25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 1 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 2 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 25044398 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 1 25044398 2014-01-01 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 2 25044398 2014-01-01 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 3 25044398 2014-01-01 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 4 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 5 25044398 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 6 25044398 2014-01-01 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 7 25044398 2014-01-01 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 8 25044398 2014-01-01 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 9 25044398 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 25044398 2014-01-01 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 25044398 2014-01-01 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 25044398 2014-01-01 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 25044398 2014-12-31 cmn:ConsolidatedMember 25044398 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 25044398 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 25044398 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 25044398 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 10 25044398 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 11 25044398 2014-01-01 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 12 25044398 2014-01-01 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 13 25044398 2014-01-01 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 14 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 15 25044398 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 16 25044398 2014-01-01 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 17 25044398 2014-01-01 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 18 25044398 2014-01-01 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 19 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 20 25044398 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 21 25044398 2014-01-01 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 22 25044398 2014-01-01 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 23 25044398 2014-01-01 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 24 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 25 25044398 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 26 25044398 2014-01-01 2014-12-31 cmn:TwoYearsAgoMember cmn:ConsolidatedMember 27 25044398 2014-01-01 2014-12-31 cmn:ThreeYearsAgoMember cmn:ConsolidatedMember 28 25044398 2014-01-01 2014-12-31 cmn:FourYearsAgoMember cmn:ConsolidatedMember 29 25044398 2013-01-01 2013-12-31 cmn:ConsolidatedMember 25044398 2014-01-01 2014-12-31 25044398 2013-01-01 2013-12-31 25044398 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 25044398 2013-01-01 2013-12-31 fsa:RetainedEarningsMember 25044398 2013-12-31 cmn:ConsolidatedMember 25044398 2014-12-31 25044398 2013-12-31 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 25044398 2013-01-01 2013-12-31 cmn:ConsolidatedMember 1 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 2 25044398 2013-01-01 2013-12-31 cmn:ConsolidatedMember 3 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 25044398 2013-01-01 2013-12-31 cmn:ConsolidatedMember 1 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 25044398 2013-01-01 2013-12-31 cmn:ConsolidatedMember 1 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 2 25044398 2013-01-01 2013-12-31 cmn:ConsolidatedMember 3 25044398 2014-01-01 2014-12-31 cmn:ConsolidatedMember 4 25044398 2013-01-01 2013-12-31 cmn:ConsolidatedMember 5 25044398 2014-01-01 cmn:ConsolidatedMember 25044398 2013-01-01 cmn:ConsolidatedMember iso4217:DKK xbrli:pure 2014-01-01 2014-12-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of Synbra Danmark A/S for the financial year 1 January – 31 December 2014.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">It is our opinion that 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 2014 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 2014.</td></tr><tr><td colspan="1">In our opinion, the Management's review includes a fair review of the development in the Group's and the Parent Company's operations and financial matters, of the results for the year and financial position as well as consolidated cash flows.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at annual general meeting.</td></tr></table> Glejbjerg 2015-04-15 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditors' report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of Synbra Danmark A/S</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditors' report on the consolidated financial statements and the parent company financial statements</td></tr><tr><td colspan="1">We have audited the consolidated financial statements and parent company financial statements of Synbra Danmark A/S for the financial year 1 January – 31 December 2014. The consolidated financial statements and parent company financial statements comprise accounting policies, income statement, balance sheet and notes for the Group as well as for the Parent Company and a consolidated cash flow statement. The consolidated financial statements and parent company financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibility for the consolidated financial statements and parent company financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company financial statements that give a true and fair view in accordance with 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditors' responsibility</td></tr><tr><td colspan="1">Our responsibility is to express an opinion on the consolidated financial statements and parent company financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the consolidated financial statements and parent company financial statements are free from material misstatement.