24258939 2015-10-01 2016-09-30 24258939 2015-10-01 2016-09-30 0 24258939 2015-10-01 2016-09-30 0 24258939 2015-10-01 2016-09-30 0 24258939 2015-10-01 2016-09-30 1 24258939 2014-10-01 2015-09-30 24258939 2015-10-01 2016-09-30 fsa:RetainedEarningsMember 24258939 2014-10-01 2015-09-30 fsa:RetainedEarningsMember 24258939 2015-09-30 24258939 2016-09-30 iso4217:DKK Regnskabsklasse B <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 /><td /><td>Statement by Management on the annual 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 /><td /><td>The Board of Directors and the Executive Board have today considered and approved the annual report of Covidien VII (Denmark) ApS for the financial year 1 October 2015 – 30 September 2016.</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 /><td /><td>The annual report is presented in accordance with 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 /><td /><td>In our opinion, the financial statements give a true and fair view of the Company’s financial position at 30 September 2016 and of its financial performance for the financial year 1 October 2015 – 30 September 2016.</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 /><td /><td>We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.</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 /><td /><td>We recommend the annual report for adoption at the Annual General Meeting.</td></tr></table> Copenhagen 2017-02-28 <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 /><td>Independent auditor´s reports</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 /><td>To the Shareholders of Covidien VII (DENMARK) 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 /><td>Report on the Financial Statements</td></tr><tr><td /><td>We have audited the Financial Statements of Covidien VII (DENMARK) ApS for the financial year 1 October 2015 – 30 September 2016, which comprise income statement, balance sheet, statement of changes in equity, notes and summary of significant accounting policies. The Financial Statements are prepared in accordance with 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 /><td>Management’s Responsibility for the Financial Statements</td></tr><tr><td /><td>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.</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 /><td>Auditor’s Responsibility</td></tr><tr><td /><td>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 regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement.</td></tr><tr><td /><td>An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditor’s judgment, 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 auditor considers 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.</td></tr><tr><td /><td>We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.</td></tr><tr><td /><td>The audit has not resulted in any qualification.</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 /><td>Opinion</td></tr><tr><td /><td>In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 30 September 2016 and of the results of the Company operations for the financial year 1 October 2015 – 30 September 2016 in accordance with 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 /><td>Statement on Management’s Review</td></tr><tr><td /><td>We have read Management’s Review in accordance with the Danish Financial Statements Act. We have not performed any procedures additional to the audit of the Financial Statements. On this basis, in our opinion, the information provided in Management’s Review is consistent with the Financial Statements.</td></tr></table> Copenhagen 2017-02-28 Covidien VII (Denmark) Aps Arne Jacobsens Alle 17 DK 2300 København S Denmark 24258939 2015-10-01 2016-09-30 København Jacob Christensen 2017-02-28 Citibank Canary Wharf E14 5LB London <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 /><td>Annual report</td></tr><tr><td /><td /><td>The object of the company is to act as a holding company.</td></tr><tr><td /><td /><td>The result of the year DKK</td><td /><td>1.173.879</td><td>.Disposal of the result is proposed in the income statement.</td></tr><tr><td /><td /><td>The result is considered satisfactory.</td></tr><tr><td /><td /><td>The management expects to close the company in 2017</td></tr><tr><td /><td /><td>No events that would materially affect the financial statements have incurred after year-end.</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 /><td /><td>The annual report is presented in accordance with the provisions of the Danish Financial</td></tr><tr><td /><td /><td>Statements Act governing reporting class B enterprises.</td></tr></table> true <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 /><td /><td>Income taxes</td></tr><tr><td /><td /><td>Tax for the year consists of current tax for the year and changes in deferred tax.</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 /><td /><td>The current tax payable or receivable is recognised in the balance sheet, stated as tax calculated</td></tr><tr><td /><td /><td>on this year’s taxable income, adjusted for prepaid tax.</td></tr></table><br><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 /><td /><td>The company is jointly taxed with other Danish enities in the Medtronic Group. The current tax is</td></tr><tr><td /><td /><td>allocated among the jointly taxed companies proportionally to their taxable income (full allocation</td></tr><tr><td /><td /><td>with a refund regarding tax losses</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 /><td /><td>Deferred tax is recognised on all temporary differences between the carrying amount and</td></tr><tr><td /><td /><td>tax-based value of assets and liabilities.