36099216 2013-07-01 2014-06-30 36099216 2013-07-01 2014-06-30 0 36099216 2013-07-01 2014-06-30 1 36099216 2013-07-01 2014-06-30 2 36099216 2013-07-01 2014-06-30 0 36099216 2013-07-01 2014-06-30 1 36099216 2013-07-01 2014-06-30 2 36099216 2013-07-01 2014-06-30 3 36099216 2013-07-01 2014-06-30 4 36099216 2013-07-01 2014-06-30 0 36099216 2013-07-01 2014-06-30 cmn:PreviousYearMember 36099216 2013-07-01 2014-06-30 cmn:TwoYearsAgoMember 36099216 2013-07-01 2014-06-30 cmn:ThreeYearsAgoMember 36099216 2013-07-01 2014-06-30 cmn:FourYearsAgoMember 36099216 2013-07-01 2014-06-30 0 36099216 2013-07-01 2014-06-30 cmn:PreviousYearMember 1 36099216 2013-07-01 2014-06-30 cmn:TwoYearsAgoMember 2 36099216 2013-07-01 2014-06-30 cmn:ThreeYearsAgoMember 3 36099216 2013-07-01 2014-06-30 cmn:FourYearsAgoMember 4 36099216 2013-07-01 2014-06-30 5 36099216 2013-07-01 2014-06-30 cmn:PreviousYearMember 6 36099216 2013-07-01 2014-06-30 cmn:TwoYearsAgoMember 7 36099216 2013-07-01 2014-06-30 cmn:ThreeYearsAgoMember 8 36099216 2013-07-01 2014-06-30 cmn:FourYearsAgoMember 9 36099216 2013-07-01 2014-06-30 10 36099216 2013-07-01 2014-06-30 cmn:PreviousYearMember 11 36099216 2013-07-01 2014-06-30 cmn:TwoYearsAgoMember 12 36099216 2013-07-01 2014-06-30 cmn:ThreeYearsAgoMember 13 36099216 2013-07-01 2014-06-30 cmn:FourYearsAgoMember 14 36099216 2014-06-30 36099216 2014-06-30 cmn:PreviousYearMember 36099216 2014-06-30 cmn:TwoYearsAgoMember 36099216 2014-06-30 cmn:ThreeYearsAgoMember 36099216 2014-06-30 cmn:FourYearsAgoMember 36099216 2013-07-01 2014-06-30 15 36099216 2013-07-01 2014-06-30 cmn:PreviousYearMember 16 36099216 2013-07-01 2014-06-30 cmn:TwoYearsAgoMember 17 36099216 2013-07-01 2014-06-30 cmn:ThreeYearsAgoMember 18 36099216 2013-07-01 2014-06-30 cmn:FourYearsAgoMember 19 36099216 2012-07-01 2013-06-30 36099216 2013-07-01 2014-06-30 fsa:ProposedDividendRecognisedInEquityMember 36099216 2012-07-01 2013-06-30 fsa:ProposedDividendRecognisedInEquityMember 36099216 2013-07-01 2014-06-30 fsa:RetainedEarningsMember 36099216 2012-07-01 2013-06-30 fsa:RetainedEarningsMember 36099216 2013-06-30 36099216 2013-07-01 2014-06-30 0 36099216 2012-07-01 2013-06-30 1 36099216 2013-07-01 2014-06-30 2 36099216 2012-07-01 2013-06-30 3 36099216 2013-07-01 36099216 2012-07-01 iso4217:DKK xbrli:pure <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><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of PaperlinX A/S for the financial year 1 July 2013 – 30 June 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 financial statements give a true and fair view of the Company's financial position at 30 June 2014 and of the results of the Company's operations and cash flows for the financial year 1 July 2013 – 30 June 2014.</td></tr><tr><td colspan="1">In our opinion, the Management's review includes a fair review of the development in the Company's operations and financial conditions, the results for the year and financial position.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">We recommend that the annual report be approved at the annual general meeting.</td></tr></table> Holstebro 2014-11-26 2013-07-01 2014-06-30 <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 PaperlinX 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 financial statements</td></tr><tr><td colspan="1">We have audited the financial statements of PaperlinX A/S for the financial year 1 July 2013 – 30 June 2014. The financial statements comprise accounting policies, income statement, balance sheet, cash flow statement and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibility for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditors' responsibility</td></tr><tr><td colspan="1">Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.</td></tr><tr><td colspan="1">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of financial statements.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Our audit has not resulted in any qualification.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the Company's financial position at 30 June 2014 and of the results of the Company's operations and cash flows for the financial year 1 July 2013 – 30 June 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 financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the financial statements.</td></tr></table> Aarhus 2014-11-26 PaperlinX A/S Bastrupgaardvej 8-10 DK-7500 Holstebro 4570103366 4596105701 paperlinx.dk 36099216 Holstebro Nordea Bank Danmark A/S Østergade 4-6 DK-7400 Herning 2014-11-26 Jørgen Nielsen <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Financial highlights</td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">The financial ratios stated in the survey of financial highlights have been calculated as follows</td></tr><tr><td>- Gross margin</td><td>Gross profit/loss x 100 / Revenue</td></tr><tr><td>- Operating margin</td><td>Profit/loss before tax x 100 / Revenue</td></tr><tr><td>- Return on invested capital</td><td>Profit/loss before financial income and expenses x 100 / Average balance sheet total</td></tr><tr><td>- Solvency ratio</td><td>Equity x 100 / Total assets</td></tr><tr><td>- Return on equity</td><td>Profit/loss for the year x 100 / Average equity</td></tr><tr><td>- Revenue per employee</td><td>Revenue / Average number of employees</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".</td></tr></table> 611235808 84099209 4032543 930000 154.000 0.138 0.009 0.031 0.585 0.033 <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</td></tr><tr><td colspan="1">PaperlinX A/S operates within two main areas in Scandinavia, i.e. PaperlinX Packaging, which sells products and services for office use and packaging, and PaperlinX VTS, which sells and services products within print media, vinyl, board and machinery.</td></tr><tr><td colspan="1">Our mission is to develop Scandinavia's leading trading company within our line of business relying on sound partnerships with our customers and suppliers.</td></tr><tr><td colspan="1">Based on our broad product portfolio and close interaction with our customers, we will develop solutions which both strategically and operationally are in line with market demand.</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 for the year</td></tr><tr><td colspan="1">Compared to last year, PaperlinX Packaging enjoyed stable sales of packaging for industrial use and catering. At the end of the financial year, we concluded a procurement and logistics contract with Office Supply Denmark, and together with representatives from this organisation, we now hold a strong position within office supplies.