390090642018-07-012019-06-30390090642018-07-012019-06-30Direktionsmedlem 01390090642018-07-012019-06-30Bestyrelsesmedlem 1390090642018-07-012019-06-30Bestyrelsesmedlem 2390090642018-07-012019-06-30Bestyrelsesmedlem 3390090642019-06-30390090642018-06-30390090642018-05-012018-06-30390090642019-06-30fsa:InvestmentsInGroupEnterprisesMember390090642018-06-30fsa:InvestmentsInGroupEnterprisesMember390090642018-07-012019-06-30fsa:RetainedEarningsMember390090642018-05-012018-06-30fsa:RetainedEarningsMember390090642018-07-012019-06-30fsa:RetainedEarningsMember390090642018-05-012018-06-30fsa:RetainedEarningsMember390090642019-06-30fsa:ContributedCapitalMember390090642018-06-30fsa:ContributedCapitalMember390090642019-06-30fsa:RetainedEarningsMember390090642018-06-30fsa:RetainedEarningsMember390090642019-06-30fsa:SharePremiumMember390090642018-06-30fsa:SharePremiumMember390090642018-07-012019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 01390090642018-07-012019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 02390090642018-07-012019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 03390090642018-07-012019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 04390090642018-07-012019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 05390090642018-07-012019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 06390090642019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 01390090642019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 02390090642019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 03390090642019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 04390090642019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 05390090642019-06-30fsa:SubsidiaryMemberFA Dattervirksomhed 06390090642018-07-012019-06-30Revisionsvirksomhed 01390090642018-07-012019-06-30Revisionsvirksomhed 01 - Revisor 01390090642018-07-012019-06-30Revisionsvirksomhed 01 - Revisor 02390090642019-06-30fsa:CurrentDeferredTaxAssetsInvestmentsMember390090642018-06-30fsa:CurrentDeferredTaxAssetsInvestmentsMember390090642018-07-012019-06-30fsa:CurrentDeferredTaxAssetsInvestmentsMemberiso4217:DKKpureThe company’s activities consists of investments in subsidiaries.The result for the year shows a loss of 18 TDKK, in line with management’s expectations.No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.Lars SchmidtThe Board of Directors and the Executive Board have today considered and approved the annual report of Skinetworks Hotels ApS for the financial year 01.07.2018 - 30.06.2019.The annual report is presented in accordance with the Danish Financial Statements Act.We recommend the annual report for adoption at the Annual General Meeting.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.Peter FabrinLars SchmidtCasper Lykke Pedersen84120008423000750001640004300085300008587000841200084230001180001640008409000840900030001400075000114000500008400012300016000840001070001000-2400073000-2400073000-2300073000The financial period covers the period 1st of July 2018 – 30th June 2019 whereas the comparative figures covers the period May 1 - 30 June 2018 hence the figures are not comparable.Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Deferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and temporary differences arising at the date of acquisition that do not result from a business combination and that do not have any effect on profit or loss or on taxable income. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Current tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.Cash comprises cash in hand and bank deposits.84090008409000Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Revenue from hotel rent and other services sold to the customer as part of the standard business is recognised in the income statement at the time of departure. Revenue is recognised net of VAT, duties and sales discounts. Other external expenses include expenses relating to the Entity’s ordinary activities.Other financial income comprises interest income on receivables from group enterprises. Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Referring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared.10001100016000-160005000039009064Skinetworks Hotels ApSKøbenhavn2019-11-07Lars SchmidtIn our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.06.2019 and of the results of its operations for the financial year 01.07.2018 - 30.06.2019.2019-11-07CopenhagenGross profit or loss comprises revenue, other operating income and other external expenses. The Entity participates in a Danish joint taxation arrangement where Piste Holding ApS serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for income taxes etc and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. 33963556Deloitte Statsautoriseret RevisionspartnerselskabWeidekampsgade Postboks 16000900 København C8530000858700084460008464000550005500084040008404000-13000500084000123000-1800057000-500016000-1800057000-1800057000-1800050005500055000-13000500084040008404000Management is responsible for the preparation of 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 Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.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. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism 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 Entity’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 Entity’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 Entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. 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. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.We have audited the financial statements of Skinetworks Hotels ApS for the financial year 01.07.2018 - 30.06.2019, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.06.2019 and of the results of its operations for the financial year 01.07.2018 - 30.06.2019 in accordance with the Danish Financial Statements Act.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. France Invest ApSScan Ski France SARLHotel Le Mont Prorel SARLSARL Northlander Club HotelsSARL Danski Hotels FranceSR Holding Ski Travels GmbHDenmarkFranceFranceFranceFranceAustriaApSSARLSARLSARLSARLGmbH100100100100100100Årsrapport84090008409000Regnskabsklasse BTo the shareholders of Skinetworks Hotels ApSCopenhagen2019-11-07Nørre Voldgade90, 1.1358København KWeidekampsgadePostboks 160060900København COn initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Revisionspåtegning-1800057000The accounting policies applied to these financial statements are consistent with those applied last year.Investments in group enterprises are measured at cost. Investments are written down to the lower of recoverable amount and carrying amount.State Authorised Public AccountantState Authorised Public AccountantTim Kjær-HansenJacob Tækker Nørgaard36 10 20 302018-07-012019-06-302018-06-302018-05-01mne23295mne40049-11000300014000-110003000140003396355633963556Deloitte Statsautoriseret RevisionspartnerselskabDeloitte Statsautoriseret Revisionspartnerselskab