</td></tr><tr><td colspan="1">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements and parent company financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated financial statements and parent company financial statements, whether due to fraud or error. In making those risk assessments, the auditor consider internal control relevant to the Company's preparation of consolidated financial statements and parent company financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the consolidated financial statements and parent company financial statements.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Our audit has not resulted in any qualification.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the consolidated financial statements and 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 2014 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 2014 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any further procedures in addition to the audit of the consolidated financial statements and parent company financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the consolidated financial statements and parent company financial statements.</td></tr></table> Aarhus 2015-04-15 Synbra Danmark A/S Tvilhovej 8-10 DK-6752 Glejbjerg 4579798111 25044398 1999-11-15 Vejen 2015-04-15 Peter Ellehuus <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Group structure</td></tr><tr><td colspan="1">Synbra International B.V., the Netherlands, holds the entire share capital of a nominal value of DKK 1,000.</td></tr><tr><td colspan="1">The ultimate parent company preparing the consolidated financial statements, in which the Company is a subsidiary, is Synbra Holding B.V., the Netherlands.</td></tr><tr><td colspan="1">Consolidated financial statements of the foreign parent company can be obtained by contacting</td></tr><tr><td colspan="1">Synbra Holding B.V., Zeedijk 25, 4871 NM Etten-Leur, the Netherlands.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial highlights for the Group</td></tr></table> 2355000 0.062 0.370 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Operating review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Principal activities of the Company</td></tr><tr><td colspan="1">The Group is primarily engaged in the manufacturing and sale of packaging and technical products of EPS (Expandable PolyStyrene) and insulating material of EPS</td></tr><tr><td colspan="1">The production facilities are situated in Denmark.</td></tr><tr><td colspan="1">The products of the Group are mainly sold in Denmark, Germany, United Kingdom and Sweden.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and financial position</td></tr><tr><td colspan="1">Profit/loss before financial income and expenses amounted to DKK 4,625 thousand against a profit of DKK 1,650 last year.</td></tr><tr><td colspan="1">Profit for the year after tax amounted to DKK 2,355 thousand against a profit of DKK 524 thousand last year.</td></tr><tr><td colspan="1">Management considers the profit for the year satisfactory and in line with expectations.</td></tr><tr><td colspan="1">Synbra Danmark A/S participates in a finance agreement within the Group. We refer to supplementary information in note 6.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Environment</td></tr><tr><td colspan="1">The Group prepares an environmental statement for the production site placed in Tvilho in Denmark. The overall objective is to avoid any accident, which may cause damage to persons, technical equipment and our surroundings. Crucial importance is attached to the fact that all Group activities in Denmark take place in consideration of the lowest possible environmental strain of the surroundings and with a high safety standard.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Outlook</td></tr><tr><td colspan="1">Management expects that the level of activities can be maintained in continuing operations for the next financial year.</td></tr><tr><td colspan="1">For 2015, the Company expects earnings capacity in the subsidiary to be positive.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Risks</td></tr><tr><td colspan="1">The Group's most significant operating risk relates to its ability to be strongly positioned on the domestic market.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the balance sheet date</td></tr><tr><td colspan="1">No significant events have occurred after the balance sheet date, which are considered to have a material effect on the assessment of the consolidated financial statements and the parent company financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of Synbra Danmark A/S for 2014 has been prepared in accordance with the provisions applying to reporting class C medium-sized entities under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the consolidated financial statements and the parent company financial statements are consistent with those of last year.</td></tr><tr><td colspan="1">Referring to section 32 of the Danish Financial Statements Act, the Company's revenue and production costs are aggregated into one item called Gross profit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">Income is recognised in the income statement as earned, including value adjustments of fi- nancial assets and liabilities measured at fair value or amortised cost. Equally, costs incurred to generate the year's earnings are recognised, including depreciation, amortisation, impair- ment losses and provisions as well as reversals as a result of changes in accounting estimates of amounts which were previously recognised in the income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Revenue from the sale of goods and finished goods is included in the income statement when the delivery and transfer of risk to the purchaser have taken place before the end of the year, and if the income can be made up reliably and is expected received.