27416837 2016-01-01 2016-12-31 27416837 2016-01-01 2016-12-31 1 27416837 2016-01-01 2016-12-31 0 27416837 2016-01-01 2016-12-31 0 27416837 2016-01-01 2016-12-31 1 27416837 2016-01-01 2016-12-31 2 27416837 2016-01-01 2016-12-31 3 27416837 2015-01-01 2015-12-31 27416837 2016-12-31 27416837 2015-12-31 27416837 2016-01-01 fsa:ContributedCapitalMember 27416837 2016-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27416837 2016-01-01 fsa:RetainedEarningsMember 27416837 2016-01-01 27416837 2016-01-01 2016-12-31 fsa:ContributedCapitalMember 27416837 2016-01-01 2016-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27416837 2016-01-01 2016-12-31 fsa:RetainedEarningsMember 27416837 2016-12-31 fsa:ContributedCapitalMember 27416837 2016-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27416837 2016-12-31 fsa:RetainedEarningsMember 27416837 2015-01-01 27416837 2016-01-01 2016-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27416837 2015-01-01 2015-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27416837 2016-01-01 2016-12-31 fsa:RetainedEarningsMember 27416837 2015-01-01 2015-12-31 fsa:RetainedEarningsMember iso4217:DKK Annual report 2017-07-09 Kurt Bering Sørensen TOTAL WIND A/S Sjællandsvej 5 7330 Brande 27416837 2016-01-01 2016-12-31 Deloitte Statsautoriseret Revisionspartnerselskab Weidekampsgade 6 2300 København S DK Danmark 33963556 1017192430 <p xmlns="http://www.w3.org/1999/xhtml">The Board of Directors and the Executive Board have today considered and approved the annual report of Total Wind A/S for the financial year 01.01.2016 - 31.12.2016.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The annual report is presented in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">In our opinion, the financial statements give a true and fair view of the Entity´s financial position at 31.12.2016 and of the results of its operations for the financial year 01.01.2016 - 31.12.2016.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">We recommend the annual report for adoption at the Annual General Meeting.</p> Brande 2017-07-09 Jens Nygaard Laursen CEO Kurt Bering Sørensen Chairman Jens Nygaard Laursen Lars Blavnsfeldt Birger Brix The independent auditor's report on financial statements To the shareholders of TOTAL WIND A/S We have audited the financial statements of Total Wind A/S for the financial year 01.01.2016 - 31.12.2016, which comprise the income statement, balance sheet and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31-12-2016 and of the results of its operations and cash flows for the financial year 01.01.2016 - 31.12.2016 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of 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. We refer to the management commentary and note 11 in which Management states that the uncertainty attached to the sufficiency of the company’s financial base is influenced by the realisation of the expectations established for the financial year 2017. However, we have not modified our opinion in respect of this issue. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either in-tends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Entity’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’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 Entity to cease to continue as a going concern. Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Copenhagen 2017-07-09 Jens Sejer Pedersen State Authorised Public Accountant Deloitte Statsautoriseret Revisionspartnerselskab 33963556 <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Primary activities</strong> <br/>The Company’s and the Group’s activities comprise crane work and turnkey solutions for installation of wind turbines as well as commissioning, service and maintenance activities within the wind energy industry onshore as well as offshore.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>The activities are primarily performed in the EMEA-countries and the Americas. The activities are performed from the main office in Denmark and through foreign subsidiaries.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Total Wind is certified to ISO 9001, ISO 14001 and OHSAS 18001. Quality assurance is vital to the Company as a business partner with the professional customers in the world market.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Merger with Group companies <br/>On 1 January 2016, Total Wind A/S merged with the two Group Companies Total Wind Blades ApS (a former subsidiary) and Total Wind Property ApS a company also owned by the parent company Total Wind Group A/S. <br/>  <br/>The merger was carried out to simplify the Group structure and does not change primary operations.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Development in activities and finances</strong> <br/>The Company achieved a net loss of DKK 48 million in 2016 compared to a net loss of DKK 2 million in 2015. Due to this development equity decreased from DKK 45 million to a negative level of DKK 1 million at 31 December 2016.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>The result is unsatisfactory and not in line with expectations in the annual report 2015.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>The poor result is related to several issues such as: lower level of activity than planned in the beginning of the year, lower yield on capacity than planned, damage to a crane impacting on the ability to deliver to customers, lower profitability on certain projects than anticipated and higher  fixed costs than suitable for the level of activity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>The Company has initiated changes to the organisation during 2016. The changes are related to improving internal processes, selection of customers and jobs to ensure profitability, cost savings and other improvements.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>The level of total assets has decreased from DKK 190 million end of 2015 to DKK 147 million end of 2016 due to a planned downscaling of the balance sheet.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Outlook</strong> <br/>The Company foresees a significantly improved result in 2017 due to the changes made in 2016 including lower fixed costs, more profitable projects and a more streamlined organisation and further changes made after the balance sheet date.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>A cautious assesstment has been made of market conditions for 2017. Growth in revenue is expected as well as improved results compared to 2016. An EBITDA - including EBITDA in subsidiaries - in an interval from a small negative amount to a positive amount is expected.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Material assumptions and uncertainties</strong> <br/>On presentation of the annual report of the Company. Management has assumed that the annual report is to be presented on a going concern basis and has recognised a tax asset of DKK 10 million, partly to be set off against liabilities under joint taxation.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>This is further described in note 11 and 15 to the annual report.