</td></tr><tr><td colspan="1">PaperlinX VTS' sales to the Sign and Display segment were stable compared to last year. Synergies and optimisation produced from interaction with the affiliated company, PaperlinX AB, came into place during the year under review, and our business is therefore ready for further growth within this segment.</td></tr><tr><td colspan="1">The sales organisation underwent restructuring during last year. During the year under review, we assessed the need for further restructuring and recognised an amount of DKK 3,458,322 for restructuring. In addition, we have given our training programme a high priority, which has both strengthened our organisation and our ability to execute important projects.</td></tr><tr><td colspan="1">The Company reported a profit of DKK 4,032,543, which was approx. DKK 3.3 million up on last year. The Board of Directors consider the profit for the year satisfactory.</td></tr><tr><td colspan="1">At the beginning of the financial year, we concluded a credit agreement with Nordea A/S containing a financing arrangement independent of the rest of the PaperlinX Group. We only made limited use of this facility during the year under review and primarily financed operations using excess liquidity. Accordingly, the credit agreement holds room for additional growth and investments.</td></tr><tr><td colspan="1">The Board of Directors recommends to the general meeting that dividends of DKK 4.0 million be distributed for the financial year.</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">The macroeconomic impact on our business will presumably remain challenging, and our markets are likely to produce flat growth rates.</td></tr><tr><td colspan="1">We expect to post improved results for the next financial year.</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">Particular risks</td></tr><tr><td colspan="1">Operating risks</td></tr><tr><td colspan="1">No special operating risks are deemed to exist.</td></tr><tr><td colspan="1">Market risks</td></tr><tr><td colspan="1">The Company operates primarily within mature markets and relies primarily on general market trends.</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">The Company sells the vast part of its products on the Danish market and uses the Danish krone as its settlement currency.</td></tr><tr><td colspan="1">Purchases are made in other currencies, however, primarily in DKK and EUR.</td></tr><tr><td colspan="1">Interest rate risks</td></tr><tr><td colspan="1">With the current capital structure, interest rate risks remain low.</td></tr><tr><td colspan="1">Credit risks</td></tr><tr><td colspan="1">No individual customer or business partner pose any major risk to the Company. The Company's credit risk policy ensures that all major customers and other business partners are regularly credit rated.</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">Subsequent events</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date significantly affecting the assessment of the annual report.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Corporate social responsibility and environment</td></tr><tr><td colspan="1">PaperlinX A/S does not have a policy for corporate social responsibility and human rights.</td></tr><tr><td colspan="1">However, the Company actively strives to lay down guidelines and targets to continuously optimise its environmental and corporate social responsibility.</td></tr><tr><td colspan="1">For this purpose, we comply with the parent company's policies within specific areas, including</td></tr><tr><td colspan="1">Competition compliance programmes, where employees with client-facing and/or supplier-facing positions takes part in annual programme ensuring compliance with group guidelines for sound business practice and thereby compliance with international rules on behaviour in relation to contracting.</td></tr><tr><td colspan="1">We carry out inspections of our inventories each month in order to locate any dangers and thereby prevent accidents. The parent company goes through the findings from the inspections several times a year.</td></tr><tr><td colspan="1">We are still working with the Great Place to Work Institute in order to survey employee satisfaction and to benchmark us against similar companies in Denmark. This co-operation and surveys give PaperlinX A/S an outline of its strengths and key action areas, allowing the Company to prioritise subsequent focus areas and measures for the entire organisation.</td></tr><tr><td colspan="1">During the year under review, our management training programme, which relies on the employee satisfaction surveys, was given a high degree of focus. Each manager has gone through a coaching programme and has prepared personal statements in relation to the management philosophy.</td></tr><tr><td colspan="1">This year, descriptions of functions and tasks have particularly been used in the commercial departments, which have gone through a training programme to strengthen competence development.</td></tr><tr><td colspan="1">As part of our KPI reporting, we continuously keep track of absence, performance reviews and staff turnover. Together physical and psychological workplace assessments, this provides a basis for action plans and measures to continuously boost employee satisfaction at PaperlinX 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="3">Environmental impact</td></tr><tr><td colspan="3">The objective of corporate sustainability is, based on our customers' desires and requirements, to be able to constantly supply products meeting our customers' environmental requirements to the highest possible degree.</td></tr><tr><td colspan="3">Our regular assessment of suppliers and products has environmental and social sustainability as an important parameter, and we actively encourage our suppliers to prioritise environmental and social sustainability in their production. In addition, our key suppliers are required to comply with global environmental standards, the UN's world declaration about human rights and the REACH regulations.</td></tr><tr><td colspan="3">ISO 14001 and ISO 9001 certifications are cornerstones of the Company's vision and strategy for sustainability and quality. The strategy is based on wishes advanced by strategically chosen medium-sized and large customers in our customer portfolio and is supported throughout the entire PaperlinX A/S. Our intentions are i.a. laid down in "PaperlinX A/S policy on sustainability throughout the entire supply chain".</td></tr><tr><td colspan="3">At the end of the financial year, our certifications for ISD 14001 and ISO 9001 were renewed through an extended audit by Bureau Veritas.