69998518 2015-01-01 2015-12-31 69998518 2015-01-01 2015-12-31 0 69998518 2015-01-01 2015-12-31 0 69998518 2015-01-01 2015-12-31 1 69998518 2015-01-01 2015-12-31 2 69998518 2015-01-01 2015-12-31 0 69998518 2015-01-01 2015-12-31 0 69998518 2015-01-01 2015-12-31 cmn:PreviousYearMember 1 69998518 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 2 69998518 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 3 69998518 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 4 69998518 2015-01-01 2015-12-31 5 69998518 2015-01-01 2015-12-31 cmn:PreviousYearMember 6 69998518 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 7 69998518 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 8 69998518 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 9 69998518 2015-01-01 2015-12-31 cmn:PreviousYearMember 69998518 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 69998518 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 69998518 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 69998518 2015-12-31 69998518 2015-12-31 cmn:PreviousYearMember 69998518 2015-12-31 cmn:TwoYearsAgoMember 69998518 2015-12-31 cmn:ThreeYearsAgoMember 69998518 2015-12-31 cmn:FourYearsAgoMember 69998518 2015-01-01 2015-12-31 10 69998518 2015-01-01 2015-12-31 cmn:PreviousYearMember 11 69998518 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 12 69998518 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 13 69998518 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 14 69998518 2015-01-01 2015-12-31 15 69998518 2015-01-01 2015-12-31 cmn:PreviousYearMember 16 69998518 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember 17 69998518 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember 18 69998518 2015-01-01 2015-12-31 cmn:FourYearsAgoMember 19 69998518 2014-01-01 2014-12-31 69998518 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 69998518 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 69998518 2014-12-31 iso4217:DKK xbrli:pure 2015-01-01 2015-12-31 <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 by the Board of Directors and the Executive Board</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 Board of Directors and the Executive Board have today discussed and approved the annual report of Styropack A/S for the financial year 1 January – 31 December 2015.</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 annual report has been 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 colspan="1">In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2015 and of the results of the Company's operations and cash flows for the financial year 1 January – 31 December 2015.</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">Further, in our opinion, the Management's review gives a fair review of the development in the Company's activities and financial matters, of the results for the year and of the Company's financial position.</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 approved at the annual general meeting.</td></tr></table> Glejbjerg 2016-05-17 <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 Styropack A/S</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">Independent auditor's report on the financial statements</td></tr><tr><td colspan="1">We have audited the financial statements of Styropack A/S for the financial year 1 January – 31 December 2015. The financial statements comprise accounting policies, income statement, balance sheet and notes. 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 colspan="1">Management's responsibility for the financial statements</td></tr><tr><td colspan="1">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.</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 responsibility</td></tr><tr><td colspan="1">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 as to whether the financial statements are free from material misstatement.</td></tr><tr><td colspan="1">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's 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 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 colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Our 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 colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2015 and of the results of the Company's operations for the financial year 1 January – 31 December 2015 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 colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">In accordance with the Danish Financial Statements Act, we have read the Management's review. We have not performed any further 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.</td></tr></table> Aarhus 2016-05-17 Styropack A/S Tvilhovej 8 6752 Glejbjerg 4579798111 www.styropack.dk styropack@styropack.dk 69998518 1964-11-01 Vejen Peter Ellehuus 2016-05-17 <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">Group structure</td></tr><tr><td colspan="1">Synbra Denmark A/S, Glejbjerg, holds the entire share capital of a nominal value of DKK 3,000 thousand.</td></tr><tr><td colspan="1">The ultimate parent company preparing consolidated financial statements, in which the Company is a subsidiary, is Synbra Holding B. V., the Netherlands.</td></tr><tr><td colspan="1">The consolidated financial statements of the foreign parent company can be obtained from</td></tr><tr><td colspan="1">Synbra Holding B. V., Zeedijk 25,4871 NM Etten-leur, the Netherlands.</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 review</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 colspan="1">Operating 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">Financial highlights</td></tr></table> 1538000 5966000 0.017 0.701 <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">Financial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines on the calculation of financial ratios "Recommendations and Financial Ratios 2015". For terms and definitions, please see the accounting policies.