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>The annual report has not been impacted by unusual circumstances.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Events after the balance sheet date</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>After the balance sheet date the group has:</p> <p xmlns="http://www.w3.org/1999/xhtml">    Changed the management team and is replacing the CEO in 2017 <br/>    Implemented a savings plan that has included laying off more than 15 employees during 2017 as well as a general cost savings initiative <br/>    Discontinued business with customers with unsustainable profitability <br/>    Automated certain internal processes <br/>    Changed the internal procedures regarding tendering and accepting new projects  </p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Particular risks</strong> <br/> <strong>Special risks</strong> <br/>The Company’s most significant operating risk is attached to the ability to be strongly positioned in the markets where the products are sold and to the ability to ensure that production prices are competitive.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Foreign exchange risks</strong> <br/>The Company’s revenue and expenses are primarily in Euro and DKK.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>The foreign exchange risk is therefore in all material respects limited to the exchange risk of this currency.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Secondarily the Group’s cost base is further denominated in Polish Zloty’s, British Pounds and Brazilian Reals. The fluctuations among these currencies is wider than among the primary currencies and impose risks.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>It is not the Company’s policy to hedge the risks and no speculative foreign currency positions are entered.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Exchange adjustment of investment in subsidiary enterprises and associates that are independent entities is recognised directly in the equity. Related exchange risks are not hedged because it is the company’s opinion that a current hedging of such long-term investments will not be optimal from an overall risk and cost viewpoint.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Interest risks</strong> <br/>The Company has been unable to obtain interest prices on levels similar to the general market level and interest rates for Total Wind A/S have increased in 2016.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Due to this starting point and the level of interest bearing debt it is certain that significant changes to the interest level may have an impact to the earnings of the company. But it is Management’s view that such risk is insignificant.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>Environmental impact</strong> <br/>Total Wind A/S is a part of an industry dedicated to the overall reduction of environmental impact from energy consumption.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Total Wind A/S in general applies man hours to the assembly and service of wind turbines, we cannot avoid impacting the environment when performing our work. We are dedicated to reducing the impact we generate to the lowest extent possible.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>We have several initiatives to reduce our impact. In 2016 we added to these initiatives by beginning to sort waste and by electronically reducing maximum potential speed in our cars to reduce gasoline impact to the environment. Total Wind A/S is ISO-ceritified in relation to environmental impact.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" border="0" cellpadding="0" cellspacing="0" style="border-collapse:collapse"> <tbody> <tr> <td style="padding:0cm 5.4pt; width:203.4pt" valign="top"> <p> </p> </td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>2016</strong></td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <p> </p> <p> <strong>2015</strong> </p> </td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <p> </p> <p> <strong>2014</strong> </p> </td> <td style="padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> <strong>2013</strong></td> <td style="padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <p> </p> <p> <strong>2012</strong> </p> </td> </tr> <tr> <td style="padding:0cm 5.4pt; width:203.4pt" valign="top"> </td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>tkr.</strong></td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <p> </p> <p> <strong>tkr.</strong> </p> </td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>tkr.</strong></td> <td style="padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> <strong>tkr.</strong></td> <td style="padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> <strong>tkr.</strong></td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> <strong>Financial highlights</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/>  </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> Gross profit</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 40,278</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <p> </p> <p>61,451</p> </td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 76,314</td> <td style="padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <p> </p> <p>75,472</p> </td> <td style="padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> 65,865</td> </tr> <tr> <td style="padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> Operating profit/loss</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> -54,822</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> -18,071</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 9,123</td> <td style="padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> 2,423</td> <td style="padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> -315</td> </tr> <tr> <td style="padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> Net financials</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 459</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 12,313</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 10,107</td> <td style="padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> 1,792</td> <td style="padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> 11,576</td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> <strong>Profit/loss for the year</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>-49,267</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>-2,225</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>17,237</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> <strong>3,889</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> <strong>11,938</strong></td> </tr> <tr> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; width:203.4pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> Total assets</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 146,671</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 190,430</td> <td style="padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 181,169</td> <td style="padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> 140,395</td> <td style="padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> 