Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabOsvald Helmuths Vej 4Postboks 250, 2000 Frederiksberg2015-01-012015-12-312016-05-3129513449WTCC P/Sc/o Solstra Capital Partners, Lautrupsgade 7, 3. tv.2100København Ø2006-04-18Copenhagen39139900Osvald Helmuths Vej 42000Frederiksberg2016-05-31Mette KapschRegnskabsklasse BRevisionspåtegning2016-05-312016-05-31Copenhagen, David OverbyOscar Claudius CrohnChairmanPalle SortDavid OverbyMette KapschCopenhagen, Anders Stig LauritsenKaare Kristensen LendorfState Authorised Public AccountantState Authorised Public Accountant1111228042981399018540300-1133293-17166552661764-921737-175732000-921737-1757320-921737-17573200508005080898568083960198985680840109989856808401099120000000120000000-113710496-1127887596289504721124121585751063623537601126235269617611898582696176118985889856808401099120000000-112788759-921737120000000-113710496Copenhagen Towers II P/S10000Komplementarselskabet WTCC II A/S100-91610-16425120000000120000000The Board of Directors and the Executive Board have today discussed and approved the annual report of WTCC P/S for the financial year 1 January - 31 December 2015.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2015 and of the results of the Company's operations for the financial year 1 January - 31 December 2015.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.We recommend that the annual report be approved at the annual general meeting.To the shareholders of WTCC P/SWe have audited the financial statements of WTCC P/S for the financial year 1 January - 31 December 2015, 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 December 2015 and of the results of its operations for the financial year 1 January - 31 December 2015 in accordance with the Danish Financial Statements Act.Without modifying our opinion, we draw attention to the material uncertainties regarding the Company's going concern. We draw attention to note 2 in which Management states that the Company's ability to remain a going concern is affected by the Group's ability to remain a going concern. Management states that it is a condition for the Group's ability to remain a going concern that the Group obtains positive results of its ongoing negotiations regarding additional financing and a positive development in the leasing activity. It is Management's assessement that these assumptions will be achieved, and consequently, the financial statements have been prepared on a going concern assumption. 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 purpose is to acquire holdings in the subsidiaries Copenhagen Towers II P/S and Komplementarselskabet WTCC II A/S. The Company has been involved in the construction of stages 1 and 2 of the Copenhagen Towers project.Going concern The Company's ability to remain a going concern is affected by the Group's ability to remain a going concern. In 2012, the real estate companies entered into financing agreements with the bank. The financing agreements comprise financing for the completion of the office building constituting stage 2 owned by Copenhagen Towers II P/S and financing for stage 1 owned by Copenhagen Towers ApS. At 15 February 2016, the Group entered into an addendum to the existing finance agreements, where amortisation was deferred to 30 November 2017, where the loan in its entirety falls due. Management has prepared a sensitivity analysis on cash flow budgets showing that it is a precondition for the Group's ability to remain a going concern until the presentation of the financial statements for 2016 that the Group obtains positive results of its ongoing negotiations regarding additional financing and a positive development in the leasing activity. Management experiences increased demand from potential tenants for the vacant buildings and the constructing of stage 2 has been positively welcomed by the market. Management expects to reach a new financing agreement during the coming months and to rent out a significant part of the vacant buildings in the coming period. There is material uncertainty related to the going concern assumption which casts significant doubt on the Company's ability to continue as a going concern, and therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The Group's equity is expected to be re-established over the coming years due to rent income from properties, realisation of properties/subsidiaries and cancellation of debt.The income statement for 2015 shows a loss of DKK 921,737 against a loss of DKK 1,757,320 last year, and the balance sheet at 31 December 2015 shows equity of DKK 6,289,504. The completion of stage 2 of Copenhagen Towers is progressing satisfactorily; offices are fitted out for tenants as lease contracts are entered into.In the coming year, Management expects that earnings from the leasing activities will increase in connection with finalisation of the construction in the area and positive results of the negotiations regarding refinancing, which is a condition for the Company's continued operations after 2017.The annual report of WTCC P/S 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.In accordance with section 112(1) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. We refer to the consolidated financial statements of the parent company in Denmark, CT Solstra ApS.Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be reliably measured. Liabilities are recognised in the balance sheet when an outflow of economic benefits is probable and when the liability can be reliably measured. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item. Certain financial assets and liabilities are measured at amortised cost implying the recognition of a constant effective interest rate to maturity. Amortised cost is calculated as initial cost minus any principal repayments and plus or minus the cumulative amortisation of any difference between cost and nominal amount. In recognising and measuring assets and liabilities, any gains, losses and risks occurring prior to the presentation of the annual report that evidence conditions existing at the balance sheet date are taken into account. Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the year's earnings are recognised including depreciation, amortisation, impairment losses and provisions as well as reversals as a result of changes in accounting estimates of amounts which were previously recognised in the income statement. Reporting currency The financial statements are presented in Danish kroner.Other operating income and operating expenses comprise items of a secondary nature relative to the entity's core activities, including gains or losses on the sale of non-current assets.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.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.The Company is not an independent taxable entity. The Company's owners are responsible for both current tax and deferred tax, and therefore, these are included in the owners' computation of taxable income.Investments in subsidiaries and associates are measured at cost. Dividends received that exceed the accumulated earnings in the subsidiary or the associate during the period of ownership are treated as a reduction in the cost of acquisition.Intangible assets, property, plant and equipment and investments in subsidiaries and associates are subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted in respect of individual assets or groups of assets generating separate cash flows when there is indications of impairment. The assets are written down to the higher of the value in use and net realisable value (recoverable amount) of the asset or group of assets if this is lower than the carrying amount. As for group of assets, impairment losses are first recognised in respect of goodwill and thereafter proportionately in respect of the other assets.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective indication that a receivable or a group of receivables is impaired. If there is objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Receivables with no objective indication of individual impairment are tested for objective indication of impairment on a portfolio basis. The portfolios are primarily composed on the basis of debtors' domicile and credit ratings in accordance with the Company's risk management policy. The objective indicators used for portfolios are determined based on historical loss experience. Write-downs are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.Other payables Other payables are measured at net realisable value.The Company's ability to remain a going concern is affected by the Group's ability to remain a going concern. In 2012, the real estate companies entered into financing agreements with the bank. The financing agreements comprise financing for the completion of the office building constituting stage 2 owned by Copenhagen Towers II P/S and financing for stage 1 owned by Copenhagen Towers ApS. At 15 February 2016, the Group entered into an addendum to the existing finance agreements, where amortisation was deferred to 30 November 2017, where the loan in its entirety falls due. Management has prepared a sensitivity analysis on cash flow budgets showing that it is a precondition for the Group's ability to remain a going concern until the presentation of the financial statements for 2016 that the Group obtains positive results of its ongoing negotiations regarding additional financing and a positive development in the leasing activity. Management experiences increased demand from potential tenants for the vacant buildings and the constructing of stage 2 has been positively welcomed by the market. Management expects to reach a new financing agreement during the coming months and to rent out a significant part of the vacant buildings in the coming period. There is material uncertainty related to the going concern assumption which casts significant doubt on the Company's ability to continue as a going concern, and therefore, the Company may be unable to realise its assets and discharge its liabilities in the normal course of business. The Group's equity is expected to be re-established over the coming years due to rent income from properties, realisation of properties/subsidiaries and cancellation of debt. The Company's share capital has remained DKK 120,000,000 over the past 5 years. The Company's interest in Copenhagen Towers II P/S, the carrying amount of which is DKK 0, has been provided as security for the bank loan to Copenhagen Towers II P/S. Other contingent liabilities As the Company is jointly registered for VAT purposes with its subsidiary Copenhagen Towers II P/S, it is jointly and severally liable with the subsidiary for settling the companies' total VAT liability. At 31 December 2015, the Company had one pending litigation. This pending litigation consists of a 5 year construction review regarding mismatch and defects of the Copenhagen Towers building. Based on legal advice from an independent attorney, Management believes that the outcome of the case cannot be determined at present. However, based on prudence, Management has made no provision for the pending legal cases and does not believe any provision is necessary at 31 December 2015.295134492015-01-012015-12-31295134492014-01-012014-12-31295134492014-12-31295134492015-12-31295134492015-01-012015-12-311295134492015-01-012015-12-312295134492015-01-012015-12-313295134492015-01-012015-12-314295134492015-12-311295134492015-01-012015-12-311295134492015-01-012015-12-312295134492015-01-012015-12-311295134492015-01-012015-12-31d:RetainedEarningsMember295134492014-01-012014-12-31d:RetainedEarningsMember295134492015-01-01d:ContributedCapitalMember295134492015-12-31d:ContributedCapitalMember295134492015-01-01d:RetainedEarningsMember295134492015-01-012015-12-31d:RetainedEarningsMember295134492015-12-31d:RetainedEarningsMember295134492015-01-012015-12-31d:SubsidiaryMember1295134492015-01-012015-12-31d:SubsidiaryMember2295134492015-12-31d:SubsidiaryMember1295134492015-12-31d:SubsidiaryMember2295134492014-12-311iso4217:DKKxbrli:pure