</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">Principal activities of the Company</td></tr><tr><td colspan="1">The Company is primarily engaged in the manufacturing and sale of packaging and technical products made in EPS (Expandable Polystyrene) as well as EPS insulating material.</td></tr><tr><td colspan="1">The production facilities are situated in Denmark. The products of the Company are mainly sold in Denmark, Germany, United Kingdom and Sweden.</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">Development during the financial year</td></tr><tr><td colspan="1">Profit before financial income and expenses amounted to DKK 893 thousand as against a profit of DKK 4,649 thousand last year.</td></tr><tr><td colspan="1">Profit for the year after tax amounted to DKK 1,538 thousand as against a profit of DKK 4,100 thousand last year.</td></tr><tr><td colspan="1">Management considers the profit for the year – under the given market conditions – to be at a satisfactory level and in line with the expectations.</td></tr><tr><td colspan="1">Styropack A/S is a party to a finance agreement within the Synbra Group. We refer to additional information in note 6.</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">Environment</td></tr><tr><td colspan="1">The Group prepares an environmental statement for the production site placed in Tvilho in Denmark. The overall objective is to avoid any accidents which may cause damage to persons, technical equipment and the surroundings. It is of crucial importance that all Group activities in Denmark take place with the lowest possible environmental strain on the surroundings and with a high safety standard.</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">Outlook</td></tr><tr><td colspan="1">Management expects a positive tendence in the activities in the next financial year. For 2016, the Company expects earnings capacity to be positive.</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">Risks</td></tr><tr><td colspan="1">The Company's most significant operating risk relates to its ability to be strongly positioned on the domestic market.</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">Events after the balance sheet date</td></tr><tr><td colspan="1">No significant events have occurred after the balance sheet date, which are considered to have a material effect on the assessment of the annual report.</td></tr></table> Regnskabsklasse C, mellemstor virksomhed <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">Accounting policies</td></tr><tr><td colspan="1">The annual report of Styropack A/S for 2015 has been presented in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the financial statements are consistent with those of last year.</td></tr><tr><td colspan="1">Referring to section 32 of the Danish Financial Statements Act, the Company's revenue and production costs are aggregated into one item called Gross profit.</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">Recognition and measurement</td></tr><tr><td colspan="1">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</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">Income 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">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods and finished goods is included in the income statement when the delivery and transfer of risk to the purchaser have taken place before the end of the year, and if the income can be made up reliably and is expected to be received.</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">Production costs</td></tr><tr><td colspan="1">Production costs comprise costs incurred to generate revenue for the year, including depreciation, amortisation, wages and salaries incurred to generate revenue for the year.</td></tr><tr><td colspan="1">Sales and distribution costs</td></tr><tr><td colspan="1">Costs incurred to sell and distribute goods sold during the year and in conducting sales campaigns, etc., during the year are recognised as sales and distribution costs. Also, costs relating to sales staff, advertising, exhibitions and depreciation are recognised as distribution costs.</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">Administrative expenses</td></tr><tr><td colspan="1">Administrative expenses comprise expenses incurred during the year for management and administration of the Company, including expenses for administrative staff, management, office premises, office expenses and depreciation.</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">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expense, expenses pertaining to finance leases, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.</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">Tax on profit/loss for the year</td></tr><tr><td colspan="1">The Company is covered by the Danish rules on compulsory joint taxation of the Synbra Group’s Danish subsidiaries. Subsidiaries form part of the joint taxation from the date on which they are included in the consolidation, of the consolidated financial statement and up to the date on which they exit the consolidation.</td></tr><tr><td colspan="1">Synbra Danmark A/S is the administrative company for the joint taxation and consequently settles all corporation tax payments with the tax authorities.</td></tr><tr><td colspan="1">The current Danish corporation tax is allocated by the settlement of joint taxation contribution between the joint taxed companies in proportion to their taxable income. In this relation, companies with tax loss carryforwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits.</td></tr><tr><td colspan="1">Tax for the year comprises current tax, joint taxation contributions for the year and changes in deferred tax for the year. The tax expense in relation to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity.</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">Balance sheet</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="2">Property, plant and equipment</td></tr><tr><td colspan="2">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, subsuppliers, energy consumption, staff and depreciation of machinery used.