121,181</td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top">Investments in property, plant and equipment</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 632</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 476</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 89</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> 1,263</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> 1,026</td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> <p> </p> <p> <strong>Equity</strong> </p> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>-2,525</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>45,847</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>53,192</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> <strong>36,327</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> <strong>31,088</strong></td> </tr> <tr> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; width:203.4pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; width:203.4pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-image:none; border:currentColor; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> <strong>Ratios</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> Equity ratio (%)</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> -1,7 %</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 24,1 %</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> 29,4 %</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> 25,9 %</td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> 25,7 %</td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> </td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> </td> </tr> <tr> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; width:203.4pt" valign="top"> <br/> <strong>Average number of employees</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>172</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>128</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:54pt" valign="top"> <br/> <strong>112</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:53.9pt" valign="top"> <br/> <strong>102</strong></td> <td style="border-color:currentColor currentColor windowtext; border-style:none none solid; border-width:medium medium 1pt; padding:0cm 5.4pt; text-align:right; width:46.95pt" valign="top"> <br/> <strong>92</strong></td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> The annual report has been prepared in accordance with the regulation applying to Reporting class C, medium-size enterprise. Reporting class C, medium-size enterprise <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">This accounting policies applied for these financial statements are consistent with those applied last year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Consolidated financial statements</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Referring to section 112(1) of the Danish Financial Stateemts Act, no consolidated financial statements have been prepared.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Merger of group companies as of 1 January 2016</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">As of 1 January 2016 Total Wind A/S merged with the subsidiary Total Wind Blades ApS and the group enterprise Total Wind Property ApS. The merger only relates to enterprises within the same group and is accounting wise treated based on ther consolidation method. This means that comparison numbers for 2015 have not been adapted and financials are consolidated as of 1 January 2016.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Recognition and measurement</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Company, and the value of the asset can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Liabilities are recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Foreign currency translation</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Income statement</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Gross profit or loss</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Gross profit or loss comprises revenue, work in progress, other operating income, cost of raw materials and consumables and external expenses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Revenue</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Contract work in progress is included in revenue based on the stage of completion so that revenue corresponds to the selling price of the work performed in the financial year (the percentage-of-completion method).</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Costs of raw materials and consumables</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Costs of raw materials and consumables comprise the consumption of raw materials and consumables for the financial year.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Other external expenses</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Employee expense</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Employee expense comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Amortisation, depreciation and impairment losses</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Income from investments in group enterprises and investments in associates</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Income from investments in group enterprises and associates are measured in the parent company’s income statement under the equity method.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Other financial income</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Other financial income comprises interest income, including interest income on receivables from group enterprises, net capital gains on transactions in foreign currencies as well as tax relief under the Danish Tax Prepayment Scheme etc.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Other financial expenses</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on transactions in foreign currencies as well as tax surcharge under the Danish Tax Prepayment Scheme etc.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Income taxes</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The group is jointly taxed with Total Wind Group A/S (CVR. nr. 30555058) and all its Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses).</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Balance sheet</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Goodwill</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Goodwill is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. The amortisation period is usually five years, however, in certain cases it may be up to 10 years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the longer amortisation period is considered to give a better reflection of the bebefit from the relevant resources. Goodwill included in the balance sheet is related to the merger with the subsidiary Total Wind Blades ApS. Before the merger the goodwill amount was recognized as part of "Investments in group enterprises". The item has been amortised based on overall accounting policies for such items.