UNILABS GROUP HOLDING APS
ANNUAL REPORT
2024
Annual report 2024 of Unilabs Group Holding ApS, CVR no. 42474509 as approved by the Annual General Meeting on 13 March 2025.
Copenhagen, 13 March 2025
Jane Amstrup Odgaard
Chair of the Annual General Meeting
UNILABS GROUP HOLDING APS
CVR 42 47 45 09
Nygårdsvej 32, 2100 Copenhagen Ø, Denmark
ANNUAL REPORT 2024
1
TABLE OF
CONTENTS
MANAGEMENT’S REVIEW 2
CONSOLIDATED FINANCIAL STATEMENTS 8
PARENT COMPANY FINANCIAL STATEMENTS 49
REPORTS 56
ANNUAL REPORT 2024 MANAGEMENT’S REVIEW
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MANAGEMENT’S
REVIEW
ANNUAL REPORT 2024 MANAGEMENT’S REVIEW
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FOUR-YEAR SUMMARY
31 December
2024
31 December
2023
31 December
2022 (**)
31 December
2021 (***)
Profit/Loss
Revenue
1,622
1,556
1,283
-
EBITDA (*)
161
208
153
(19)
Operating Profit / (Loss)
(1,073)
(434)
(49)
(19)
Finance income / (expenses), net
(183)
(139)
(104)
-
Profit / (Loss) for the Year
(1,231)
(540)
(178)
(19)
Balance Sheet
Total Assets
4,481
5,594
5,987
41
Equity
886
1,757
2,017
24
Cash Flows from
Operating Activities
227
118
256
(41)
Investments in property, plant and equipment
(33)
(58)
(49)
-
Number of Employees
11,716
11,720
12,794
-
Ratio’s
EBITDA ratio
9.9%
13.4%
11.9%
-
Equity Ratio
19.8%
31.4%
33.7%
58.1%
(*
) EBITDA is defined as operating profit/loss adjusted for depreciation, amortization and impairment of non-current assets.
(**) Unilabs has been included in the consolidation as from the closing date of the acquisition, 15 March 2022.
(***) The company was established on 18 June 2021.
KEY ACTIVITIES
Founded in 1987 in Switzerland, Unilabs is a Pan-European, digitally enabled provider of laboratory, pathology, genetics, imaging and pharma
services. Unilabs conducts over 221 million analyses and 5 million imaging examinations annually. Unilabs’ diverse customer base includes various
public and private healthcare providers, insurance companies, the pharmaceutical industry, contract research organizations, and the general public.
Unilabs operates in 12 European countries and is also represented in Australia, New Zealand, Peru and the United Arab Emirates.
Unilabs’ diagnostic services, available at more than 2,100 locations, are at the heart and start of millions of effective treatment decisions and play
a crucial role in the shift from volume-based to value-based healthcare. More targeted and accurate treatment not only leads to better outcomes
for patients but also reduces costs for governments and insurance companies, creating value for society at large. Unilabs operate in the following
diagnostics segments:
LABORATORY DIAGNOSTICS
Laboratory diagnostics involve the analysis of blood, stool and urine for diagnosing and monitoring diseases. These services encompass a range
of tests that aid in detecting abnormalities and tracking disease progression. The tests span from routine urine and blood tests to high-end genetic
analysis. An extensive network of scientists and medical doctors throughout Unilabs work diligently to uphold industry-leading quality standards,
meeting the expectations of thousands of caregivers and millions of patients. Clinical laboratory services are considered an integral part of the
healthcare sector and the medical value chain, as more than 70% of medical diagnoses depend on laboratory tests, representing 3% of total
healthcare spending.
IMAGING DIAGNOSTICS
Imaging diagnostics involves the use of various techniques to take images of the human body. These techniques encompass X-ray systems,
computerized tomography (“CT”) scanners, magnetic resonance imaging (“MRI”) systems, ultrasound systems, and nuclear imaging systems.
Unilabs has a large European radiology network, including a Telemedicine (TMC) platform for teleradiology, enabling Unilabs to deliver highly
efficient day and night reporting services to customers across Europe, significantly reducing turnaround times and increasing quality.
ANNUAL REPORT 2024 MANAGEMENT’S REVIEW
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PATHOLOGY DIAGNOSTICS
Pathology diagnostics studies the effect of a disease on the structure of the body’s organs, both macroscopically and microscopically. Pathology
services encompass digital or microscopic analysis of tissue or cells, determining the presence and nature of a disease such as various types of
cancer and inflammation. Unilabs provides comprehensive, all-in-one solutions in histopathology and cytology for a wide variety of specialized
healthcare professionals supported by lab automation, digital pathology AI and the most advanced molecular pathology techniques.
GENETICS
Unilabs Genetics is a fully accredited provider of genetic tests with over 200 genetics specialists and over 3 decades of experience in expert medical
consultation. Unilabs offers a broad catalogue of services and diagnostics, providing over 4,000 genetic tests for all medical specialties in Europe,
Middle East and South America.
PHARMA SERVICES
Unilabs supports pharma customers throughout the entire drug development process, from early discovery to launch and lifecycle management.
With over 30 years of experience working with the pharma industry, Unilabs has participated in more than 5,000 studies across a vast range of
therapeutic areas.
DEVELOPMENTS IN THE YEAR 2024
Pricing erosion in the European clinical laboratory services market has continued in 2024. This particularly affected our major markets France,
Sweden and Switzerland. Nevertheless, Unilabs achieved a 1% organic revenue growth specifically in radiology and our smaller business units.
Management expects long-term demand for diagnostics continue to grow given the aging demographics.
For the financial year ended 31 December 2024, Unilabs delivered a consolidated revenue of EUR 1,622m and an operating EBITDA (EBITDA
excluding non-recurring items such as acquisition and integrations costs, restructuring costs and other group projects) of EUR 261m, behind
Management’s expectations. The net loss of EUR 1,231m included an impairment of goodwill and intangible assets of EUR 981m and net-financing
costs of EUR 183m. The consolidated equity amounted to EUR 886m as of 31 December 2024.
Transformation
A series of initiatives were launched to optimize the Unilabs laboratory network and blood collection centres, including footprint optimization and
ways of working. Continuing investments were made to upgrade our laboratory equipment to allow for cost-effective operations.
Continued investments were made in Information Technology, Data and Digital to increase operating efficiency, control and scalability for
integrating and effectively harvest synergies from future acqusitions. During 2024 Unilabs deployed a new ERP platform in four markets including
Denmark, Slovakia, United Arab Emirates and Portugal. Our cyber-security capabilities were enhanced , our global operational data platform was
delivered and our patient booking capabilities improved. Finally, IT investments were made as part of the introduction of state of the art equipment
in our consolidated laboratory network.
Unilabs agreed an exclusive European partnership with C2N, securing rights to distribute its leading blood-based Alzheimer’s biomarker test. This
partnership also includes a planned second phase, involving the transfer of C2N’s testing capabilities to Unilabs. Finally, Unilabs introduced a new
product innovation process to enhance collaboration between Medical and Commercial teams across countries, facilitating the cross-pollination
of testing innovations and the strategic launch of new tests, with an initial focus on the laboratory diagnostics (IVD) business.
Changes in the Management team
With effect in 2025, Badhri Srinivasan was appointed Executive Chairman (as of 1 February 2025), replacing Marc Engels, and Carsten Højlund was
appointed Chief Financial Officer (as of 1 January 2025), replacing Britt Hendriksen.
Acquisitions
On 30 April 2024, Unilabs announced the acquisition of the Preteimagen Group , a provider of imaging diagnostics services in Bilbao in Spain. This
acquisition expands our presence in the radiology sector in Spain, building on the acquisition of Centros Medicos de Diagnostico Integral, S.L., in
2019. Unilabs acquired 80% of the Swiss dermatopathology laboratory, Kempf und Pfalz, on 17 December 2024. This partnership strengthens our
commitment to invest in German-speaking Switzerland, helping to accelerate Unilabs’ growth and increase our competitiveness in the Zürich region.
RESEARCH AND DEVELOPMENT
Unilabs research and development activities are focused on digital innovation that improves key pillars of services such as patient safety, diagnostic
performance of tests and exams, or reduce human time spent on low value tasks suitable for automation. Unilabs have project partnerships with
renowned Academic Institutions, ranging from individual research contributions by Unilabs’ medical experts to strategic projects involving cross
functional Unilabs Teams. One example of the latter is our participation in the EU funded NetZeroAICT project led by Oxford University, UK. This
ANNUAL REPORT 2024 MANAGEMENT’S REVIEW
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collaboration targets development and scientific evaluation of AI tools that improves cross sectional medical imaging, both in climate sustainability
as well as diagnostic capability.
Unilabs also partners with commercial developers in AI for both Radiology and Pathology. The scope is development of innovations that may benefit
our services within short time frames, examples include AI that supports breast cancer pathologists and AI streamlining patient triage in emergency
teleradiology service.
The development of the next version of Unilabs’ radiology workflow and reporting tool Optemis is ongoing. This system covers complex workflow
management, case prioritization, case assignment, training and quality control.
BUSINESS OUTLOOK
In 2025, Unilabs will continue to transform through strengthening patient centricity, leveraging high-profit segments and by improving the scalability
of the business. Other projects focus on delivering cost savings and reducing complexity across Unilabs. While Unilabs expects continued growth,
particularly in radiology, price pressure in the laboratory business environment will result in Unilabsrevenue to remain stable compared to 2024
between -1% to 3%.
This statement is based on current expectations, which are, by nature, subject to a number of uncertainties, including, but not limited to, the potential
economic slowdown in Europe and geopolitical instability, that may challenge global economic growth and welfare. This could cause actual results
and performance to differ materially from our expectations. Additionally, financial performance depends on several factors subject to uncertainties
related to macroeconomic conditions as well as the future development of demographic and societal changes.
RISK MANAGEMENT
At Unilabs, risk management is an integral part of the strategic and operational planning, ensuring the long-term success and sustainability of our
organization. The approach is aiming to proactively identify, assess, manage, and mitigate risks ensuring commitment to delivering exceptional
diagnostics services.
Enterprise Risks
Unilabs developed an ERM framework and governance model, supported by the Board. This framework was implemented during 2024 across all
Business Units and countries in which Unilabs operates. During 2025 Unilabs’ risk management practices will be further refined, as we remain
dedicated to excellence in healthcare service delivery and operational efficiency, ensuring the well-being of patients and the growth of the
organization.
Financial risks
The exposure to floating interest rates is hedged as per Unilabs Financial policy and the Company is comfortable assuming the residual exposure:
an increase (decrease) in market interest rates by 100 basis points, with all other variables held constant, would have resulted in a loss / (gain) of
EUR 7 million in 2024.
Since Unilabs' subsidiaries purchase and sell primarily in local currencies, the Company’s exposure to exchange rate movements in its commercial
operations is limited. The Company is subject to foreign currency exchange risks due to exchange rate movements in connection with the
translation of its foreign subsidiaries’ income, assets and liabilities into euros for inclusion in its consolidated financial statements. Translation risk
related to Unilabs’ foreign subsidiaries is not actively hedged as per the Financial policy.
STATEMENT OF CORPORATE SOCIAL RESPONSIBILITY ACCORDING TO THE DANISH FINANCIAL STATEMENTS ACT, SECTIONS 99A AND 99D
Statutory statement on CSR in accordance with section 99a of the Danish Financial Statements Act
Business Model
For the Unilabs business model, refer to the key activities as mentioned above.
Corporate Social Responsibility
Unilabs’ mission for a healthier tomorrow underpins our aspiration to help millions of people to maximise their lives by empowering them to manage
their health, delivered through socially and environmentally responsible laboratory, imaging and pathology diagnostic services. Unilabs is future
proofing for the changing environment with growing sustainability concerns and shifting market and patient preferences.
ANNUAL REPORT 2024 MANAGEMENT’S REVIEW
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In the following paragraphs, Unilabs presents a summary of its Corporate Social Responsibility (CSR) activities and ambitions undertaken in 2024,
serving as the foundation for the development of an ESG strategy and fulfilling the ESG reporting requirements mandatory for the Financial Year
2025. Unilabs Management is fully committed to continuously work towards reducing its environmental footprint from operations, promoting a
socially responsible business culture, and ensuring a sustainable growth path for the company.
Risk Assessment and Policies
Environment and Climate Change: Unilabs’ impact on environmental issues and climate change continued to be assessed by the external Carbon
Footprint Assessment. The outcome, based on 2023-data together with the results from the previous carbon assessment, resulted in a continued
Greenhouse Gas Emissions inventory (GHG Inventory) to strengthen the baseline and to further understand Unilabs’ emissions divided by scope.
Management has assessed that about 7% of emissions were under Unilabs’ operational control (Scope 1 and 2), and 93% are due to all other indirect
emissions, as purchase of goods and services, waste disposal, employee commuting, business travel, among others (Scope 3).
Emissions directly connected to operations, were mainly arising from own facilities, including laboratories, collection centres, and offices and
emissions resulting from the transportation of samples for testing. Further emissions were related to generation of biohazardous waste from
laboratories and those associated with pure water utilization from medical devices. Unilabs is committed to develop and implement a plan that will
reduce the overall footprint over time, aiming for a net-zero impact in the long run. Maintaining a focus on these impacts is critical from a strategic
perspective to ensure sustainable growth and deliver low-carbon products and services to customers.
At the end of 2024, the share of electric cars was 5.3 %, and we plan a significant increase in the next 3 years. Unilabs is preparing the
implementation of renewable electricity starting in 2025. Both initiatives will achieve a significant reduction of scope 1 and 2 GHG emissions under
Unilabs’ control.
Social and Employee Conditions: Unilabs strives to foster an inclusive corporate culture with equal opportunities, sponsoring respect and
appreciation for diversity in a setting where every viewpoint counts. E.g. Unilabs is proud to have gender parity with 60% women and 40% men in
management positions.
Unilabs takes responsibility for employees’ health by adopting controls to reduce occupational risks at the facilities, thereby mitigating the risk of
injuries and cases of illness by:
Assessing workplace risks and developing action plans to address non-conformities found.
Providing visibility of injuries and illnesses to the leadership teams, raising awareness of health and safety performance, and
systematically addressing learning from events.
It is important to stress that local laws play a key role in health and safety matters, and one of Unilabs’ primary objectives and priorities is to ensure
local compliance with each respective country’s applicable legislation.
Unilabs continually strives to enhance employee engagement. Key initiatives include:
Acting upon insights gained from the yearly Global People Survey to enhance overall engagement across the business.
Enhancing Unilabs’ culture through activities such as organization of local team events and team-building activities.
Upskill Unilabs employees and job satisfaction with improved processes, organization, and tools enabled by the multi-year system
implementation initiatives in HR, Procurement and Finance. This has been further complimented by offering a curriculum for skills
needed to excel and realize their potential.
Support senior managers with targeted training and development initiatives that enhance their effectiveness in navigating the
challenges of a fast-paced organization and managing their teams with an approach that focuses on foster close engagement and
growth.
Continuously improving communication through leadership forums, townhalls and publications.
In 2024, Unilabs introduced in partnership with GoodHabitz an online learning platform for all employees as well as a pilot program for people
managers to strengthen leadership and people management skills to improve engagement. The focus on employee wellbeing and development will
continue in the years to come and progress on engagement will be measured through an annual Global People Survey that is planned to be
conducted in the first half of 2025.
Human Rights: Although Unilabs has not implemented a bespoke Human Rights policy, respect of Human Rights is embedded in our culture and
operations, integrated in our new Code of Business Principles. Management considers the risk in relation to Human Rights low, and therefore to
date no Human rights policy has been implemented.