</td></tr><tr><td colspan="2">Revaluation of non-current assets was made with reference to a reassessment of the value of the assets at the date of acquisition.</td></tr><tr><td colspan="2">Depreciation is provided on a straight-line basis over the expected useful lives of the assets.</td></tr><tr><td colspan="2">The estimated useful lives are as follows</td></tr><tr><td>Buildings</td><td>10-50 years</td></tr><tr><td>Plant and machinery</td><td>8-12 years</td></tr><tr><td>Fixtures, fittings and equipment</td><td>2-8 years</td></tr><tr><td colspan="2">Depreciation is recognised in the income statement as production costs, sales and distribution costs and administrative expenses, respectively.</td></tr><tr><td colspan="2">Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.</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">Leases</td></tr><tr><td colspan="1">Leases for non-current assets that transfer substantially all the risks and rewards incident to ownership to the Company (finance leases) are initially recognised in the balance sheet at cost, corresponding to the lower of fair value and the net present value of future lease payments. When the net present value of future lease payments is calculated, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated as the Company's other non-current assets.</td></tr><tr><td colspan="1">The capitalised residual lease obligation is recognised in the balance sheet as a liability and the interest element of the lease payment is recognised in the income statement over the term of the lease.</td></tr><tr><td colspan="1">All other leases are treated as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed as contingencies, etc.</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">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.</td></tr><tr><td colspan="1">Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of an asset's net selling price and its value in use. Value in use is determined as the present value of forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or group of assets after the end of the useful life.</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">Inventories</td></tr><tr><td colspan="1">Raw materials and consumables are measured at the lower of cost in accordance with the FIFO method and net realisable value.</td></tr><tr><td colspan="1">Finished goods are measured at the lower of the cost plus indirect production overheads and net realisable value.</td></tr><tr><td colspan="1">Finished goods are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise costs for factory administration and management.</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">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.</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">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise incurred concerning subsequent financial years.</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">Equity</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">Dividends</td></tr><tr><td colspan="1">Proposed dividends are recognised as a liability at the date on which they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity.</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">Corporation tax and deferred tax</td></tr><tr><td colspan="1">In its capacity as the administrative company, Synbra Danmark A/S is liable for its subsidiaries' corporation taxes to the tax authorities concurrently with the payment of joint taxation contribution by the subsidiaries.</td></tr><tr><td colspan="1">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</td></tr><tr><td colspan="1">Joint taxation contribution payable and receivable is recognised in the balance sheet as "Corporation tax".</td></tr><tr><td colspan="1">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 other items where temporary differences arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where different tax rules can be applied to determine the tax base, deferred tax is measured based on Management’s planned use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax losses carried forward, 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 and jurisdiction.</td></tr><tr><td colspan="1">Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current 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 colspan="1">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Finance lease also include the capitalised residual obligation on finance leases.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</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">Cash flow statement</td></tr><tr><td colspan="1">Referring to section 86 of the Danish Financial Statements Act, no cash flow statement has been prepared as Styropack A/S' cash flows are recognised in the consolidated financial statements of Synbra Danmark A/S.</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">Financial ratios</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 colspan="2">Financial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines on the calculation of financial ratios “Recommendations and Financial Ratios 2015".