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Sales and distribution cost</td></tr><tr><td colspan="1">Costs incurred to sell and distribute goods sold during the year and in conducting sales campaigns, etc., during the year are recognised as sales and distribution costs. Also, costs re- lating to sales staff, advertising, exhibitions and depreciation are recognised as distribution costs.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Administrative expenses</td></tr><tr><td colspan="1">Administrative expenses comprise expenses incurred during the year for management and administration of the Company, including expenses for administrative staff, management, office premises, office expenses and depreciation.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expense, expenses pertaining to finance leases, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">The Company is covered by the Danish rules on compulsory joint taxation of the Synbra Group's Danish subsidiaries. Subsidiaries form part of the joint taxation from the date on which they are included in the consolidation, of the consolidated financial statement and up to the date on which they exit the consolidation.</td></tr><tr><td colspan="1">Synbra Danmark A/S is the administrative company for the joint taxation and consequently settles all corporation tax payments with the tax authorities.</td></tr><tr><td colspan="1">The current Danish corporation tax is allocated by the settlement of joint taxation contribution between the joint taxed companies in proportion to their taxable income. In this relation companies with tax loss carryforwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits.</td></tr><tr><td colspan="1">Tax for the year comprises current tax, joint taxation contributions for the year and changes in deferred tax for the year – due to changes in the tax rate. The tax expenses in relation to the profit/loss for the year is recognised in the income statement and the tax expense relating to amounts directly recognised in equity is recognised directly in equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Intangible assets</td></tr><tr><td colspan="1">Development projects, patents and licences</td></tr><tr><td colspan="1">Development costs comprise costs, wages, salaries and amortisation directly and indirectly attributable to development activities.</td></tr><tr><td colspan="1">Development projects that are clearly defined and identifiable where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses as well development costs. Other development costs are recognised in the income statement as incurred.</td></tr><tr><td colspan="1">Development costs recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Property, plant and equipment is recognised at cost. Land is not depreciated.</td></tr><tr><td colspan="2">Buildings, incl. installations, plant and machinery, fixtures and fitting, tools and equipment are recognised at cost plus revaluation and less depreciation and impairment losses.</td></tr><tr><td colspan="2">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, subsuppliers, energy consumption, staff and depreciation of machinery used.</td></tr><tr><td colspan="2">Revaluation of non-current assets was made with reference to a reassessment of the value of the assets at the date of acquisition.</td></tr><tr><td colspan="2">Depreciation is provided on a straight-line basis over the expected useful lives of the assets.</td></tr><tr><td colspan="2">The estimated useful lives are as follows</td></tr><tr><td>Buildings</td><td>10-50 years</td></tr><tr><td>Plant and machinery</td><td>8-12 years</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>2-8 years</td></tr><tr><td colspan="2">Depreciation is recognised in the income statement as production costs, sales and distribution costs and administrative expenses, respectively.</td></tr><tr><td colspan="2">Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Leases</td></tr><tr><td colspan="1">Leases for non-current assets that transfer substantially all the risks and rewards incident to ownership to the Company (finance leases) are initially recognised in the balance sheet at cost, corresponding to the lower of fair value and the net present value of future lease payments. In calculating the net present value of the future lease payments, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance are subsequently depreciated as the company's other non-current assets.</td></tr><tr><td colspan="1">The capitalised residual lease obligation is recognised in the balance sheet as a liability and the interest element of the lease payment is recognised in the income statement over the term of the lease.</td></tr><tr><td colspan="1">All other leases are treated as operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease. The Company's total obligation relating to operating leases and other leases is disclosed in contingencies, etc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.</td></tr><tr><td colspan="1">Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of an asset's net selling price and its value in use. Value in use is determined as the present value of 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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are measured in the parent company according to the equity method.</td></tr><tr><td colspan="1">The share of the subsidiaries' results after tax for the year is recognised in the income state-ment of the parent company under the item "income from investments in subsidiary after tax".</td></tr><tr><td colspan="1">Investments in subsidiaries are measured in the parent company's balance sheet at the pro- portionate share of the enterprises' net asset value calculated in accordance with the parent company's accounting policies plus or minus unrealised intra-group profits and losses.