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Goodwill is written down to the lower of recoverable amount and carrying amount.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Property, plant and equipment</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation, including wages and costs can be directly allocated to the asset. For financial leased assets the cost equals the lowest of the fair value of the asset and the net present value of the future leasing payments, with addition of wages and costs related to improvements of leased assets, that can be directly allocated to the asset.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The basis of depreciation is cost less estimated residual value after the end of useful life. Residual values are reviewed regularly. Straightline depreciation is made on the basis of the following estimated useful lives of the assets:</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" border="0" cellpadding="0" cellspacing="0"> <tbody> <tr> <td style="height:23px; width:367px"> <p>Other fixtures and fittings, tools and equipment</p> </td> <td style="height:23px; width:287px"> <p>3-8 years (0-30% residual value)</p> </td> </tr> <tr> <td style="height:23px; width:367px">Leasehold improvements</td> <td style="height:23px; width:287px">5 years</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Equipment are written down to the lower of recoverable amount and carrying amount.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Investments in group enterprises and investments in associates</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Investments in group enterprises and investments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Investments with negative equity are measured at DKK 0, and any receivables from these enterprises are written down by the Parent’s share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Upon distribution of profit or loss, net revaluation of investments is transferred to Reserve for net revaluation according to the equity method under equity.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Goodwill in group enterprises calculated as the difference between cost of the investments and fair value of the assets and liabilities acquired. Goodwill is amortised over its estimated useful life which is normally 5 years, however, in certain cases it may be up to 20 years. The amortization period is longest for strategically acquired enterprises with a strong market position and a long-term earnings profile.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Investments are written down to the lower of recoverable amount and carrying amount.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Receivables</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company applies structured sale of receivables to a financial institution. At the event of sale the majority of the value is settled from the financial institution. Remaining settlement is received in accordance with the final payment from the end-customer to the financial institution or after an agreed time.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">This scheme applies the same type of risks to the Company with respect to potential credit note issuance as if sale of the receivable had not taken place.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Risk of lacking payment is limited to 10% of the transferred amount.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Inventories</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Inventories are measured at the lower of cost using the FIFO method and net realisable value.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Cost consists of purchase price plus delivery costs.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Contract work in progress</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Contract work in progress is measured at the selling price of the work carried out at the balance sheet date.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The selling price is measured based on the stage of completion and the total estimated income from the individual contracts in progress. Usually, the stage of completion is determined as the ratio of actual to total budgeted consumption of resources.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">If the selling price of a project in progress cannot be made up reliably, it is measured at the lower of costs incurred and net realisable value.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Each contract in progress is recognised in the balance sheet under receivables or liabilities, depending on whether the net value, calculated as the selling price less prepayments received, is positive or negative.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Costs of sales work and of securing contracts as well as financing costs are recognised in the income statement as incurred.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Deferred tax</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Prepayments</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Cash</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Cash comprises cash in hand and bank deposits.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Other provisions</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Other provisions comprise liabilities regarding investments in group companies.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <div xmlns="http://www.w3.org/1999/xhtml"> <p> <strong>Other financial liabilities</strong> </p> <p>Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.</p> <p> </p> <p> <strong>Income tax receivable or payable</strong> </p> <p>Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.</p> <p> </p> <p> <strong>Cash flow statement</strong> </p> <p>The cash flow statement for the company is included in the cash flow statement for the group and is therefore not included in the annual report for the company. Referring to section 86(4) of the Danish Financial Stateemts Act.</p> <p> </p> <p> <strong>Financial highlights</strong> </p> <p>Financial highlights are defined and calculated in accordance with "Recommendations &amp; Financial Ratios 2015" issued by the Danish Society of Financial Analysts.