</td></tr><tr><td colspan="2">The financial ratios have been calculated as follows</td></tr><tr><td>Current ratio</td><td>Current assets x 100 / Current liabilities</td></tr><tr><td>Return on equity</td><td>Profit/loss from ordinary activities after tax x 100 / Average equity</td></tr><tr><td>Solvency ratio</td><td>Equity ex. non-controlling interests at year end x 100 / Total equity and liabilities at year end</td></tr><tr><td>Rate of return</td><td>Profit before financial income and expenses and tax x 100 / Assets</td></tr></table> 45201000 33398000 10910000 893000 1625000 433000 2085000 547000 <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="3" align="left" valign="middle" >Notes</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Financial income</b></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="22%" align="right" valign="middle" ><b>2015</b></td><td width="23%" align="right" valign="middle" ><b>2014</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Financial income from group entities</td><td width="22%" align="right" valign="middle" >1.620</td><td width="23%" align="right" valign="middle" >1.408</td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Other financial income</td><td width="22%" align="right" valign="middle" >5</td><td width="23%" align="right" valign="middle" >0</td></tr><tr><td width="55%" ></td><td width="22%" align="right" valign="middle" >1.625</td><td width="23%" align="right" valign="middle" >1.408</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="22%" align="right" valign="middle" ><b>2015</b></td><td width="23%" align="right" valign="middle" ><b>2014</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Financial expenses from group entities</td><td width="22%" align="right" valign="middle" >340</td><td width="23%" align="right" valign="middle" >223</td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="22%" align="right" valign="middle" >93</td><td width="23%" align="right" valign="middle" >192</td></tr><tr><td width="55%" ></td><td width="22%" align="right" valign="middle" >433</td><td width="23%" align="right" valign="middle" >415</td></tr><tr><td colspan="3"></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="3" align="left" valign="middle" ><b>Tax on profit for the year</b></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="22%" align="right" valign="middle" ><b>2015</b></td><td width="23%" align="right" valign="middle" ><b>2014</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Total tax for the year</td><td width="22%" align="right" valign="middle" >927</td><td width="23%" align="right" valign="middle" >1.964</td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Deferred tax adjustment for the year</td><td width="22%" align="right" valign="middle" >-380</td><td width="23%" align="right" valign="middle" >-422</td></tr><tr><td width="55%" ></td><td width="22%" align="right" valign="middle" >547</td><td width="23%" align="right" valign="middle" >1.542</td></tr><tr><td colspan="3"></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="6" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Land and buildings</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Plant and machinery</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Fixtures, fittings and equipment</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Work in progress</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Cost at 1 January 2015</td><td width="13%" align="right" valign="middle" >47.344</td><td width="13%" align="right" valign="middle" >114.985</td><td width="13%" align="right" valign="middle" >12.119</td><td width="13%" align="right" valign="middle" >614</td><td width="16%" align="right" valign="middle" >175.062</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Additions during the year</td><td width="13%" align="right" valign="middle" >2.724</td><td width="13%" align="right" valign="middle" >1.305</td><td width="13%" align="right" valign="middle" >531</td><td width="13%" align="right" valign="middle" >1.406</td><td width="16%" align="right" valign="middle" >5.966</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Disposals during the year</td><td width="13%" align="right" valign="middle" >-2.723</td><td width="13%" align="right" valign="middle" >-10.416</td><td width="13%" align="right" valign="middle" >-9.399</td><td width="13%" align="right" valign="middle" >-614</td><td width="16%" align="right" valign="middle" >-23.152</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Cost at 31 December 2015</td><td width="13%" align="right" valign="middle" >47.345</td><td width="13%" align="right" valign="middle" >105.874</td><td width="13%" align="right" valign="middle" >3.251</td><td width="13%" align="right" valign="middle" >1.406</td><td width="16%" align="right" valign="middle" >157.876</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Revaluations at 1 January 2015</td><td width="13%" align="right" valign="middle" >2.527</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >2.527</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Depreciation at 1 January 2015</td><td width="13%" align="right" valign="middle" >25.881</td><td width="13%" align="right" valign="middle" >102.477</td><td width="13%" align="right" valign="middle" >11.148</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >139.506</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Depreciation during the year</td><td width="13%" align="right" valign="middle" >1.736</td><td width="13%" align="right" valign="middle" >4.874</td><td width="13%" align="right" valign="middle" >477</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >7.087</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Reversed depreciation on disposals for the year</td><td width="13%" align="right" valign="middle" >-2.723</td><td width="13%" align="right" valign="middle" >-10.416</td><td width="13%" align="right" valign="middle" >-9.388</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >-22.527</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Depreciation at 31 December 2015</td><td width="13%" align="right" valign="middle" >24.894</td><td width="13%" align="right" valign="middle" >96.935</td><td width="13%" align="right" valign="middle" >2.237</td><td width="13%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >124.066</td></tr><tr><td width="32%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2015</td><td width="13%" align="right" valign="middle" >24.978</td><td width="13%" align="right" valign="middle" >8.939</td><td width="13%" align="right" valign="middle" >1.014</td><td width="13%" align="right" valign="middle" >1.406</td><td width="16%" align="right" valign="middle" >36.337</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Property, plant and equipment (continued)</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Carrying amount includes leased assets of DKK 484 thousand.