Anti-corruption: Unilabs has a zero-tolerance towards bribery and corruption. Unilabs has an anti-bribery and anti-corruption policy along with
guidelines that outline the company’s standards of behaviour. Unilabs has enhanced its specific practices to manage conflict of interests, gifts,
hospitality and entertainment, sponsorships and donations and is enhancing guidance around managing the risks related to third parties, including
implementing due diligence checks with business partners and improving record-keeping. Unilabs has developed an internal compliance academy
ANNUAL REPORT 2024 MANAGEMENT’S REVIEW
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to further progress the network of compliance officers (LDPCs) across all regions. The anti-bribery and anti-corruption policy aims to inform
employees about bribery and corruption risks to prevent any misconduct. Our reporting and audit/investigation process has not identified any
material risks.
In 2024, key employees and functions completed anti-corruption training to ensure full integration of Unilabs’ policy into its daily business and
strategy. Unilabs has a whistleblowing hotline, which has been operational throughout 2024. No breaches of legislation or Unilabs policies on anti-
corruption with material effects on the company have been identified. Unilabs launched a new Code of Business Principles and implemented
strengthened management procedures for investigations of serious concerns reported to the whistleblower system. Additionally, all employees
participated in online training for Whistleblowing, Data Protection and Cybersecurity awareness. Unilabs continues to improve its recruitment
processes to effectively screen for potential conflicts of interests and embedding training and awareness in the onboarding processes.
STATUTORY STATEMENT ON DATA ETHICS IN ACCORDANCE WITH SECTION 99D OF THE DANISH FINANCIAL STATEMENTS ACT
For Unilabs, data ethics is essentially about maintaining the trust of different stakeholders, including users, patients, consumers, customers,
employees, and partners. Currently initiatives are mainly focused on advancing General Data Protection Regulation (GDPR) practices. This
represents the starting point of our journey towards comprehensive data ethics practices across all Group entities to be prepared for compliance
with evolving data ethics regulations.
SIGNIFICANT UNCERTAINTIES RELATING TO RECOGNITION AND MEASUREMENT
There are no significant uncertainties with respect to recognition and measurement in the Annual Report.
UNUSUAL EVENTS
There are no unusual events in the financial position on 31 December 2024 of Unilabs and the results of the activities of Unilabs for the financial
year for 2024.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
8
CONSOLIDATED
FINANCIAL
STATEMENTS
UNILABS GROUP HOLDING APS CONSOLIDATED
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31
DECEMBER 2024
Consolidated income statement for 1 January to 31 December 9
Consolidated statement of comprehensive income 9
Consolidated balance sheet as of 31 December 10
Consolidated cash flow statement for 1 January to 31 December 11
Consolidated statement of changes in equity 12
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
9
CONS
OLIDATED INCOME STATEMENT FOR 1 JANUARY TO 31 DECEMBER
Amounts in EURm
Note
2024
2023
Revenue 2 1,622 1,556
Direct costs of service (318) (313)
Personnel costs 3 (815) (762)
Other operating expenses (348) (291)
Other operating income 20 18
Depreciation, amortisation and impairment
(1,234)
(642)
Operating profit / (loss) (1,073)
(434)
Finance income / (expenses), net 5 (183) (139)
Other income / (expenses), net - 8
Profit / (loss) before tax (1,256)
(565)
Tax 22 25 25
Profit / (loss) for the year (1,231)
(540)
Result for the year attributable to:
Non-controlling interests
10
12
Owners of Unilabs Group Holding ApS
(1,241)
(552)
CON
SOLIDATED STATEMENT OF COMPREHENSIVE INCOME
Amounts in EURm
Note
2024
2023
Profit / (loss) for the year (1,231) (540)
Other comprehensive income / (loss):
Items that will be reclassified to profit or loss in future periods:
Exchange differences on translation of foreign operations (33) 16
Gains / (losses) on cash flow hedges 1 (29)
Income tax effect - 6
Items that will not be reclassified to profit or loss in future periods:
Actuarial gain / (loss) on defined benefit plans 14 1 (16)
Income tax effect on defined benefit plans (1) 2
Total other comprehensive income / (loss)
Total comprehensive income / (loss) for the year, net of tax (1,263)
(561)
Comprehensive income for the year attributable to:
Owners of Unilabs Group Holding ApS
(1,272)
(573)
Non-controlling interests
9
12
(32)
(21)
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
10
CONSOLIDATED BALANCE SHEET AS OF 31 DECEMBER
Amounts in EURm
Note
2024
2023
Goodwill 7 2,212 3,026
Other intangible assets 8 1,270 1,527
Property, plant and equipment 9 194 239
Right-of-use assets 10 243 208
Investments in associates and other entities 5 5
Deferred tax assets 22 50 47
Other non-current assets 13 13
Total non-current assets 3,987
5,065
Inventories 11 31 29
Trade receivables 12 200 217
Tax receivables 31 39
Other current assets 12 67 72
Cash and cash equivalents 18 165 172
Total current assets
494
529
Total assets 4,481
5,594
Share capital 13 33 27
Currency translation reserve
(71) (39)
Hedge reserves
(25) (27)
Retained earnings
888 1,754
Equity attributable to the owners of Unilabs Group Holding ApS
826
1,715
Non-controlling interests 13 60 42
Total equity 886
1,757
Lease liabilities 18 190 170
Shareholder loans 18 - 602
Borrowings 18 1,256 1,768
Pension benefit obligations 14 31 34
Provisions 16 40 58
Deferred tax liabilities 22 310 344
Other non-current liabilities 15 78 93
Total non-current liabilities 1,905
3,069
Lease liabilities 18 65 66
Shareholder loans 18 989 135
Borrowings 18 178 138
Trade payables
154 133
Provisions 16 17 12
Deferred tax liabilities 22 31 32
Tax payables
23 22
Other current liabilities 17 233 230
Total current liabilities 1,690 768
Total liabilities 3,595
3,837
Total equity and liabilities 4,481
5,594
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
11
CONS
OLIDATED CASH FLOW STATEMENT FOR 1 JANUARY TO 31 DECEMBER
Note
2024
2023
Profit / (loss) for the year (1,231) (540)
Adjustments to reconcile profit / (loss) to cash flows from operating activities:
Depreciation, amortisation and impairment 1,234 642
Finance cost, net 183 139
Change in provisions and pension obligations (1) (2)
Other non-cash items (7) (1)
(Gains)/Losses on sale of non-current assets 28 (4)
Income tax (25) (25)
Working capital adjustments:
Change in trade receivables 20 31
Change in trade payables 37 (9)
Change in inventories (2) 4
Change in other net working capital (11) (76)
Income tax paid - (41)
Cash flow from operating activities
227
118
Purchases of property, plant and equipment (37) (63)
Proceeds from sale of
property, plant and equipment 4 5
Purchases of intangible assets
(4) (14)
Acquisition of subsidiaries, net of cash
(115) (20)
Sale of associated companies, net of cash
- 10
Dividends and interests received
2 7
Other investing cash flows
1 2
Cash flow for investing activities
(149) (73)
Purchase of own-shares (5) (18)
Proceeds from share capital increase 403 311
Cash proceeds from loans, borrowings and other financial liabilities 265 159
Repayments of loans, borrowings and other financial liabilities (546) (294)
Dividends paid and other payments to non-controlling interests (8) (11)
Payment of lease liabilities (90) (79)
Interests paid (99) (107)
Other financing cash flows - (11)
Cash flow from financing activities
(80) (50)
Net cash flow for the year
(2) (5)
Cash and cash equivalents, as of 1 January 172 179
Net foreign exchange difference (5) (2)
Net cash flows for the year (2) (5)
Cash and cash equivalents as of 31 December
165
172
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
12
CONS
OLIDATED STATEMENT OF CHANGES IN EQUITY
Attributable to the equity holders of the parent
Amounts in EURm
Share
capital
Currency
translation
reserve
Hedge
reserves
Retained
earnings
Total
Non-
controlling
interests
Total
equity
Equity as of 1 January 2023 23 (55) (4) 2,003 1,967 50 2,017
Other comprehensive income / (loss) - 16 (23) (14) (21) - (21)
Profit / (loss) for the year - - - (552) (552) 12 (540)
Total comprehensive income / (loss) - 16 (23) (566) (573) 12 (561)
Acquisition of non-controlling interests - - - 2 2
(9) (7)
Forward contracts - - - 27 27
- 27
Purchase of own shares - - - (18) (18) - (18)
Shareholders’ contribution 4
- - 307 311 - 311
Dividends - - - - - (11) (11)
Equity as of 31 December 2023 27
(39) (27) 1,754 1,715 42 1,757
Other comprehensive income / (loss) - (33) 2 - (31) (1) (32)
Profit / (loss) for the year - - - (1,241) (1,241) 10 (1,231)
Total comprehensive income / (loss) - (33) 2
(1,241)
(1,272) 9
(1,263)
Acquisition of non-controlling interests - 1 - (22) (21) 17 (4)
Forward contracts - - - 6 6
- 6
Purchase of own shares - - - (5) (5) - (5)
Shareholders’ contribution 6
- - 397 403
- 403
Dividends - - - - - (8) (8)
Equity as of 31 December 2024 33 (71) (
25) 888 826 60 886
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
13
NOTES TO
CONSOLIDATED
FINANCIAL
STATEMENTS
Note 1. Use of estimates and judgments 14
Note 2. Revenue 14
Note 3. Employee benefits expense 15
Note 4. Fees to the parent company’s auditors 15
Note 5. Finance income / (expenses) 16
Note 6. Intangible assets - Business combinations 16
Note 7. Goodwill 17
Note 8. Other intangible assets 20
Note 9. Property, plant and equipment 21
Note 10. Right-of-use assets 23
Note 11. Inventories 24
Note 12. Trade receivables and other current assets 24
Note 13. Shareholders' equity and non-controlling interests 25
Note 14. Pension benefit obligations 26
Note 15. Other non-current liabilities 30
Note 16. Provisions 30
Note 17. Other current liabilities 31
Note 18. Borrowings and net debt reconciliation 31
Note 19. Financial risk management objectives and policies 34
Note 20. Financial instruments by categories 36
Note 21. Related party transactions 38
Note 22. Taxes 38
Note 23. Commitments and contingencies 41
Note 24. Company overview 42
Note 25. Events occurring after the reporting period 46
Note 26. Material accounting policy information 46
Note 27. Application of new and revised IFRS 47
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
14
Note 1. Use of estimates and judgments
In applying the Group’s accounting policies, the directors are required to make judgements (other than those involving estimations) that have a
significant impact on the amounts recognised and to make estimates and assumptions about the carrying amounts of assets and liabilities that
are not readily apparent from other sources. The estimates and associated assumptions are based on historical experience and other factors that
are considered to be relevant. Actual results may differ from these estimates.
The estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in
which the estimate is revised if the revision affects only that period, or in the period of the revision and future periods if the revision affects both
current and future periods.
The key areas where management exercises judgment or uses its key estimates in applying the Group's accounting policies are described below:
Key accounting estimates and judgments Note
Estimate/
judgment
Impact
Cash-generating unit determination Judgment M
Impairment testing key assumptions Estimate H
Useful life and residual value Estimate L
Measurement of acquired assets, liabilities and contingent liabilities Judgment H
Recognition and measurment of deferred tax assets and uncertain tax positions Estimate M
Pension benefit obligations Estimate M
Provisions for legal dispute assumptions Estimate M
Level of potential impact to the consolidated financial statements:
- L = Low
- M = Medium
- H = High
Note 2. Revenue
The Group is organised into divisions corresponding to the activities of the Group. The “Laboratory IVD” provides diagnostic services to healthcare
providers, governments, the general public, pharmaceutical companies and insurance companies. The division “Medical Imaging delivers various
examinations and diagnostic imaging services to healthcare providers, governments, and the general public. Pathologyhas been aggregated
together with the Other specialtiessuch as cardiology diagnostics in Portugal, the Drug Development Services (DDS) business in UK and Denmark;
they are similar in nature of the services provided and type of customer serviced and share similar economic characteristics.
Amounts in EURm
2024
2023
Laboratory IVD 986 951
Medical Imaging 377 355
Pathology & Other 259 250
Total
1,622
1,556
Amounts in EURm
2024
2023
Western Europe 1,113 1,050
Nordics 259 257
Central and Eastern Europe
184
176
Other 65 73
Total 1,622
1,556
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
15
MATERIAL ACCOUNTING POLICIES
Revenue is measured based on the consideration to which the Group expects to be entitled in a contract with a customer and excludes amounts
collected on behalf of third parties. Revenue is recognised when a customer obtains control of goods or services in line with identifiable
performance obligations. In the majority of cases the Group considers that the contracts it enters into are contracts for a single service which
is accounted for as a single performance obligation. Accordingly, the majority of revenue across the Group is recognised on an output basis
because the customer simultaneously receives and consumes the benefits provided by the Group’s performance as it performs.
The Group recognises revenue at a point in time when the service has been performed which is generally after test or examination results have
been obtained and validated as this is considered the point in time upon which control transfers.
Note 3. Employee benefits expense
Amounts in EURm
2024
2023
Employee remuneration
Wages and salaries (528) (478)
Social security contributions (138) (128)
Termination costs (9) (9)
Other personnel related costs (including
bonus payments & premiums)
(47) (52)
Subcontracting/temporary staff (93) (95)
Total (815)
(762)
Management remuneration
Remuneration Executive Board 6 4
Remuneration Board of Directors 1 -
Total
7
4
Average number of employees 11,716 11,720
In 2024, included in the “remuneration to the Executive Board” are compensation for 3 registered directors employed during the year.
In 2023, included in the “remuneration to the Executive Board” are compensation for 5 registered directors employed during the year, including
garden leave of one of the registered directors.
Note 4. Fees to the parent company’s auditors
PricewaterhouseCoopers including network firms:
Amounts in EURm
2024
2023
Statutory audit 3 3
Tax advisory services - 1
Total 3
4
The audit assignment involves the local and group audits. Other assurance engagements refer to quality assurance services required by enactment,
articles of association, regulations or agreement. Tax advisory services include both tax consultancy and tax compliance services. All other tasks
are defined as other.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
16
Note 5. Finance income / (expenses)
The table below shows the detail of finance income / (expenses), net :
Amounts in EURm
2024
2023
Exchange gains 3 88
Other financial income 10 13
Finance income
13
101
Interests on loans (153) (167)
Exchange losses (18) (47)
Interest expenses on leases (10) (10)
Other financial expenses (15) (16)
Finance expenses
(196)
(240)
Finance income / (expenses), net (183)
(139)
Note 6. Intangible assets - Business combinations
In 2024 and 2023, the Group concluded the following material business acquisitions:
Acquired date
Country
Entities
Objectives
Deal
structure
% of capital
% of voting
rights
17 December 2024 Switzerland Kempf Und Pfaltz Market consolidation Share deal 80% 80%
30 April 2024 Spain Preteimagen Group Market consolidation Share deal 100% 100%
7 November 2023 Netherlands AtalMedial Market consolidation Share deal 100% 100%
7 December 2023 Switzerland Adus Radiologie Holding AG Market consolidation Share deal 100% 100%
2024:
The Group concluded two acquisitions in 2024, one related to dermatopathology laboratory and another to medical imaging businesses, for a total
consideration of EUR 108 million. The total goodwill of EUR 98 million mainly represents the expected cost synergies arising from the acquisitions.
Except for cash and cash equivalents, the amounts are provisional and subject to modification in the twelve months period following the respective
acquisition dates. Goodwill recognized is not expected to be deductible for respective income tax purposes.
Acquisition-related costs for these and other concluded acquisitions amount to EUR 1 million which are expensed under other operating expenses
in the income statement.
The acquisitions contributed EUR 4 million revenues and EUR 1 million to the Group’s profit for the period between the date of acquisition and the
reporting date.
If the acquisition of other entities mentioned above had been completed on the first day of the financial year, their contributions to revenues for the
year would have been EUR 28 million and to profit for the year would have been EUR 9 million.
2023:
The Group concluded two acquisitions in 2023, both related to clinical laboratory and medical imaging businesses, for a total consideration of
EUR 20 million. The total goodwill of EUR 12 million mainly represents the expected cost synergies arising from the acquisitions.