</p> <p> </p> <p> </p> <table border="0" cellpadding="0" cellspacing="0"> <tbody> <tr> <td style="height:23px; width:367px"> <p> <strong>Ratios</strong> </p> </td> <td style="height:23px; width:287px"> <p> <strong>Calculation formular</strong> </p> </td> <td style="height:23px; width:287px"> <strong>Ratios reflect</strong> </td> </tr> <tr> <td style="height:23px; width:367px">Equity ratio (%)</td> <td style="height:23px; width:287px">Equity x 100 / Total assets </td> <td style="height:23px; width:287px">The finacial strength of the Entity</td> </tr> </tbody> </table> <p> </p> <p> </p> <p> </p> <p> </p> <p> </p> </div> <p xmlns="http://www.w3.org/1999/xhtml"> </p> 40277884 61450795 95028520 79073245 71423 448968 -54822059 -18071418 6931661 11893199 4456253 3468233 10928963 3047532 -54363108 -5757518 -6126487 -3532768 -48236621 -2224750 4734865 0 4734865 0 876075 1005924 28000 45267 904075 1051191 48170631 54698756 0 7587649 5672555 5060631 1737216 1739283 10450594 4202466 3737800 3715600 69768796 77004385 75407736 78055576 320300 815484 8927506 39708436 3008574 9488483 52112429 53866397 4603661 5284116 2290993 1507287 70943163 109854719 0 1705074 71263463 112375277 146671199 190430853 500001 500000 31724780 32518000 -33720056 12829325 -1495275 45847325 0 384000 1378623 942000 1378623 1326000 280490 0 54068563 64214519 343574 2100000 20383670 24746593 51995407 30917436 0 1034000 19716147 20244980 146787851 143257528 148166474 144583528 146671199 190430853 500000 32518000 12829325 45847325 1 -7412420 7307448 -104971 0 0 895847 895847 0 0 -103145 -103145 0 6620199 -54856820 -48236621 -999 999 0 500001 31724780 -33720056 -1495275 <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0px currentColor; width:650px"> <tbody> <tr> <th style="border-image:none; border:0px currentColor; width:60%"> </th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:25%">2016</th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:15%">2015</th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> </tr> <tr> <td>Wages and salaries</td> <td style="text-align:right">81,941,470</td> <td style="text-align:right">67,164,245</td> </tr> <tr> <td>Pension costs</td> <td style="text-align:right">10,063,343</td> <td style="text-align:right">8,485,000</td> </tr> <tr> <td>Social security contributions</td> <td style="text-align:right">622,319</td> <td style="text-align:right">1,122,000</td> </tr> <tr> <td>Other staff costs</td> <td style="text-align:right">2,401,388</td> <td style="text-align:right">2,302,000</td> </tr> <tr> <td> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">95,028,520</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">79,073,245</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Referring to section 98b(3) of the Danish Financial Statements Act, information about the Executive Board remuneration is not disclosed. No remuneration has been paid to the Company’s Board of Directors. </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0px currentColor; width:650px"> <tbody> <tr> <th style="border-image:none; border:0px currentColor; width:60%"> </th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:25%">2016</th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:15%">2015</th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> </tr> <tr> <td>Property, plant and machinery</td> <td style="text-align:right">294,087</td> <td style="text-align:right">454,528</td> </tr> <tr> <td>Amortization of goodwill</td> <td style="text-align:right">261,268</td> <td style="text-align:right">0</td> </tr> <tr> <td>Profit/loss from sale of property, plant and equipment</td> <td style="text-align:right">-483,932</td> <td style="text-align:right">-5,560</td> </tr> <tr> <td> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">71,423</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">448,968</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border:0; width:650px"> <thead> <tr> <th style="border:0; width:60%"> </th> <th style="border:0; font-weight:bold; text-align:right; width:25%">2016</th> <th style="border:0; font-weight:bold; text-align:right; width:15%">2015</th> </tr> <tr> <th style="text-align:left"> <strong>Income from investments in group enterprises</strong> </th> <th style="border-bottom:1px solid; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom:1px solid; padding-bottom:10px; text-align:right">kr.</th> </tr> </thead> <tbody> <tr> <td>Share in profit of subsidiaries</td> <td style="text-align:right">6,408,021</td> <td style="text-align:right">12,313,571</td> </tr> <tr> <td>Income from associates</td> <td style="text-align:right">311,462</td> <td style="text-align:right">-159,104</td> </tr> <tr> <td>Amortization of goodwill</td> <td style="text-align:right">0</td> <td style="text-align:right">-261,268</td> </tr> <tr> <td>Other adjustments</td> <td style="text-align:right">212,178</td> <td style="text-align:right">0</td> </tr> <tr> <td> </td> <td style="border-bottom:2px solid; border-top:2px solid; text-align:right">6,931,661</td> <td style="border-bottom:2px solid; border-top:2px solid; text-align:right">11,893,199</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0px currentColor; width:650px"> <thead> <tr> <th style="border-image:none; border:0px currentColor; width:60%"> </th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:25%">2016</th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:15%">2015</th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> </tr> </thead> <tbody> <tr> <td>Financial income arising from group enterprises</td> <td style="text-align:right">1,833,900</td> <td style="text-align:right">1,875,195</td> </tr> <tr> <td>Interest income</td> <td style="text-align:right">383,170</td> <td style="text-align:right">611,634</td> </tr> <tr> <td>Exchange rate adjustments</td> <td style="text-align:right">2,239,183</td> <td style="text-align:right">981,404</td> </tr> <tr> <td> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">4,456,253</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">3,468,233</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0px currentColor; width:650px"> <thead> <tr> <th style="border-image:none; border:0px currentColor; width:60%"> </th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:25%">2016</th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:15%">2015</th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> </tr> </thead> <tbody> <tr> <td>Financial expenses from group enterprises</td> <td style="text-align:right">1,500,993</td> <td style="text-align:right">836,626</td> </tr> <tr> <td>Interest expenses</td> <td style="text-align:right">4,543,951</td> <td style="text-align:right">1,888,029</td> </tr> <tr> <td>Other financial expenses</td> <td style="text-align:right">0</td> <td style="text-align:right">322,877</td> </tr> <tr> <td>Exchange rate adjustments</td> <td style="text-align:right">4,884,019</td> <td style="text-align:right">0</td> </tr> <tr> <td> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">10,928,963</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">3,047,532</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0px currentColor; width:650px"> <tbody> <tr> <th style="border-image:none; border:0px currentColor; width:60%"> </th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:25%">2016</th> <th style="border-image:none; border:0px currentColor; font-weight:bold; text-align:right; width:15%">2015</th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> </tr> <tr> <td>Current tax</td> <td style="text-align:right">0</td> <td style="text-align:right">180,262</td> </tr> <tr> <td>Changes in deferred tax for the year</td> <td style="text-align:right">-6,201,294</td> <td style="text-align:right">-5,192,430</td> </tr> <tr> <td>Adjustment relating to previous years</td> <td style="text-align:right">74,808</td> <td style="text-align:right">1,479,400</td> </tr> <tr> <td> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">-6,126,487</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; text-align:right">-3,532,768</td> </tr> </tbody> </table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0pt