</td></tr><tr><td colspan="1">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".</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Inventories</td></tr><tr><td colspan="1">Raw materials and consumables are measured at the lower of cost in accordance with the FIFO-method and the net realisable value.</td></tr><tr><td colspan="1">Finished goods are measured at the lower of the cost plus indirect production overheads and net realisable value.</td></tr><tr><td colspan="1">Finished goods are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and indirect production overheads. Indirect production overheads comprise costs for factory administration and management.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise incurred concerning subsequent financial years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporation tax and deferred tax</td></tr><tr><td colspan="1">In its capacity as the administrative company, Synbra Danmark A/S is liable for its subsidiaries'' corporation taxes to the tax authorities concurrently with the payment of joint taxation contributions by the subsidiaries.</td></tr><tr><td colspan="1">Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.</td></tr><tr><td colspan="1">Joint taxation contributions payable and receivable is recognised in the balance sheet as "Corporation tax receivable" or "Corporation tax payable".</td></tr><tr><td colspan="1">Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to other items where temporary differences arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where different tax rules can be applied to determine the tax base, deferred tax is measured based on Management's planned use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax losses carried forward, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.</td></tr><tr><td colspan="1">Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provisions</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Finance lease also include the capitalised residual obligation on finance leases.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash flow statement</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of enterprises and activities and of property, plant and equipment and investments.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">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 shareholders.</td></tr><tr><td colspan="1">Cash and cash equivalents</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Financial ratios</td></tr><tr><td colspan="2">Financial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines on the calculation of financial ratios "Recommendations and Financial Ratios 2010".</td></tr><tr><td colspan="2">The financial ratios stated in the survey of financial highlights have been calculated as follows</td></tr><tr><td>Current ratio</td><td>Current assets x 100 / Current liabilities</td></tr><tr><td>Return on equity</td><td>Profit/loss for the year x 100 / Average equity</td></tr><tr><td>Rate of return</td><td>Profit before financial income and expenses and tax x 100 / Assets</td></tr><tr><td>Solvency ratio</td><td>Equity x 100 / Assets</td></tr></table> 49424000 33046000 11753000 4625000 0 1295000 3330000 975000 975000 -2704000 8507000 9130 778000 -595000 11356000 -6308000 -6308000 -21653000 -16605000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >Notes</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="15%" align="right" valign="middle" ><b>2014</b></td><td width="17%" align="right" valign="middle" ><b>2013</b></td><td width="17%" ></td><td width="19%" ></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="15%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td><td width="19%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Interest expense to group enterprises</td><td width="15%" align="right" valign="middle" >-432</td><td width="17%" align="right" valign="middle" >-430</td><td width="17%" ></td><td width="19%" ></td></tr><tr><td width="7%" ></td><td width="25%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="15%" align="right" valign="middle" >-863</td><td width="17%" align="right" valign="middle" >-1.176</td><td width="17%" ></td><td width="19%" ></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="15%" align="right" valign="middle" >-1.295</td><td width="17%" align="right" valign="middle" >-1.606</td><td width="17%" ></td><td width="19%" ></td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Tax on profit/loss for the year</b></td></tr><tr><td width="28%" ></td><td width="17%" align="right" valign="middle" ><b>2014</b></td><td width="19%" align="right" valign="middle" ><b>2013</b></td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Total tax for the year</td><td width="17%" align="right" valign="middle" >-553</td><td width="19%" align="right" valign="middle" >-933</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax</td><td width="17%" align="right" valign="middle" >-365</td><td width="19%" align="right" valign="middle" >977</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax, reduction in tax rate</td><td width="17%" align="right" valign="middle" >-57</td><td width="19%" align="right" valign="middle" >436</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" ></td><td width="17%" align="right" valign="middle" >-975</td><td width="19%" align="right" valign="middle" >480</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td width="24%" ></td><td width="14%" ></td><td width="16%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Fixtures and</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Work in</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Land and </b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Plant and </b></td><td width="16%" colspan="1" align="right" valign="middle" ><b> fittings, tools and </b></td><td width="13%" colspan="1" align="right" valign="middle" ><b> progress</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td width="24%" ></td><td width="14%" colspan="1" align="right" valign="middle" ><b>buildings</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>machinery</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>equipment</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Cost at 1 January 2014</td><td width="14%" align="right" valign="middle" >46.160</td><td width="16%" align="right" valign="middle" >112.552</td><td width="16%" align="right" valign="middle" >12.085</td><td width="13%" align="right" valign="middle" >736</td><td width="17%" align="right" valign="middle" >171.533</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Additions during the year </td><td width="14%" align="right" valign="middle" >1.947</td><td width="16%" align="right" valign="middle" >4.229</td><td width="16%" align="right" valign="middle" >254</td><td width="13%" align="right" valign="middle" >614</td><td width="17%" align="right" valign="middle" >7.044</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Disposals during the year</td><td width="14%" align="right" valign="middle" >-763</td><td width="16%" align="right" valign="middle" >-1.796</td><td width="16%" align="right" valign="middle" >-220</td><td width="13%" align="right" valign="middle" >-736</td><td width="17%" align="right" valign="middle" >-3.515</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Cost at 31 December 2014</td><td width="14%" align="right" valign="middle" >47.344</td><td width="16%" align="right" valign="middle" >114.985</td><td width="16%" align="right" valign="middle" >12.119</td><td width="13%" align="right" valign="middle" >614</td><td width="17%" align="right" valign="middle" >175.062</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Revaluation at 1 January 2014</td><td width="14%" align="right" valign="middle" >3</td><td width="16%" align="right" valign="middle" >0</td><td width="16%" align="right" valign="middle" >0</td><td width="13%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >2.527</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Depreciation at 1 January 2014</td><td width="14%" align="right" valign="middle" >25.080</td><td width="16%" align="right" valign="middle" >97.627</td><td width="16%" align="right" valign="middle" >11.014</td><td width="13%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >133.721</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="14%" align="right" valign="middle" >1.564</td><td width="16%" align="right" valign="middle" >6.624</td><td width="16%" align="right" valign="middle" >319</td><td width="13%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >8.507</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Reversed depreciation on disposals for the year</td><td width="14%" align="right" valign="middle" >-763</td><td width="16%" align="right" valign="middle" >-1.774</td><td width="16%" align="right" valign="middle" >-185</td><td width="13%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >-2.722</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Depreciation at 31 December 2014</td><td width="14%" align="right" valign="middle" >25.881</td><td width="16%" align="right" valign="middle" >102.477</td><td width="16%" align="right" valign="middle" >11.148</td><td width="13%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >139.506</td></tr><tr><td width="24%" colspan="1" align="left" valign="middle" >Carrying amount at 31 December 2014</td><td width="14%" align="right" valign="middle" >23.990</td><td width="16%" align="right" valign="middle" >12.508</td><td width="16%" align="right" valign="middle" >971</td><td width="13%" align="right" valign="middle" >614</td><td width="17%" align="right" valign="middle" >38.083</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Carrying amount includes leased assets of DKK 782 thousand.</td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >If land and buildings had not been recognised at fair value, the value of land and buildings would have amounted to DKK 23,829 thousand.</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Revalua-</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>tion reserve</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b> earnings</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 1 January 2014</td><td width="17%" align="right" valign="middle" >1.000</td><td width="19%" align="right" valign="middle" >1.896</td><td width="19%" align="right" valign="middle" >34.163</td><td width="17%" align="right" valign="middle" >37.059</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="17%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >2.355</td><td width="17%" align="right" valign="middle" >2.355</td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 31 December 2014</td><td width="17%" align="right" valign="middle" >1.000</td><td width="19%" align="right" valign="middle" >1.896</td><td width="19%" align="right" valign="middle" >36.518</td><td width="17%" align="right" valign="middle" >39.414</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="28%" ></td><td width="17%" align="right" valign="middle" ><b>2014</b></td><td width="19%" align="right" valign="middle" ><b>2013</b></td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" ></td><td width="17%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="19%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="19%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="17%" align="right" valign="middle" >50.796</td><td width="19%" align="right" valign="middle" >49.860</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Pension contribution</td><td width="17%" align="right" valign="middle" >3.752</td><td width="19%" align="right" valign="middle" >3.770</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="17%" align="right" valign="middle" >349</td><td width="19%" align="right" valign="middle" >348</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td width="28%" ></td><td width="17%" align="right" valign="middle" >54.897</td><td width="19%" align="right" valign="middle" >53.978</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="17%" align="right" valign="middle" >122</td><td width="19%" align="right" valign="middle" >120</td><td width="19%" ></td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Referring to section 98 b (3) of the Danish Financial Statements Act, remuneration of the Executive Board is not disclosed.