Acquisition-related costs in 2023 for these and other concluded acquisitions amount to EUR 4 million which are expensed under other operating
expenses in the income statement.
The acquisitions contributed EUR 17 million revenues and EUR 1 million to the Group’s profit for the period between the date of acquisition and
the reporting date.
If the acquisition of other entities mentioned above had been completed on the first day of the financial year, their contributions to revenues for
the year would have been EUR 63 million and to loss for the year would have been EUR (3 million).
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
17
The assets and liabilities recognised as a result of these acquisitions are as follows:
Amounts in EURm
2024
2023
Property, plant and equipment
2
8
Right-of-use assets 7 9
Current assets
12
14
Provisions - (5)
Liabilities
(11)
(18)
Net assets acquired
10
8
Goodwill
98
12
Total consideration
108
20
Less: cash and cash equivalents acquired
(8)
(7)
Cash flow used for acquisition
100
13
MATERIAL ACCOUNTING JUDGMENTS
Upon acquisition of new entities, the acquired assets, liabilities and contingent liabilities are measured at fair value. In fair value assessments,
significant judgments have been made and estimates have been applied.
MATERIAL ACCOUNTING POLICIES
Business combinations are accounted for using the acquisition method. The cost of an acquisition is measured as the aggregate of the
consideration transferred, which is measured at acquisition date fair value, and the amount of any non-controlling interests in the acquiree.
The excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interests and the acquisition fair value
of previous equity interest over the identifiable assets acquired and liabilities assumed is recorded in the consolidated balance sheet as goodwill.
If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the consolidated
income statement as a bargain purchase.
Any contingent consideration to be transferred by the acquirer will be recognised at fair value at the acquisition date. Subsequent changes to
the contingent consideration that is not classified as equity is recognised in the consolidated income statement.
Note 7. Goodwill
Amounts in EURm
2024
2023
As of 1 January 3,026
3,364
Acquisition of businesses (Note 6) 98 12
Impairment (881) (385)
Reclassification - (9)
Currency adjustment (31) 44
As of 31 December 2,212
3,026
7.1 Allocation of goodwill by Cash Generating Units
For the purpose of impairment testing, goodwill is allocated to each of the Group’s cash-generating units (or groups of cash-generating units, CGUs)
expected to benefit from the synergies of the combination. Each country has been identified as a group of CGUs, with the exception of the UK and
Spain. Based on the in-country operations, the UK and Spain have each been separated into two CGUs. In the UK, the laboratory testing operations
(UK) and the clinical research operations (York) each represent a separate CGU. In Spain, the laboratory and imaging operations (Spain) and
telemedicine teleradiology and telepathology (TMC) operations each represent a separate CGU for the purposes of goodwill allocation
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
18
The carrying amount of goodwill has been allocated to cash generating units as follows:
Amounts in EURm
Gross
carrying
amount
Accumulated
impairment
Net
carrying
amount
Average
growth
rate of
revenues
2025-
2037
Discount
rate (after
tax)
Czech Republic 135
- 135
2.4% 7.9%
France 951
(778) 173
2.4% 6.9%
Portugal 302
- 302 2.8% 7.1%
Slovakia
155
- 155
2.6% 7.3%
Sweden 351
(140) 211
2.9% 6.7%
Switzerland
988
-
988
2.8%
5.4%
TMC 106
(95) 11
3.1% 7.0%
Other 496
(258) 238
1.7% (*) 7.1% (*)
As of 31 December 2024 3,483
(1,271) 2,212
(*) Weighted average
Amounts in EURm
Gross
carrying
amount
Accumulated
impairment
Net
carrying
amount
Average
growth
rate of
revenues
2024-
2036
Discount
rate
(after
tax)
Czech Republic 137
- 137
5.6% 9.5%
France 951
(277)
674
4.3% 8.0%
Portugal 302
- 302
5.2% 8.3%
Slovakia
155
- 155
5.0% 8.6%
Spain 113
(73)
40
3.9% 8.3%
Sweden 363
- 363
4.5% 8.0%
Switzerland 909
- 909
4.9% 6.7%
TMC 106
- 106
7.4% 8.3%
Other 375
(35)
340
6.7% (*) 9.1% (*)
As of 31 December 2023 3,411
(385)
3,026
5.0% 8.0%
(*) Weighted average
7.2 Impairment test
The Group tests goodwill annually for impairment, or more frequently if there are indications that goodwill might be impaired.
Key assumptions applied
The future development in demand for services within medical diagnostic services is depending on demographic and societal changes, including
what the public authorities in the individual countries decide to allocate to the healthcare budget. Demographic changes include increasing
population, more aging population, increasing prevalence of chronic diseases, and higher welfare.
In Unilabs, the estimated future cash flows are based on the budget for 2025 and business plans for 2026 2027 and projections for 2028 to 2037.
The extended forecast period reflects the nature of the business segment, including longer-term nature of customer contracts, which is common
within the healthcare industry. Unilabs holds contracts with government and public sector bodies, insurance companies, and hospitals covering
periods up to 40 years or even open-ended without fixed end dates. The business plans and projections are based on a market by market approach,
assessing the organic business potential for each of the key markets, and estimating the volume growth, sales prices and contribution margins for
each segment. Further, the capital expenditure and working capital required to maintain and organically grow the business are considered. The
average revenue growth rate in the forecast period (2028-2037) is 2.5% and while uncertainties connected to especially the inflation can impact the
growth rates, management considers the average growth rates realistic based on the business and market plans at hand. The long-term growth
rate in the terminal period has been estimated to 2.0% and is supported by industry specific market analyses performed by external advisors.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
19
Results of impairment assessment
As of 31 December 2024, ongoing inflationary pressure, health care cost containment, tender success rates, as well as prolonged business
operational adjustments has resulted in the following impairments in France, Sweden, Peru, Spain, TMC, UAE and UK:
- an impairment of EUR 881 million on the goodwill;
- an impairment of EUR 70 million on customer/contractual relationship; and
- an impairment of EUR 17 million on brand portfolio.
Sensitivity of impairment test assumptions
Management has also considered the sensitivity of changes in the key assumptions used in the impairment testing. For the CGU's where a
reasonable change in an assumption can result in a potential impairment, sensitivity analysis have been included below. The table shows the
impairments on goodwill that would have been recorded in 2024 and 2023 had the assumptions been changed as listed:
2024
2023
Amounts in EURm
-0.5% in
the
discount
rate
(after
tax)
-0.5% in
the
revenue
growth
rate
-1% in
the
EBITDA
margin
in the
terminal
period
-1% in
the
EBITDA
margin
in the
forecast
period
-0.5% in
the
discount
rate
(after
tax)
-0.5% in
the
revenue
growth
rate
-1% in
the
EBITDA
margin
in the
terminal
period
-1% in the
EBITDA
margin in
the forecast
period
France 450 526 530 553 364
325
308
333
UAE 13 13 13 13 40
37
36
39
TMC 91 97 100 104 9
3
2
6
Sweden 94 164 160 174 42
21
13
28
Slovakia - 16 6 12 18
5
-
4
Spain 44 44 44 44 83
79
80
85
Denmark - 4 2 2 - - - -
Peru 42 42 42 42 - - - -
UK 43 43 43 43 - - - -
Netherlands - 8 9 20 - - - -
Management is confident that the assumptions applied to these CGUs are reasonable and are in line with expectations and therefore do not
require further impairment.
Impairment losses in 2023
High pricing erosion in European healthcare market, general macro-economic backdrop, Covid-19 reducing to a minimal level as well as limited
ability to pass through inflationary costs, resulted in impairments in France, Spain and UAE of EUR 385 million.
MATERIAL ACCOUNTING ESTIMATES
The outcome of impairment tests is subject to estimates in financial budgets, forecasts and business plans, as well as of future development
of demographic and societal changes, inflation and the discount rates applied.
MATERIAL ACCOUNTING JUDGMENT
Judgment is applied in the definition of cash-generating units of which goodwill is allocated for impairment testing and in the selection of
methodology and assumptions applied in impairment tests.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
20
MATERIAL ACCOUNTING POLICIES
The excess of the aggregate of the consideration transferred, the amount recognised for non-controlling interests and the acquisition fair value
of previous equity interest over the identifiable assets acquired and liabilities assumed is recorded in the consolidated balance sheet as goodwill.
If this consideration is lower than the fair value of the net assets of the subsidiary acquired, the difference is recognised in the consolidated
income statement as a bargain purchase.
Goodwill has an indefinite useful life.
Impairment losses are recognised when the carrying amount of an asset or a cash-generating unit exceeds the higher of the estimated value
in use and fair value less costs of disposal. Goodwill is attributed to cash-generating units on acquisition and impaired before other assets.
Note 8. Other intangible assets
As of 31 December 2024, other intangible assets consist of the following:
Amounts in EURm
Brand
portfolio
Customer/
contractual
relationship
Other
intangible
assets
Total
Acquisition cost
As of 1 January 2024 315
1,400
67
1,782
Additions
-
-
4
4
Disposals - - (12)
(12)
Currency adjustment
(1)
(17)
(1)
(19)
As of 31 December 2024
314
1,383
58
1,755
Accumulated amortization and impairment
As of 1 January 2024
(28)
(208)
(19)
(255)
Amortization (16) (111) (9)
(136)
Impairment
(17)
(70)
(8)
(95)
Disposals - - (3)
(3)
Currency adjustment
1
3
-
4
As of 31 December 2024
(60)
(386)
(39)
(485)
Carrying amount:
As of 31 December 2024
254
997
19
1,270
As of 31 December 2023, other intangible assets consisted of the following:
Amounts in EURm
Brand
portfolio
Customer/
contractual
relationship
Other
intangible
assets
Total
Acquisition cost
As of 1 January 2023
307
1,375
48
1,730
Additions -
-
14
14
Reclassification
5
11
2
18
Currency adjustment 3
14
3
20
As of 31 December 2023
315
1,400
67
1,782
Accumulated amortization and impairment
As of 1 January 2023
(12)
(89)
(8)
(109)
Amortization (16)
(115)
(8)
(139)
Reclassification
-
-
(1)
(1)
Currency adjustment
-
(4)
(2)
(6)
As of 31 December 2023 (28)
(208)
(19)
(255)
Carrying amount:
As of 31 December 2023
287
1,192
48
1,527
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
21
MATERIAL ACCOUNTING POLICIES
Intangible assets are carried at cost less any accumulated amortization and accumulated impairment losses. The useful life of intangible
assets is assessed individually to be either finite or indefinite.
The Group’s intangible assets consist of brand portfolio, customer/contractual relationships and software. Customer/contractual
relationships are amortized using the straight-line method over periods determined by the relative circumstances (contracts, rights, useful
economic life). The Unilabs brand is classified as Intangible assets with the useful life of twenty years. Software are amortized using the
straight-line method over five years.
Intangible assets that have an indefinite useful life or intangible assets not ready to use are not subject to amortization and are tested
annually for impairment. An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of an asset’s fair value less costs of disposal and value in use. For the purposes of assessing
impairment, assets are grouped at the lowest levels for which there are largely independent cash inflows (cash-generating units). Prior
impairments of non-financial assets (other than goodwill) are reviewed for possible reversal at each reporting date.
Note 9. Property, plant and equipment
As of 31December 2024, property, plant and equipment consist of the following:
Amounts in EURm
Buildings
and Land
Improvement
on leased
property
Machinery,
equipment
and other
Tangible
assets in
progress
Total
Acquisition cost
As of 1 January 2024
59
70
190
17
336
Acquisition of businesses (Note 6) - 2 - -
2
Additions
-
3
13
14
30
Disposals (1) (1) (46) (1)
(49)
Reclassification
(20)
13
11
(22)
(18)
Currency adjustment (1) (2) (3) -
(6)
As of 31 December 2024 37 85 165 8 295
Accumulated depreciation and impairment
As of 1 January 2024 (17) (13) (67) -
(97)
Depreciation and impairment
(3)
(10)
(37)
-
(50)
Disposals - 1 43 -
44
Reclassification
4
(4)
(2)
-
(2)
Currency adjustment - 1 3 -
4
As of 31 December 2024 (16) (25) (60) - (101)
Carrying amount:
As of 31 December 2024
21 60 105 8 194
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
22
As of 31 December 2023, property, plant and equipment consist of the following:
Amounts in EURm
Buildings
and Land
Improvement
on leased
property
Machinery,
equipment
and other
Tangible
assets in
progress
Total
Acquisition cost
As of 1 January 2023 53 42 141 12
248
Acquisition of businesses (Note 6)
3
2
3
-
8
Additions - 7 44 20
71
Disposals
(1)
-
(4)
-
(5)
Reclassification 2 18 - (16)
4
Currency adjustment
2
1
6
1
10
As of 31 December 2023
59
70
190
17
336
Accumulated depreciation and impairment
As of 1 January 2023
(9)
-
(28)
-
(37)
Depreciation (4) (9) (37) -
(50)
Reclassification
(4)
(3)
3
-
(4)
Currency adjustment - (1) (5) -
(6)
As of 31 December 2023 (17) (13) (67) - (97)
Carrying amount:
As of 31 December 2023
41
57
123
17
239
Repair and maintenance included in the consolidated income statement was EUR 72 million (2023: 63 million).
MATERIAL ACCOUNTING ESTIMATES
The assets’ residual values, useful lives and method of depreciation are reviewed at each financial year end and adjusted prospectively, if
required. Property, plant and equipment that are subject to amortization or depreciation are reviewed for impairment whenever events or
changes in circumstances indicate that the carrying amount may not be recoverable.
MATERIAL ACCOUNTING POLICIES
Property, plant and equipment is stated at cost, net of accumulated depreciation and/or accumulated impairment losses. Cost includes the
cost of replacing part of such plant and equipment if it increases the future economic benefits to the Group. All other repair and maintenance
costs are recognised in the consolidated income statement as incurred.
Depreciation is calculated on a straight-line basis over the useful lives of the assets shown below:
Buildings 20 to 33 years
Long Term Leasehold & Improvements 3 to 10 years
Furniture & Fixtures 5 to 10 years
Laboratory, medical imaging & Office Equipment 3 to 10 years
Land Not depreciated
An item of property, plant and equipment is written-off when disposed or when no future economic benefits are expected from its use. Any
gain or loss arising on derecognition of the asset (calculated as the difference between the net disposal proceeds and the carrying amount of
the asset) is included in the consolidated income statement of the year the asset is derecognised.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
23
Note 10. Right-of-use assets
The consolidated balance sheet shows the following amounts relating to leases:
Amounts in EURm
Buildings
Other
leases
Total
As of 1 January 2023 153
46
199
Acquisition of businesses (Note 6)
1
8
9
Additions 58
20
78
Depreciation
(49)
(19)
(68)
Impairment - 1
1
Disposals
(4)
(6)
(10)
Reclassification - (1)
(1)
As of 31 December 2023 159
49
208
Acquisition of businesses (Note 6) 6 1
7
Additions
70
24
94
Depreciation (55) (17)
(72)
Disposals
(4)
(7)
(11)
Reclassification 12 7
19
Currency adjustment
(2)
(0)
(3)
As of 31 December 2024
186
57
243
The total cash outflow on leases in the year was EUR 101 million (2023: EUR 92 million).
MATERIAL ACCOUNTING POLICIES
Right-of-use assets mainly consist of leased buildings. Leases are recognized as right-of-use assets and corresponding lease liabilities on the
date at which the leased asset is available for use by the group. Right-of-use assets are measured at cost, less any accumulated depreciation
and impairment losses and adjusted for any remeasurement of lease liabilities. Right-of-use assets are depreciated on a straight-line basis
over the shorter of the lease term and the estimated useful lives of the assets (cf note 9).
The Group applies the short-term leases and leases of low-value assets recognition exemptions. Lease payments associated with these leases
are recognised as expenses in the income statement under other operating expenseson a straight-line basis over the lease term.