</td></tr><tr><td colspan="3">In 2013/2014, we drafted specific and ambitious targets within the following main categories</td></tr><tr><td colspan="3">Optimise sales and distribution to</td></tr><tr><td>reduce environmental impact</td><td /><td>Target met</td></tr><tr><td colspan="3">Offer more products and product solutions which</td></tr><tr><td>reduce environmental impact</td><td /><td>Target partially met</td></tr><tr><td colspan="3">Continuously low environmental impact of</td></tr><tr><td>company cars</td><td /><td>Target met</td></tr><tr><td colspan="3">Optimisation of energy consumption and</td></tr><tr><td>waste sorting.</td><td /><td>Target not met</td></tr><tr><td colspan="3">ISO certifications are supported by an implemented management system documenting processes, activities and competencies of ongoing activities within the relevant area.</td></tr><tr><td colspan="3">We have defined the following environmental targets for 2014/15</td></tr><tr><td colspan="3">Further optimisation of our sales and distribution solutions to reduce environmental impact</td></tr><tr><td colspan="3">Green products are to account for 10% of our product portfolio.</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">Targets and policies for the underrepresented sex</td></tr><tr><td colspan="2">In line with the PaperlinX Group's policies and targets, we aim to meet a 25% target for women in leadership positions by 30 June 2016.</td></tr><tr><td colspan="2">The following quotas of women in leadership positions</td></tr><tr><td>Board of Directors</td><td>20%</td></tr><tr><td>Executive Board</td><td>0%</td></tr><tr><td>Management team</td><td>33%</td></tr><tr><td colspan="2">Furthermore, the Board of Directors targets an ambitious plan, encouraging the nomination of eligible female candidates at the next election of board members by the employees. At the same time, the Board of Directors will, no later than at the annual general meeting for 2016, strive to replace board members elected by the Group at a rate ensuring that the underrepresented sex is represented by a minimum of 40% on the Board of Directors.</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">Branch abroad</td></tr><tr><td colspan="1">At 1 July 2013, the Company sold the branch, PaperlinX Scandinavia in Sölvesborg, Sweden, to the affiliated company, PaperlinX AB, Sweden. The sale does not materially affect the Company's financial statements and activity level.</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">Basis of accounting</td></tr><tr><td colspan="1">The annual report for 2013/14 of PaperlinX A/S has been prepared in accordance with the provisions applying to reporting class C large enterprises under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Pursuant to section 96 (3) of the Danish Financial Statements Act, executive remuneration has not been disclosed.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the financial statements are consistent with those of last year.</td></tr></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">Foreign currency translation</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Receivables and payables and other monetary items denominated in foreign currencies which remain unsettled at the balance sheet date are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the exchange rates at the transaction date are recognised in the income statement as financial income or financial expenses.</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 and deferred tax</td></tr><tr><td colspan="1">The company is jointly taxed with PaperlinX Denmark Holding ApS. Current Danish corporation tax is allocated between the jointly taxed Danish companies in proportion to their taxable income (full absorption with refunds for tax losses).</td></tr><tr><td colspan="1">Tax on profit/loss for the year, which consists of tax for the year and changes in deferred tax, is recognised in the income statement with the amount that can be attributed to profit/loss for the year, and on equity with the amount that can be attributed to transactions directly on equity.</td></tr><tr><td colspan="1">Tax is calculated at the current tax rate for the year.</td></tr><tr><td colspan="1">Current tax payable and receivable is recognised in the balance sheet as calculated tax on profit/loss for the year, adjusted for tax on the taxable income of earlier years and for tax paid on account.</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 goodwill which is not deductible for tax purposes and other items where temporary differences arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on 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 loss carryforwards, 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">Adjustments of deferred tax will be made concerning elimination of unrealised inter-company profit and 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="1">Revenue</td></tr><tr><td colspan="1">Income from the sale of goods for resale and finished goods is recognised in revenue provided that delivery and transfer of risk to the buyer have taken place before year end. Revenue is measured excluding VAT and duties and less discounts granted in relation to the sale.</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">Costs of raw materials and consumables</td></tr><tr><td colspan="1">Costs of raw materials and consumables comprise the purchase of goods for resale and costs incurred in generating revenue.</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">Other external costs</td></tr><tr><td colspan="1">Other external costs comprise i.a. costs of premises, sales and distribution, office supplies, 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">Staff costs</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc. attributable to the Company's employees. Refunds form public authorities have been deducted from staff 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">Depreciation/amortisation and impairment losses</td></tr><tr><td colspan="1">Depreciation/amortisation and impairment losses comprises depreciation/amortisation of intangible assets and property, plant and equipment for the year.</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">Other operating income and other operating costs</td></tr><tr><td colspan="1">Other operating income and other operating costs comprise items secondary to the activities of the Company, including gains on disposal of intangible assets and property, plant and equipment.</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, financial costs arising from finance leasing, realised and unrealised foreign exchange gains and losses 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">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">Software licenses are measured at the lower of cost less accumulated amortisation and impairment losses and at the recoverable amount. Software licenses are amortised over 2.5 years.