Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabKolding Åpark 1, 3. sal6000 Kolding2016-04-012017-03-312015-04-012016-03-312017-06-1210438411Voestalpine Danmark ApSc/o DEinternational Denmark Aps, Kongens Nytorv 26, 3. floor1050København K1975-12-15Copenhagen, DenmarkErnst & Young Godkendt Revisionspartnerselskab30700228Kolding Åpark 1, 3. sal6000Kolding2017-06-15Mario AngeliRegnskabsklasse BRevisionspåtegningtrue2017-06-122017-06-12Copenhagen, Mario AngeliManaging DirectorKolding, Michael Vakker MaassState Authorised Public Accountant3028025300670776054780317222674782203535209370420815868073313916570111881023321271633691186833964835118123721835651237218356529151372242915137224291513722466712121392283301168149504223820643956664645853460888466456375992188820000020000016159916159912372183565485320445164141815291418152938626314653839544373077021475195770214751955637599218882000001615998356501237210835652000001615991237211856084186355021568418981113080231468856507920937042081586333975931465-11115290212439648351184036340363313980731121229151Today, the Executive Board has discussed and approved the annual report of Voestalpine Danmark ApS for the financial year 1 April 2016 - 31 March 2017.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 financial position of the Company at 31 March 2017 and of the results of the Company's operations for the financial year 1 April 2016 - 31 March 2017.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 2016 - 31 March 2017, which comprise an income statement, balance sheet, statement of changes in equity and notes, including 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 financial position of the Company at 31 March 2017 and of the results of the Company's operations for the financial year 1 April 2016 - 31 March 2017 in accordance with the Danish Financial Statements Act.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 Company 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 rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. 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 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 Company 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 the 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 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 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 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 conclusion is based on the audit evidence obtained up to the date of our 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 contents of the financial statements, including the note disclosures, 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.Management is responsible for the Management's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on our procedures, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.The Company's principal activity has been acting as a sales Company in the Voestalpine Group.In 2016/17, the Company's revenue came in at DKK 3,028,025 against DKK 3,006,707 last year. The income statement for 2016/17 shows a profit of DKK 123,721 against DKK 83,565 last year, and the balance sheet at 31 March 2017 shows equity of DKK 485,320. Management considers the Company's financial performance in the year satisfactory. The company has transferred its activities to another group company located in Sweden. The company is planned to be finally winded up during 2017. The valuation and the presentation of the financial statements is performed according to this.No events materially affecting the Company's financial position have occurred subsequent to the financial year-end.The annual report of Voestalpine Danmark ApS for 2016/17 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities.Revenue is measured at the fair value of the agreed consideration excluding 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 Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.The item comprises depreciation of 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 of the assets are as follows: Other fixtures and fittings, tools and equipment 3-5 years Financial expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest 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 is jointly taxed with other subsidiaries. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the 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 payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base 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.Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Voestalpine Eurostahl GmbH voestalpine-Straße 3 4020 Linz, Austria Contact the company Related party transactions All transactions with related parties has been conducted in accordance at arms length. 104384112016-04-012017-03-31104384112015-04-012016-03-31104384112016-03-31104384112017-03-31104384112016-04-012017-03-311104384112016-04-012017-03-311104384112016-04-012017-03-31e:ProposedDividendRecognisedInEquityMember104384112015-04-012016-03-31e:ProposedDividendRecognisedInEquityMember104384112016-04-01e:FixturesFittingsToolsAndEquipmentMember104384112016-04-012017-03-31e:FixturesFittingsToolsAndEquipmentMember104384112017-03-31e:FixturesFittingsToolsAndEquipmentMember104384112016-04-01e:ContributedCapitalMember104384112017-03-31e:ContributedCapitalMember104384112016-04-01e:RetainedEarningsMember104384112016-04-012017-03-31e:RetainedEarningsMember104384112017-03-31e:RetainedEarningsMember104384112016-04-01e:ProposedDividendRecognisedInEquityMember104384112016-04-012017-03-31e:ProposedDividendRecognisedInEquityMember104384112017-03-31e:ProposedDividendRecognisedInEquityMemberiso4217:DKK