the annual report is prepared, in all material respects, in compliance with the ESEF Regulation based on the evidence we have obtained, and to issue a report that includes our opinion. The nature, timing and extent of procedures selected depend on the auditorâs judgement, including the assessment of the risks of material departures from the requirements set out in the ESEF Regulation, whether due to fraud or error. The procedures include: - Testing whether the annual report is prepared in XHTML format; - Obtaining an understanding of the Ccompanyâs iXBRL tagging process and of internal control over the tagging process; - Evaluating the completeness of the iXBRL tagging of the consolidated financial statements including notes; - Evaluating the appropriateness of the Companyâs use of iXBRL elements selected from the ESEF taxonomy and the creation of extension elements where no suitable element in the ESEF taxonomy has been identified; - Evaluating the use of anchoring of extension elements to elements in the ESEF taxonomy; and - Reconciling the iXBRL tagged data with the audited Consolidated Financial Statements. In our opinion, the annual report of Pharma Equity Group A/S for the financial year 1 January â 31 December 2023 with the file name PharmaEquityGroup-2023-12-31-en.zip is prepared, in all material respects, in compliance with the ESEF Regulation.</arr:AuditorsReportOnXbrlTagging>
<arr:SignatureOfAuditorsPlace contextRef="ctx1" id="fact1382" xml:lang="en">Copenhagen</arr:SignatureOfAuditorsPlace>
<arr:SignatureOfAuditorsDate contextRef="ctx1" id="fact1383">2024-03-20</arr:SignatureOfAuditorsDate>
<cmn:NameOfAuditFirm contextRef="ctx40" id="fact1635" xml:lang="en">BDO Statsautoriseret Revisionsaktieselskab</cmn:NameOfAuditFirm>
<cmn:NameAndSurnameOfAuditor contextRef="ctx40" id="fact1638" xml:lang="en">Kim Mücke</cmn:NameAndSurnameOfAuditor>
<cmn:DescriptionOfAuditor contextRef="ctx40" id="fact1639" xml:lang="en">State authorized public accountant</cmn:DescriptionOfAuditor>
</xbrli:xbrl>