</td></tr><tr><td colspan="1">Goodwill is amortised on a straight-line basis over the estimated useful lives determined on the basis of Management's experience within the individual areas. The amortisation period amounts to a maximum of 20 years and is longest for strategically acquired enterprises with a strong market position and a long earnings profile.</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">Leasehold improvements are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="2">Plant and machinery as well as fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td colspan="2">Cost comprises purchase price and any costs directly attributable to the acquisition as well as costs of preparation.</td></tr><tr><td colspan="2">The basis of depreciation, which is calculated as cost less any projected residual values and impairment losses, is depreciated on a straight-line basis over the estimated useful life. The estimated useful lives are as follows</td></tr><tr><td>Leasehold improvements</td><td>Max. 10 years</td></tr><tr><td>Plant and machinery</td><td>5-10 years</td></tr><tr><td>Fixtures and fittings, tools and equipment</td><td>5-10 years</td></tr><tr><td>IT equipment</td><td>3-5 years</td></tr><tr><td colspan="2">Depreciation of a non-current asset commences when put into service.</td></tr><tr><td colspan="2">Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised as operating income and operating costs, respectively, in the income statement.</td></tr><tr><td colspan="2">Impairment of non-current assets</td></tr><tr><td colspan="2">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. 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. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of forecast cash flows from the use of the asset or the group of assets and forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</td></tr><tr><td colspan="2">Impairment losses on intangible assets and property, plant and equipment are expensed under the same item as the relevant amortisation/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">Leases</td></tr><tr><td colspan="1">Leases for property, plant and equipment that transfer substantially all risks and rewards incident to ownership to the Company (finance leases) are initially recognised on the balance sheet at fair value if this is available. Alternatively, if this is lower, the net present value of future lease payments at the date of acquisition is used. When the net present value is calculated, the interest rate implicit in the lease or the incremental borrowing rate is used as the discount factor. Assets held under finance leases are subsequently depreciated and written down as the Company's other non-current assets.</td></tr><tr><td colspan="1">The capitalised residual lease obligation is recognised as a liability on the balance sheet. The interest element of the lease payment is recognised over the term of the lease in the income statement.</td></tr><tr><td colspan="1">All other leases are operating leases. Payments relating to operating leases and other leases are recognised in the income statement over the term of the lease.</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">Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories are stated at the amount expected to be generated from sales in normal operations less costs of sales and completion. Net realisable value is stated considering marketability, obsolescence and development in projected selling price.</td></tr><tr><td colspan="1">Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery 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">Receivables</td></tr><tr><td colspan="1">Receivables are measured at the lower of amortised cost and net realisable value, corresponding to nominal value less write-down for bad debts. Write-down for bad debts is stated on the basis of individual assessment of the individual receivable and with regard to trade receivables also on the basis of a general write-down based on the Company's experience.</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 costs incurred concerning subsequent financial years, including fair value adjustments of derivative financial instruments with positive fair value. This typically involves prepaid expenses relating to rent, insurance premiums, subscriptions and interest.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Equity - dividends</td></tr><tr><td colspan="1">Proposed dividends are recognised as a liability at the date on which they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year (declaration date) is disclosed as a separate item under equity.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Treasury shares</td></tr><tr><td colspan="1">The acquisition of treasury shares are recognised at cost in equity. On subsequent disposal of treasury shares, the selling price 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">Provisions</td></tr><tr><td colspan="1">Provisions are recognised when, as a result of events occurred no later than at the balance sheet date, the Company has a legal or a constructive obligation, and it is probable that there may be outflow of resources embodying economic benefits to settle the obligation.</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 provision</td></tr><tr><td colspan="1">Other liabilities are measured at amortised cost, which, in all essentials, correspond to nominal 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 Company's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Company'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 the profit/loss for the year adjusted for changes in working capital and non-cash operating items such as depreciation and impairment losses and provisions. The working capital comprises current assets less current liabilities excluding items recognised as cash and cash equivalents.</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 intangible assets, property, plant and equipment and investments as well as changes in balances with group enterprises.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise cash flows from the raising and repayment of non-current liabilities and the 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 less short-term bank loans.