Amounts in EURm
2024
2023
Expenses related to service-term leases
(6)
(4)
Expenses related to short-term leases
(6)
(5)
Expenses related to variable lease payments
(2)
(3)
Expenses related to low-value assets
(3)
(3)
Other
(1)
-
Total recognised in operating costs
(18)
(15)
Depreciation costs and impairment losses on right-of-use
assets
(72)
(68)
Interest expenses
(11)
(10)
Total recognised in income statement
(101)
(92)
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
24
Note 11. Inventories
Amounts in EURm
2024
2023
Reagents 21 28
Other material
14
6
Provision for slow moving/obsolete inventories (4)
(5)
Inventories as of 31 December
31
29
Write-down of inventories
(4)
(5)
Inventories recognised as expenses (319) (333)
MATERIAL ACCOUNTING POLICIES
Inventories, which consist principally of purchased clinical laboratory supplies, are valued at the lower of cost and net realizable value. Cost is
determined using the weighted average cost method. Net realizable value is the estimated selling price in the ordinary course of business
deducted by the costs necessary to make the sale.
Note 12. Trade receivables and other current assets
12.1 Trade receivables
Trade receivables are non-interest bearing and are generally due on 30-60 day terms. Due to the short-term nature of the trade receivables, their
carrying amount is considered to be the same as their fair value. 79% (2023: 86%) of the provision for bad debt is related to trade receivables
overdue by more than one year, where a 100% (2023: 100%) expected loss rate was applied.
Amounts in EURm
2024
2023
Provision as of 1 January
(44)
(44)
Provision made
(6)
(15)
Utilization of provisions 8 6
Reversal of provisions
4
9
Provision as of 31 December
(38)
(44)
Amounts in EURm
2024
2023
Not yet overdue 156 158
Overdue 1 - 90 days
26
43
Overdue 91 - 365 days 26 22
Overdue more than 365
30
38
Trade receivables, gross
238
261
Provision for bad debt
(38)
(44)
Trade receivables, net as of 31 December
200
217
Transferred receivables to the factor 40 46
Change in provision for bad debt:
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
25
12.2 Other current assets
Other current assets consist mainly of prepaid expenses of EUR 38 million (2023: EUR 44 million).
MATERIAL ESTIMATES
The carrying amounts of trade receivables include receivables which are subject to a factoring arrangement. Under this arrangement, some group
companies have transferred the late payment and credit risk associated with certain receivables to the factor in exchange for cash and are
prevented from selling or pledging the receivables. The group therefore derecognised the transferred assets in their entirety in its statement of
financial position.
MATERIAL ACCOUNTING POLICIES
Trade receivables are classified as financial assets, initially measured at transaction cost and subsequently measured at amortised cost.
The Group measures the provision for bad debt for trade receivables at an amount equal to lifetime expected credit loss (ECL). The expected
credit losses on trade receivables are estimated using a provision matrix by reference to past default experience of the debtor and an analysis of
the debtor’s current financial position, adjusted for factors that are specific to the debtors, general economic conditions of the industry in which
the debtors operate and an assessment of both the current as well as the forecast direction of conditions at the reporting date.
The Group writes off a trade receivable when there is information indicating that the debtor is in severe financial difficulty and there is no realistic
prospect of recovery, e.g. when the debtor has been placed under liquidation or has entered into bankruptcy proceedings, or when the trade
receivables are over two years past due, whichever occurs earlier.
Note 13. Shareholders' equity and non-controlling interests
13.1 Shareholders’ equity
The nominal value of each share is EUR 0.01, A-share shall carry one vote whereas B-shares, C-shares, D-shares, E-shares and F-shares carry no
votes.
In m of shares /
amounts in EURm
A shares
B shares
C shares
D shares
E shares
F shares
Number
of shares
Share
capital
Share
premium
As of 31 December 2023 243
25
2,462
2
1
9
2,742
27
2,538
As of 31 December 2024
299
25
2,977
2
2
12
3,318
33 2,935
On 26 September 2023 new classes of shares were introduced for a total price value of EUR 8 million and a total nominal value of EUR 4 million.
The share premium is used to record the difference between nominal value (EUR 0.01) and price of shares issued through capital increase.
As of 31 December 2024, the total aggregate issued number of shares is 3,318 with a total issued share capital of EUR 33 million. As of 31 December
2024, all shares were issued and fully funded.
13.2 Shares
The company has 25 million (2023: 18 million) own shares with a nominal value of EUR 0.01.
The shareholding of the Group’s own shares is 0.75% (2023: 0.67%) of the nominal share capital corresponding to nominal value of EUR 0.2 million
(2023 EUR 0.2 million). The shares are from purchases of own shares from employees when employees withdraw from the co-investment
programme. The purchase price was EUR 5 million (2023: EUR 18 million), which was recognised at cost and deducted from equity.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
26
13.3 Non-controlling interests
The group’s subsidiaries with significant non-controlling interests include:
Name
Country of
incorporation and
operation
2024 2023
RIMED AG Switzerland 20% 20%
Kempf Und Pfaltz histologische diagnostik
AG
Switzerland 20% 0%
Summarised financial information (before inter-company eliminations) as of 31 December:
2024
2023
Kempf Und Pfaltz
histologische
diagnostik AG
Rimed Rimed
Statement of comprehensive income
Profit / (loss) for the year - 19 12
Total comprehensive income / (loss) - 19 9
Profit / (loss) for the year attributable to
the non-controlling interests
- 4 (2)
Balance sheet
Non-current assets 133 92 66
Current assets 10 7 23
Non-current liabilities 5 3 13
Current liabilities 3 10 8
Equity 135 86 68
Cash flow statement
Cash flow from operating activities
-
3
3
Cash flow from investing activities - (3) (5)
Cash flow from financing activities - (13) 5
Net foreign exchange impact - (1) 2
Net cash flow for the year - (14) 5
Kempf Und Pfaltz histologische diagnostik AG was only acquired in 2024, hence the absence of comparison in 2023.
Note 14. Pension benefit obligations
Companies within the Group operate a number of pension plans, the forms and benefits of which vary with conditions and practices in the
countries concerned. Substantially all of the employees of the Group are covered by state pension plans and collective plans managed by third
parties. The Group’s pension costs are analysed as follows:
2024
2023
Amounts in EURm
Switzerland
Other
Total
Switzerland
Other
Total
Present value of obligations
260
7
267
263
7
270
Fair value of plan assets
(236)
-
(236)
(236)
-
(236)
Net liability as of 31 December
24
7
31
27
7
34
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
27
14.1 Defined benefit plan in Switzerland
The main Swiss pension plan is organized as the “Caisse de prévoyance de Unilabs Group” (hereafter called the FCT Unilabs plan), in a collective
foundation which is governed by the Swiss Federal Law on Occupational Retirement, Survivors’ and Disability Pension Plans (“BVG”). It stipulates
that pension plans are to be managed by independent, legally autonomous units. Pension plans are overseen by a regulator as well as by the state
supervisory body. The pension plan covers retirement, death and disability benefits for employees. The employers and employees pay contributions
to the pension plan.
The pension funds rules, together with the legal provisions concerning occupational pension plans, constitute the formal regulatory framework of
the pension plans. Individual retirement savings accounts are maintained for each beneficiary, to which savings contributions are credited as well
as any interest which accrues. The rate of interest is set each year by the foundations. The amounts are funded by savings contributions from both
the employer and employees. In addition, they pay risk contributions to fund death and disability benefits. The amount of the old-age pension results
from the multiplication of the individual retirement savings account by a conversion rate. The retirement benefits can also be paid out in a lump
sum.
The FCT is governed by a board elected by the affiliated companies and their employees. The management committee of the FCT is elected by
the Company and Unilabs’ employees. The board is responsible for ensuring that the operation of the foundation and the plans are in accordance
with the laws and regulations of the foundation.
The main responsibilities of the management committee are defining the strategic asset allocation, selecting the external professional asset
managers, defining the insured benefits and the necessary contributions, deciding the recovery measures in case of underfunding and choosing
the reinsurance company for death and disability risks.
All actuarial risks are borne by the FCT. These risks consist of demographic risks (primarily life expectancy) and financial risks (primarily the
discount rate, future increases in salaries and return on plan assets) and are regularly assessed by the management committee.
In 2025, the group expects to pay contributions totalling EUR 8 million to funded defined benefit plans in Switzerland.
14.2 Change in net liability
Amounts in EURm
Present
value of
obligations
Fair value
of plan
assets
Net
liability
Of wich
Switzerland
Net liability as of 1 January 2024 270
(236)
34
27
Current service cost, administration cost etc. 7 - 7 7
Calculated interest expense/income
4
(3)
1
-
Recognised in the income statement in 2024 11 (3) 8 7
Actuarial gains/losses from changes in financial
and demographic assumptions, etc.
13 - 13 13
Return on Plan asset (excluding amounts included
in net interest expense)
- (14) (14) (14)
Recognised in other comprehensive income in 2024
13 (14) (1) (1)
Contributions from the group and employees
6
(15)
(9)
(8)
Benefit payments (28) 28 - -
Exchange rate adjustment
(5)
4
(1)
(2)
Net liability as of 31 December 2024
267
(236)
31
23
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
28
Amounts in EURm
Present
value of
obligations
Fair value
of plan
assets
Net
liability
Of wich
Switzerland
Net liability as of 1 January 2023 209
(193)
16
9
Current service cost, administration cost etc.
9
-
9
9
Calculated interest expense/income 5
(4)
1
1
Recognised in the income statement in 2023 14
(4)
10
10
Actuarial gains/losses from changes in financial
and demographic assumptions, etc.
20
- 20
20
Return on Plan asset (excluding amounts included
in net interest expense)
-
(4)
(4)
(4)
Recognised in other comprehensive income in 2023
20
(4)
16
16
Contributions from the group and employees
4
(4)
-
-
Benefit payments 2
(2)
-
-
Settlements
-
(8)
(8)
(8)
Effect of business combinations and disposals
6
(6)
-
-
Exchange rate adjustment 15
(15)
-
-
Net liability as of 31 December 2023
270
(236)
34
27
14.3 Specification of plan assets
The plan assets held by Switzerland are quoted investments:
Amounts in EURm
2024
%
2023
%
Shares
80
34%
79
33%
Government bonds 49 21% 49
21%
Corporate bonds
27
11%
27
11%
Real estate 51 22% 50
21%
Other assets
29
12%
31
14%
Total
236
100%
236
100%
Equity instruments represent investments in equity funds. They generally have quoted market prices in an active market (level 1 fair value
classification).
Bonds generally have a credit rating that is no lower than “A” and have quoted market prices in an active market (level 1 fair value classification).
They represent investments in funds of corporate and government bonds.
Real estate represents investment in residential and commercial properties listed funds and can be classified as level 1 instruments.
14.4 Assumptions
Obligations under defined benefit plans are calculated annually by qualified actuaries using the projected unit credit method based on final
salaries. The projected unit credit method sees each period of service as giving rise to an additional unit of benefit entitlement and measures
each unit separately to build up the final obligation, which is then discounted. The actuarial assumptions used to calculate the obligation include
staff turnover rates, mortality rates, the discount rate and the expected retirement age.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
29
The principal assumptions used for the purpose of the actuarial valuations were as follows for the main Swiss plan:
Amounts in EURm
2024
2023
Discount rate 0.9% 1.5%
Inflation rate 1.5% 1.8%
Life expectancy
65-year-old male
21.9
21.9
65-year-old female
23.6
23.6
The discount rate, inflation rate and life expectancy were identified as significant actuarial assumptions for the Swiss pension plan. The following
impacts on the defined benefit obligation are to be expected:
Amounts in EURm
2024
2023
Discount rate : +/- 25 b.p. (6) / 6 (6) / 6
Inflation rate: +/- 25 b.p. 1 / (1) 1 / (1)
Life expectancy: +/- 1 year 5 / (5) 5 / (5)
The sensitivity analysis is based on realistic possible changes at the end of the reporting year. Each change in a significant actuarial assumption
was analysed separately as part of the test. Interdependencies were not taken into account.
MATERIAL ACCOUNTING ESTIMATES
The cost of defined benefit pension plans is determined using actuarial valuations. The actuarial valuation involves making assumptions
about discount rates, future salary increases, mortality rates and future pension increases. Due to the complexity of the valuation, the
underlying assumptions and its long-term nature, a defined benefit obligation is highly sensitive to changes in these assumptions. All
assumptions are reviewed at each reporting date.
MATERIAL ACCOUNTING POLICIES
Defined benefit plans
- The net defined benefit liability / (asset) corresponding to defined benefit obligations less fair value of plan assets is recognised in the
consolidated balance sheet.
- Current service cost, corresponding to the increase in the present value of the defined benefit obligation resulting from employee service
in the current and past periods, and the effect of plan amendments and curtailments, is recognised in personnel costs.
- Actuarial gains and losses, corresponding to the effects of changes in actuarial assumptions and experience adjustments (i.e. the effects
of differences between the previous actuarial assumptions and what has actually occurred) are recorded in “Other comprehensive income”.
Interest income or interest expense calculated on the defined benefit obligation, net of the value of plan assets, by applying the discount
rate used to determine the defined benefit obligation is recorded in personnel costs.
- The difference between the actual return on plan assets and the interest income calculated by applying the discount rate is recorded in
“Other comprehensive income”.
Defined contribution plans
The Group recognises as an expense the contribution payable to defined contribution plans in exchange for the service rendered by
employees.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
30
Note 15. Other non-current liabilities
Amounts in EURm
2024
2023
Forward contracts 52 55
Derivatives
21
34
Other non-current liabilities 5 4
Other non-current liabilities as of 31 December
78
93
Forward contracts are mainly symmetrical put and call options with non-controlling shareholders in Rimed (exercise date: 31.12.2027), Unilabs
Diagnostics LLC and Unilabs Middle East LLC (exercise date: 13.03.2027).
MATERIAL ACCOUNTING ESTIMATES
The valuations are reviewed once a year based on the expected future earnings at the exercise date.
MATERIAL ACCOUNTING POLICIES
Financial liability is recognized for put and call options over non-controlling interests. The liability is initially measured at fair value and offset
against Unilabs' share of consolidated equity. Subsequently the liability is measured at amortised cost based on the discounted value of the
expected future cash outflow. Changes to the value of the liability are recognised in Unilabs’ share of consolidated equity.
Note 16. Provisions
In the normal course of business, the Group is exposed to legal claims, inquiries relating to various matters, and other risks with uncertainty about
the outcome, amount or timing of the potential resolution. The movement in the provisions is summarised as follows:
Amounts in EURm
Legal
provisions
Other
provisions
Total
As of 1 January 2024
28
42
70
Additions
-
4
4
Utilization of provisions
(2)
(2)
(4)
Reversal of provisions
-
(11)
(11)
Reclassification
-
(2)
(2)
Currency adjustment
(1)
1
-
As of 31 December 2024
25
32
57
of which current
3
14
17
of which non-current
22
18
40
The other provisions category mainly consist of EUR 15 million provisions for employee benefits, EUR 2 million provisions for disputes with
suppliers/customers and EUR 8 million tax povisions.
MATERIAL ACCOUNTING ESTIMATES
Management’s estimate of the provisions for legal disputes, including disputes regarding taxes, is based on the knowledge available on the
substance of the cases and a legal assessment of these. The resolution of legal disputes through either negotiations or litigation can take
several years to be reached and the outcomes are subject to considerable uncertainty.
MATERIAL ACCOUNTING POLICIES
Provisions are recognised when the Group has a present obligation (legal or constructive) as a result of a past event, it is probable that an
outflow of resources embodying economic benefits will be required to settle the obligation and a reasonable estimate can be made of the
amount of the obligation. Provisions include legal disputes and other provisions for disputes with customers/suppliers, restructuring and
other employee benefits. Provisions are recognised based on best estimates and are discounted where the time element is significant and
where the time of settlement is reasonably determinable.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
31
Note 17. Other current liabilities
Other current liabilities consist of:
Amounts in EURm
2024
2023
Accrued liabilities
204
202
Other current liabilities 29 28
Other current liabilities as of 31 December
233
230
Accrued liabilities relate to goods and services that have been received or supplied but not yet paid, invoiced or formally agreed with the supplier,
including amounts due to employees.
