Annual report and Audit report

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1 Annual report and Audit report the Financial Year Accord Healthcare AB,

2 Accord Healthcare AB 1(8) DIRECTORS' REPORT The Board of Directors and the Managing Director of Accord Healthcare AB,, hereby submit the Annual Report for Cc:>mpany overview The company sells pharmaceuticals. The Board of Directors has its registered office in Solna, Sweden. For more information about the company go to: Significant events during the financial year The company had a very positive development during 2016/17 and reached a turnover of 104 MSEK, an increase of 40% compared to previous year. This was due to good development for already existing portfolio of products as well as successful launches of several new products in Sweden, Denmark and Norway. During the financial year, the Swedish inventory was moved from Tamra AB to Oriola AB which has resulted in reduced costs for logistics. During the Spring of 2017 an implementation of SAP was initiated. From the go live in the Summer of 2017 it will replace the current financial system. The implementation is a part of a group initiative to improve and simplify reporting and control within the company. On the 20:th of March the company gave notice that it will move from the current office at Frosundaviks Alie and during the Summer of 2017 it will move to a new address in Solna. M _u_l~i:ye~r review (SEK). 2_0_1 a_:;_20_1_1 2_01 s _01_4_!2_0_1 s 2_0_13_12_0_1_4_ Net sales Profit after financial items Solidity,% _9hanges in equity Share capital Statutory reserve Unrestricted equity Balance at beginning of year Profit for the year Balance at year-end

309 411 4 376 979 6 686 390 Appropriated for Carried forward Total 6 686 390 6 686 390 The company's

3 Accord Healthcare AB 2(8) DIRECTORS' REPORT Appropriation of profit (SEK) The Board of Directors and the Managing Director proposes that the unappropriated funds, Accumulated profit Profit for the year Total Appropriated for Carried forward Total The company's results and financial position are shown in the following income statements, balance sheets and additional information.

4 Accord Healthcare AB 3(8) INCOME STATEMENT Amounts in SEK Note Operating income, stock change etc. Net sales Other operating income Total operating income, stock change etc Operating expenses Goods for resale Other external costs Employee benefit expenses Depreciation and amortization of tangible and intangible assets Other operating expenses Total operating expenses Operating profit Financial items Other interest income and similar profit items Interest expense and similar loss items Total financial items Profit after financial items Appropriations Change in tax allocation reserves Total appropriations Profit before tax Taxes Tax on profit for the year Net profit for the year

5 Accord Healthcare AB 4(8) BALANCE SHEET Amounts in SEK Note ASSETS Fixed assets Tangible assets Eguipment, tools, fixtures and fittings Total tangible assets Financial assets Other long-term receivables Total financial assets Total fixed assets Current assets Inventories etc. Finished products and goods for resale Total inventories Current receivables Accounts receivable - trade Other receivables Prepaid expenses and accrued income Total current receivables Cash and bank balances Cash and bank balances Total cash and bank balances Total current assets TOT AL ASSETS

6 Accord Healthcare AB 5(8) BALANCE SHEET Amounts in SEK Note EQUITY AND LIABILITIES Equity Restricted equity Share capital ( shares) Total restricted equity Non-restricted equity Profit brought forward Profit for the year Total non-restricted equity Total equity Untaxed reserves Tax allocation reserves Total untaxed reserves ~ Non-current liabilities Liabilities to group companies Total non-current liabilities Current liabilities Accounts payable - trade Liabilities to group companies Tax liability Other liabilities Accrued expenses and deferred income Total current liabilities TOT AL EQUITY AND LIABILITIES

Accord Healthcare AB 6(8) NOTES (SEK) N()te 1 Accounting principl~_s The Annual Report has been prepared in accordance with the Annual Accounts Act and BFNAR 2016:10 Annual Reports for small

Reporting currency is swedish crowns No changed accounting principles in 2016/2017 Depreciation of fixed assets Planned depreciation is based on original acquisition cost less estimated residual

7 Accord Healthcare AB 6(8) NOTES (SEK) N()te 1 Accounting principl~_s The Annual Report has been prepared in accordance with the Annual Accounts Act and BFNAR 2016:10 Annual Reports for small companies (K2). Reporting currency is swedish crowns No changed accounting principles in 2016/2017 Depreciation of fixed assets Planned depreciation is based on original acquisition cost less estimated residual value. Depreciation takes place in a straight line over the asset's useful lifetime. The following depreciation periods are: Tangible assets: - Equipment, tools and installations 4 year The difference between the above depreciations and tax depreciation is reported as accumulated excess depreciation, which is included in untaxed reserves. Note 2 Employees Average number of employees 8 4 Note 3 Interest within the group Interest income Interest expense Note 4 Equipment, tools and installations Accumulated acquisition costs: -At beginning of year - New acquisitions - Disposals and obsolescence Accumulated acquisition costs Accumulated depreciation: - At beginning of year - Disposals and obsolescence - Depreciation for the year Accumulated depreciations Carrying amount at year-end

