xbrli:pureiso4217:DKK586981132019-01-012019-12-31586981132019-01-012019-12-311586981132019-01-012019-12-311586981132019-01-012019-12-311586981132019-01-012019-12-312586981132019-01-012019-12-313586981132019-01-012019-12-31586981132018-01-012018-12-31586981132019-01-012019-12-31fsa:ProposedDividendRecognisedInEquityMember586981132018-01-012018-12-31fsa:ProposedDividendRecognisedInEquityMember586981132019-01-012019-12-31fsa:RetainedEarningsMember586981132018-01-012018-12-31fsa:RetainedEarningsMember586981132019-01-012019-12-31fsa:RetainedEarningsMember586981132019-01-012019-12-31fsa:ProposedDividendRecognisedInEquityMember586981132019-12-31586981132018-12-31586981132019-01-01fsa:ContributedCapitalMember586981132019-01-01fsa:RetainedEarningsMember586981132019-01-01fsa:ProposedDividendRecognisedInEquityMember586981132019-01-01586981132019-12-31fsa:ContributedCapitalMember586981132019-12-31fsa:RetainedEarningsMember586981132019-12-31fsa:ProposedDividendRecognisedInEquityMember586981132019-01-012019-12-31fsa:OtherShorttermPayablesMembertrue339635562018-01-012018-12-31Aarhus C80002City Tower, VærkmestergadeDeloitte Statsautoriseret RevisionspartnerselskabVejenFøvling6683Regnskabsklasse BErklæring om udvidet gennemgang2019-12-312019-01-01<br /><br />29VesterbyvejTobøl Dæk A/S58698113339635560900 København CWeidekampsgade 6, Postboks 1600Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapportThe Board of Directors and the Executive Board have today considered and approved the annual report of Tobøl Dæk A/S for the financial year 01.01.2019 - 31.12.2019.The annual report is presented 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 31.12.2019 and of the results of its operations for the financial year 01.01.2019 - 31.12.2019.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Tobøl2020-07-10Martin DahlChristoph Peter FrostUte Ingeborg SeibertFritz Thomas Christian MühlhäuserTo the shareholders of Tobøl Dæk A/SWe have performed an extended review of the financial statements of Tobøl Dæk A/S for the ​financial year 01.01.2019 - 31.12.2019, 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. ​Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s ​financial position at. 31.12.2019 and of the results of its operations for the financial year 01.01.2019 - 31.12.2019 in accordance with the Danish Financial Statements Act.We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the ”Auditor’s responsibilities for the extended review of the financial statements” section. We are independent of the Entity in accordance with the International Ethics Standards Board for 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 evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion.Management 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, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.Our responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance about our conclusion on the financial statements and that we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion. An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical and the specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements.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 extended review 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 extended review 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.<br />Based on the work we have performed, we conclude that the management commentary is in accordance with 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.Aarhus2020-07-10Søren Lassenmne18520State Authorised Public AccountantPrimary activitiesThe Company´s activities comprise trade and production of retreaded Truck and Bus tyres.Development in activities and financesBoth sales and profit declined compared to 2018, mainly due to high price pressure in the market. Profit for the year is considered unsatisfactory. An improved profit is expected for 2020.OutlookThe outbreak and spread of COVID-19 at the beginning of 2020 has not yet had a significant impact on the Company's sales. However, due to COVID-19, the Company expects a lower level of activity for the remainder of the year and a lower, but still positive, profit. Events after the balance sheet dateReference is made to the description of the company's expectations about COVID-19 above. Apart from this, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.50459815970565482506452057751849873904843593037430621540162314390372683218083085122102895980130000012210-101040212210011236311205654541581144998536312798712631521448140126315214481401719970145520617199701455206875210893316488685745000380004207101067908492485730202601542580813863816057071290782974510000001000000334079933285890130000043407995628589100000033285891300000562858910000003340799078665078665005856436418420289317018620918012608557660018136142651826220115627304912201156707129078297450-1300000-13000001 Staff costs2019 DKK2018 DKKWages and salaries4,367,4874,795,665Pension costs359,060342,190Other social security costs97,64965,937Other staff costs8681,9834,825,0645,205,775Average number of full-time employees121312132 Depreciation, amortisation and impairment losses2019 DKK2018 DKKDepreciation of property, plant and equipment184,987390,484184,987390,4843 Tax on profit/loss for the year2019 DKK2018 DKKCurrent tax9,180126,085Change in deferred tax(7,000)(43,000)2,18083,0854 Deferred tax2019 DKK2018 DKKProperty, plant and equipment45,00038,000Deferred tax45,00038,0005 Share capitalNumberPar value DKKNominal value DKKOrdinary shares1,000,00011,000,0001,000,0001,000,0006 Non-current liabilities other than provisionsDue after more than 12 months 2019 DKKOther payables78,66578,665Other payables consists of long-term holiday pay obligation that are expected to be settled in 2021.7 Other payables2019 DKK2018 DKKVAT and duties235,8411,057,466Wages and salaries, personal income taxes, social security costs, etc payable113,862198,951Holiday pay obligation226,897557,197576,6001,813,6148 Unrecognised rental and lease commitments2019 DKK2018 DKKLiabilities under rental or lease agreements until maturity in total209,917347,0389 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Bridgestone Corporation serves as the administration company. According to the joint taxation provi-sions of the Danish Corporation Tax Act, the Entity is therefore liable form the financial year 2013 for income taxes etc. for the jointly taxed compaines and frem 1 July 2012 also for obligations, if any, relating to the withholding of tax on inter-est, royalties and divdend for the jointly taxed companies. 10 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group: Bridgestone Europe NV/SA, Belgien This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year.falseRecognition and measurementAssets 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.Foreign currency translationOn 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.Gross profit or lossGross profit or loss comprises revenue, cost of raw materials and consumables and external expenses.RevenueRevenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Cost of salesCost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets.Staff costsStaff costs comprise salaries and wages, and social security contributions, pension contributions, etc for entity staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and comprise depreciation, amortisation and impairment losses for the financial year, calculated on the basis of the re-sidual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of property, plant and equipment.Other financial expensesOther financial expenses comprise interest expenses. Tax on profit/loss for the yearTax 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 the Danish parent. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with refund concering tax losses). Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets:Buildings20-50 yearsPlant and machinery5-10 yearsOther fixtures and fittings, tools and equipment3-8 yearsEstimated useful lives and residual values are reassessed annually. Items of property, plant and equipment are written down to the lower of recoverable amount and carrying amount.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Deferred taxDeferred 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.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.CashCash comprises cash in hand and bank deposits.DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss.Operating leasesLease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Joint taxation contributions payable or receivableCurrent joint taxation contributions receivable or joint taxation contributions payable are recognised in the balance sheet, calculated as tax computed on the taxable income of the year, which has been adjusted for prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are expected to be used under the joint taxation arrangement.2020-08-28Ulrik Uhrenholt