Note 18. Borrowings and net debt reconciliation
18.1 Maturities
Maturity
Amounts in EURm
0-1 year
1-5 years
5 years
Total
2024
Revolving Credit Facility 110 - - 110
Senior loan facility - 1,240 - 1,240
Shareholder loan 989 - - 989
Lease liabilities 65 148 41 254
Other interest bearing debts 68 4 12 84
Total recognized in balance sheet 1,232 1,392 53 2,677
Maturity
Amounts in EURm
0-1 year
1-5 years
5 years
Total
2023
Revolving Credit Facility 45
- - 45
Senior loan facility
-
1,750
-
1,750
Shareholder loan 135
602
- 737
Lease liabilities 66
136
34
236
Other interest bearing debts 93
12
7
112
Total recognized in balance sheet 339
2,500
42
2,881
The principal features of the Group’s borrowings are as follows:
i) A term loan of EUR 1,750 million. This loan was advanced on June 14, 2022 and initially due for repayment in full on May 25, 2025. The
drawdown amount was reduced down to 1,400 million on March 29, 2024 and to 1,240 million on December 23, 2024. The term loan was
extended to May 25, 2027. The bank loan carries variable interest rate, which is linked to the EURIBOR including a margin. The Group hedges
a portion of the loan for interest rate risk using an interest rate swap exchanging variable rate interest for fixed rate interest.
ii) A Revolving Credit Facility (“RCF”) of EUR 500 million. The RCF was entered on May 25, 2022 and is available until May 25, 2027. The RCF
carries variable interest rate, which is linked to the EURIBOR including a margin.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
32
iii) Unilabs Group Holding ApS has three shareholder loans to APMH Invest A/S for a total amount of EUR 946 million with a maturity of 31
December 2026 and an interest rate linked to the EURIBOR plus a margin. Interests are capitalized and added to the outstanding amount of
the loan.
Debt covenants
As part of its existing Term loan and RCF agreement, the Group is subject to a customary net leverage covenant. In the event of a breach of the
financial covenant in any period, a contribution of new shareholder injections into the Company (a “Cure Investment”) needs to be undertaken. The
Group has complied with this covenant in 2024.
18.2 Borrowings by interest rate level inclusive of interest rate swaps
Maturity
Amounts in EURm
Carrying
amount
0-1 year
1-5 years
5 years
2024
0-3%
66
13
37
16
3-6% 1,601
226 1,345 30
6% and more
1,010
993
10
7
Total
2,677
1,232
1,392
53
of which fixed interest rate
222
of which floating rate
2,455
Maturity
Amounts in EURm
Carrying
amount
0-1 year
1-5 years
5 years
2023
0-3%
89
27
52
10
3-6%
155
42
88
25
6% and more 2,637
270
2,360
7
Total 2,881
339
2,500
42
of which fixed interest rate
190
of which floating rate
2,691
18.3 Net debt reconciliation
Amounts in EURm
Net debt
as of 1
January
2024
Cash
flows
Additions,
net
Disposals
Foreign
exchange
movements
Other
Net debt
as of 31
December
2024
Bank and other credit institutions 1,906 (475) 4 - (1) - 1,434
Other interest bearing debts
2
(1)
-
-
-
-
1
Shareholder loans 737 195 57 - - - 989
Total borrowings
2,645
(281)
61
-
(1)
-
2,424
Leases 236 (90) 113 (11) (2) 8 254
Total borrowings and leases
2,881
(371)
174
(11)
(3)
8
2,678
Cash and Cash equivalents
172 (5) - - (2) 1 165
Net debt
2,710
(366)
174
(11)
(1)
7
2,513
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
33
Amounts in EURm
Net debt
as of 1
January
2023
Cash
flows
Additions,
net
Disposals
Foreign
exchange
movements
Other
Net debt
as of 31
December
2023
Bank and other credit institutions
2,034
(135)
15
-
(5)
(3)
1,906
Other interest bearing debts
6
(4)
-
-
-
-
2
Shareholder loans 683
- 54
- - - 737
Total borrowings
2,723
(139)
69
-
(5)
(3)
2,645
Leases
224
(79)
96
(8)
3
-
236
Total borrowings and leases 2,947
(218)
165
(8)
(2)
(3)
2,881
Cash and Cash equivalents
179
(5)
-
-
(2)
-
172
Net debt
2,768
(213)
165
(8)
-
(3)
2,710
MATERIAL ACCOUNTING POLICIES
Cash and cash equivalents
Cash and cash equivalents comprise cash on hand and bank current accounts net of bank overdrafts where overdraft facilities form an integral
part of the group’s cash management efforts.
Financial liabilities
The Group’s financial liabilities include trade and other payables, loans and borrowings including bank overdrafts, and lease liabilities. Any
financial liability with a maturity above twelve months are considered as non-current. Financial liabilities are recognised initially at fair value
and, in the case of loans and borrowings and payables, net of directly attributable transaction costs and on any discount on settlement.
Subsequently, financial liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated by taking
into account any discount or premium on acquisition and fees or costs, are included as financial costs in the consolidated income statement
Lease liabilities
Lease liabilities are measured at the present value of lease payments to be made over the lease term. The lease payments include fixed payments
(including in substance fixed payments) less any lease incentives receivable, variable lease payments that depend on an index or a rate, and
amounts expected to be paid under residual value guarantees. The lease payments also include the exercise price of a purchase option
reasonably certain to be exercised by the Group and payments of penalties for terminating the lease, if the lease term reflects the Group
exercising the option to terminate. Variable lease payments that do not depend on an index or a rate are recognised as expenses in the period
in which the event or condition that triggers the payment occurs.
In calculating the present value of lease payments, the Group uses its incremental borrowing rate at the lease commencement date because
the interest rate implicit in the lease is not readily determinable. After the commencement date, the amount of lease liabilities is increased to
reflect the accretion of interest and reduced for the lease payments made. In addition, the carrying amount of lease liabilities is remeasured if
there is a modification, a change in the lease term, a change in the lease payments (e.g., changes to future payments resulting from a change in
an index or rate used to determine such lease payments) or a change in the assessment of an option to purchase the underlying asset.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
34
Note 19. Financial risk management objectives and policies
The main risks arising from the Group’s financial instruments are interest rate risk, currency risk, credit risk and liquidity risk.
19.1 Interest rate risk
The Group is funded using long-term floating rate EURIBOR loans that expose the Group to potential variability in interest rates. The Group’s risk
management strategy is to protect the Group against adverse fluctuations in interest rates utilising pay fixed receive float interest rate swaps to
reduce its exposure to variability in cash flows on the Group’s forecasted floating-rate debt facility to the extent that it is practicable and cost
effective to do so.
Outstanding notional and strike rates in relation to interest rate swaps
Amounts in EURm
2024
2023
Outstanding Notional at period end 1,400
1,400
Average strike rate 3.28% 3.29%
Hedge ratio
Each hedging instrument is designated in a 1:1 hedge ratio against an equivalent notional amount of hedged item. Should an insufficient amount
of hedged item be available the hedging instrument will be designated or proportionally designated as appropriate
Economic relationship
To the extent that the critical terms of the derivative are closely aligned with that of the hedged item, the entity applies a qualitative approach to
establish the economic relationship between the hedging instrument and the hedged item. To the extent that there are more significant mismatches
either at the inception of the hedging relationship or during the life of the hedge, the entity will apply quantitative methods such as regression
testing and management judgments to assess effectiveness of the hedging relationship.
Maturity profile of outstanding notionals in relation to interest rate swaps
Amounts in EURm
2024
2023
December 14, 2025 525
525
December 14, 2027 875
875
Derivatives designated in cash flow hedging relationships in relation to interest rate swaps
Amounts in EURm
2024
2023
Carrying amount
(34)
(32)
Change in fair value in period for calculating ineffectiveness (hedging instrument)
(2)
(28)
Cash settlements in the period (hedging instrument)
8
(2)
Change in fair value in period for calculating ineffectiveness (hedged item)
(2)
(27)
Cash settlements in the period (hedged item)
8
(2)
Hedging reserves reconciliation in relation to interest rate swaps
Cash flow hedge reserve
Amounts in EURm
2024
2023
As of 1 January 32 1
Change in fair value recorded in OCI 2 31
As of 31 December 34
32
The impact of time value on movements within OCI and the hedge reserves are not material to the Group.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
35
Sensitivity Analysis
Impacts of increasing interest rates by one percentage point:
2024
2023
Other comprehensive income (equity) 27 38
Profit and loss
(15)
19
19.2 Maturities of Financial Liabilities
The tables below analyse the group’s financial liabilities into relevant maturity groupings based on their contractual maturities.
Cash flows including interest
Amounts in EURm
Carrying
amount
0-1 year
1-5 years
5 years
Total
2024
Shareholder loan
989
1,036
-
-
1,036
Bank and other credit institutions 1,434 290 1,231 - 1,521
Lease liabilities
254
72
166
49
287
Trade payables 154 154 - - 154
Other payables
275
218
57
-
275
Non-derivative financial liabilities
3,106
1,770
1,454
49
3,274
Derivatives
34
14
22
-
36
Total recognized in balance sheet
3,140
1,784
1,476
49
3,310
Cash flows including interest
Amounts in EURm
Carrying
amount
0-1 year
1-5 years
5 years
Total
2023
Shareholder loan 737
135
602
- 737
Bank and other credit institutions
1,906
960
1,317
-
2,277
Lease liabilities 236
66
136
34
236
Trade payables
133
133
-
-
133
Other payables 290
230
59
- 290
Non-derivative financial liabilities
3,302
1,524
2,114
34
3,673
Derivatives 34
- 40
- 40
Total recognized in balance sheet
3,336
1,524
2,154
34
3,713
19.3 Currency risk
The Group’s operating revenues and costs are generally denominated in the local currencies of its local operating subsidiaries and therefore, its
foreign currency exposure related to operations is limited. The exposure to currency risk is mainly related to positions in currencies other than
Euro and other than the functional currencies of the countries.
The sensitivity to an increase in the EUR exchange rate of 10% against all other significant currencies to which activities are exposed is estimated
to have the following impact:
2024
2023
Amounts in EURm
Profit
before tax
Equity
before tax
Profit
before tax
Equity
before tax
CHF
(1)
(1)
(24)
(24)
SEK
12
12
10
10
CZK (7) (7) - -
NOK
(4)
(4)
-
-
Other
(1)
(1)
(1)
(1)
Total
(1)
(1)
(15)
(15)
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
36
The sensitivities are based only on the impact of financial instruments that are outstanding at the balance sheet date and are thus not an expression
of the group’s total currency risk.
19.4 Credit risk
The Group’s main exposure to credit risk relates to its accounts receivable. The Group has no significant concentrations of credit risk due to the
large numbers of customers. The Group performs ongoing credit quality evaluations of its customers. Allowances for expected credit losses are
recorded on the balance sheet (2024: EUR 38 million; 2023: EUR 44 million;) and actual losses have been within management's expectations.
Information about the impairment of trade receivables can be found in Note 12.
With respect to credit risk arising from the other financial assets of the Group, which comprise mainly of cash and cash equivalent, the Group’s
exposure to credit risk arises from default of the counterparty, with a maximum exposure equal to the carrying amount of these instruments. To
mitigate the risk of material loss, the entity places its available cash with reputable financial institutions.
19.5 Liquidity risk
The Group monitors its liquidity closely and carries out tight cash flow management including monitoring of investment levels and working capital.
This is carried out partly to optimise the financial performance but also to ensure adherence to the debt covenant as mentioned in note 18.
The financial reserves are continually assessed on the basis of the maturity of the Group’s financial assets and liabilities and projected cash flows
from operations. Management ensures that the Group at all times has sufficient available financial resources at its disposal to ensure continuous
operations and meet obligations when due. Long-term liquidity risk is managed through committed financial facilities with banks (term loan) and
shareholder loans from APMH Invest A/S. Short-term liquidity risk is managed through cash pool arrangements and overdraft facility in the form of
the Revolving Credit Facility.
Management has obtained commitment from the shareholder to contribute further capital in 2025, which in accordance with the budget for 2025
is expected to ensure compliance with the debt covenant on the term loan and RCF in 2025. Accordingly, Management is confident that the available
facilities and liquidity position are sufficient.
Additional information regarding the maturity of the financial liabilities and debt covenant is disclosed in Note 18.
Note 20. Financial instruments by categories
20.1 Financial assets and liabilities
2024
2023
Amounts in EURm
Fair value
through
OCI
Fair value
through
Equity
At
amortized
cost
Fair value
through
OCI
Fair value
through
Equity
At
amortized
cost
Financial assets
Cash and cash equivalents
-
-
165
-
-
172
Trade receivables
-
-
200
-
-
217
Other receivables
-
-
32
-
-
33
Derivatives
-
-
-
2
-
-
Financial assets as of 31 December
-
-
397
2
-
422
Financial liabilities
Lease liabilities
-
-
254
-
-
236
Trade payables
-
-
154
-
-
133
Other payables
-
-
222
-
-
220
Derivatives
34
-
-
34
-
-
Forward contracts liabilities
-
52
-
-
70
-
Borrowings
-
-
1,433
-
-
1,906
Shareholder loans
-
-
989
-
-
737
Financial liabilities as of 31 December
34
52
3,052
34
70
3,232
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
37
20.2 Financial assets and liabilities measured at fair value
The Group uses the following hierarchy for determining and disclosing the fair value of financial instruments by valuation technique:
Level 1 Quoted prices (unadjusted) in active markets for identical assets or liabilities
Level 2 Inputs other than quoted prices included within level 1 that are observable for the asset or liability, either directly (that is, as prices)
or indirectly (that is, derived from prices)
Level 3 Inputs for the asset or liability that are not based on observable market data (that is, unobservable inputs).
The fair value of the interest rate swap contracts was calculated using discounted future cash flows at floating market rates (level 2
classification).
The fair value of level 3 assets and liabilities is primarily based on the present value of expected future cash flows. A reasonable possible change
in the discount rate is not estimated to affect the group’s profit or equity significantly.
2024
2023
Amounts in EURm
Level 1
Level 2
Level 3
Level 1
Level 2
Level 3
Financial assets
Derivatives
-
-
-
-
2
-
Financial assets at fair value as of 31 December
-
-
-
-
2
-
Financial liabilities
Derivatives
-
34
-
-
34
-
Forward contracts
-
-
52
-
-
70
Financial liabilities at fair value as of 31 December
-
34
52
-
34
70
20.3 Movements during the year in level 3
2024
2023
Amounts in EURm
Fair value
through
OCI
Fair value
through
PL
Fair value
through
Equity
Fair value
through
OCI
Fair value
through
PL
Fair value
through
Equity
Financial assets
Carrying amount as of 1 January
-
-
-
-
4
-
Losses recognised in the income statement
-
-
-
-
(4)
-
Carrying amount as of 31 December
-
-
-
-
-
-
Financial liabilities
Carrying amount as of 1 January
-
-
70
-
-
95
Gains/losses recognised in equity
-
-
(17)
-
-
(27)
Exchange rate adjustment
-
-
(1)
-
-
2
Carrying amount as of 31 December
-
-
52
-
-
70
MATERIAL ACCOUNTING POLICIES
The Group enters into derivative financial instruments (i.e. interest rate swaps to manage its exposure to interest rate risks). Derivatives are
recognised initially at fair value at the date a derivative contract is entered into and are subsequently remeasured to their fair value at each
reporting date.