8 Accord Healthcare AB (8) NOTES (SEK) Note 5 Other long-term receivables Accumulated acquisition costs: - At beginning of year - Additional receivables - Settled receivables Carrying amount at year-end Specification --- Deposits Loan Note 6 Untaxed reserves Tax allocation funds: - Fiscal year Fiscal year Fiscal year 2016 Total untaxed reserves 22 % of the untaxed reserves are deferred taxes Note 7 Liabilities to group company Recognised under the following balance sheet items Long-term liabilities Liabilities to group company Amortization after 5 years Total non-current liabilities Short-term liabilities Liabilities to group company Total current liabilities Total liabilities to group company

Accord Healthcare AB 8(8) NOTES (SEK) Note 8 Pledged assets 2017-03-31 2016-03-31 Pledges and comparable collateral that have been pledged for own

10 Significant events after th_e_fi_n_a_n_c_ia_l ~y_e_a_r The implementation of SAP financial system will be completed during 2017.

Note 11 Group information ~---------------------------- The company is a wholly-owned subsidiary of Accord Healthcare Ltd, corp id 4596349, North Harrow,

9 Accord Healthcare AB 8(8) NOTES (SEK) Note 8 Pledged assets Pledges and comparable collateral that have been pledged for own liabilities and provisions Chattel mortgages Note 9 Contingent liabilities Contingent liabilities None None ~~te 10 Significant events after th_e_fi_n_a_n_c_ia_l ~y_e_a_r The implementation of SAP financial system will be completed during The company moves to new premises during the summer Note 11 Group information ~ The company is a wholly-owned subsidiary of Accord Healthcare Ltd, corp id , North Harrow, UK. Consolidated financial statements are prepared by Accord Healthcare Ltd, corp id , North Harrow, UK. Solna at g HA l1t Ju~ 2.o 17 ~ Pradip Karmarkar Chairman of the Board Al:.t:kins Managing Director Philip Semmens My Audit Report was submitted on 9th Of -:Jvrie_ :lo l r

AUDITOR'S REPORT To the general meeting of the shareholders of Accord Healthcare AB KUNSKAI' OCH ENGAGEMANG Corporate identity number Report on the annual accounts Opinions I have audited the annual

10 AUDITOR'S REPORT To the general meeting of the shareholders of Accord Healthcare AB KUNSKAI' OCH ENGAGEMANG Corporate identity number Report on the annual accounts Opinions I have audited the annual accounts of Accord Healthcare AB for the year In my opinion, the annual accounts have been prepared in accordance with the Annual Accounts Act and present fairly, in all material respects, the financial position of Accord Healthcare AB as of and its financial performance for the year then ended in accordance with the Annual Accounts Act. The statutory administration report is consistent with the other parts of the annual accounts. I therefore recommend that the general meeting of shareholders adopts the income statement and balance sheet. Basis for Opinions I conducted my audit in accordance with International Standards on Auditing (ISA) and generally accepted auditing standards in Sweden. My responsibilities under those standards are further described in the Auditor's Responsibilities section. I am independent of Accord Healthcare AB in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled my ethical responsibilities in accordance with these requirements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinions. Responsibilities of the Board of Directors and the Managing Director The Board of Directors and the Managing Director are responsible for the preparation of the annual accounts and that they give a fair presentation in accordance with the Annual Accounts Act. The Board of Directors and the Managing Director are also responsible for such internal control as they determine is necessary to enable the preparation of annual accounts that are free from material misstatement, whether due to fraud or error. In preparing the annual accounts, The Board of Directors and the Managing Director are responsible for the assessment of the company's ability to continue as a going concern. They disclose, as applicable, matters related to going concern and using the going concern basis of accounting. The going concern basis of accounting is not applied if decision has been taken to discontinue the operations. Auditor's responsibility My objectives are to obtain reasonable assurance about whether the annual accounts as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor's report that includes my opinions. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and generally accepted auditing standards in Sweden 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 annual accounts. As part of an audit in accordance with ISAs, I exercise professional judgment and maintain professional skepticism throughout the audit. I also: identify and assess the risks of material misstatement of the annual accounts, 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 my opinions. 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 the company's internal control relevant to my 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 company's internal control. evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by the Board of Directors and the Managing Director. conclude on the appropriateness of the Board of Directors' and the Managing Director's use of the going concern basis of accounting in preparing the annual accounts. I also draw a conclusion, based on the audit evidence obtained, as to whether any material uncertainty exists related to events or conditions that may cast significant doubt on the company's ability to continue as a going concern. If I conclude that a material uncertainty exists, I am required to draw attention in my auditor's report to the related disclosures in the annual accounts or, if such disclosures are inadequate, to modify my opinion about the annual accounts. My conclusions are based on the audit evidence obtained up to the date of my auditor's report. However, future events or conditions may cause the company to cease to continue as a going concern. evaluate the overall presentation, structure and content of the annual accounts, including the disclosures, and whether the annual accounts represent the underlying transactions and events in a manner that achieves fair presentation. I must inform the Board of Directors of, among other matters, the planned scope and timing of the audit. I must also inform of significant audit findings during my audit, including any significant deficiencies in internal control that I identified.

