xbrli:pureiso4217:DKK250443982017-01-012017-12-31cmn:ConsolidatedMember250443982017-01-012017-12-311cmn:ConsolidatedMember250443982017-01-012017-12-312cmn:ConsolidatedMember250443982017-01-012017-12-313cmn:ConsolidatedMember250443982017-01-012017-12-311cmn:ConsolidatedMember250443982017-01-012017-12-311cmn:ConsolidatedMember250443982016-01-012016-12-31cmn:ConsolidatedMembercmn:PreviousYearMember250443982015-01-012015-12-31cmn:ConsolidatedMembercmn:TwoYearsAgoMember250443982014-01-012014-12-31cmn:ConsolidatedMembercmn:ThreeYearsAgoMember250443982013-01-012013-12-31cmn:ConsolidatedMembercmn:FourYearsAgoMember250443982016-01-012016-12-31cmn:ConsolidatedMember250443982017-01-012017-12-31250443982016-01-012016-12-31250443982017-01-012017-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember250443982016-01-012016-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember250443982017-01-012017-12-31fsa:RetainedEarningsMember250443982016-01-012016-12-31fsa:RetainedEarningsMember250443982017-01-012017-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember250443982017-01-012017-12-31fsa:ContributedCapitalMember250443982017-01-012017-12-31fsa:RevaluationReserveMembercmn:ConsolidatedMember250443982017-01-012017-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember250443982017-01-012017-12-31fsa:RetainedEarningsMember250443982017-12-31cmn:ConsolidatedMember250443982016-12-31cmn:ConsolidatedMembercmn:PreviousYearMember250443982015-12-31cmn:ConsolidatedMembercmn:TwoYearsAgoMember250443982014-12-31cmn:ConsolidatedMembercmn:ThreeYearsAgoMember250443982013-12-31cmn:ConsolidatedMembercmn:FourYearsAgoMember250443982016-12-31cmn:ConsolidatedMember250443982017-12-31250443982016-12-31250443982017-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember250443982017-01-01fsa:ContributedCapitalMember250443982017-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember250443982017-12-31fsa:ContributedCapitalMember250443982017-01-01fsa:RevaluationReserveMembercmn:ConsolidatedMember250443982017-12-31fsa:RevaluationReserveMembercmn:ConsolidatedMember250443982017-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember250443982017-01-01fsa:RetainedEarningsMember250443982017-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember250443982017-12-31fsa:RetainedEarningsMember250443982017-01-01cmn:ConsolidatedMember250443982017-01-01250443982017-01-012017-12-311cmn:ConsolidatedMember250443982016-01-012016-12-311cmn:ConsolidatedMembercmn:PreviousYearMember250443982015-01-012015-12-311cmn:ConsolidatedMembercmn:TwoYearsAgoMember250443982014-01-012014-12-311cmn:ConsolidatedMembercmn:ThreeYearsAgoMember250443982013-01-012013-12-311cmn:ConsolidatedMembercmn:FourYearsAgoMember250443982017-01-012017-12-3121cmn:ConsolidatedMember250443982016-01-012016-12-3121cmn:ConsolidatedMembercmn:PreviousYearMember250443982015-01-012015-12-3121cmn:ConsolidatedMembercmn:TwoYearsAgoMember250443982014-01-012014-12-3121cmn:ConsolidatedMembercmn:ThreeYearsAgoMember250443982013-01-012013-12-3121cmn:ConsolidatedMembercmn:FourYearsAgoMember250443982017-01-012017-12-3122cmn:ConsolidatedMember250443982016-01-012016-12-3122cmn:ConsolidatedMembercmn:PreviousYearMember250443982015-01-012015-12-3122cmn:ConsolidatedMembercmn:TwoYearsAgoMember250443982014-01-012014-12-3122cmn:ConsolidatedMembercmn:ThreeYearsAgoMember250443982013-01-012013-12-3122cmn:ConsolidatedMembercmn:FourYearsAgoMember250443982017-01-012017-12-311cmn:ConsolidatedMember250443982016-01-012016-12-311cmn:ConsolidatedMember250443982017-01-012017-12-312cmn:ConsolidatedMember250443982016-01-012016-12-312cmn:ConsolidatedMember250443982017-01-012017-12-311cmn:ConsolidatedMember250443982016-01-012016-12-311cmn:ConsolidatedMember250443982016-01-01cmn:ConsolidatedMemberAnnual reportAuditor's report on audited financial statementsfalseReporting class C, medium-size enterprisefalsefalsefalsefalsefalseSynbra Danmark A/STvilhovej 8-10 6752Glejbjerg Denmark+45 79 79 81 11250443981999-12-15Vejen2017-01-012017-12-312016-01-012016-12-312018-05-29Peter EllehuusJozef H. VerstegenRik Prosper DobbelaereSteffen Busk JespersenChairmanRik Prosper DobbelaereKPMG Statsautoriseret RevisionspartnerselskabJupitervej 46000Kolding25578198KPMG Statsautoriseret RevisionspartnerselskabJupitervej 46000 Kolding25578198The Board of Directors and the Executive Board have today discussed and approved the annual report of Synbra Danmark A/S for the financial year 1 January – 31 December 2017.<br/>The annual report has been prepared in accordance with the Danish Financial Statements Act.<br/>In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2017 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2017.