currentColor; width:650px"> <tbody> <tr> <th style="border-image:none; border:0pt currentColor; width:80%"> </th> <th style="border-image:none; border:0pt currentColor; font-weight:bold; text-align:right; width:15%">Goodwill</th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> </tr> <tr> <td>Cost, beginning of year</td> <td style="text-align:right">0</td> </tr> <tr> <td>Related to merger</td> <td style="text-align:right">4,996,133</td> </tr> <tr> <td style="font-weight:bold">Cost, end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">4,996,133</td> </tr> <tr> <td>Impairment and amortization, beginning of year</td> <td style="text-align:right">0</td> </tr> <tr> <td>Amortization in the year</td> <td style="text-align:right">-261,268</td> </tr> <tr> <td style="font-weight:bold">Impairment and amortization, end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">-261,268</td> </tr> <tr> <td style="font-weight:bold">Carrying value, end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right">4,734,865</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">     </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0pt currentColor; width:650px"> <tbody> <tr> <th style="border-image:none; border:0pt currentColor; width:55%"> </th> <th style="border-image:none; border:0pt currentColor; font-weight:bold; text-align:right; width:15%">Other fixtures, fittings, tools and equipment</th> <th style="border-image:none; border:0pt currentColor; font-weight:bold; text-align:right; width:15%">Leasehold improvements</th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">kr.</th> </tr> <tr> <td>Cost, beginning of year</td> <td style="text-align:right">4,686,000</td> <td style="text-align:right">728,264</td> </tr> <tr> <td>Additions</td> <td style="text-align:right">631,800</td> <td style="text-align:right">0</td> </tr> <tr> <td>Disposal</td> <td style="text-align:right">-969,658</td> <td style="text-align:right">0</td> </tr> <tr> <td style="font-weight:bold">Cost, end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">4,348,142</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">728,264</td> </tr> <tr> <td style="text-align:right"> </td> <td style="text-align:right"> </td> </tr> <tr> <td>Depreciation and impairment losses beginning of the year</td> <td style="text-align:right">-3,680,000</td> <td style="text-align:right">-682,997</td> </tr> <tr> <td>Reversal regarding disposals</td> <td style="text-align:right">484,753</td> <td style="text-align:right">0</td> </tr> <tr> <td>Depreciation for the year</td> <td style="text-align:right">-276,820</td> <td style="text-align:right">-17,267</td> </tr> <tr> <td style="font-weight:bold">Impairment losses and amortisation, end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">-3,472,067</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">-700,264</td> </tr> <tr> <td style="text-align:right"> </td> <td style="text-align:right"> </td> </tr> <tr> <td style="font-weight:bold">Carrying value, end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right">876,075</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right">28,000</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border:0pt none; height:564px; width:655px"> <tbody> <tr> <th style="border-image:none; border:0pt currentColor; width:70%"> <p> </p> <p> </p> </th> <th style="border-width:0pt; font-weight:bold; width:15%">Investments in group enterprises</th> <th style="border-width:0pt; font-weight:bold; width:15%">Receivables from group enterprises</th> <th style="border-width:0pt; font-weight:bold; width:15%">Investments in associates</th> <th style="border-width:0pt; font-weight:bold; width:15%"> <p> <strong>Deposits</strong> </p> </th> </tr> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">tkr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">tkr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">tkr.</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right">tkr.</th> </tr> <tr> <td>Cost beginning of year</td> <td style="text-align:right">26,231</td> <td style="text-align:right">7,588</td> <td style="text-align:right">41</td> <td style="text-align:right">3,716</td> </tr> <tr> <td>Correction cost after merger</td> <td style="text-align:right">-12,305</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> </tr> <tr> <td>Additions</td> <td style="text-align:right">64</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> <td style="text-align:right">22</td> </tr> <tr> <td>Disposals, negative value 01.01.</td> <td style="text-align:right">1,098</td> <td style="text-align:right">-7,588</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> </tr> <tr> <td style="font-weight:bold">Cost end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">15,088</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">0</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">41</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">3,738</td> </tr> <tr> <td> </td> </tr> <tr> <td>Revaluations beginning of year</td> <td style="text-align:right">28,467</td> <td style="text-align:right">0</td> <td style="text-align:right">5,020</td> <td style="text-align:right">0</td> </tr> <tr> <td>Previous write-downs of negative equity</td> <td style="text-align:right">-7,523</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> </tr> <tr> <td>Exchange rate adjustments</td> <td style="text-align:right">-599</td> <td style="text-align:right">0</td> <td style="text-align:right">301</td> <td style="text-align:right">0</td> </tr> <tr> <td>Share of profit/loss after tax</td> <td style="text-align:right">6,408</td> <td style="text-align:right">0</td> <td style="text-align:right">311</td> <td style="text-align:right">0</td> </tr> <tr> <td>Dividend</td> <td style="text-align:right">-2,470</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> </tr> <tr> <td>Other adjustment</td> <td style="text-align:right">212</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> </tr> <tr> <td style="font-weight:bold">Revaluations end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">24,495</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">0</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">5,632</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">0</td> </tr> <tr> <td style="font-weight:bold">Carrying amount end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">39,583</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">0</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">5,673</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">3,738</td> </tr> <tr> <td> </td> </tr> <tr> <td>Investments with negative equity depreciated over receivables</td> <td style="text-align:right">7,209</td> <td style="text-align:right"> </td> <td style="text-align:right"> </td> </tr> <tr> <td>Investments with negative equity transferred to provision</td> <td style="text-align:right">1,379</td> <td style="text-align:right"> </td> <td style="text-align:right"> </td> </tr> <tr> <td style="font-weight:bold">Carrying amount end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right">48,171</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right"> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right"> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right"> </td> </tr> <tr> <td/> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Group enterprises with negative equity are measured at kr. 0, and any receivables from these enterprises are written down by the Parent´s share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognized under provisions if the Parent has a legal obligation to cover the liabilities of the relevant enterprise.