</td></tr></table><br><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 /><td /><td>Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the</td></tr><tr><td /><td /><td>balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities</td></tr><tr><td /><td /><td>or as net tax assets.</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 /><td /><td>Foreign currency translation</td></tr><tr><td /><td /><td>On initial recognition, foreign currency transactions are translated applying the exchange rate at</td></tr><tr><td /><td /><td>the transaction date. Receivables, payables and other monetary items denominated in foreign</td></tr><tr><td /><td /><td>currencies that have not been settled at the balance sheet date are translated using the exchange</td></tr><tr><td /><td /><td>rate at the balance sheet date. Exchange rate differences that arise between the rate at the</td></tr><tr><td /><td /><td>transaction date and the one in effect at the payment date, or the balance sheet date, are</td></tr><tr><td /><td /><td>recognised in the income statement as financial income or financial expenses.</td></tr></table> 802217 -802217 45704 1688420 840499 -333380 1173879 <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"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The board of Directors has not received any fee for the year.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >During the year there have been no employees.</td></tr><tr><td colspan="1"></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 width="100%" colspan="9" align="left" valign="middle" >Group Companies</td></tr><tr><td colspan="9"></td></tr><tr><td width="25%" ></td><td width="3%" ></td><td width="4%" ></td><td width="2%" ></td><td width="12%" ></td><td width="12%" ></td><td width="21%" colspan="1" align="right" valign="middle" >1 okt. 2015 to30 sep. 2016</td><td width="1%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" >1 okt. 2014 to30 sep. 2015</td></tr><tr><td width="25%" ></td><td width="3%" ></td><td width="4%" ></td><td width="2%" ></td><td width="12%" ></td><td width="12%" ></td><td width="21%" colspan="1" align="right" valign="middle" >DKK</td><td width="1%" colspan="1" align="right" valign="middle" ></td><td width="20%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td width="58%" colspan="6" align="left" valign="middle" >Group companies</td><td width="21%" align="right" valign="middle" > 1.688.420 </td><td width="1%" ></td><td width="20%" align="right" valign="middle" > 13.830 </td></tr><tr><td colspan="9"></td></tr><tr><td width="25%" ></td><td width="3%" ></td><td width="4%" ></td><td width="2%" ></td><td width="12%" ></td><td width="12%" ></td><td width="21%" align="right" valign="middle" > 1.688.420 </td><td width="1%" ></td><td width="20%" align="right" valign="middle" > 13.830 </td></tr><tr><td colspan="9"></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="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" >Corporate Income tax</td></tr><tr><td width="10%" ></td><td width="6%" ></td><td width="2%" ></td><td width="7%" ></td><td width="6%" ></td><td width="17%" ></td><td width="2%" ></td><td width="23%" colspan="1" align="right" valign="middle" >1 okt. 2015 to30 sep. 2016</td><td width="2%" colspan="1" align="right" valign="middle" ></td><td width="25%" colspan="1" align="right" valign="middle" >1 okt. 2014 to30 sep. 2015</td></tr><tr><td width="10%" ></td><td width="6%" ></td><td width="2%" ></td><td width="7%" ></td><td width="6%" ></td><td width="17%" ></td><td width="2%" ></td><td width="23%" colspan="1" align="right" valign="middle" >DKK</td><td width="2%" colspan="1" align="right" valign="middle" ></td><td width="25%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="10"></td></tr><tr><td width="50%" colspan="7" align="left" valign="middle" >Prior Years tax</td><td width="23%" align="right" valign="middle" > 79.170 </td><td width="2%" ></td><td width="25%" align="right" valign="middle" > - </td></tr><tr><td colspan="10"></td></tr><tr><td width="50%" colspan="7" align="left" valign="middle" >Tax 2015/2016</td><td width="23%" align="right" valign="middle" > (412.550)</td><td width="2%" ></td><td width="25%" align="right" valign="middle" > - </td></tr><tr><td colspan="10"></td></tr><tr><td width="10%" ></td><td width="6%" ></td><td width="2%" ></td><td width="7%" ></td><td width="6%" ></td><td width="17%" ></td><td width="2%" ></td><td width="23%" align="right" valign="middle" > (333.380)</td><td width="2%" ></td><td width="25%" align="right" valign="middle" > - </td></tr><tr><td colspan="10"></td></tr><tr><td width="100%" colspan="10" align="left" valign="middle" >Tax</td></tr><tr><td colspan="10"></td></tr><tr><td width="50%" colspan="7" align="left" valign="middle" >Balance</td><td width="23%" align="right" valign="middle" > 3.263.731 </td><td width="2%" ></td><td width="25%" align="right" valign="middle" > 1.721.305 </td></tr><tr><td colspan="10"></td></tr><tr><td width="10%" colspan="1" align="left" valign="middle" >Provided</td><td width="40%" colspan="6" align="left" valign="middle" >1 okt. 2015 to30 sep. 2016</td><td width="23%" align="right" valign="middle" > (333.380)</td><td width="2%" ></td><td width="25%" align="right" valign="middle" > - </td></tr><tr><td colspan="10"></td></tr><tr><td width="50%" colspan="7" align="left" valign="middle" >Tax receivable