<br/>Further, in our opinion, the Management's review gives a fair review of the development in the Group's and the Parent Company's activities and financial matters, of the results for the year and of the Group's and the Parent Company's financial position.<br/>We recommend that the annual report be approved at the annual general meeting.Glejbjerg2018-05-29To the shareholders of Synbra Danmark A/SWe have audited the consolidated financial statements and the parent company financial statements of Synbra Danmark A/S for the financial year 1 January – 31 December 2017 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group as well as for the Parent Company and a cash flow statement for the Group. The consolidated financial statements and parent company financial statements are prepared in accordance with the Danish Financial Statements Act.<br/>In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Parent Company's assets, liabilities and financial position at 31 December 2017 and of the results of the Group's and the Parent Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2017 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the consolidated financial statements and the parent company financial statements" section of our report. We are independent of the Group in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of consolidated financial statements and parent company financial statements that are free from material misstatement, whether due to fraud or error.<br/>In preparing the consolidated financial statements and the parent company financial statements, Management is responsible for assessing the Group's and the Parent Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements<br/>unless Management either intends to liquidate the Group or the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance as to whether the consolidated financial statements and the parent company 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made on the basis of these consolidated financial statements and parent company financial statements.<br/>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<br/>— identify and assess the risks of material misstatement of the consolidated financial statements and the parent company 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.<br/>— obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group's and the Parent Company's internal control.<br/>— evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.<br/>— conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the consolidated financial statements and the parent company financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Group's and the Parent Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the consolidated financial statements and the parent company financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Group and the Company to cease to continue as a going concern.<br/>— evaluate the overall presentation, structure and contents of the consolidated financial statements and the parent company financial statements, including the disclosures, and whether the consolidated financial statements and the parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view.<br/>— obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction, supervision and performance of the group audit. We remain solely responsible for our audit opinion.<br/>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's review.<br/>Our opinion on the consolidated financial statements and the parent company financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon.<br/>In connection with our audit of the consolidated financial statements and the parent company financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the consolidated financial statements or the parent company financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.<br/>Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act.<br/>Based on the work we have performed, we conclude that the Management's review is in accordance with the consolidated financial statements and the parent company financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.Kolding2018-05-29Nikolaj Møller Hansen State Authorised Public Accountant mne33220Principal activities of the Group<br/>The Group is primarily engaged in the manufacturing and sale of packaging and technical products made from EPS (Expandable Polystyrene) and EPS insulating material:<br/>The production facilities are situated in Denmark.<br/>The products of the Group are mainly sold in Denmark, Germany and Sweden.<br/>Development in activities and financial position<br/>Loss for the year after tax represented DKK 872 thousand against a profit of DKK 3,664 thousand last year.