</td></tr></table> 4025221 1253291 469266819 63148292 71377814 3015965 3458322 6247108 354087 1345788 5255407 1222864 5285190 -9784227 -466494 354087 -1345788 -1458195 -55146 -930182 -37000 12886618 -18000000 0 -18000000 -6571577 <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="4" align="left" valign="middle" >Notes</td></tr><tr><td width="8%" ></td><td width="43%" colspan="1" align="left" valign="middle" ><b>Revenue</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="30%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="43%" colspan="1" align="left" valign="middle" >PaperlinX Packaging</td><td width="19%" align="right" valign="middle" >516.564.071</td><td width="30%" align="right" valign="middle" >514.977.437</td></tr><tr><td width="8%" ></td><td width="43%" colspan="1" align="left" valign="middle" >PaperlinX Visual Technology Solutions</td><td width="19%" align="right" valign="middle" >94.671.737</td><td width="30%" align="right" valign="middle" >89.548.861</td></tr><tr><td width="8%" ></td><td width="43%" ></td><td width="19%" align="right" valign="middle" >611.235.808</td><td width="30%" align="right" valign="middle" >604.526.298</td></tr><tr><td colspan="4"></td></tr><tr><td width="8%" ></td><td width="43%" colspan="1" align="left" valign="middle" >Thereof export</td><td width="19%" align="right" valign="middle" >19.279.974</td><td width="30%" align="right" valign="middle" >17.012.668</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Staff costs</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="21%" align="right" valign="middle" >61.368.033</td><td width="32%" align="right" valign="middle" >68.471.951</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Pensions</td><td width="21%" align="right" valign="middle" >4.930.925</td><td width="32%" align="right" valign="middle" >5.144.633</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="21%" align="right" valign="middle" >1.426.405</td><td width="32%" align="right" valign="middle" >1.467.466</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Other staff costs</td><td width="21%" align="right" valign="middle" >3.652.451</td><td width="32%" align="right" valign="middle" >3.703.315</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >71.377.814</td><td width="32%" align="right" valign="middle" >78.787.365</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Thereof, remuneration of and pensions for the Executive Board</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >and the Board of Directors:</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Executive Board</td><td width="21%" align="right" valign="middle" >2.139.383</td><td width="32%" align="right" valign="middle" >2.894.095</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Board of Directors</td><td width="21%" align="right" valign="middle" >0</td><td width="32%" align="right" valign="middle" >0</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >2.139.383</td><td width="32%" align="right" valign="middle" >2.894.095</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Executive Board and other senior employees are comprised by bonus schemes based on results for the year, etc. The Board of Directors is paid by the Company or other group enterprises. Remuneration by other group enterprises are settled by intra-group overhead allocations.</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Average number of employees</td><td width="21%" align="right" valign="middle" >154</td><td width="32%" align="right" valign="middle" >169</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Depreciation/amortisation and impairment losses</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Goodwill</td><td width="21%" align="right" valign="middle" >426.440</td><td width="32%" align="right" valign="middle" >426.440</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Software</td><td width="21%" align="right" valign="middle" >939.425</td><td width="32%" align="right" valign="middle" >315.160</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Plant and machinery</td><td width="21%" align="right" valign="middle" >5.677</td><td width="32%" align="right" valign="middle" >5.678</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Fixtures and fittings, tools and equipment</td><td width="21%" align="right" valign="middle" >1.227.834</td><td width="32%" align="right" valign="middle" >1.732.427</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Leasehold improvements</td><td width="21%" align="right" valign="middle" >416.589</td><td width="32%" align="right" valign="middle" >400.302</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >3.015.965</td><td width="32%" align="right" valign="middle" >2.880.007</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Other operating costs</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Restructuring costs</td><td width="21%" align="right" valign="middle" >3.458.322</td><td width="32%" align="right" valign="middle" >2.659.274</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Financial income</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Interest, group enterprises</td><td width="21%" align="right" valign="middle" >43.322</td><td width="32%" align="right" valign="middle" >156.706</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Other financial income </td><td width="21%" align="right" valign="middle" >310.765</td><td width="32%" align="right" valign="middle" >303.943</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >354.087</td><td width="32%" align="right" valign="middle" >460.649</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Financial expenses</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Interest and guarantees, group enterprises</td><td width="21%" align="right" valign="middle" >361.695</td><td width="32%" align="right" valign="middle" >223.797</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Other financial expenses</td><td width="21%" align="right" valign="middle" >984.093</td><td width="32%" align="right" valign="middle" >134.539</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >1.345.788</td><td width="32%" align="right" valign="middle" >358.336</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Tax on profit for the year</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax</td><td width="21%" align="right" valign="middle" >1.220.918</td><td width="32%" align="right" valign="middle" >967.451</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Adjustment regarding reduction in corporation tax</td><td width="21%" align="right" valign="middle" >1.946</td><td width="32%" align="right" valign="middle" >490.074</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >1.222.864</td><td width="32%" align="right" valign="middle" >1.457.525</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The effective tax rate is affected by the results reported by the foreign branch, which have not been recognised, and non-deductible costs.