The effective portion of changes in the fair value of derivatives and other qualifying hedging instruments that are designated and qualify as
cash flow hedges is recognised in other comprehensive income and accumulated under the heading of cash flow hedging reserve, limited to
the cumulative change in fair value of the hedged item from inception of the hedge. The gain or loss relating to the ineffective portion is
recognised immediately in profit or loss, and is included in the 'Other gains and losses' line item.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
38
Note 21. Related party transactions
The Group's related parties comprise of key management and members of the Board of Directors, the intermediate parent company APMH Invest
A/S, the ultimate parent company A.P. Moller Holding A/S, entities that exercise significant influence over the ultimate parent company together
with their subsidiaries, the Group's associates and the Unilabs Swiss Pension Fund.
Joint Ventures
Shareholders
Key Management
Others
Amounts in EURm
2024
2023
2024
2023
2024
2023
2024
2023
Income statement
Other operating
expenses
(3) (2) - - - - - -
Total compensation
-
-
-
-
(11)
(10)
-
-
Salaries - - - - (7) (8) - -
Social security costs
-
-
-
-
(1)
(1)
-
-
Terminal costs
-
-
(3)
(1)
-
-
Employer's contribution
(Swiss plan pension)
- - - - - - (7) (8)
Financial income
1
1
-
-
-
-
-
-
Financial expenses - - (57) (57) - - - -
Balance sheet
Trade receivables
1
2
-
-
-
-
-
-
Shareholder loans - - 989 737 - - - -
Pensions
-
-
-
-
5
6
-
-
The total remuneration granted to the members of the General Management (the “Unilabs Management Team”), includes salaries, bonuses,
contributions by the employer to the pension fund and benefits in kind.
A.P. Moller Holding has introduced a co-investment programme in Unilabs Group Holding ApS. The programme is for key employees and some
members of the Board of Directors. The programmes are cash-settled and certain programmes are within the scope of IFRS 2, share-based payment.
All transactions with management have been performed at fair market value.
The company has not entered into any transactions with related parties that were not on an arm’s length basis.
Note 22. Taxes
22.1 Deferred tax assets and liabilities
Deferred tax assets and liabilities, before offset of balances within countries, are as follows:
Assets Liabilities Net Liabilities
Amounts in EURm
2024
2023
2024
2023
2024
2023
Intangible assets
9
3
291
317
282
314
PPE
3
3
3
1
-
(2)
Provisions
16
21
-
5
(16)
(16)
Tax loss carry forward
22
16
-
1
(22)
(15)
Other
-
4
47
52
47
47
Total
50
47
341
376
291
328
of which current - - 31 32
31 32
of which non-current
50
47
310
344
260
297
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
39
Change in deferred tax net during the year:
Amounts in EURm
2024
2023
As of 1 January
328
385
Recognised in the income statement
(33)
(51)
Recognised in other comprehensive income
1
(6)
Business combination (Note 7)
1
-
Other
(6)
-
As of 31 December
291
328
The Group offsets tax assets and liabilities if and only if it has a legally enforceable right to set off current tax assets and current tax liabilities and
the deferred tax assets and deferred tax liabilities relate to income taxes levied by the same tax authority.
Deferred tax liabilities principally result from timing differences between the tax and accounting treatment of the depreciation of intangible and
tangible assets and provisions. As of 31 December 2024 and 2023, there is no temporary difference associated with investments.
22.2 Current tax
The Group has operations in various tax jurisdictions, which have different tax laws and rates. Consequently, the effective tax rate on consolidated
income may vary from year to year, according to the source of earnings. The reconciliation between the reported income tax expense (benefit) and
the amount computed at a basic Danish statutory corporate tax rate of 22% (2023: 22%) is as follows:
Amounts in EURm
2024
2023
Tax recognised in the income statement
Current tax on profits for the year
(8)
(53)
Adjustment for current tax of prior periods - 28
Total current tax
(8)
(25)
Origination and reversal of temporary differences 36 44
Adjustment for deferred tax of prior periods (1) (2)
Adjustment attributable to changes in tax rates and
laws
(4) -
Recognition of previous unrecognised deferred tax
assets
6 9
Reassessment of recoverability of deferred tax assets,
net
(4) -
Total deferred tax
33
51
Total income tax expense
25
25
Tax reconciliation
Profit / (loss) before tax
(1,256)
(565)
Corporate tax computed at 22% 276 124
Tax rate deviations in foreign jurisdictions
42
7
Non-taxable income 15 7
Non-deductible expenses
(305)
(135)
Adjustment to previous years’ taxes
-
26
Effect of change in tax rate
(4)
-
Change in recoverability of deferred tax assets
2
9
Deferred tax assets not recognised
(1)
(14)
Other differences, net
-
1
Total income tax expense
25
25
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
40
22.3 International tax reform Pillar two Model Rule Amendments to IAS12
The Organization for Economic Co-Operation and Development (OECD) initiative around Base Erosion and Profit Shifting (BEPS) has led to the
development of a number of measures which countries introduced or plans to introduce soon. These include the Pillar Two initiative, focused on
the introduction of a minimum corporate tax rate, with the possibility of top-up taxes being introduced in cases where jurisdictions do not comply
with the minimum tax rate. As part of the Pillar 2 implementation rules, safeharbour rules have been enacted, providing temporary relief (up to FY26)
from the detailed Pillar 2 calculations for a jurisdiction if the transitional CbCR (country by country report) safe harbour rules apply. The top-up tax
for that jurisdiction is then assumed to be zero. Safe Harbour Rules apply if at least one of the following tests are met: De minimis test, Simplified
ETR test, Routine profits test. These tests can be determined based on readily available data as recorded in “Qualified” CbC Reports and Financial
Statements.
The Group assesses the application of the Safe harbour rules on a standalone basis, based on estimated figures for FY24. According to this
assessment, the Group should benefit from the Safe Harbour rules for all the countries it operates in for FY24.
In addition, and at this stage, it is anticipated that no local adjustment would be required as a consequence of the tax position of another portfolio
company of the ultimate parent of APMH. Should it be nevertheless the case, and based on the Pillar 2 Global minimum taxation agreement signed
with APMH Group and all of its portfolio companies, any financial impact that may arise as a consequence of being part of APMH Group would be
compensated by APMH Group, so that Unilabs Group should not be impacted from a financial perspective.
22.4 Other information
The Group has unrecognised tax losses that are carried forward and unused tax credit whose gross amount and expiry date are as follows:
Amounts in EURm
2024
2023
2024
-
2
2025
-
1
2026
-
2
2027
2
-
2028
-
1
2029
-
-
2030
-
24
2031
20
-
>2031
122
117
Total
144
147
Unrecognised deferred tax assets related to the above tax losses amount to EUR 34 million in 2024 (2023: EUR 34 million).
MATERIAL ACCOUNTING ESTIMATES
Deferred tax assets
Deferred tax assets are recognised for all deductible temporary differences, carry-forward of unused disallowed interest expense and unused
tax losses, to the extent that it is probable that taxable profit will be available against which the deductible temporary differences, and the
carryforward of unused disallowed interest expense and unused tax losses can be utilized.
The carrying amount of deferred tax assets is reviewed at each reporting date and reduced to the extent that it is no longer probable that
sufficient taxable profit will be available to allow all or part of the deferred tax asset to be utilized. Unrecognised deferred tax assets are
reassessed at each reporting date and are recognised to the extent that it becomes probable that future taxable profit will allow the deferred
tax asset to be recovered.
Uncertain tax positions
Uncertainties exist with respect to the interpretation of complex tax regulations and the amount and timing of future taxable income. The
Group establishes provisions, based on reasonable estimates, for possible consequences of audits by the tax authorities of the countries in
which it operates. The amount of such provisions is based on various factors, including experience from previous tax audits and
management’s interpretation of tax regulations.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
41
MATERIAL ACCOUNTING POLICIES
Current income tax
Current income tax assets and liabilities are based on the amount expected to be recovered from or paid to the tax authorities. The tax rates
and tax laws used to compute the amount are those that are enacted or substantively enacted at the reporting date, in the countries where the
Group operates and generates taxable income.
Management periodically evaluates positions taken in the tax returns with respect to situations in which applicable tax regulations are subject
to interpretation and establishes provisions where appropriate.
Deferred tax
Deferred income tax on assets and/or liabilities are recorded on temporary differences at the reporting date between the tax bases of assets
and liabilities and their carrying amounts for financial reporting purposes.
Deferred tax liabilities are recognised for all taxable temporary differences, except:
when the deferred tax liability arises from the initial recognition of goodwill or of an asset or liability in a transaction that is not a business
combination and, at the time of the transaction, affects neither the accounting profit nor taxable profit or loss; and
in respect of taxable temporary differences associated with investments in subsidiaries, associates, when the timing of the reversal of the
temporary differences can be controlled and it is probable that the temporary differences will not reverse in the foreseeable future.
Deferred tax assets and liabilities are measured at the tax rates that are expected to apply to the year when the asset is realized or the liability
is settled, based on tax rates (and tax laws) that have been enacted or substantively enacted at the reporting date.
Deferred tax assets and deferred tax liabilities are offset, if a legally enforceable right exists to set off current tax assets against current tax
liabilities and the deferred taxes relate to the same taxable entity and the same taxation authority.
Note 23. Commitments and contingencies
23.1 Contingent liabilities
The group is involved in legal cases, investigations by various authorities (including tax) and other disputes. Some of these matters involve financial
risks and outcomes are to a certain extent beyond our control. The group continuously assesses and closely monitors the risks associated with
these cases, investigations and disputes, and their likely outcome. It is Management’s assessment that these matters will not have a material effect
on the financial position of the Group beyond what is already recognised in liabilities as of 31 December 2024.
23.2 Commitments
Unilabs has made an EUR 25 million investment commitment that is to be achieved over a five year period as part of business acquisitions
concluded in prior year. EUR 11 million of this commitment have been incurred in 2024.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
42
Note 24. Company overview
Listed below are the subsidiaries (where the percentage of ownership is over 50%), associates and joint ventures which are considered to be
material to the Group:
Subsidiary
Country of
incorporation
Ownership
share
Unilabs Group Holding ApS Denmark 100,0%
ACM-Bio Unilabs SELAS
France
100,0%
Adus Radiologie AG
Switzerland
80,0%
Adus Radiologie Holding AG
Switzerland
80,0%
AHIUM - Imageologia Médica S.A. Portugal 100,0%
Amadeu Campos Costa, Sociedade Unipessoal Lda
Portugal
100,0%
Armando Lacerda & Rui Costa Lda
Portugal
70,0%
Augusto Ferreira de Oliveira Lda, Porto
Portugal
100,0%
Australian Telemedicine Clinic Pty Ltd Australia 100,0%
Auverpath SARL
France
100,0%
B.V. Laboratorium - Centrum voor Bedrijven L.C.B.
Netherlands
100,0%
BASE Serviços Médicos de Imagiologia, SGPS S.A.
Portugal
100,0%
Belfiore Inversiones S.L. Spain 100,0%
Biolab-Unilabs SELAS
France
100,0%
Biolib Unilabs SELAS
France
99,7%
Biomediqual Unilabs SELAS
France
99,1%
Biopath Unilabs SELAS France 99,8%
Bizkafilm S.L.
Spain
100,0%
BMAC - Clínica Laboratorial de Lisboa S.A.
Portugal
100,0%
BOC Holding AG
Switzerland
80,0%
C.C.I. Centro de Cardiologia de Intervenção Lda Portugal 51,0%
C.I.M.C. - Centro de Imagiologia Médica Computorizada S.A.
Portugal
100,0%
C.M.N. - Centro de Medicina Nuclear S.A.
Portugal
100,0%
C.T.B. - Centro de Tomografia de Braga Lda
Portugal
100,0%
CARDIOTESTE Clínica Cardiológica SA Portugal 100,0%
Cardioteste Avenida - Centro Cardiovascular Lda
Portugal
100,0%
Cardioteste Boavista - Centro Cardiovascular S.A.
Portugal
100,0%
CCRD - Centro Clínico, Radiológico e Diagnóstico da Póvoa de Varzim Lda
Portugal
100,0%
CDA Centro Integrado de Diagnóstico do Algarve Lda
Portugal
51,0%
CDESC - Centro de Diagnostico Ecografico Sintra-Cac Lda
Portugal
100,0%
Cedibio-Unilabs SELAS
France
99,5%
Cedivet Centro Diagnostico Veterinario Lda
Portugal
80,0%
Cemedical Centro Medico de Diagnosticos e Recuperacao, Lda Portugal 100,0%
CENTAC - Centro de Tomografia Computorizada de Aveiro Lda
Portugal
100,0%
Centro de Diagnóstico Cardio-torácico S.A.
Portugal
100,0%
Centro de Diagnostico Radiologico e Ecografico de Algueirao-Mem Martins Lda
Portugal
100,0%
Centro de Diagnostico Scanner S.A. Spain 100,0%
Centro de Diagnósticos Almería S.A.
Spain
99,3%
Centro de Investigación y Desarrollo de Alta Tecnología S.L.
Spain
100,0%
Centro de Radiologia da Maia, Serviços Médicos SA
Portugal
100,0%
Centro de Resonancia Antequera S.A. Spain 91,2%
Centros Medicos de Diagnostico Integral S.L.
Spain
100,0%
CGC Centro de Genetica Clinica e Patologia SA
Portugal
100,0%
CGC Genetics Laboratorio de Genetica Clinica y Forense SA
Spain
100,0%
CIMB - Centro de Imagem Medica de Barcelos Lda Portugal 100,0%
Clidiral - Clinica de diagnostico e radiologia Lda
Portugal
100,0%
Clidiral II - Clinica de diagnostico e radiologia
Portugal
100,0%
Clínica Arunda S.A.
Spain
70,9%
Clínica de Amarante CA S.A. Portugal 100,0%
Clínica Radiogica Ceuta S.A.
Spain
99,9%
Clínica Radiogica Marbella S.A.
Spain
99,9%
CLINUPE - Clínica do Norte de Rastreio Lda
Portugal
100,0%
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
43
Contraste Radiodiagnóstico e Imagiologia Lda Portugal 100,0%
Cortèz Ferreira, Centro de Diagnostico pela Imagem Lda
Portugal
100,0%
Diagnostic Solutions Management AG
Switzerland
80,0%
Diagnosticos Hospitalarios Reunidos S.L
Spain
51,0%
Diamédica - Sociedade Médica Lda Portugal 70,0%
DMIL - Diagnostico Medico por Imagem Lda
Portugal
100,0%
Dr. Campos Costa - Consultório de Tomografia Computorizada SA
Portugal
100,0%
Dynabio Unilabs SELAS
France
100,0%
Edgar Mesquita Lda
Portugal
100,0%
Eulach Radiologie AG Switzerland 40,8%
Eurico Rodrigues S.A.
Portugal
100,0%
European Telemedicine Clinic S.L.
Spain
100,0%
Eylau Unilabs SELAS
France
99,8%
Fernando Sancho, Unipessoal Lda
Portugal
100,0%
G.M.I. - Gabinete Médico de Imagem Lda
Portugal
95,4%
Gabinete de Cardiologia Professor Ovídeo Costa S.A.
Portugal
100,0%
Gabinete de Radiologia Espinho S.A. Portugal 97,7%
GAER - Instituto Médico de Radiologia Clinica S.A.
Portugal
100,0%
GIE Unilabs France
France
99,6%
GINOECO - Servos Médicos de Imagem S.A.
Portugal
100,0%
IHCP SELAS France 99,4%
IMAG Cardio S.A.
Portugal
65,0%
Imagiologia Médica - Dr. Nelson de Oliveira Unipessoal Lda
Portugal
100,0%
IMA-RAD -Serviços Médicos S.A.
Portugal
100,0%
IMAT - Imagiologia de Matosinhos S.A. Portugal 100,0%
Immobilière Boucicaut - BLCL SARL
France
64,1%
InterLabo Unilabs SELAS
France
99,9%
IRC Istituto Radiologico Collegiata S.A.