<br/>Management considers the loss for the year to be at an unsatisfactory level and not in line with forecast.<br/>Events after the balance sheet date<br/>Moreover, reference is made to note 18, in which the matter is described in further detail.<br/>Environment<br/>The Group prepares an environmental statement for the production site placed in Tvilho in Denmark. The overall objective is to avoid any accidents which may cause damage to persons, technical equipment and surroundings. It is of crucial importance that all group activities in Denmark take place with the lowest possible environmental strain on the surroundings and with a high safety standard.<br/>Outlook<br/>Management expects to make a positive development in activities during the coming financial year.<br/>For 2018, the Company expects the earnings capacity of the subsidiary to be positive.<br/>Risks<br/>The Group's most significant operating risk relates to its ability to be strongly positioned on its domestic market.The annual report of Synbra Danmark A/S for 2017 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.<br/>The accounting policies used in the preparation of the financial statements are consistent with those of last year.<br/>Consolidated financial statements<br/>The consolidated financial statements comprise the Parent Company, Synbra Danmark A/S, and subsidiary in which the Company directly or indirectly holds more than 50% of the votes or in some other way exercises control.<br/>On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends and realised and unrealised gains and losses on intra-group transactions are eliminated.<br/>Equity investments in subsidiary are set off against the proportionate share of subsidiary fair value of net assets and liabilities at the date of acquisition.<br/>Foreign currency translation<br/>On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.<br/>Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.Gross profit<br/>Pursuant to Section 32 of the Danish Financial Statements Act, the Company has decided only to disclose gross profit.<br/>Revenue<br/>Income from the sale of goods is recognised in revenue when delivery and transfer of risk to the buyer have taken place and the income may be measured reliably and is expected to be received. The date of transfer of the most significant benefits and risks is determined using standard Incoterms ® 2010.<br/>Production costs<br/>Production costs comprise costs incurred to generate revenue for the year, including depreciation, amortisation, wages and salaries incurred to generate revenue for the year.<br/>Distribution costs<br/>Costs incurred to sell and distribute goods sold during the year and in conducting sales campaigns, etc., during the year are recognised as distribution costs. Also, costs relating to sales staff, advertising, exhibitions and depreciation are recognised as distribution costs.<br/>Administrative expenses<br/>Administrative expenses comprise expenses incurred during the year for management and administration of the Company, including expenses for administrative staff, management, office premises, office expenses and depreciation.<br/>Other operating income<br/>Other operating income comprises items secondary to the activities of the Company, including gains on the disposal of property, plant and equipment.<br/>Other operating costs<br/>Other operating costs comprise items secondary to the activities of the entities, including losses on the disposal of intangible assets and property, plant and equipment.<br/>Financial income and expenses<br/>Financial income and expenses comprise interest income and expense, expenses pertaining to finance leases, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.<br/>Tax on profit/loss for the year<br/>The Company is covered by the Danish rules on compulsory joint taxation of the Synbra Group’s Danish subsidiary. Subsidiary form part of the joint taxation from the date on which they are included in the consolidation of the consolidated financial statements and up to the date on which they exit the consolidation.<br/>Synbra Danmark A/S is the administrative company for the joint taxation and consequently settles all corporation tax payments with the tax authorities.<br/>The current Danish corporation tax is allocated by the settlement of joint taxation contribution between the jointly taxed companies in proportion to their taxable income. In this relation, companies with tax loss carryforwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits.<br/>Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity.Property, plant and equipment<br/>Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, subsuppliers, energy consumption, staff and depreciation of machinery used.