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35868771 2017-01-01 35868771 2016-01-01 35868771 2017-01-01 ifrs-full:SeparateMember 35868771 2016-01-01 ifrs-full:SeparateMember iso4217:DKK 2017-01-01 2017-12-31 Thor Denmark Holding ApS Bredevej 2 2830 Virum 35868771 David Schøndorff 2018-04-20 Virum 4570227620 www.tia.dk info@tia.dk <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate Social Responsibility</td></tr><tr><td colspan="1">Corporate Social Responsibility is important for TIA and its stakeholders. The Group has formulated a Code of Conduct and certain policies approved by the Board of Directors, to secure that employees are committed to being socially responsible while carrying out their work. Although TIA’s activities have limited impact on the environment, the company focuses on improving where possible. For example, by having optimal facilities to support a virtual working environment, TIA is reducing the number of flights between offices in Denmark and Lithuania. TIA also encourages employees to exercise, offering training facilities and running events.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board and Board of Directors have today considered and adopted the Annual Report of Thor Denmark Holding ApS for the financial year 1 January – 31 December 2017.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Financial Statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU, and further requirements in the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Financial Statements and the consolidated Financial Statements give a true and fair view of the financial position at 31 December 2017 of the Company and the Group of the results of the Company and Group operations and cash flows for the financial year 1 January – 31 December 2017.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, Management’s Review includes a true and fair account of the development in the operations and financial circumstances of the Company, of the results for the year and of the financial position of the Company.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the Annual Report be adopted at the Annual General Meeting.</td></tr></table> Virum 2018-04-11 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent Auditor’s Report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the Shareholders of Thor Denmark Holding ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the Consolidated Financial Statements and the Parent Company Financial Statements give a true and fair view of the Group’s and the Parent Company’s financial position at 31 December 2017 and of the results of the Group’s and the Parent Company’s operations and cash flows for the financial year 1 January to 31 December 2017 in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in the Danish Financial Statements Act.</td></tr><tr><td colspan="1">We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Thor Denmark Holding Group for the financial year 1 January - 31 December 2017, which comprise statement of comprehensive income, balance sheet, cash flow statement, statement of changes in equity and notes, including a summary of significant accounting policies for both the Group and the Parent Company ("financial statements”).</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for Opinion</td></tr><tr><td colspan="1">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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on Management’s Review</td></tr><tr><td colspan="1">Management is responsible for Management’s Review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, in our view, Management’s Review is in accordance with the Consolidated Financial Statements and the Parent Company Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement in Management’s Review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Responsibilities for the Financial Statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of Consolidated Financial Statements and Parent Company Financial Statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and further requirements in 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.</td></tr><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Group’s and the Parent 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 Group or the Parent Company or to cease operations, or has no realistic alternative but to do so.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s Responsibilities for the Audit of the Financial Statements</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also</td></tr><tr><td colspan="1">· 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.</td></tr><tr><td colspan="1">· 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 Group’s and the Parent Company’s internal control.</td></tr><tr><td colspan="1">· Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">· 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 Group’s and the Parent 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 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 Group and the Parent Company to cease to continue as a going concern.</td></tr><tr><td colspan="1">· Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">· Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the Consolidated Financial Statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion</td></tr><tr><td colspan="1">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.</td></tr></table> Hellerup 2018-04-11

142572000

3611000

138961000

15748000

87165000

36048000

37311000

-15245000

-16508000

2071000

9550000

-23987000

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14000

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603000

7646000

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43834000

488000

500000

55000

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14465000

18766000

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Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2016-01-01 2016-12-31 Revisionspåtegning Strandvejen 44 2900 Hellerup PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Mikkel Sthyr State Authorised Public Accountant mne26693 Christian Kromann Vagn Ove Sørensen Chairman Simon Philip Guy Lee Jonas Martin Göran Persson Jakob Holmen Kraglund Filip Göran Bredinger Rikke Kjær Nielsen Sabine Vander Linden Henrik Aslund Pedersen State Authorised Public Accountant mne17120 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab

98328000

10332000

87996000

8847000

58370000

20779000

34712000

-13846000

-27779000

1739000

9049000

-35089000

-6458000

-28631000

-11000

-28642000

35564000

-10543000

267000

6987000

-5708000

-4622000

25190000

510000

264000

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5989000

24072000

-6514000

62000

-62000

-14145000

-14207000

645000

7382000

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5216000

5056000

645000

7382000

-15888000

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5947000

-5000

44775000

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47000

-47000

-5146000

-5193000

1151000

7786000

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364000

1150000

6778000

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-25000000

6921000

36279000

822000

540707000

50182000

373000

10169000

601431000

900000

230000

1130000

1088000

603649000

44627000

2286000

792000

770000

48475000

652124000

10534000

-2000

319570000

330102000

153869000

1806000

4277000

159952000

15900000

12904000

2037000

57330000

73899000

162070000

322022000

652124000

770000

507707000

46779000

382000

17165000

572033000

979000

61000

1040000

1033000

574106000

14553000

3313000

5500000

647000

3092000

27105000

601211000

9269000

-16000

310290000

319543000

154245000

1720000

4758000

160723000

28981000

4969000

68000

25237000

61690000

120945000

281668000

601211000

3092000

579787000

5940000

585727000

6000

585733000

10534000

371804000

382338000

147687000

648000

148335000

6182000

6568000

37060000

5250000

55060000

203395000

585733000

6000

550056000

4419000

554475000

850000

555325000

9269000

359256000

368525000

154245000

618000

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5571000

1218000

19574000

5574000

31937000

186800000

555325000

850000

Profit/loss for the period

-22686000

Profit/loss for the period

-28631000

Profit/loss for the period

-19423000

Profit/loss for the period

-10358000

Cash flows from operating activities before financial income and expenses

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Cash flows from operating activities before financial income and expenses

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Cash flows from operating activities before financial income and expenses

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Cash flows from operating activities before financial income and expenses

-4829000

Cash flows from ordinary activities

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Cash flows from ordinary activities

-10330000

Cash flows from ordinary activities

-15888000

Cash flows from ordinary activities

-10457000

Capital increase in subsidiaries

-29731000

Capital increase in subsidiaries

-25000000

Capital increase

33231000

Capital increase

30061000

Capital increase

33231000

Capital increase

30061000

Repayment of payables to group enterprises

17486000

Repayment of payables to group enterprises

13139000

3092000

9606000

850000

28000