Type af revisorbistand:Revisionspåtegning
Navn på revisionsvirksomhed:PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
Revisionsvirksomhedens CVR-nr.:33771231
Beskrivelse af revisor:statsautoriseret revisor
Virksomhedens regnskabsklasse:Regnskabsklasse B
Grundlag for konklusion (revision):The Financial Statements are presented on the assumption that the Company is a going concern. As of the approval of these Financial Statements, the Company and its subsidiaries have signed contracts/orders related to sale of the Company’s and its subsidiaries’ products and services generating cash inflows in 2023 of below DKK 10 million. Hence, as mentioned in Note 1, the Group’s ability to continue as a going concern depends on the Company’s ability to raise funds in the form of equity and/or debt to finance the Company’s expected cash outflows for the remainder of 2023 of DKK 101 million as well as repayment of convertible loans of DKK 58 million maturing in January 2024, however, subordinated to CPHI-Holding A/S' senior secured bonds maturing in the second half of 2024. Furthermore, as described in note 1, the completion of the mandate to Vinga Corporate Finance AB to raise funds of up to further DKK 207 million (before transaction costs) is impacted by the ECAC certification of the Scanner in Exruptive A/S.
We consider the raise of sufficient funds in the form of equity and/or debt to finance the expected cash outflows unlikely to happen. Consequently, we give an adverse opinion as to presenting the Financial Statements on the assumption that the Company is a going concern.
Moreover, note 2 to the Financial Statements refer to the uncertainty connected with recognising and measuring the Company's investments in subsidiaries and receivables from group companies amounting to DKK 442 milion in total, divided by DKK 158 milion on investment in subsidiaries and DKK 284 milion on receivables from group companies.
The Company has prepared impairment tests to support the valuation of the investments in subsidiaries and receivables from group companies. However, the cash flows included in the impairment tests are significantly dependent on several future outcomes which we consider as unlikely to occur. Based on this, we believe that investments in subsidiaries and receivables from group companies can be negatively affected by an amount between DKK 342 million and DKK 442 million meaning that the result of the year and the equity should be reduced with between DKK 342 million and DKK 442 million.
We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Company 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 adverse opinion.
Konklusion (revision):In our opinion, because of the significance of the matters discussed in the Basis for adverse opinion paragraph, the Financial Statements do not give a true and fair view of the financial position of the Company at 31 December 2022 and of the results of the Company’s operations for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen (revision):Management is responsible for Management’s Review.
Our opinion on the Financial Statements døs not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements 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 information required under the Danish Financials Statements Act.
As described in the Basis for Adverse Opinion section, we express an adverse opinion on the Financial Statements due to the fact that the Financial Statements have been presented as going concern to which we disagree. Further, we disagree with the valuation of investments in subsidiaries and receivables from group companies. We conclude, for the same reason, that Management’s Review is not free from material misstatement in relation to the amounts and other elements affected by these circumstances.
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