</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Intangible assets</b></td></tr><tr><td width="47%" ></td><td width="21%" colspan="1" align="right" valign="middle" ><b>Goodwill</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>Software</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Cost at 1 July</td><td width="21%" align="right" valign="middle" >8.528.803</td><td width="32%" align="right" valign="middle" >6.135.708</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="21%" align="right" valign="middle" >0</td><td width="32%" align="right" valign="middle" >55.146</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="21%" align="right" valign="middle" >0</td><td width="32%" align="right" valign="middle" >0</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Cost at 30 June</td><td width="21%" align="right" valign="middle" >8.528.803</td><td width="32%" align="right" valign="middle" >6.190.854</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Amortisation at 1 July</td><td width="21%" align="right" valign="middle" >3.865.277</td><td width="32%" align="right" valign="middle" >3.860.889</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Amortisation for the year</td><td width="21%" align="right" valign="middle" >426.440</td><td width="32%" align="right" valign="middle" >939.425</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Reversed amortisation of disposals for the year</td><td width="21%" align="right" valign="middle" >0</td><td width="32%" align="right" valign="middle" >0</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Amortisation at 30 June </td><td width="21%" align="right" valign="middle" >4.291.717</td><td width="32%" align="right" valign="middle" >4.800.314</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Carrying amount at 30 June 2014</td><td width="21%" align="right" valign="middle" >4.237.086</td><td width="32%" align="right" valign="middle" >1.390.540</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Property, plant and equipment</b></td></tr><tr><td width="36%" ></td><td width="16%" ></td><td width="24%" colspan="1" align="right" valign="middle" ><b>fittings, tools </b></td><td width="24%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="36%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Plant and </b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>Fixtures and </b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>Leasehold</b></td></tr><tr><td width="36%" ></td><td width="16%" colspan="1" align="right" valign="middle" ><b>machinery</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>and equipment</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b> improvements</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Cost at 1 July</td><td width="16%" align="right" valign="middle" >161.785</td><td width="24%" align="right" valign="middle" >25.421.817</td><td width="24%" align="right" valign="middle" >4.688.095</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Additions for the year</td><td width="16%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >802.358</td><td width="24%" align="right" valign="middle" >127.824</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Disposals for the year</td><td width="16%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >640.230</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Cost at 30 June</td><td width="16%" align="right" valign="middle" >161.785</td><td width="24%" align="right" valign="middle" >25.583.945</td><td width="24%" align="right" valign="middle" >4.815.919</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Depreciation at 1 July</td><td width="16%" align="right" valign="middle" >147.684</td><td width="24%" align="right" valign="middle" >20.324.321</td><td width="24%" align="right" valign="middle" >2.664.962</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Depreciation for the year</td><td width="16%" align="right" valign="middle" >5.677</td><td width="24%" align="right" valign="middle" >1.227.834</td><td width="24%" align="right" valign="middle" >416.589</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Reversed depreciation of disposals for the year</td><td width="16%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >563.736</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Depreciation at 30 June </td><td width="16%" align="right" valign="middle" >153.361</td><td width="24%" align="right" valign="middle" >20.988.419</td><td width="24%" align="right" valign="middle" >3.081.551</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Carrying amount at 30 June 2014</td><td width="16%" align="right" valign="middle" >8.424</td><td width="24%" align="right" valign="middle" >4.595.526</td><td width="24%" align="right" valign="middle" >1.734.368</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Investments</b></td></tr><tr><td width="36%" ></td><td width="16%" ></td><td width="24%" ></td><td width="24%" colspan="1" align="right" valign="middle" ><b>Shares</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Cost at 1 July</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Additions for the year</td><td width="24%" align="right" valign="middle" >37.000</td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Disposals for the year</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Cost at 30 June</td><td width="24%" align="right" valign="middle" >37.000</td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Impairment losses at 1 July</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Reversed impairment losses on disposals for the year</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Impairment losses at 30 June </td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="76%" colspan="3" align="left" valign="middle" >Carrying amount at 30 June 2014</td><td width="24%" align="right" valign="middle" >37.000</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Inventories</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Goods for resale</td><td width="21%" align="right" valign="middle" >54.538.352</td><td width="32%" align="right" valign="middle" >50.513.131</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Deferred tax asset</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Deferred tax at 1 July</td><td width="21%" align="right" valign="middle" >6.316.512</td><td width="32%" align="right" valign="middle" >7.774.037</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Adjustment for the year of deferred tax</td><td width="21%" align="right" valign="middle" >-1.222.864</td><td width="32%" align="right" valign="middle" >-1.457.525</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Deferred tax at 30 June 2014</td><td width="21%" align="right" valign="middle" >5.093.648</td><td width="32%" align="right" valign="middle" >6.316.512</td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Deferred