<br/>Revaluation of non-current assets was made with reference to a reassessment of the value of the assets at the date of acquisition.<br/>Depreciation is provided on a straight-line basis over the expected useful lives of the assets.<br/>The estimated useful lives are as follows:<br/>Buildings<br/>10-50 years<br/>Plant and machinery<br/>8-12 years<br/>Fixtures and fittings, tools and equipment<br/>2-8 years<br/>The useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.<br/>Land is not depreciated.<br/>Depreciation is recognised in the income statement as production costs, sales and distribution costs and administrative expenses, respectively.<br/>Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.<br/>Leases<br/>All other leases are treated as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed in contingencies, etc.<br/>Impairment of non-current assets<br/>The carrying amount of property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.<br/>Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.<br/>The recoverable amount is the higher of an asset's net selling price and its value in use. Value in use is determined as the present value of the forecasted net cash flows from the use of the asset or the group of assets, including forecasted net cash flows from the disposal of the asset or group of assets after the end of the useful life.<br/>Investments in subsidiary<br/>Investments in subsidiary are measured in the parent company according to the equity method.<br/>The share of the subsidiary results after tax for the year is recognised in the income statement of the parent company under the item "income from investments in subsidiary".<br/>Investments in subsidiary are measured in the parent company's balance sheet at the proportionate share of the entities' net asset value calculated in accordance with the parent company's accounting policies plus or minus unrealised intra-group profits and losses.<br/>The difference between cost and the net asset value in the enterprise acquired is computed at the date of acquisition. Any positive differences are capitalised in the balance sheet of the Parent Company under the item "investments in subsidiary".<br/>Inventories<br/>Raw materials and consumables are measured at the lower of cost in accordance with the FIFO method and the net realisable value.<br/>Finished goods are measured at the lower of the cost plus indirect production overheads and net realisable value.<br/>Finished goods are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise costs for factory administration and management.<br/>The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price.<br/>Receivables<br/>Receivables are measured at amortised cost.<br/>Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.<br/>Prepayments<br/>Prepayments comprise prepayment of costs incurred relating to subsequent financial years.<br/>Equity<br/>Dividends<br/>Proposed dividends are recognised as a liability at the date on which they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item under equity.<br/>Corporation tax and deferred tax<br/>In its capacity as the administrative company, Synbra Danmark A/S is liable for its subsidiary corporation taxes to the tax authorities concurrently with the payment of joint taxation contributions by the subsidiary.<br/>Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.<br/>Joint taxation contributions payable and receivable is recognised in the balance sheet as "Corporation tax".<br/>Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to other items where temporary differences arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where different tax rules can be applied to determine the tax base, deferred tax is measured based on Management's planned use of the asset or settlement of the liability, respectively.<br/>Deferred tax assets, including the tax value of tax losses carried forward, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.<br/>Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.<br/>Liabilities other than provisions<br/>Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate.<br/>Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.<br/>Other liabilities are measured at net realisable value.The cash flow statement shows the Group’s cash flows from operating, investing and financing activities for the year, the year's changes in cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.<br/>Cash flows from operating activities<br/>Cash flows from operating activities are calculated as profit/loss for the year adjusted for non-cash operating items, changes in working capital and corporation tax paid.