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border:0pt none; height:274px; width:665px"> <tbody> <tr> <th style="border-image:none; border:0pt currentColor; text-align:left; width:55%">Name, legal form and registred office</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%"> <p> <strong>Registered in</strong> </p> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%"> <p> <strong>Equity interest</strong> </p> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%"> <p> <strong>Equity tkr.</strong> </p> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%">The result of the year tkr.</th> </tr> <tr> <td>Kysgoz Total Wind A.S.</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Turkey</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">100%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-4,344</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-1,446</td> </tr> <tr> <td>Total Wind Brazil Ltda</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Brazil</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">75%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">12,803</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-163</td> </tr> <tr> <td>Total Wind Maroc SARL</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Marrocco</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">100%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-396</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-1,255</td> </tr> <tr> <td>Total Wind Poland Sp. Z.o.o.</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Poland</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">80%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">28,640</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">2,293</td> </tr> <tr> <td>*Total Wind Service Sp. Z.o.o.</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Poland</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">100%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">402</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">342</td> </tr> <tr> <td>Total Wind UK Ltd.</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">UK</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">70%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">13,082</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">4,462</td> </tr> <tr> <td>Total Wind GmbH</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Germany</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">100%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">6,290</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">3,820</td> </tr> <tr> <td>Total Wind Benelux BV</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Holland</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">70%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">296</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-303</td> </tr> <tr> <td>Total Wind Iberia Lda.</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Portugal</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">100%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-3,848</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">-2,489</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml">Investments in associates are specified as follows:</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border:0pt none; height:128px; width:661px"> <tbody> <tr> <th style="border-image:none; border:0pt currentColor; text-align:left; width:55%">Associates:</th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%"> <p> </p> <p> <strong>Registered in</strong> </p> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%"> <p> </p> <p> <strong>Equity interest</strong> </p> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%"> <p> </p> <p> <strong>Equity tkr.</strong> </p> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; font-weight:bold; text-align:right; width:15%">The result of the year tkr.</th> </tr> <tr> <td>Certion B.V.</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">Netherlands</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">31,3%</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">5,673</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; text-align:right">311</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> <br/> </p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border-image:none; border:0pt currentColor; width:650px"> <tbody> <tr> <th> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; width:15%"> <strong>Number</strong> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; width:15%"> <strong>Par value kr.</strong> </th> <th style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:1px; padding-bottom:10px; text-align:right; width:15%"> <strong>Nominal value kr.</strong> </th> </tr> <tr> <td> </td> <td style="text-align:right"> </td> <td style="text-align:right"> </td> <td style="text-align:right"> </td> </tr> <tr> <td>A-shares</td> <td style="text-align:right">500,001</td> <td style="text-align:center">1,00</td> <td style="text-align:right">500,001</td> </tr> <tr> <td style="font-weight:bold">Share capital, end of year</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">500,001</td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right"> </td> <td style="border-bottom-color:currentColor; border-bottom-style:solid; border-bottom-width:2px; border-top-color:currentColor; border-top-style:solid; border-top-width:2px; font-weight:bold; text-align:right">500,001</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Uncertainty related to the going concern assumption</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Parent has issued a letter of support to provide necessary funds available to the company.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Consolidated financial statement of the group and the Company are presented on the assumption of going concern.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <br/>Based on the expectations for the financial year 2017, the Group has established a financing package that is estimated to support the Group’s projected financial requirements. The financing is based on a quarterly observance of financial performance measures, with the next ordinary annual renegotiation at the end of 2017. Management assesses that the expectations established for 2017 are reasonable as well as realistic, however by nature include a level of uncertainty that potentially may have a negative effect on the sufficiency of the capital resources. <br/>  <br/>Based on the expectations established for the financial year 2017, Management assesses that the Group and the Company are able to maintain the credit facilities provided as a basis for the Group’s ability to continue as a going concern. In addition, Management expects that the Group’s capital base can be strengthened.