tax is attributable to:</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="21%" align="right" valign="middle" >-620.386</td><td width="32%" align="right" valign="middle" >-727.447</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="21%" align="right" valign="middle" >2.555.420</td><td width="32%" align="right" valign="middle" >1.992.859</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Current assets</td><td width="21%" align="right" valign="middle" >548.973</td><td width="32%" align="right" valign="middle" >677.270</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Provisions</td><td width="21%" align="right" valign="middle" >27.556</td><td width="32%" align="right" valign="middle" >32.983</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Borrowing costs</td><td width="21%" align="right" valign="middle" >74.500</td><td width="32%" align="right" valign="middle" >0</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Tax losses</td><td width="21%" align="right" valign="middle" >2.507.585</td><td width="32%" align="right" valign="middle" >4.340.847</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >5.093.648</td><td width="32%" align="right" valign="middle" >6.316.512</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Prepayments</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Insurance </td><td width="21%" align="right" valign="middle" >673.712</td><td width="32%" align="right" valign="middle" >527.715</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Rent</td><td width="21%" align="right" valign="middle" >1.611.408</td><td width="32%" align="right" valign="middle" >1.579.812</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Other items</td><td width="21%" align="right" valign="middle" >1.150.613</td><td width="32%" align="right" valign="middle" >1.020.629</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >3.435.733</td><td width="32%" align="right" valign="middle" >3.128.156</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="3" align="left" valign="middle" ><b>Share capital</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company's share capital is divided on shares with a face value of DKK 1,000 each. Each share carries one vote. No shares carry special rights.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Of the total share capital of DKK 10,004,000, the Company holds treasury shares of a nominal amount of DKK 1,000,000, equivalent to 9.996%. The Company did not acquire or sell treasury shares during the year under review.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in share capital during the period 1 July 2009 – 30 June 2014:</td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >Share capital at 1 July 2009</td><td width="32%" align="right" valign="middle" >10.003.000</td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >Additions 2009/10</td><td width="32%" align="right" valign="middle" >1.000</td></tr><tr><td width="68%" colspan="2" align="left" valign="middle" >Share capital at 30 June 2014</td><td width="32%" align="right" valign="middle" >10.004.000</td></tr><tr><td colspan="3"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="31%" colspan="1" align="left" valign="middle" ><b>Equity</b></td><td width="14%" colspan="1" align="right" valign="middle" ><b>Share </b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Proposed </b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Retained</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td width="31%" ></td><td width="14%" colspan="1" align="right" valign="middle" ><b>capital</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>dividends</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b> earnings</b></td><td width="16%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Opening balance</td><td width="14%" align="right" valign="middle" >10.004.000</td><td width="20%" align="right" valign="middle" >18.000.000</td><td width="19%" align="right" valign="middle" >100.570.305</td><td width="16%" align="right" valign="middle" >128.574.305</td></tr><tr><td width="45%" colspan="2" align="left" valign="middle" >Transferred, see the profit appropriation</td><td width="20%" align="right" valign="middle" >4.000.000</td><td width="19%" align="right" valign="middle" >32.543</td><td width="16%" align="right" valign="middle" >4.032.543</td></tr><tr><td width="45%" colspan="2" align="left" valign="middle" >Dividends paid</td><td width="20%" align="right" valign="middle" >-18.000.000</td><td width="19%" ></td><td width="16%" align="right" valign="middle" >-18.000.000</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Closing balance</td><td width="14%" align="right" valign="middle" >10.004.000</td><td width="20%" align="right" valign="middle" >4.000.000</td><td width="19%" align="right" valign="middle" >100.602.848</td><td width="16%" align="right" valign="middle" >114.606.848</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>Provisions</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The amount comprises warranty obligations of DKK 120,333 covering the Company's standard one-year warranty on sale of machinery within PaperlinX VTS.</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="1" align="left" valign="middle" ><b>Mortgages and collateral</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has provided collateral to Nordea Bank Danmark A/S in the form of a floating charge of DKK 25.0 million. The value of the assets provided as collateral represents DKK 186.7 million.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In addition, the Company has provided a cross guarantee to Nordea Bank Danmark A/S for bank loan raised by the affiliated company, PaperlinX AB. At year end, the bank loan came in at DKK 0.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has provided bank guarantees of DKK 19.0 million covering rent for external premises.</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="1" align="left" valign="middle" ><b>Contractual obligations</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Leases for property with an annual payment of DKK 7.5 million and with a term of notice of up to 8.5 years, representing rent commitments of DKK 60.8 million.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lease liabilities (operating leases) of DKK 8.4 million, of which DKK 8.3 million falls due within five years.</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="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" >PaperlinX A/S' related parties comprise the following:</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" >Parent company – PaperlinX Denmark Holding ApS, Bastrupgaardvej 8-10, DK-7500 Holstebro.