from Group companies</td><td width="23%" align="right" valign="middle" > (891.082)</td><td width="2%" ></td><td width="25%" align="right" valign="middle" > 1.542.426 </td></tr><tr><td colspan="10"></td></tr><tr><td width="10%" colspan="1" align="left" valign="middle" >Paid</td><td width="40%" colspan="6" align="left" valign="middle" >1 okt. 2015 to30 sep. 2016</td><td width="23%" align="right" valign="middle" > (1.800.475)</td><td width="2%" ></td><td width="25%" align="right" valign="middle" > - </td></tr><tr><td colspan="10"></td></tr><tr><td width="50%" colspan="7" align="left" valign="middle" >Late payment interest charged</td><td width="23%" align="right" valign="middle" > 38.273 </td><td width="2%" ></td><td width="25%" align="right" valign="middle" > - </td></tr><tr><td colspan="10"></td></tr><tr><td width="50%" colspan="7" align="left" valign="middle" >Balance</td><td width="23%" align="right" valign="middle" > 277.067 </td><td width="2%" ></td><td width="25%" align="right" valign="middle" > 3.263.731 </td></tr><tr><td colspan="10"></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="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Capital</td></tr><tr><td colspan="11"></td></tr><tr><td width="10%" ></td><td width="5%" ></td><td width="1%" ></td><td width="4%" ></td><td width="7%" ></td><td width="11%" ></td><td width="3%" ></td><td width="6%" ></td><td width="22%" colspan="1" align="right" valign="middle" >1 okt. 2015 to30 sep. 2016</td><td width="1%" colspan="1" align="right" valign="middle" ></td><td width="30%" colspan="1" align="right" valign="middle" >1 okt. 2014 to30 sep. 2015</td></tr><tr><td width="10%" ></td><td width="5%" ></td><td width="1%" ></td><td width="4%" ></td><td width="7%" ></td><td width="11%" ></td><td width="3%" ></td><td width="6%" ></td><td width="22%" colspan="1" align="right" valign="middle" >DKK</td><td width="1%" colspan="1" align="right" valign="middle" ></td><td width="30%" colspan="1" align="right" valign="middle" >DKK</td></tr><tr><td colspan="11"></td></tr><tr><td width="47%" colspan="8" align="left" valign="middle" >Balance</td><td width="22%" align="right" valign="middle" > 154.064.000 </td><td width="1%" ></td><td width="30%" align="right" valign="middle" > 154.064.000 </td></tr><tr><td colspan="11"></td></tr><tr><td width="47%" colspan="8" align="left" valign="middle" >Balance</td><td width="22%" align="right" valign="middle" > 154.064.000 </td><td width="1%" ></td><td width="30%" align="right" valign="middle" > 154.064.000 </td></tr><tr><td colspan="11"></td></tr><tr><td width="100%" colspan="11" align="left" valign="middle" >Retained Earnings</td></tr><tr><td colspan="11"></td></tr><tr><td width="47%" colspan="8" align="left" valign="middle" >Balance</td><td width="22%" align="right" valign="middle" > 764.566.530 </td><td width="1%" ></td><td width="30%" align="right" valign="middle" > 763.724.231 </td></tr><tr><td colspan="11"></td></tr><tr><td width="10%" colspan="1" align="left" valign="middle" >Profit and Loss</td><td width="37%" colspan="7" align="left" valign="middle" >1 okt. 2015 to30 sep. 2016</td><td width="22%" align="right" valign="middle" > 1.173.879 </td><td width="1%" ></td><td width="30%" align="right" valign="middle" > 842.299 </td></tr><tr><td colspan="11"></td></tr><tr><td width="47%" colspan="8" align="left" valign="middle" >Balance</td><td width="22%" align="right" valign="middle" > 765.740.409 </td><td width="1%" ></td><td width="30%" align="right" valign="middle" > 764.566.530 </td></tr><tr><td colspan="11"></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="4"></td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" ><b>Related parties and ownership</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="2%" ></td><td width="47%" ></td><td width="27%" ></td><td width="24%" colspan="1" align="right" valign="middle" ><b>Basis</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Controlling interest and ownership</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Covidien Group S.a.r.l., Luxembourg.</b></td></tr><tr><td width="2%" ></td><td width="74%" colspan="2" align="left" valign="middle" >3b, Boulevard Prince Henri</td><td width="24%" colspan="1" align="right" valign="middle" >Controlling shareholder</td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >L-1724 Luxembourg</td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >GD of Luxembourg</td></tr><tr><td colspan="4"></td></tr><tr><td width="2%" ></td><td width="98%" colspan="3" align="left" valign="middle" >Are included in the consolidated financial statements for the ultimate parent</td></tr><tr><td colspan="4"></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 width="100%" colspan="1" align="left" valign="middle" >Nature of business</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is operating as a holding company.</td></tr><tr><td colspan="1"></td></tr></table> Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2014-10-01 2015-09-30 Revisionspåtegning Christos Asimakopoulos Erik De Gres PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Torben Jensen State Authorised Public Accountant Strandvejen 44 DK-2900 Hellerup Janni F. Guldager State Authorised Public Accountant 159389 -159389 -987858 13830 842299 842299 765740409 764566530 18906 920892572 920911478 1109549 922021027 922021027 154064000 764566530 918630530 3263731 126766 3390497 3390497 922021027 919268345 919268346 1234419 920502765 920502765 154064000 765740409 919804409 277067 5290 415999 698356 698356 920502765