Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabKolding Åpark 1, 3. sal6000 Kolding2015-04-012016-03-312016-08-1710438411voestalpine Danmark ApSFrederiksborggade 3, 2 floor1360København K1975-12-15Copenhagen, DenmarkKolding Åpark 1, 3. sal6000Kolding2016-08-17Mario AngeliRegnskabsklasse BRevisionspåtegning2016-08-172016-08-17Copenhagen, Mario AngeliKolding, Michael Vakker MaassState Authorised Public Accountant30067073102210803172859460208158620836393139004612718211868315897535118478678356511110883565111108372240372240372240121392158532116814106456011608023820638106864645851682088466489788892188889788820000020000016159916159983565111108445164472707152901529031465461744437303790074751954251814751954251819218888978882000001615991111080835650111108200000161599835651863550184784618981118745723146304815079178552081586208363931465461741529021241693351184786740078240363441145400782313940392137224The Executive Board has today discussed and approved the annual report of voestalpine Danmark ApS for the financial year 1 April 2015 - 31 March 2016.The annual report is prepared in accordance with the Danish Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Company's financial position at 31 March 2016 and of the results of the Company's operations for the financial year 1 April 2015 - 31 March 2016.Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review.I recommend that the annual report be approved at the annual general meeting.To the shareholders of voestalpine Danmark ApSWe have audited the financial statements of voestalpine Danmark ApS for the financial year 1 April 2015 - 31 March 2016, which comprise an 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.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 that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulations. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of financial statements that give a true and fair view 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. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Our audit has not resulted in any qualification.In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 March 2016 and of the results of its operations for the financial year 1 April 2015 - 31 March 2016 in accordance with the Danish Financial Statements Act.Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any other procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the financial statements.The Company's principal activity has been acting as a sales Company in the Voestalpine Group.In 2015/16, the company's revenue came in at DKK 3,006,707 against DKK 3,102,210 last year. The income statement for 2015/16 shows a profit of DKK 83,565 against a profit of DKK 111,108 last year, and the balance sheet at 31 March 2016 shows equity of DKK 445,164. Management considers the Company's financial performance in the year satisfactory.No significant events have occurred subsequent to the financial year.The annual report of voestalpine Danmark ApS for 2015/16 has been prepared in accordance with the provisions applying to reporting class B enterprises under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Revenue is measured at fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue.Other external expenses include the year's expenses relating to the entity's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives are as follows:Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The entity and its Danish group entities are taxed on a joint basis. The Danish income tax charge is allocated between profit-making and loss-making Danish entities in proportion to their taxable income (full allocation method). Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the management company according to the current rates applicable to interest allowances, and jointly taxed companies having paid too little tax pay, as a maximum, a surcharge according to the current rates applicable to interest surcharges to the management company.Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use.Prepayments recognised under ‘Assets' comprise prepaid expenses regarding subsequent financial reporting years.Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.The Company has rent obligations with a total rent during the termination period of DKK 164 thousand.104384112015-04-012016-03-31104384112014-04-012015-03-31104384112015-03-31104384112016-03-31104384112015-04-012016-03-311104384112015-04-012016-03-311104384112015-04-012016-03-31d:ProposedDividendRecognisedInEquityMember104384112014-04-012015-03-31d:ProposedDividendRecognisedInEquityMember104384112015-04-01d:FixturesFittingsToolsAndEquipmentMember104384112015-04-012016-03-31d:FixturesFittingsToolsAndEquipmentMember104384112016-03-31d:FixturesFittingsToolsAndEquipmentMember104384112015-04-01d:ContributedCapitalMember104384112016-03-31d:ContributedCapitalMember104384112015-04-01d:RetainedEarningsMember104384112015-04-012016-03-31d:RetainedEarningsMember104384112016-03-31d:RetainedEarningsMember104384112015-04-01d:ProposedDividendRecognisedInEquityMember104384112015-04-012016-03-31d:ProposedDividendRecognisedInEquityMember104384112016-03-31d:ProposedDividendRecognisedInEquityMemberiso4217:DKK