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ultimate parent company – PaperlinX Limited Australia</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" >Board member, Andrew John Price, chairman</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Board member, Joost Willem Peter Smallenbroek</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Board member and CEO, Jørgen Nielsen</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Board member, Maria Pedersen Poulsgaard, elected by the employees</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Board member, Arne Sørensen, elected by the employees.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Executive Board, CEO Jørgen Nielsen</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Executive Board, Bjarne Lunding</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Executive Board, Bjarne Oldager Kusnitzoff</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company's intermediate parent company, in which the Company is included as a subsidiary, is PaperlinX Denmark Holding ApS, and the Company's ultimate parent company, which prepares consolidated financial statements in which the Company is included as a subsidiary, is PaperlinX Limited.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The consolidated financial statements of the foreign parent company are available at www.paperlinx.com.au or at the address:</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >PaperlinX Limited, 307 Ferntree Gully Road, Mount Waverly, Victoria 3149, Australia.</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="47%" colspan="1" align="left" valign="middle" ><b>Adjustments</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Depreciation/amortisation for the year of intangible assets and property, plant and equipment</td><td width="21%" align="right" valign="middle" >3.015.965</td><td width="32%" align="right" valign="middle" >2.880.007</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Gains on the disposal of non-current assets</td><td width="21%" align="right" valign="middle" >76.494</td><td width="32%" align="right" valign="middle" >0</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Change for the year in provisions</td><td width="21%" align="right" valign="middle" >-21.834</td><td width="32%" align="right" valign="middle" >44.084</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax</td><td width="21%" align="right" valign="middle" >1.222.864</td><td width="32%" align="right" valign="middle" >1.457.525</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Financial income</td><td width="21%" align="right" valign="middle" >-354.087</td><td width="32%" align="right" valign="middle" >-460.649</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Financial expenses</td><td width="21%" align="right" valign="middle" >1.345.788</td><td width="32%" align="right" valign="middle" >358.336</td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >5.285.190</td><td width="32%" align="right" valign="middle" >4.279.303</td></tr><tr><td colspan="3"></td></tr></table><br><table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="47%" colspan="1" align="left" valign="middle" ><b>Changes in working capital</b></td><td width="21%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="32%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Change in inventories</td><td width="21%" align="right" valign="middle" >-4.025.221</td><td width="32%" align="right" valign="middle" >1.012.196</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Change in receivables</td><td width="21%" align="right" valign="middle" >-3.892.027</td><td width="32%" align="right" valign="middle" >571.817</td></tr><tr><td width="47%" colspan="1" align="left" valign="middle" >Change in trade and other payables</td><td width="21%" align="right" valign="middle" >-1.866.979</td><td width="32%" align="right" valign="middle" >-4.674.707</td></tr><tr><td colspan="3"></td></tr><tr><td width="47%" ></td><td width="21%" align="right" valign="middle" >-9.784.227</td><td width="32%" align="right" valign="middle" >-3.090.694</td></tr><tr><td colspan="3"></td></tr></table> Årsrapport 25578198 KPMG 2014 P/S Amerika Plads 38 2100 København Ø Revisionspåtegning Reporting class C, large enterprise Jørgen Nielsen CEO Bjarne Lunding CFO Bjarne Oldager Kusnitzoff CSO Andrew John Price Chairman Joost Willem Peter Smallenbroek Jørgen Nielsen CEO Maria Pedersen Poulsgaard Elected by the employees Arne Sørensen Elected by the employees KPMG 2014 P/S Godkendt revisionspartnerselskab Anette Harritz State authorised public accountant Bredskifte Allé 13 DK-8210 Aarhus V 604526000 86408000 727000 768000 169.000 0.143 0.004 0.010 0.609 0.006 634631000 94541000 6410000 1306000 179.000 0.149 0.014 0.038 0.594 0.051 667553000 94283000 4765000 1729000 187.000 0.141 0.010 0.030 0.553 0.040 663973000 78485000 -23311000 3018000 224.000 0.118 -0.046 -0.122 0.519 -0.254 Profit/loss before financial income and expenses 6247.000 Profit/loss before financial income and expenses 2082.000 Profit/loss before financial income and expenses 8354.000 Profit/loss before financial income and expenses 6649.000 Profit/loss before financial income and expenses -28377.000 Financial income and expenses, net -992.000 Financial income and expenses, net 102.000 Financial income and expenses, net 743.000 Financial income and expenses, net 265.000 Financial income and expenses, net -1947.000 Profit/loss before tax 5255.000 Profit/loss before tax 2184.000 Profit/loss before tax 9097.000 Profit/loss before tax 6914.000 Profit/loss before tax -30325.000 195805318 114606848 4237086 1390540 5627626 8424 4595526 1734368 6338318 37000 12002944 54538352 114231438 1782209 5093648 877179 3435733 125420207 3843815 183802374 10004000 100602848 4000000 120333 120333 58778263 476252 21823622 81078137 195805318 3843815 211185000 128574000 215127000 127848000 219755000 121437000 224653000 116673000 Revenue per employee 3969.000 Revenue per employee 3577.000 Revenue per employee 3545.000 Revenue per employee 3570.000 Revenue per employee 2964.000 604526298 -1012196 859757 453857881 64107486 86408492 78787365 2880007 2659274 2081846 460649 358336 2184159 1457525 726634 4279303 -3090694 1915243 460649 -358336 2017556 -2112816 -768221 0 3689690 0 -37504 -37504 5669742 4000000 18000000 32543 -17273366 4663526 2274819 6938345 14101 5097496 2023133 7134730 0 14073075 50513131 111033308 15214903 6316512 490859 3128156 136183738 10415392 197112261 211185336 10004000 100570305 18000000 128574305 142167 142167 59189646 0 23279218 82468864 211185336 10415392 Repayment of loans 0 Repayment of loans 9459 Balance with group enterprises 13908946 Balance with group enterprises 6561268 10415392 4745650