</td></tr><tr><td colspan="6"></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="5" align="left" valign="middle" ><b>Shareholders' equity</b></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Revaluation reserve</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 1 January 2015</td><td width="15%" align="right" valign="middle" >3.000</td><td width="15%" align="right" valign="middle" >1.896</td><td width="15%" align="right" valign="middle" >82.655</td><td width="17%" align="right" valign="middle" >87.551</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >1.538</td><td width="17%" align="right" valign="middle" >1.538</td></tr><tr><td width="38%" colspan="1" align="left" valign="middle" >Equity at 31 December 2015</td><td width="15%" align="right" valign="middle" >3.000</td><td width="15%" align="right" valign="middle" >1.896</td><td width="15%" align="right" valign="middle" >84.193</td><td width="17%" align="right" valign="middle" >89.089</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital consists of 1 share of a nominal value of DKK 3,000 thousand.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital has remained unchanged for the past five years.</td></tr><tr><td colspan="5"></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" ><b>Collateral, mortgages and contingent liabilities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has assumed lease commitments, which, at the balance sheet date in the period of interminability, totalled DKK 11,779 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In June 2015, Synbra Holding B.V. entered into a three-year senior Facility Agreement. In re- lation to this, the shares in Synbra Danmark A/S have been provided as collateral to the lenders.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company is jointly taxed with other Danish group companies. As a group company, together with the other companies included in the joint taxation, the company has unlimited joint and several liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties within the jointly taxed unit. The jointly taxed entities' total known net liability to SKAT is disclosed in the financial statements of the administrative company, Synbra Danmark A/S (CVR No. 25 04 43 98). Any subsequent corrections to the joint taxation income and withholding taxes, etc. may result in an increased liability for the Company.</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="3" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="22%" align="right" valign="middle" ><b>2015</b></td><td width="23%" align="right" valign="middle" ><b>2014</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="22%" align="right" valign="middle" >49.272</td><td width="23%" align="right" valign="middle" >50.796</td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Pension contribution</td><td width="22%" align="right" valign="middle" >4.021</td><td width="23%" align="right" valign="middle" >3.752</td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="22%" align="right" valign="middle" >2.147</td><td width="23%" align="right" valign="middle" >349</td></tr><tr><td width="55%" ></td><td width="22%" align="right" valign="middle" >55.440</td><td width="23%" align="right" valign="middle" >54.897</td></tr><tr><td colspan="3"></td></tr><tr><td width="55%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="22%" align="right" valign="middle" >133</td><td width="23%" align="right" valign="middle" >122</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Referring to section 98 b (3) of the Danish Financial Statements Act, remuneration of the Executive Board is not disclosed.</td></tr><tr><td colspan="3"></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" ><b>Related parties</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Control</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Synbra Danmark A/S holds the entire share capital in the Company.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other related parties</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other related companies in the Synbra International bv Group.</td></tr></table> Årsrapport 25578198 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø Revisionspåtegning Steffen Busk Jespersen Jozef H. Verstegen Chairman Rik Prosper Dobbelaere Peter Ellehuus KPMG Statsautoriseret Revisionspartnerselskab Elife Savas State Authorised Public Accountant Bredskifte Allé 13 8210 Aarhus Profit/loss before financial income and expenses 893000 Profit/loss before financial income and expenses 4649000 Profit/loss before financial income and expenses 1666000 Profit/loss before financial income and expenses -3611000 Profit/loss before financial income and expenses 9620000 Profit/loss from financial income and expenses 1192000 Profit/loss from financial income and expenses 993000 Profit/loss from financial income and expenses 643000 Profit/loss from financial income and expenses 433000 Profit/loss from financial income and expenses -235000 4100000 6308000 0.048 0.671 2223000 2246000 0.027 0.634 -2501000 9832000 -0.031 0.642 6946000 3246000 0.083 0.660 127092000 89089000 24978000 8939000 1014000 1406000 36337000 36337000 3353000 7559000 10912000 44468000 29250000 162000 1028000 1459000 76367000 3476000 90755000 3000000 1896000 84193000 2438000 2438000 411000 411000 192000 588000 14308000 7545000 12521000 35154000 35565000 127092000 130439000 87551000 131669000 83451000 126429000 81228000 126844000 83729000 Current ratio 2582 Current ratio 2340 Current ratio 2103 Current ratio 2081 Current ratio 2089 Rate of return 7 Rate of return 36 Rate of return 13 Rate of return -29 Rate of return 76 49424000 33046000 11729000 4649000 1408000 415000 5642000 1542000 4100000 1538000 4100000 23990000 12508000 971000 614000 38083000 38083000 4580000 9308000 13888000 49984000 24194000 736000 374000 554000 75842000 2626000 92356000 130439000 3000000 1896000 82655000 87551000 2774000 2774000 642000 642000 1030000 1349000 6024000 9948000 21121000 39472000 40114000 130439000