Switzerland
80,0%
João Guimares Lda Portugal 100,0%
Jonimax AG
Switzerland
80,0%
José Granado S.A.
Portugal
100,0%
Kempf und pfaltz histologische diagnostik AG
Switzerland
80,0%
Krug de Noronha Lda
Portugal
100,0%
Kühnrad AG Switzerland 80,0%
Labgarb -Análises Clínicas Lda
Portugal
51,0%
Laboratoire Biologie Parc Monceau
France
99,7%
Laboratoire Unilabs France SAS
France
100,0%
Laboratorio de Analises Clinicas do Tamega Lda
Portugal
100,0%
Laborario de Patologia Clínica do Pioledo S.A.
Portugal
100,0%
Laboratorio de Patologia Clinica Hilario de Lima S.A.
Portugal
100,0%
Laboratorio Unilabs Murcia S.L. Spain 100,0%
LAP - Laboratorio de Anatomia Patalogica Lda
Portugal
100,0%
Manuel Guimaes Lda
Portugal
100,0%
Medecina Laboratorial Dr. Carlos Torres S.A.
Portugal
100,0%
Mediloulé - Servicos Medicos de Radiologia Lda Portugal 51,0%
Oestran AG
Switzerland
80,0%
Ovídio A. Pereira Costa S.A.
Portugal
100,0%
PathHeg Holding AG
Switzerland
80,0%
Pathologie Nord-Unilabs SELAS France 99,3%
PathoSwiss Holding AG
Switzerland
80,0%
Pedro Van Zeller Lda
Portugal
100,0%
Policlinica Central de Vila da Feira Lda
Portugal
90,0%
Praxea Diagnostics France 99,2%
Prestación de Tecnología y Asistencia Técnica en Diagnóstico por Imagen S.L.
Spain
100,0%
Rad4Sports AG
Switzerland
80,0%
Radiodiagnostico Guimón S.L.
Spain
83,0%
Radiología Campo de Gibraltar S.L. Spain 100,0%
Radiologia Getxo S.L. Spain 89,0%
Radiologie im Silberturm AG
Switzerland
80,0%
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
44
Radiologiezentrum Zug AG Switzerland 80,0%
REM - Gabinete de Imagiologia S.A.
Portugal
100,0%
Resonancia Abierta Alameda S.L.
Spain
55,0%
Resonancia Abierta Alcazaba S.L.
Spain
73,0%
Resonancia Abierta Alcazar de San Juan S.L. Spain 51,0%
Resonancia Abierta Avilés S.L.
Spain
52,0%
Resonancia Abierta Centro Diagnostico Talavera S.L.
Spain
14,0%
Resonancia Abierta Ciudad Real S.L.
Spain
26,0%
Resonancia Abierta Clínica Salud 2001 S.L.
Spain
99,6%
Resonancia Abierta de Burgos S.L. Spain 71,0%
Resonancia Abierta de Cádiz S.L.
Spain
100,0%
Resonancia Abierta de Cordoba S.L.
Spain
100,0%
Resonancia Abierta de el Puerto, S.L.
Spain
62,0%
Resonancia Abierta de Gran Canaria S.L.
Spain
55,0%
Resonancia Abierta del Bierzo S.L.
Spain
100,0%
Resonancia Abierta Granada S.L.
Spain
69,0%
Resonancia Abierta La Cuesta S.L. Spain 60,0%
Resonancia Abierta La Vaguada S.L.
Spain
100,0%
Resonancia Abierta Lucentina SL
Spain
47,0%
Resonancia Abierta Miranda de Ebro S.L.
Spain
50,0%
Resonancia Abierta Policlinico Quirurgico S.L. Spain 60,9%
Resonancia Abierta Recaredo S.L.
Spain
95,0%
Resonancia Abierta San Fernando S.L.
Spain
58,0%
Resonancia Abierta Sanlucar De Barrameda S.L.
Spain
65,6%
Resonancia Abierta Tucan S.L. Spain 55,0%
Resonancia Magnetica Abierta de Puertollano S.L.
Spain
40,6%
Resonancia Magnetica Calatayud S.L.
Spain
50,0%
Resonancias Abiertas del Corredor de Henares S.L.
Spain
84,0%
Resonancias Abiertas Toledo S.L. Spain 50,0%
RIMED AG
Switzerland
80,0%
RIMED Management GmbH
Switzerland
80,0%
RIMED Radiologie Luzern AG
Switzerland
80,0%
Röntgeninstitut Bellevue Zürich AG
Switzerland
80,0%
Röntgeninstitut Lindberg AG Switzerland 68,0%
Röntgeninstitut Marktgasse AG
Switzerland
80,0%
Röntgeninstitut Oerlikon AG
Switzerland
80,0%
Röntgeninstitut Schwyz AG
Switzerland
80,0%
Röntgeninstitut Zürich-Altstetten AG
Switzerland
80,0%
S.M.I.C. - Serviço Médico de Imagem Computorizada S.A.
Portugal
100,0%
Sipath Unilabs SELAS
France
99,4%
Siscardio - Serviços Medicos Especializados Lda Portugal 100,0%
SL - Laboratorio De Análises Clinicas S.A.
Portugal
100,0%
SMIC Dragão Lda
Portugal
100,0%
Société de Laboratoire de Biologie Médicale Biomes Unilabs SELAS
France
99,9%
Sonnmatt Invest GmbH Switzerland 80,0%
Sousa Barros S.A.
Portugal
100,0%
Success Answer - Serviços Medicos, Unipessoal, Lda
Portugal
100,0%
Swisslab Holdco S.A.U
Spain
100,0%
T. Pereira, R. Costa e J. Ferreira Lda Portugal 100,0%
Telemedicine Clinic Ltd
UK
100,0%
Telemedicine Clinic Skandinavien AB
Sweden
100,0%
Torrevieja Diagnosticos S.L.
Spain
51,0%
Transmisión de Imagen Diagnóstica S.L. Spain 100,0%
UL SWE I AB
Sweden
100,0%
Uni Shared Services, ACE
Portugal
100,0%
Unilabs A/S
Denmark
100,0%
Unilabs AB Sweden 100,0%
Unilabs Animal Health S.L. Spain 100,0%
Unilabs Aquibio SELAS
France
100,0%
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
45
Unilabs BIOCT SELAS France 99,9%
Unilabs Biogen SELAS
France
100,0%
Unilabs Biologie Hauts de France SELAS
France
99,3%
Unilabs Desarollos SA
Spain
100,0%
Unilabs Diagnostic LLC UAE 90,0%
Unilabs Diagnostics AB
Sweden
100,0%
Unilabs Diagnostics B.V.
Netherlands
100,0%
Unilabs Diagnostics k.s.
Czech Republic
100,0%
Unilabs Eerstelijnsdiagnositiek B.V.
Netherlands
100,0%
Unilabs Holding Czech Republic s.r.o Czech Republic 100,0%
Unilabs Holding Ltd
UK
100,0%
Unilabs Laboratoire d'analyses medicales SA
Switzerland
100,0%
Unilabs Laboratoriemedisin AS
Norway
100,0%
Unilabs Ltd
UK
100,0%
Unilabs Middle East L.L.C.
UAE
90,0%
Unilabs Nederland B.V.
Netherlands
100,0%
Unilabs Norge AS Norway 100,0%
Unilabs OY
Finland
100,0%
Unilabs Pathologie Paris SELAS
France
99,2%
Unilabs Pathologie SA
Switzerland
100,0%
Unilabs Pathology Diagnostics Services S.A.C. Peru 100,0%
Unilabs Pathology k.s.
Czech Republic
100,0%
Unilabs Pathology S.L.
Spain
100,0%
Unilabs Slovensko, s.r.o.
Slovakia
100,0%
Unilabs St. Gallen AG Switzerland 49,0%
Unilabs Telemedicine Clinic New Zealand Ltd
New Zealand
100,0%
United Laboratories Barcelona SL
Spain
100,0%
United Laboratories España SA
Spain
100,0%
United Laboratories Madrid SA Spain 100,0%
United Laboratories Peru SAC
Peru
100,0%
UR Salud UTE
Spain
51,0%
Valenciana de Diagnostico por la Imagen S.L.
Spain
56,0%
WOC Holding AG
Switzerland
80,0%
X-GAIA - Imagiologia Medica, Lda Portugal 100,0%
X-MAIA - Imagiologia Medica, Lda
Portugal
100,0%
York Bioanalytical (Holdings) Ltd
UK
100,0%
York Bioanalytical Solutions Ltd
UK
100,0%
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
46
Note 25. Events occurring after the reporting period
There is not any event of importance that occurred during the period from the Balance Sheet date until the approval of the Financial Statements.
Note 26. Material accounting policy information
This note sets out general accounting policies for Unilabs Group Holding ApS that relate to the financial statements as a whole. Where an
accounting policy is applicable to a specific note to the financial statements, the policy is described within that note.
26.1 Basis of Preparation
The Group’s consolidated financial statements for the year ended 31 December 2024 have been prepared on a going concern basis and in
accordance with IFRS Accounting Standards (“IFRS Standards”) as published by the International Accounting Standards Board and endorsed by
the European Union and additional Danish disclosure requirements for large enterprises in class C.
The consolidated financial statements have been prepared on the historical cost basis, except for financial instruments which are measured at fair
value. The financial statements are presented in millions of Euro and all values are rounded to the nearest million except when otherwise indicated.
26.2 Principles of consolidation
Subsidiaries
The consolidated financial statements comprise the financial statements of Unilabs Group Holding ApS and entities controlled by the Company
(its subsidiaries). The financial statements of the subsidiaries are prepared for the same reporting year as the parent company, using consistent
accounting policies.
Subsidiaries are fully consolidated from the date of acquisition, being the date on which the Group obtains control (generally as a result of owning
more than 50% of the entity’s voting rights) and continue to be consolidated until the date that such control ceases.
When the Company has less than a majority of the voting rights of an investee, it considers that it has power over the investee when the voting
rights are sufficient to give it the practical ability to direct the relevant activities of the investee unilaterally. The Company considers all relevant
facts and circumstances in assessing whether or not the Company’s voting rights in an investee are sufficient to give it power.
Partial divestment of subsidiaries resulting in ceasing control
When the Group ceases to have control, any retained interest in the entity is remeasured to its fair value at the date when control is lost, with the
change in carrying amount recognised in profit or loss. The fair value is the initial carrying amount for the purposes of subsequently accounting for
the retained interest as an associate, joint venture or financial asset. In addition, any amounts previously recognised in other comprehensive income
in respect of that entity are accounted for as if the group had directly disposed of the related assets or liabilities. This may mean that amounts
previously recognised in other comprehensive income are reclassified to profit or loss.
Consolidation of entities in which the Group holds less than 50% of voting rights
The Group considers it has control of several entities in France and Spain even though it has less than 50% of the voting rights. The Group is the
majority shareholder of these entities with approximately 49% of the voting rights. Although the other shareholders collectively own more than 50%
of the voting rights, there is no history of them forming a group to exercise their votes collectively and their magnitude and exposure to returns is
minimal as their economic ownership interest is insignificant.
26.3 Foreign currencies
The Group’s consolidated financial statements are presented in Euros, which is also the parent company’s functional currency. Each entity in the
Group determines its own functional currency and the financial statements of each entity are measured using their functional currency.
Transactions and balances
Transactions in foreign currencies are initially recorded by the Group entities at their respective functional currency rate prevailing at the date of
the transaction. Monetary assets and liabilities denominated in foreign currencies are translated at the functional currency spot rate of exchange
at the reporting date. All differences are recorded in the consolidated income statement. Non-monetary items that are measured in terms of
historical cost in a foreign currency are translated using the exchange rates as at the dates of the initial transactions. Non-monetary assets and
liabilities measured at fair value in a foreign currency are translated using the exchange rates at the date when the fair value was determined.
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
47
Group companies
The assets and liabilities of foreign operations are translated into Euro at the rate of exchange prevailing at the reporting date and their consolidated
income statement and items of other comprehensive income are translated at average monthly rates. The foreign currency exchange differences
arising on the translation are recognised in other comprehensive income. On disposal of a foreign operation, the component of other comprehensive
income relating to that particular foreign operation is reclassified in the consolidated income statement.
Any goodwill arising on the acquisition of a foreign operation and any fair value adjustments to the carrying amounts of assets and liabilities are
translated at the closing rate.
Note 27. Application of new and revised IFRS
27.1 New and amended IFRS Standards that are effective for the current year
In the current year, the Group has applied a number of amendments to IFRS Accounting Standards issued by the International Accounting Standards
Board (IASB) that are mandatorily effective for an accounting period that begins on or after 1 January 2024. Their adoption has not had any material
impact on the disclosures or on the amounts reported in these financial statements. The Group has not early adopted any other standard,
interpretation or amendment that has been issued but is not yet effective.
Amendments to IAS 1 - Classification of Liabilities as Current or Non-current and Non-current liabilities with covenants
In November 2023, the IASB made amendments to IAS 1 which require disclosures if an entity classifies a liability as non-current and that liability
is subject to covenants that the entity must comply with within 12 months of the reporting date. The disclosures include:
the carrying amount of the liability,
information about the covenants (including the nature of the covenants and when the entity is required to comply with them), and
facts and circumstances, if any, that indicate that the entity might have difficulty complying with the covenants.
Lease Liability in Sale and Leaseback Amendments to IFRS 16; and
In September 2022, the IASB issued amendments to IFRS 16 to specify the requirements that a seller-lessee uses in measuring the lease liability
arising in a sale and leaseback transaction, to ensure the seller-lessee does not recognise any amount of the gain or loss that relates to the right
of use it retains.
Supplier Finance Arrangements Amendments to IAS 7 and IFRS 7
In May 2023, the IASB issued amendments to IAS 7 Statement of Cash Flows and IFRS 7 Financial Instruments: Disclosures to clarify the
characteristics of supplier finance arrangements and require additional disclosure of such arrangements. The disclosure requirements in the
amendments are intended to assist users of financial statements in understanding the effects of supplier finance arrangements on an entity’s
liabilities, cash flows and exposure to liquidity risk.
27.2 New and revised IFRS Standards in issue but not yet effective
The new and amended standards and interpretations that are issued, but not yet effective, up to the date of issuance of the Group’s financial
statements are disclosed below. The Group intends to adopt these new and amended standards and interpretations, if applicable, when they
become effective.
Amendments to IAS 21
Lack of exchangeability
Amendments to IFRS 9 and IFRS 7
Classification and Measurement of Financial Instruments
Amendments to IFRS 9 and IFRS 7
Power Purchase Agreements
Implementation of IFRS 18
Presentation and Disclosure in Financial Statements
ANNUAL REPORT 2024 CONSOLIDATED FINANCIAL STATEMENTS
48
Amendments to IAS 21 - Lack of exchangeability
In August 2023, the Board issued Lack of Exchangeability (Amendments to IAS 21). The amendment to IAS 21 specifies how an entity should assess
whether a currency is exchangeable and how it should determine a spot exchange rate when exchangeability is lacking.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2025. Early adoption is permitted, but will need to
be disclosed.
The amendments are not expected to have a material impact on the Group’s financial statements.
Amendments to IFRS 9 and IFRS 7 - Classification and Measurement of Financial Instruments
In May 2024, the Board issued Amendments to the Classification and Measurement of Financial Instruments (Amendments to IFRS 9 and IFRS 7),
which clarify:
the date of recognition and derecognition of a financial asset or financial liability
how to assess the contractual cash flow characteristics of financial assets that include environmental, social and governance (ESG)-
linked features and other similar contingent features
the treatment of non-recourse assets and contractually linked instruments
The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Early adoption is permitted, but will need to
be disclosed.
The Group is currently assessing the impact the amendments will have.