<br/>Cash flows from investing activities<br/>Cash flows from investing activities comprise payments in connection with acquisitions and disposals of entities and activities and of property, plant and equipment and investments.<br/>Cash flows from financing activities<br/>Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related costs as well as the raising of loans, repayment of interest-bearing debt, and payment of dividends to owners.<br/>Cash and cash equivalents<br/>Cash and cash equivalents comprise cash and short-term marketable securities which can be freely converted into cash and which are subject to an insignificant risk of changes in value reduced by current liabilities in the form of bank loans.58334000618780004520100049424000440310006187800000-1027000-1091000-1164000-1295000-1606000-8720003664000-27400023550005240003664000-8720003664000-8720003664000-8720003664000000-872000-87200011339700010012700097842000106595000108540000100127000956920009458400048280001037400059660006308000224600041932000428040003914000039414000370590004280400041932000428040001000000100000010000001000000768000768000410360004180400040164000409320004280400042804000Profit/loss before financial income and expensesProfit/loss before financial income and expensesProfit/loss before financial income and expensesProfit/loss before financial income and expensesProfit/loss before financial income and expensesCurrent ratioCurrent ratioCurrent ratioCurrent ratioCurrent ratioRate of returnRate of returnRate of returnRate of returnRate of return-670005899000880000462500016500000.3700.4270.4000.3700.341-0.0210.089-0.0070.0620.0141.1121.6151.5401.0741.433-0.0010.0590.0090.0430.015Financial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines on the calculation of financial ratios “Recommendations and Ratios". The financial ratios have been calculated as follows:<br/><br/>Current ratio <br/>Current assets x 100/<br/>Current liabilities<br/><br/>Return on equity <br/>Profit/loss from ordinary activities after tax x 100/<br/>Average equity<br/><br/>Rate of return <br/>Profit before financial income and expenses and tax x 100/<br/>Assets<br/><br/>Solvency ratio <br/>Equity ex. non-controlling interests at year end x 100/<br/>Total equity and liabilities at year end44723000421120000013678000137050001400013000016200000-670005899000-14000-1300000825000549500000001027000109100021620002335000-10940004808000-13510003147000-2220001144000-479000-51700021220000218780000012925000119510000062300097800000216800026920000036936000374990000000954090009458400000954090009458400036936000374990009540900094584000508500038320000011091000995300000161760001378500000590290004756800000002830000545000000249000326000004460007800000602690004797200028300001600087100000764610006262800028300001000000100000010000001000000768000768000004016400041036000409320004180400023990002621000002399000262100000015919000015919000015919000015919000181900095000009685000903800000245020001342900035028000330480000107000001432800013301000001873200028130001873200028130006906600038783000537600003586100069066000547020005376000051780000113397000100127000956920009458400053910005238000-13119000-4195000-80190004999000-1027000-1091000222000982000Other adjustments of non-cash operating itemsOther adjustments of non-cash operating itemsCash generated from operations before changes in working capitalCash generated from operations before changes in working capital58100029200051000009194000-8824000489000048280001037400003975000-4828000-639900015919000418000-159190000-110730000Proceeds from incurring mortgage debtProceeds from incurring mortgage debt0-18500011073000-603000-2579000-21120007760002888000-1803000776000Wages and salaries<br/>54,244<br/>51,400<br/>0<br/>0<br/>Pension contribution<br/>4,288<br/>4,181<br/>0<br/>0<br/>Other social security costs<br/>2,288<br/>2,325<br/>0<br/>0<br/>60,820<br/>57,906<br/>0<br/>0<br/>Referring to section 98 b (3) of the Danish Financial Statements Act, remuneration of the Executive Board is not disclosed.13213600Financial expenses from group entities<br/>505<br/>479<br/>1,749<br/>1,868<br/>Other financial expenses<br/>522<br/>612<br/>413<br/>467<br/>1,027<br/>1,091<br/>2,162<br/>2,335Total tax for the year<br/>0<br/>-955<br/>196<br/>517<br/>Adjustment of deferred tax<br/>222<br/>-183<br/>283<br/>0<br/>Adjustment prior year tax<br/>0<br/>-6<br/>0<br/>0<br/>222<br/>-1,144<br/>479<br/>517Group<br/>DKK'000<br/>Land and buildings<br/>Plant and machinery<br/>Fixtures, fittings and equipment<br/>Property, plant and equip-ment under construc-tion<br/>Total<br/>Cost at 1 January 2017<br/>45,286<br/>110,722<br/>2,935<br/>2,692<br/>161,635<br/>Additions for the year<br/>620<br/>1,984<br/>56<br/>2,168<br/>4,828<br/>Disposals for the