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related party disclosures</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Control</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Synbra International B.V. holds the entire share capital.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other related parties</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Styropack A/S, subsidiary</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other related companies in the Synbra International B.V. Group.</td></tr></table> Årsrapport 80242913 Rationel Revision / Bennith Aps Kastelvej 1,2.2 2100 København Ø Revisionspåtegning Reporting class C, medium-size enterprise Rik Prosper Dobbelaere Jozef H. Verstegen Chairman Rik Prosper Dobbelaere Steffen Busk Jespersen KPMG Statsautoriseret Revisionspartnerselskab Mads Klausen State Authorised Public Accountant Bredskifte Allé 13 8210 Aarhus V Profit/loss from financial income and expenses -1295000 Profit/loss from financial income and expenses -1606000 Profit/loss from financial income and expenses -1658000 Profit/loss from financial income and expenses -2576000 Profit/loss from financial income and expenses -3154000 Profit/loss before financial income and expenses 4625000 Profit/loss before financial income and expenses 1650000 Profit/loss before financial income and expenses -3711000 Profit/loss before financial income and expenses 9543000 Profit/loss before financial income and expenses 3286000 524000 0.014 0.341 -4144000 -0.107 0.341 5132000 0.135 0.365 59000 0.002 0.293 106595000 23990000 12508000 971000 614000 38083000 0 0 38083000 4580000 9308000 13888000 49983000 350000 737000 554000 374000 51998000 2626000 68512000 1000000 1896000 36518000 39414000 2774000 0 642000 0 642000 1029000 20082000 6024000 15191000 0 21439000 63765000 64407000 106595000 -17456000 108540000 107156000 111552000 121344000 Equity 39414000 Equity 37059000 Equity 36535000 Equity 40682000 Equity 35550000 Investments in property, plant and equipment 6308000 Investments in property, plant and equipment 2246000 Investments in property, plant and equipment 9832000 Investments in property, plant and equipment 3246000 Investments in property, plant and equipment 3127000 Current ratio 1074 Current ratio 1433 Current ratio 1445 Current ratio 885 Current ratio 932 Rate of return 43 Rate of return 15 Rate of return -35 Rate of return 86 Rate of return 27 44031000 29953000 12428000 1650000 0 1606000 44000 -480000 524000 -480000 -1118000 10112000 9038 -1926000 -11072000 -1032000 -2246000 -2246000 -25000 -3303000 0 0 23000 -23000 4100000 2288000 1789000 -566000 2355000 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" >Notes</td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="93%" colspan="5" align="left" valign="middle" ><b>Financial expenses</b></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="15%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" ><b>2014</b></td><td width="19%" align="right" valign="middle" ><b>2013</b></td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="15%" ></td><td width="17%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="7%" ></td><td width="57%" colspan="3" align="left" valign="middle" >Interest expense to group enterprises</td><td width="17%" align="right" valign="middle" >-1.616</td><td width="19%" align="right" valign="middle" >-1.406</td></tr><tr><td width="7%" ></td><td width="57%" colspan="3" align="left" valign="middle" >Other financial expenses</td><td width="17%" align="right" valign="middle" >-672</td><td width="19%" align="right" valign="middle" >-842</td></tr><tr><td width="7%" ></td><td width="25%" ></td><td width="15%" ></td><td width="17%" ></td><td width="17%" align="right" valign="middle" >-2.288</td><td width="19%" align="right" valign="middle" >-2.248</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Tax on profit/loss for the year</b></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" ></td><td width="19%" align="right" valign="middle" ><b>2014</b></td><td width="17%" align="right" valign="middle" ><b>2013</b></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" ></td><td width="19%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Total tax for the year</td><td width="19%" align="right" valign="middle" >566</td><td width="17%" align="right" valign="middle" >566</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax</td><td width="19%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax, reduction in tax rate</td><td width="19%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" ></td><td width="19%" align="right" valign="middle" >566</td><td width="17%" align="right" valign="middle" >566</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Investments in subsidiaries</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" ><b>DKK'000</b></td><td width="19%" align="right" valign="middle" ><b>2014</b></td><td width="17%" align="right" valign="middle" ><b>2013</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Cost at 1 January</td><td width="19%" align="right" valign="middle" >243.589</td><td width="17%" align="right" valign="middle" >243.589</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Value adjustment at 1 January</td><td width="19%" align="right" valign="middle" >-160.138</td><td