Servizi
Corrective information regarding the Annual Report 2024 and the Interim Report for H1 2025 following an order from the Danish Business Authority
Copenhagen, 26 November 2025
Company Announcement no. 12
Pharma Equity Group A/S ("the Company") hereby publishes the consequences of a correction to the Company's Annual Report for 2024 and Interim Report for the first half of 2025.
This company announcement is issued following an order from the Danish Business Authority dated 20 November 2025 in case no. 2024-5542. The Authority has ordered the Company to apply an "Expected Credit Loss" (ECL) model in accordance with IFRS 9 for the measurement of the Company's receivable from Portinho S.A.
The Company's auditor, BDO Statsautoriseret Revisionsaktieselskab, has commenced the review of the corrective information for the purpose of issuing an auditor's report. The Company expects to publish the final, audited supplement to the annual report ("Supplementary Information"), including the independent auditor's report, within approximately 14 days.
The tables below show the financial consequences that will appear in the final supplement.
The Company has previously measured the receivable based on a simplified net present value approach. In compliance with the order from the Danish Business Authority, Management has now implemented an IFRS 9-based ECL model, which recognizes credit risk through probability-weighted scenarios and deducts expected collection costs directly in the valuation.
The implementation of the ECL model entails that the carrying amount of the receivable as of 31 December 2024 is written down from TDKK 58,000 to TDKK 41,812. As the change is considered a correction of an accounting error, the effect is recognized in the income statement for 2024.
In continuation of the implementation of the new ECL model, the Company has reassessed the valuation as of 30 June 2025 (H1). The reassessment takes into account the latest developments in the ongoing negotiations as well as an updated risk assessment. On this basis, the fair value of the receivable as of 30 June 2025 is determined at TDKK 33,697.
As the receivable in the original interim report was recognized at TDKK 58,000, this entails a total negative correction of the balance sheet of TDKK 24,303. Of this amount, TDKK 16,188 originates from the correction of the opening balance (from 2024), while the remaining TDKK 8,115 constitutes an additional value adjustment in the first half of 2025, which impacts the result for the period.
This correction is of a purely accounting nature and does not affect the Company's liquidity or cash flow. The legal claim against the debtor is fully maintained, and the Company continues to work purposefully to maximize recovery through the ongoing negotiations.
For further information, please contact:
Christian Tange, CEO, Pharma Equity Group A/S, phone: +45 2948 8417
Christian Vinding Thomsen, Chairman of the Board, Pharma Equity Group A/S, phone: +45 2622 7222
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