$l _,j - ---"' KUNSKAP OCH ENGAGL\i\ANG Report on other legal and regulatory requirements Opinions In addition to my audit of the annual accounts, I have also audited the administration of the Board$

11 flundin~ REVISIDN liiilb YR.l _,j - ---"' KUNSKAP OCH ENGAGL\i\ANG Report on other legal and regulatory requirements Opinions In addition to my audit of the annual accounts, I have also audited the administration of the Board of Directors and the Managing Director of Accord Healthcare AB for the year and the proposed appropriations of the company's profit. I recommend to the general meeting of shareholders that the profit be appropriated in accordance with the proposal in the statutory administration report and that the members of the Board of Directors and the Managing Director be discharged from liability for the financial year. Basis for Opinions I conducted the audit in accordance with generally accepted auditing standards in Sweden. My responsibilities under those standards are further described in the Auditor's Responsibilities section. I am independent of Accord Healthcare AB in accordance with professional ethics for accountants in Sweden and have otherwise fulfilled my ethical responsibilities in accordance with these requ irements. I believe that the audit evidence I have obtained is sufficient and appropriate to provide a basis for my opinions. Responsibilities of the Board of Directors and Managing Director The Board of Directors is responsible for the proposal for appropriations of the company's profit or loss. At the proposal of a dividend, this includes an assessment of whether the dividend is justifiable considering the requirements which the company's type of operations, size and risks place on the size of the company's equity, consolidation requirements, liquidity and position in general. in any other way has acted in contravention of the Companies Act, the Annual Accounts Act or the Articles of Association. My objective concerning the audit of the proposed appropriations of the company's profit or loss, and thereby my opinion about this, is to assess with reasonable degree of assurance whether the proposal is in accordance with the Companies Act. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with generally accepted auditing standards in Sweden will always detect actions or omissions that can give rise to liability to the company, or that the proposed appropriations of the company's profit or loss are not in accordance with the Companies Act. As part of an audit in accordance with generally accepted auditing standards in Sweden, I exercise professional judgment and maintain professional skepticism throughout the audit. The examination of the administration and the proposed appropriations of the company's profit or loss is based primarily on the audit of the accounts. Additional audit procedures performed are based on my professional judgment with starting point in risk and materiality. This means that I focus the examination on such actions, areas and relationships that are material for the operations and where deviations and violations would have particular importance for the company's situation. I examine and test decisions undertaken, support for decisions, actions taken and other circumstances that are relevant to my opinion concerning discharge from liability. As a basis for my opinion on the Board of Directors' proposed appropriations of the company's profit or loss I examined whether the proposal is in accordance with the Companies Act. The Board of Directors is responsible for the company's organization and the administration of the company's Gothenburg q/6 ~tr affairs. This includes among other things continuous assessment of the company's financial situation and ensuring that the company's organization is designed, bjso ;~~-~:c:::::;z~ that the accounting, management of assets and ~ company's financial affairs otherwise are controlled in a ---~-~ reassuring manner. The Managing Director shall manage the ongoing administration according to the Board 9 Directors' guidelines and instructions and among other matters take measures that are necessary to fulfill the company's accounting in accordance with law and handle the management of assets in a reassuring manner. Auditor's responsibility My objective concerning the audit of the administration, and thereby my opinion about discharge from liability, is to obtain audit evidence to assess with a reasonable degree of assurance whether any member of the Board of Directors or the Managing Director in any material respect: has undertaken any action or been guilty of any omission which can give rise to liability to the company, or

16/17 PROPLATE ANNUAL REPORT ON THE CUTTING EDGE

16/17 PROPLATE ANNUAL REPORT ON THE CUTTING EDGE 16/17 PROPLATE ON THE CUTTING EDGE 2 PROPLATE DIRECTORS REPORT The Board of Directors and the managing director of Proplate Oxelösund AB, 556466-2442, hereby submit the Annual Report 2016-05-01 2017-04-30.