Amendments to IFRS 9 and IFRS 7 - Power Purchase Agreements
In December 2024, the Board issued Contracts Referencing Nature-dependent Electricity (Amendments to IFRS 9 and IFRS 7). The amendments
include:
Clarifying the application of the ‘own-use’ requirements
Permitting hedge accounting if these contracts are used as hedging instruments
Adding new disclosure requirements to enable investors to understand the effect of these contracts on a company’s financial
performance and cash flows.
The amendments will be effective for annual reporting periods beginning on or after 1 January 2026. Early adoption is permitted, but will need to
be disclosed.
The amendments are not expected to have a material impact on the Group’s financial statements.
Implementation of IFRS18 - Presentation and Disclosure in Financial Statements
In April 2024, the Board issued IFRS 18, which replaces IAS 1 Presentation of financial statements, introducing new requirements for presentation
within the statement of profit or loss, including specified totals and subtotals.
The new standard will be effective for annual reporting periods beginning on or after 1 January 2027. Early adoption is permitted, but will need to
be disclosed. IFRS 18 will apply retrospectively.
The implementation is not expected to have a material impact on the Group’s financial statements.
ANNUAL REPORT 2024 – PARENT COMPANY FINANCIAL STATEMENTS
49
PARENT
COMPANY
FINANCIAL
STATEMENTS
Income statement for 1 January to 31 December 50
Balance sheet as of 31 December 50
Statement of changes in equity 51
ANNUAL REPORT 2024 PARENT COMPANY FINANCIAL STATEMENTS
50
INCOME STATEMENT FOR 1 JANUARY TO 31 DECEMBER
Amounts in EURm
Note
2024
2023
Other operating expenses 1 (1)
(2)
Depreciation, amortisation and impairment 3 (1,081) -
Operating profit / (loss) (1,082)
(2)
Finance income / (expenses), net 2 (25)
(13)
Profit / (loss) before tax (1,107)
(15)
Tax 7
-
Profit / (loss) for the year (1,100)
(15)
BALANCE SHEET AS OF 31 DECEMBER
Amounts in EURm
Note
2024
2023
Investments in subsidiaries 3 2,747 2,607
Total non-current assets 2,747
2,607
Loans with subsidiaries 105
101
Tax receivables 6 -
Other current assets -
5
Cash and cash equivalents 2
1
Total current assets
113
107
Total assets 2,860
2,714
Share capital
4
33
27
Retained earnings
1,838
2,547
Total equity 1,871
2,574
Shareholder loans 2 989
140
Total current liabilities 989
140
Total liabilities 989
140
Total equity and liabilities 2,860
2,714
ANNUAL REPORT 2024 PARENT COMPANY FINANCIAL STATEMENTS
51
STATEMENT OF CHANGES IN EQUITY
Amounts in EURm
Share
capital
Retained
earnings
Total
Equity as of 1 January 2023 23
2,272
2,295
Profit / (loss) for the year - (15)
(15)
Total comprehensive income / (loss) -
(15)
(15)
Purchase of own shares - (18)
(18)
Shareholders’ contribution 4
307
311
Equity as of 31 December 2023 27
2,547
2,574
Profit / (loss) for the year - (1,100)
(1,100)
Total comprehensive income / (loss) -
(1,100)
(1,100)
Purchase of own shares - (5)
(5)
Shareholders’ contribution 6
396
403
Equity as of 31 December 2024 33
1,838
1,871
ANNUAL REPORT 2024 – PARENT COMPANY FINANCIAL STATEMENTS
52
NOTES TO
PARENT
COMPANY
FINANCIAL
STATEMENTS
Note 1.
Other operating expenses 53
Note 2. Finance income / (expenses) 53
Note 3. Investments in subsidiaries 53
Note 4. Shareholders’ equity 53
Note 5. Related party transactions 54
Note 6. Commitments and contingencies 54
Note 7. Events occurring after the reporting period 54
Note 8. Material accounting policy information 54
ANNUAL REPORT 2024 – PARENT COMPANY FINANCIAL STATEMENTS
53
Note 1. Other operating expenses
Apart from the Executive Board, Unilabs Group Holding ApS has no employees in 2024. Other expenses of EUR 1 million (2023: EUR 2 million)
primarily consists of advisor expenses.
Note 2. Finance income / (expenses)
There are three shareholder loans from APMH Invest A/S with notional amounts of EUR 600 million, EUR 200 million and EUR 125 million with a
maturity of 31 December 2026. Interest is capitalized and added to the outstanding amount of the loan.
Unilabs Group Holding ApS provided a loan to its indirect subsidiary, Unilabs Diagnostics AB, for an amount of EUR 100 million with a maturity date
of 31 December 2025. Interest is capitalised and added to the outstanding amount of the loan.
Amounts in EURm
2024
2023
Interest on loans with subsidiaries 8
4
Finance income
8
4
Interest on shareholder loan (33)
(17)
Finance expenses
(33)
(17)
Finance income / (expenses), net (25)
(13)
Note 3. Investments in subsidiaries
During 2024, Unilabs Group Holding ApS made an additional shareholder contribution to UL SWE I AB of EUR 1,221 million and recognised an
impairment of EUR 1,081m. The impairment was recognised by using the same enterprise value calculated within Note 7 in the Consolidated
Financial Statements, where the key assumptions applied have been disclosed.
Subsidiary
2024
2023
UL SWE I AB 100% 100%
Note 4. Shareholders’ equity
The share capital details are listed in Note 13 in the Consolidated Financial Statements.
In m of shares / amounts in EURm
Total
number
of shares
Share
capital
Own
shares
% of own
shares
As of 31 December 2023 2,742
27
18
0.7%
As of 31 December 2024 3,318
33
25 0.8%
ANNUAL REPORT 2024 PARENT COMPANY FINANCIAL STATEMENTS
54
Note 5. Related party transactions
Controlling interest
APMH Invest XXII ApS is the parent company of Unilabs Group Holding ApS and holds 97.84% of the company’s capital and 100% of the voting
rights.
Related parties exercising controlling interest in the company:
APMH Invest XXII ApS, Esplanaden 50, Copenhagen, Denmark
APMH Invest A/S, Esplanaden 50, Copenhagen, Denmark
A.P. Møller Holding A/S, Esplanaden 50, Copenhagen, Denmark
A.P. Møller og Hustru Chastine Mc-Kinney Møllers Fond til almene Formaal (A.P. Møller Fonden), Esplanaden 50, Copenhagen, Denmark
Consolidated Financial Statements
Unilabs Group Holding ApS is included in the Consolidated Financial Statements for A.P. Møller Holding A/S, Copenhagen, Denmark, Business
Registration No 25 67 92 88. The Consolidated Financial Statements of A.P. Møller Holding A/S can be obtained at https://apmoller.com/reports/
Transactions
A.P. Moller Holding has introduced a co-investment programme in Unilabs Group Holding ApS. The programme is for key employees and some
members of the Board of Directors. The programmes are cash-settled and certain programmes are within the scope of IFRS 2 share-based payment
programmes. All transactions with management have been performed at fair market value.
The company has not entered any transactions with related parties that were not on an arm’s length basis.
Note 6. Commitments and contingencies
The company is included in national joint taxation with Danish companies in the A.P. Moller Holding group. The company is jointly and severally
liable for the payment of taxes and withholding tax.
Note 7. Events occurring after the reporting period
There are no events of importance that occurred during the period from the Balance Sheet date until the approval of the Financial Statements.
Note 8. Material accounting policy information
The Financial Statements for 2024 for Unilabs Group Holding ApS have been prepared on a going concern basis and in accordance with the
provisions of the Danish Financial Statements Act applying to enterprises of reporting class B with a selection of certain requirements from
reporting class C.
Compared to the accounting policies described for Unilabs Group Holding ApS Consolidated Financial Statements, the company’s accounting
policies differ mainly in the following area:
Shares in subsidiaries are measured at cost.
The Financial Statements have been prepared under the same accounting policies as last year.
The financial statements are presented in EUR millions.
Change in accounting policies.
There was no change in accounting policies in 2024.
ANNUAL REPORT 2024 PARENT COMPANY FINANCIAL STATEMENTS
55
Basis of Financials
Foreign Currency Translation
Transactions in currencies other than the functional currency are translated at the exchange rate prevailing on the date of the transaction. Monetary
items in foreign currencies not settled at the balance sheet date are translated at the exchange rate as per the balance sheet date. Foreign exchange
gains and losses are included in the income statement as financial income or expenses.
Income Statement
Tax: Tax comprises an estimate of current and deferred income tax. Tax is recognised in the income statement to the extent it arises from
items recognised in the income statement.
Balance Sheet
Investments in subsidiaries: Investments in subsidiaries is measured at cost. The investments are written down to any lower recoverable
amount if it is lower than the carrying amount.
Loans with the subsidiary: Loans with the subsidiary are measured at amortized cost.
Shareholder loans: Shareholder loans are measured at amortized cost.
ANNUAL REPORT 2024 REPORTS
56
REPORTS
ANNUAL REPORT 2024 REPORTS
57
MANAGEMENT’S STATEMENT
The Board of Directors and the Executive Board have today considered and adopted the Annual Report of Unilabs Group Holding ApS for the financial
year 1 January 2024 – 31 December 2024.
The Consolidated Financial Statements have been prepared in accordance with IFRS Accounting Standards as adopted by the EU and further
requirements in the Danish Financial Statements Act, and the parent company Financial Statements have been prepared in accordance with the
Danish Financial Statements Act. Management Review has been prepared in accordance with 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 at 31 December 2024 of the group and the parent company and of the results of the group and parent company operations and consolidated
cash flows for the financial year 1 January 2024 – 31 December 2024.
In our opinion, Management Review includes a true and fair account of the development in the operations and financial circumstances of the group
and the parent company, of the results for the year and of the financial position of the group and the parent company, as well as a description of
the most significant risks and elements of uncertainty facing the group and the parent company.
We recommend that the Annual Report be adopted at the Annual General Meeting.
Copenhagen, 12 March 2025
Registered directors
--------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------------
________________________________
Badhri Srinivasan
Executive Chairman (adm. direktør)
________________________________
Carsten Højlund
CFO
ANNUAL REPORT 2024 REPORTS
58
Board of Directors
---------------------------------------------------------------------------------------------------------------
-----------------------------------------------------------------------------
________________________________
Gilbert Daniel Achermann
Chair of the Board
________________________________
Jan Thorsgaard Nielsen
Deputy Chair of the Board
________________________________
Corine Renée Anne Raoux-Fontanet
Board member
________________________________
Michael Reitermann
Board member
________________________________
Badhri Srinivasan
Board member
________________________________
Pia Marions
Board member
ANNUAL REPORT 2024 REPORTS
59
INDEPENDENT AUDITOR’S REPORT
To the Shareholders of Unilabs Group Holding ApS
Opinion
In our opinion, the Consolidated Financial Statements give a true and fair view of the Group’s financial position at 31 December 2024 and of the
results of the Group’s operations and cash flows for the financial year 1 January to 31 December 2024 in accordance with IFRS Accounting
Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.
Moreover, in our opinion, the Parent Company Financial Statements give a true and fair view of the Parent Company’s financial position at 31
December 2024 and of the results of the Parent Company’s operations for the financial year 1 January to 31 December 2024 in accordance with
the Danish Financial Statements Act.
We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Unilabs Group Holding ApS for the
financial year 1 January - 31 December 2024, which comprise income statement, balance sheet, statement of changes in equity and notes, including
material accounting policy information, for both the Group and the Parent Company, as well as statement of comprehensive income and cash flow
statement for the Group (“financial statements”).
Basis for Opinion
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 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. We believe that the audit evidence we
have obtained is sufficient and appropriate to provide a basis for our opinion.
Statement on Management’s Review
Management is responsible for Management’s Review.
Our opinion on the financial statements does 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.
Based on the work we have performed, in our view, Managements Review is in accordance with the Consolidated Financial Statements and the
Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did
not identify any material misstatement in Management’s Review.
Management’s Responsibilities for the Financial Statements
Management is responsible for the preparation of Consolidated Financial Statements that give a true and fair view in accordance with IFRS
Accounting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act and for the preparation of Parent
Company Financial Statements that give a true and fair view in accordance with 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 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 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.
Auditor’s Responsibilities for the Audit of the Financial Statements
Our objectives are to obtain reasonable assurance about whether the 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 the 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 these financial statements.
ANNUAL REPORT 2024 REPORTS
60
As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment
and maintain professional skepticism throughout the audit. We also:
Identify and assess the risks of material misstatement of the 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 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 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 financial statements, including the disclosures, and whether the financial
statements represent the underlying transactions and events in a manner that gives a true and fair view.
Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business
units within the group as a basis for forming an opinion on the Consolidated Financial Statements. We are responsible for the direction,
supervision and review of the audit work performed for purposes 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.
Aarhus, 12 March 2025
PricewaterhouseCoopers
Statsautoriseret Revisionspartnerselskab
CVR No 33 77 12 31
Rune Kjeldsen
State Authorised Public Accountant
mne34160
Annual reportAuditor's report on audited financial statementsParsePort XBRL Converter2024-01-012024-12-312023-01-012023-12-312025-03-13Reporting class C, large enterprise2025-03-12529900VSWLQF0O3GA94633771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 HellerupOpinionBasis for Opinion2025-03-12mne3416033771231424745092024-01-012024-12-31cmn:ConsolidatedMember424745092024-01-012024-12-31cmn:ConsolidatedMember1424745092024-01-012024-12-31424745092023-01-012023-12-31424745092024-12-31424745092023-12-31424745092022-12-31424745092022-12-31ifrs-full:IssuedCapitalMember424745092023-01-012023-12-31ifrs-full:IssuedCapitalMember424745092023-12-31ifrs-full:IssuedCapitalMember424745092022-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember424745092023-01-012023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember424745092023-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember424745092022-12-31ifrs-full:ReserveOfCashFlowHedgesMember424745092023-01-012023-12-31ifrs-full:ReserveOfCashFlowHedgesMember424745092023-12-31ifrs-full:ReserveOfCashFlowHedgesMember424745092022-12-31ifrs-full:RetainedEarningsMember424745092023-01-012023-12-31ifrs-full:RetainedEarningsMember424745092023-12-31ifrs-full:RetainedEarningsMember424745092022-12-31ifrs-full:EquityAttributableToOwnersOfParentMember424745092023-01-012023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember424745092023-12-31ifrs-full:EquityAttributableToOwnersOfParentMember424745092022-12-31ifrs-full:NoncontrollingInterestsMember424745092023-01-012023-12-31ifrs-full:NoncontrollingInterestsMember424745092023-12-31ifrs-full:NoncontrollingInterestsMember424745092024-01-012024-12-31ifrs-full:IssuedCapitalMember424745092024-12-31ifrs-full:IssuedCapitalMember424745092024-01-012024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember424745092024-12-31ifrs-full:ReserveOfExchangeDifferencesOnTranslationMember424745092024-01-012024-12-31ifrs-full:ReserveOfCashFlowHedgesMember424745092024-12-31ifrs-full:ReserveOfCashFlowHedgesMember424745092024-01-012024-12-31ifrs-full:RetainedEarningsMember424745092024-12-31ifrs-full:RetainedEarningsMember424745092024-01-012024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember424745092024-12-31ifrs-full:EquityAttributableToOwnersOfParentMember424745092024-01-012024-12-31ifrs-full:NoncontrollingInterestsMember424745092024-12-31ifrs-full:NoncontrollingInterestsMember424745092023-01-012023-12-31cmn:ConsolidatedMember424745092024-01-012024-12-31cmn:ConsolidatedMember1424745092024-01-012024-12-31cmn:ConsolidatedMember2424745092024-01-012024-12-31cmn:ConsolidatedMember1424745092024-01-012024-12-31cmn:ConsolidatedMember3424745092024-01-012024-12-31cmn:ConsolidatedMember5424745092024-01-012024-12-31cmn:ConsolidatedMember2424745092024-01-012024-12-31cmn:ConsolidatedMember4424745092024-01-012024-12-31cmn:ConsolidatedMember6iso4217:EURxbrli:pure