Type af revisorbistand:Auditor's report on audited financial statements
Navn på revisionsvirksomhed:CHRISTENSEN KJÆRULFF INCORPORATED STATE AUTHORISED PUBLIC ACCOUNTANTS
Revisionsvirksomhedens CVR-nr.:15915641
Beskrivelse af revisor:State Authorised Public Accountant
Virksomhedens regnskabsklasse:Reporting class B
Grundlag for konklusion (revision):Basis for Adverse Opinion The financial statements are prepared on a going concern basis. As disclosed in Note 1, the company’s continued operation is contingent on obtaining additional financing in the form of equity or an extension and maintenance of its current credit facilities in line with its financing needs. The company's management has been in negotiations with various lenders and investors. These negotiations are still ongoing, and there are several positive indications regarding the provision of liquidity, with several agreements already signed. However, these agreements have not yet been executed, and there is still uncertainty about the timing and actual implementation of these agreements. Therefore, we do not have sufficient documentation to confirm that the necessary liquidity to ensure the company’s continued operation will be provided. Consequently, we have qualifications about the financial statements being prepared on a going concern basis. Moreover, note 2 to the financial statements refer to the uncertainty connected with recognizing and measuring the Company’s investments in subsidiaries and receivables from group companies amounting to DKK 626 million in total, divided by DKK 158 million on investment in subsidiaries and DKK 468 million 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 unlikely to occur within the expected timeline. Based on this we believe that investments in subsidiaries and receivables from group companies can be negatively affected by an amount between DKK 476 million and DKK 626 million meaning that the result of the year and equity should be reduced with between DKK 476 million and DKK 626 million. We conducted our audit in accordance with International Standards on Auditing and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the section "Auditor’s Responsibilities for the Audit of the Financial Statements" of our audit report. We are independent of the company in accordance with the International Ethics Standards Board for Accountants’ 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):Adverse Opinion We have audited the financial statements of CPHI-Holding A/S for the financial year January 1 - December 31, 2023, which comprise the income statement, balance sheet, and notes, including the applied accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, due to the significance of the matter described in the section "Basis for Adverse Opinion," the financial statements do not provide a true and fair view of the company's assets, liabilities, and financial position as of December 31, 2023, or of the results of the company's operations for the financial year January 1 - December 31, 2023, in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen (revision):Statement on the Management Commentary Management is responsible for the management commentary. Our opinion on the financial statements døs 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, it is our responsibility to read the management commentary and consider whether it is materially inconsistent with the financial statements, or our knowledge obtained in the audit, or otherwise appears to contain material misstatement. Our responsibility also includes considering whether the management commentary includes the required information in accordance with the Danish Financial Statements Act. As outlined in the section "Basis for Adverse Opinion," our opinion on the financial statements is modified due to the financial statements being prepared on a going concern basis, while negotiations with lenders and investors have not yet resulted in the necessary liquidity provision to ensure the company’s continued operation. For the same reason, we have concluded that we do not agree with the information in the management commentary regarding amounts and other elements affected by the fact that the financial statements have been prepared on a going concern basis.
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