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company participates in a Danish joint taxation arrangement in which Total Wind Group A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable from 1 July 2012 for obligations, if any, relating to the withholding of tax on interest, royalty and dividend for the jointly taxed companies.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Unrecoginised rental and lease commitments</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has entered into a number of operational leases regarding premises, office machinery etc. The annual payment regarding these contracts is at a level of DKK 2.0 million.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Most of the contracts have a period of notice shorter than 6 months. The notice periode regarding the headquarter premises in Denmark is 4 years.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Collateral securities provided for subsidiaries and group enterprises</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has guaranteed the bank debt regarding Total Wind Group A/S and Total Wind Equipment ApS to the bank of the Group. The actual limit of the guarantee is kr. 89 Million.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has deposited a mortgage deed (Fordringspant) registrered to the mortgagor on unsecured claims of kr. 52 Million.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has deposited a mortgage deed with its bank related to Goodwill of Total Wind A/S.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has granted transport in current and future intercompany receivables with a number of Group companies.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">A third party financial institutuion (EKF) has on behalf of the company provided a guarantee towards the company´s bank. The nominal value of this guarantee is limited to kr. 22,5 Million at 31 December 2016.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has guaranteed bank debt regarding the financial lease debt in Total Wind Equipment ApS to its bank. As of 31.12.2016 the total financial lease debt amounts to kr. 79 Million.</p> <h3 xmlns="http://www.w3.org/1999/xhtml">Ownership</h3> <p xmlns="http://www.w3.org/1999/xhtml">The Company has registered the following shareholders holding more than 5% of the voting rights or nominal value: <br/> <br/>Total Wind Group A/S, Brande</p> <h3 xmlns="http://www.w3.org/1999/xhtml">Group relations</h3> <p xmlns="http://www.w3.org/1999/xhtml">Included in the consolidated financial statements of: Total Wind Group A/S, Brande, CVR-no. 30 55 50 58</p> <table xmlns="http://www.w3.org/1999/xhtml" style="border-collapse:collapse; border:0; width:650px"> <thead> <tr> <th style="border:0; width:60%"> </th> <th style="border:0; font-weight:bold; text-align:right; width:25%">2016</th> <th style="border:0; font-weight:bold; text-align:right; width:15%">2015</th> </tr> <tr> <th style="text-align:left"> <strong>Deferred tax assets</strong> </th> <th style="border-bottom:1px solid; padding-bottom:10px; text-align:right">kr.</th> <th style="border-bottom:1px solid; padding-bottom:10px; text-align:right">kr.</th> </tr> </thead> <tbody> <tr> <td> <strong>Changes during the year</strong> </td> <td style="text-align:right"> </td> <td style="text-align:right"> </td> </tr> <tr> <td>Beginning of year</td> <td style="text-align:right">4,202,466</td> <td style="text-align:right">414,026</td> </tr> <tr> <td>Related to merger</td> <td style="text-align:right">46,834</td> <td style="text-align:right"> </td> </tr> <tr> <td>Recognised in the income statement</td> <td style="text-align:right">6,201,294</td> <td style="text-align:right">3,788,440</td> </tr> <tr> <td>Recognised directly in equity</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> </tr> <tr> <td> <strong>End of year</strong> </td> <td style="border-bottom:2px solid; border-top:2px solid; text-align:right">10,450,594</td> <td style="border-bottom:2px solid; border-top:2px solid; text-align:right"> <p>4,202,466</p> </td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Deferred tax relates to time differences on fixed assets and tax loss carryforwards.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Disclosure of uncertainties relating to deferred tax asset</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company is part of a Danish joint taxation arrangement including the other Danish Group companies: Total Wind Group A/S, Total Wind Equipment ApS, Total Wind Service ApS and Bolt Machine ApS. This Group of companies has a gross deferred tax assets of DKK 17 million. On presentation of the annual report the Company has recognized a deferred tax assets of DKK 10 million. On presentation of the annual report the Group of Danish companies has recognized a deferred tax asset of net DKK 6 million. The difference of DKK 11 million has not been recognised in the balance sheet. The asset is overall recognised based on an analyses of the future utilsation of the tax asset. There is uncertainty related to the timing of future utilisation of the deferred tax asset. Management has prepared estimates, prognoses and analyses that show that utilsation of the recognised tax asset of DKK 10 million is likely to happen during the period 2017 to 2020. The future utilisation of this asset is based on certain assumptions regarding future profitability that needs to be met, which is uncertain of its nature.</p> <p xmlns="http://www.w3.org/1999/xhtml"> <strong>Related parties with control</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml">Total Wind Group A/S, Brande holds all shares in the Company and has therefore controlling interest in the Company. Total Wind A/S is included in the consolidated accounts of Total Wind Group A/S.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The Company has had transactions with related parties. These transactions are made an arm´s length basis.</p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <table xmlns="http://www.w3.org/1999/xhtml" class="incomeStatement" style="border:0; margin-bottom: 20px;"> <thead> <tr class="header1"> <th class="col1"/> <th class="col2"/> <th class="col3">2016</th> <th class="col4 lastyear">2015</th> </tr> </thead> <tbody> <tr> <td class="col1 dotted"> <span> Number of employees, beginning balance </span> </td> <td class="col2"> </td> <td class="col3"> 128 </td> <td class="col4 lastyear"> 112 </td> </tr> <tr> <td class="col1 dotted"> <span> Average number of employees </span> </td> <td class="col2"> </td> <td class="col3"> 150 </td> <td class="col4 lastyear"> 120 </td> </tr> <tr> <td class="col1 dotted"> <span> Number of employees, ending balance </span> </td> <td class="col2"> </td> <td class="col3"> 172 </td> <td class="col4 lastyear"> 128 </td> </tr> </tbody> </table> 128 112 150 120 172 128 6620199 12854000 -54856820 -15079000 -48236621 -2225000 false false true 2015-01-01 2015-12-31 Auditor's report on audited financial statements false false false false May Schmidt Sjællandsvej 5 7330 Brande