year<br/>0<br/>-4,139<br/>0<br/>0<br/>-4,139<br/>Transfers for the year<br/>0<br/>2,518<br/>174<br/>-2,692<br/>0<br/>Cost at 31 December 2017<br/>45,906<br/>111,085<br/>3,165<br/>2,168<br/>162,324<br/>Revaluations at 1 January 2017<br/>2,527<br/>0<br/>0<br/>0<br/>2,527<br/>Revaluations at 31 December 2017<br/>2,527<br/>0<br/>0<br/>0<br/>2,527<br/>Depreciation losses at 1 January 2017<br/>-25,935<br/>-98,771<br/>-1,957<br/>0<br/>-126,663<br/>Depreciation for the year<br/>-1,278<br/>-3,528<br/>-585<br/>0<br/>-5,391<br/>Reversed depreciation on assets sold<br/>0<br/>4,139<br/>0<br/>0<br/>4,139<br/>Depreciation at 31 December 2017<br/>-27,213<br/>-98,160<br/>-2,542<br/>0<br/>-127,915<br/>Carrying amount at 31 December 2017<br/>21,220<br/>12,925<br/>623<br/>2,168<br/>36,936Investments in subsidiary<br/>Parent Company<br/>DKK'000<br/>2017<br/>2016<br/>Cost at 1 January<br/>243,589<br/>243,589<br/>Value adjustment at 1 January<br/>-149,005<br/>-154,500<br/>Share of profit for the year after tax<br/>825<br/>5,495<br/>Value adjustment at 31 December<br/>-148,180<br/>-149,005<br/>Carrying amount at 31 December<br/>95,409<br/>94,584<br/>Name and registered office<br/>Owner-ship<br/>Equity<br/>Profit/loss for the year<br/>DKK'000<br/>DKK'000<br/>Styropack A/S, Vejen<br/>100%<br/>95,409<br/>825Prepayments consist of prepaid expenses.The Company has a bank account registered as a deed account. The bank account amount, DKK 0 thousand (2016: DKK 609 thousand), is tied up until the sale of property has been finalised.The contributed capital consists of 1 share of a nominal value of DKK 1,000 thousand.<br/>The contributed capital has remained unchanged for the past five years.<br/>All shares rank equally.Deferred tax at 1 January<br/>-2,621<br/>-2,438<br/>0<br/>0<br/>Deferred tax adjustment for the year in the income statement<br/>222<br/>-183<br/>283<br/>0<br/>-2,399<br/>-2,621<br/>283<br/>0Non-current liabilities other than provisions can be specified as follows:<br/>Parent company<br/>2017<br/>DKK'000<br/>Bank loans:<br/>0-1 years<br/>18,732<br/>1-5 years<br/>0<br/>Total non-current liabilities other than provisions<br/>18,732<br/>Collateral is disclosed in note 13.Synbra Danmark A/S' related parties comprise the following:<br/>Control<br/>Synbra International B.V., Zeedijk 25, Etten-Leur, the Netherlands.<br/>The company is fully owned by Synbra International B.V.<br/>Synbra Danmark A/S is part of the consolidated financial statements of Synbra International B.V., the Netherlands, which is the smallest and largest group respectively in which the Company is included as a subsidiary.<br/>The consolidated financial statements of Synbra International B.V. can be obtained by contacting the Company.<br/>Related party transactions<br/>The Company has chosen only to disclose transactions that are not carried out on an arm's length basis in accordance with section 98c(7) of the Danish Financial Statements Act.Contractual obligations, contingencies, etc.<br/>Contingent liabilities<br/>In June 2015, Synbra Holding B.V. entered into a three-year senior Facility Agreement. In relation to this, the shares in Synbra Danmark A/S have been provided as collateral to the lenders.<br/>The company is jointly taxed with other Danish group companies. As a group company, together with the other companies included in the joint taxation, the company has unlimited joint and several liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties within the jointly taxed unit. The jointly taxed entities' total known net liability to SKAT is disclosed in the financial statements of the administrative company, Synbra Danmark A/S (CVR No. 25 04 43 98). Any subsequent corrections to the joint taxation income and withholding taxes, etc. may result in an increased liability for the Company.<br/>Operating lease obligations<br/>The Group has entered into operating leases with a remaining term of 1-91 months and an average monthly lease payments of DKK 88 thousand, totalling DKK 8,019 thousand.<br />Other adjustments<br/>Financial expenses<br/>1,027<br/>Tax on profit/loss for the year<br/>-222<br/>Provisions<br/>-224<br/>-581<br/><br/><br/><br/>Changes in working capital<br/>Change in inventories<br/>-2,391<br/>Change in receivables<br/>-12,297<br/>Change in trade and other payables<br/>1,569<br/>-13,119<br/><br/><br/><br/>Cash and cash equivalents at year end<br/>Cash and cash equivalents according to the balance sheet<br/>16<br/>Deposit Groups cash pool under Banks, current liabilities<br/>-1,819<br/>-1,803No significant events have occurred after the balance sheet date, which are considered to have a material effect on the assessment of the consolidated financial statements and the parent company financial statements.