Type af revisorbistand:Auditor's report on audited financial statements
Navn på revisionsvirksomhed:Christensen Kjærulff
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 consolidated financial statements and the parent financial statements are presented on the assumption that the Company is a going concern. As mentioned in Note 1, the Group’s ability to continue as a going concern depends on the Group achieving its sales targets for 2024, renegotiating and extending existing credit facilities and raising sufficient additional liquidity to finance the continued operations of the Group. The company's management has not been able to provide proper documentation for this, and therefore we express a reservation that the annual financial statements have been prepared on a going concern basis. Note 2 to the consolidated financial statements and the parent financial statements refers to the uncertainty connected with recognising and measuring the Group’s development projects, recognised at DKK 8,750 thousand. The value of the development projects directly depends on the Group meeting the estimated sales targets and the additional financing requirements specified in Note 1. Otherwise, the recoverable amount will be significantly lower than the carrying amount. Moreover, Note 2 to the consolidated financial statements and the parent financial statements also refers to the uncertainty connected with recognising and measuring the Group’s and the Parent’s inventories, recognised at DKK 3,429 thousand and DKK 1,217 thousand, respectively. The Group’s ability to sell the remaining inventories depends on the additional financing requirements specified in Note 1 and, most importantly, on the existence of buyers for the hearing aids produced. Management døs not assess that any impairment of the remaining inventories is indicated. Note 2 to the consolidated financial statements and the parent financial statements refers to the uncertainty connected with recognising and measuring the Parent’s receivable from the subsidiary Audientes India Pvt. Ltd. , recognised at DKKK 2,195 thousand. The subsidiary’s ability to pay the receivable directly depends on the Group meeting the estimated sales targets on the Indian market and the additional financing requirements specified in Note 1. Otherwise, the net realisable value will be significantly lower than the carrying amount. As mentioned above, we consider it unlikely that the Group will meet the estimated sales targets and the additional financing requirements specified in Note 1, which will significantly affect the value of the individual types of assets as specified above: We believe that, in the consolidated financial statements, the development projects will be negatively affected by an amount between DKK 0-8. 8 million, that property, plant, and equipment will be negatively affected by an amount between DKK 0-0. 4 million, and that inventories will be negatively affected by an amount between DKK 0-3. 4 million. The total impact on the Group’s assets is then DKK 0-12. 6 million, which, equivalently, will negatively affect the results for the year before tax and equity. We believe that, in the parent financial statements, the development projects will be negatively affected by an amount between DKK 0-8. 8 million, that property, plant, and equipment will be negatively affected by an amount between DKK 0-0. 4 million, that inventories will be negatively affected by an amount between DKK 0-1. 2 million, and that the receivable from the subsidiary in India will be negatively affected by an amount between DKK 0-2. 2 million. The total impact on the Parent’s assets is then DKK 0-12. 6 million, which, equivalently, will negatively affect the results for the year before tax and equity. Consequently, we give a qualified opinion as to the measurement of the assets mentioned above. 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 opinion.
Konklusion (revision):Adverse Opinion We have audited the consolidated financial statements and the parent financial statements of Audientes A/S for the financial year 01. 01. 2023 - 31. 12. 2023, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, due to the significance of the matters specified in the “Basis for adverse opinion” section, the consolidated financial statements and the parent financial statements do not present a true and fair view of the Group’s and the Parent’s financial position at 31. 12. 2023 and of the results of their operations and the consolidated cash flows for the financial year 01. 01. 2023 - 31. 12. 2023 in accordance with the Danish Financial Statements Act.
Udtalelse om ledelsesberetningen (revision):Statement on Management’s Review 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 Financial Statements Act. As evident from the matter described in the “Basis for Adverse conclusion” section of our report, our opinion on the financial statements is modified due to the fact that the consolidated financial statements and the parent financial statements have been presented as going concern to which we disagree in. Further, in our opinion, the management commentary should have reflected the significant uncertainties related to recognition and measurement as described in the “Basis for adverse opinion” section above. We have concluded that, for this reason, the management commentary is materially misstated as, in our opinion, the management commentary should have reflected these circumstances.
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