width="17%" align="right" valign="middle" >-162.361</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Share of profit for the year after tax</td><td width="19%" align="right" valign="middle" >4.100</td><td width="17%" align="right" valign="middle" >2.223</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Value adjustment at 31 December </td><td width="19%" align="right" valign="middle" >-156.038</td><td width="17%" align="right" valign="middle" >-160.138</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Carrying amount at 31 December</td><td width="19%" align="right" valign="middle" >87.551</td><td width="17%" align="right" valign="middle" >83.451</td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" ></td><td width="19%" ></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Profit/loss </b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Name and registered office</td><td width="17%" colspan="1" align="right" valign="middle" ><b>Ownership</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Equity</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>for the year</b></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="19%" colspan="1" align="right" valign="middle" ></td><td width="17%" colspan="1" align="right" valign="middle" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Styropack A/S, Vejen</td><td width="17%" align="right" valign="middle" >100%</td><td width="19%" align="right" valign="middle" >3.000</td><td width="19%" align="right" valign="middle" >87.551</td><td width="17%" align="right" valign="middle" >4.100</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Equity at 31 December 2014</td><td width="19%" align="right" valign="middle" >87.551</td><td width="17%" align="right" valign="middle" >4.100</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="17%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Total</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 1 January 2014</td><td width="17%" align="right" valign="middle" >1.000</td><td width="19%" align="right" valign="middle" >36.059</td><td width="19%" align="right" valign="middle" >37.059</td><td width="17%" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Profit for the year</td><td width="17%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >2.355</td><td width="19%" align="right" valign="middle" >2.355</td><td width="17%" ></td></tr><tr><td width="28%" colspan="1" align="left" valign="middle" >Equity at 31 December 2014</td><td width="17%" align="right" valign="middle" >1.000</td><td width="19%" align="right" valign="middle" >38.414</td><td width="19%" align="right" valign="middle" >39.414</td><td width="17%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital consists of 1 share of a nominal value of DKK 1,000 thousand.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The share capital has remained unchanged for the past five years.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Collateral, mortgages and contingent liabilities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group has assumed lease commitments which at the balance sheet date in the period of non-terminability totalled DKK 8,312 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In June 2012, Synbra Holding bv entered into a three-year Senior Facility Agreement. In relation to this, the shares of Styropack A/S have been provided as collateral to the lenders.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Staff costs</b></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" ></td><td width="19%" align="right" valign="middle" ><b>2014</b></td><td width="17%" align="right" valign="middle" ><b>2013</b></td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" ></td><td width="19%" colspan="1" align="right" valign="middle" >DKK'000</td><td width="17%" colspan="1" align="right" valign="middle" >DKK'000</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Wages and salaries</td><td width="19%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Pension contribution</td><td width="19%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Other social security costs</td><td width="19%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="28%" ></td><td width="17%" ></td><td width="19%" ></td><td width="19%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="64%" colspan="3" align="left" valign="middle" >Average number of full-time employees</td><td width="19%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Referring to section 98 b (3) of the Danish Financial Statements Act, remuneration of the Executive Board is not disclosed.</td></tr><tr><td colspan="5"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1"></td></tr></table> 0 0 17000 -17000 2223000 2248000 -42000 -566000 524000 2355000 524000 23607000 14926000 1071000 736000 40340000 0 0 40340000 4031000 10635000 14666000 48684000 1388000 750000 206000 0 51028000 2506000 68200000 108540000 1000000 1896000 34163000 37059000 3196000 19109000 832000 763000 20704000 1190000 3357000 7051000 16621000 933000 18429000 47581000 68285000 108540000 -851000 0 0 0 0 0 87551000 87551000 87551000 0 0 0 0 0 0 0 0 0 0 0 87551000 1000000 0 38414000 39414000 0 0 0 0 0 0 18732000 0 29088000 0 317000 48137000 48137000 87551000 0 0 0 0 0 83451000 83451000 83451000 0 0 0 0 0 0 0 566000 566000 0 566000 84017000 1000000 0 36059000 37059000 0 19109000 0 0 19109000 0 3172000 0 24677000 0 0 27849000 46958000 84017000 Loss/gain on the disposal of assets -3000 Loss/gain on the disposal of assets 0 Current liabilities (excl. banks, excl. dividend) 2043000 Current liabilities (excl. banks, excl. dividend) 2928000 Disposal of non-current assets 0 Disposal of non-current assets 0 New loans 0 New loans 0 Repayment of bank loans -20223000 Repayment of bank loans -3714000 Net development in intra-group loans -1430000 Net development in intra-group loans 3689000 -851000 2452000