xbrli:pureiso4217:DKK136097052018-01-012018-12-31136097052018-01-012018-12-311136097052018-01-012018-12-312136097052018-01-012018-12-313136097052018-01-012018-12-314136097052018-01-012018-12-311136097052018-01-012018-12-312136097052018-01-012018-12-311136097052017-01-012017-12-31cmn:PreviousYearMember136097052016-01-012016-12-31cmn:TwoYearsAgoMember136097052015-01-012015-12-31cmn:ThreeYearsAgoMember136097052014-01-012014-12-31cmn:FourYearsAgoMember136097052017-01-012017-12-31136097052018-12-31136097052017-12-31cmn:PreviousYearMember136097052016-12-31cmn:TwoYearsAgoMember136097052015-12-31cmn:ThreeYearsAgoMember136097052014-12-31cmn:FourYearsAgoMember136097052017-12-31136097052018-01-01fsa:SharePremiumMember136097052017-01-01fsa:SharePremiumMember136097052018-12-31fsa:SharePremiumMember136097052017-12-31fsa:SharePremiumMember136097052018-01-01fsa:RetainedEarningsMember136097052017-01-01fsa:RetainedEarningsMember136097052018-12-31fsa:RetainedEarningsMember136097052017-12-31fsa:RetainedEarningsMember136097052018-01-01fsa:ProposedDividendRecognisedInEquityMember136097052017-01-01fsa:ProposedDividendRecognisedInEquityMember136097052018-12-31fsa:ProposedDividendRecognisedInEquityMember136097052017-12-31fsa:ProposedDividendRecognisedInEquityMember136097052018-12-31fsa:PlantAndMachineryMember136097052017-12-31fsa:PlantAndMachineryMember136097052018-12-31fsa:FixturesFittingsToolsAndEquipmentMember136097052017-12-31fsa:FixturesFittingsToolsAndEquipmentMember136097052018-12-31fsa:LeaseholdImprovementsMember136097052017-12-31fsa:LeaseholdImprovementsMember136097052018-12-31fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember136097052017-12-31fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember136097052018-12-31fsa:OtherInvestmentsMember136097052017-12-31fsa:OtherInvestmentsMember136097052018-01-01136097052017-01-01136097052018-01-012018-12-31fsa:RetainedEarningsMember136097052017-01-012017-12-31fsa:RetainedEarningsMember136097052018-01-012018-12-31fsa:ProposedDividendRecognisedInEquityMember136097052017-01-012017-12-31fsa:ProposedDividendRecognisedInEquityMember136097052018-01-01fsa:PlantAndMachineryMember136097052017-01-01fsa:PlantAndMachineryMember136097052018-01-01fsa:FixturesFittingsToolsAndEquipmentMember136097052017-01-01fsa:FixturesFittingsToolsAndEquipmentMember136097052018-01-01fsa:LeaseholdImprovementsMember136097052017-01-01fsa:LeaseholdImprovementsMember136097052018-01-01fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember136097052017-01-01fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember136097052018-01-012018-12-31fsa:PlantAndMachineryMember136097052017-01-012017-12-31fsa:PlantAndMachineryMember136097052018-01-012018-12-31fsa:FixturesFittingsToolsAndEquipmentMember136097052017-01-012017-12-31fsa:FixturesFittingsToolsAndEquipmentMember136097052018-01-012018-12-31fsa:LeaseholdImprovementsMember136097052017-01-012017-12-31fsa:LeaseholdImprovementsMember136097052018-01-012018-12-31fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember136097052017-01-012017-12-31fsa:PropertyPlantAndEquipmentInProgressAndPrepaymentsForPropertyPlantAndEquipmentMember136097052018-01-01fsa:OtherInvestmentsMember136097052017-01-01fsa:OtherInvestmentsMemberAnnual reportAuditor's report on audited financial statementsfalseReporting class C, medium-size enterprisefalsetruefalsefalseBates Cargo-Pak ApSStigsborgsvej 369400Nørresundby136097052018-01-012018-12-312017-01-012017-12-312019-05-09Nils StengerDominique DupreNils StengerPeter EggertsenFinn SørensenPeter EggertsenFinn SørensenKallermann Revision A/S - statsautoriseret revisionsfirmaStationspladsen1 og 33000HelsingørDanmarkDK30195264Kallermann Revision A/S - statsautoriseret revisionsfirmaStationspladsen 1 og 33000 Helsingør30195264The Board of Directors and the Executive Board have today considered and approved the annual report for the financial year 1 January - 31 December 2018 for Bates Cargo-Pak ApS.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion the financial statements give a true and fair view of the Company's financial position at 31 December 2018 and of its financial performance for the financial year 1 January - 31 December 2018.We believe that the Management commentary contains a fair review of the affairs and conditions referred to therein.We recommend the annual report for adoption at the Annual General Meeting.Aalborg2019-04-30To the shareholders of Bates Cargo-Pak ApSOpinionWe have audited the Financial Statements of Bates Cargo-Pak ApS for the financial year 1 January - 31 December 2018, which comprise the accounting policies, income statement, balance sheet, statement of changes in equity, cash flow statement and notes. The Financial Statements are prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the Company's financial position at 31 December 2018 and of the result of the Company's operations for the financial year 1 January - 31 December 2018 in accordance with the Danish Financial Statements Act.Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.With effect from this year the Company is covered by auditing requirements. In previous years and in accordance with legislation the Company’s annual report was reported with a statement on extended review. Therefore, the comparative figures have not been audited, which also appears from the annual report.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance about whether the Financial Statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users of accounting information taken on the basis of these Financial Statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the Financial Statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the Financial Statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the Financial Statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. • Evaluate the overall presentation, structure and contents of the Financial Statements, including the disclosures, and whether the Financial Statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for Management’s Review. Our opinion on the Financial Statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the Financial Statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the Financial Statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the Financial Statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review.Elsinore2019-04-30Peter KallermannState Authorized Public Accountantmne8285The Company's activities consist of developing and manufacturing airbags to be used for the protection of goods during transportation. The Company's products and production methods are continuously being developed.The financial report is not affected by uncertainty in recognition and measurement.The result for the year shows a profit of 21.079 DKK'000, which is considered to be satisfactory. The equity amounts to 67.145 DKK'000 at 31 December 2018. As per 1st January 2018 the Company entered into a sub-organization together with Haloila OY and H. Böhl within the Signode Indutrial Group. As per 3rd April 2018 Signode Industrial Group was sold by Carlyle Group to Crown Holdings Inc., but continues to be a stand-alone operating division within Crown.The Company affects environment through production, transportation of products and employees and indirectly through the energy consumption of the products during use and product disposal.No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.For the coming financial year the Company expects an improved result.The Company has developed special competences within production and development of airbags. Investments take place currently to optimize the production and development of products to meet the market demands. The Company is focusing on maintaining these competences. Business risks The company's greatest business risk is the ability to maintain and strengthen its market position. Financial risks The Company’s financial management only concerns the risks related to the ongoing operation. The parent Company manages financial risks in the Group centrally, including capital and investment of surplus liquidity.There is ongoing development and marketing of new products and to optimize methods and processes.The Company is a 100% owned subsidiary of SPG Denmark ApS. The Company's ultimate parent company is Crown Holdings Inc, USA, from which the consolidated financial statements can be ordered.This annual report of Bates Cargo-Pak ApS for 2018 has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises.The accounting policies applied for these financial statements are consistent with those applied last year.Income is recognised in the income statement when earned, hereunder valuation adjustment concerning financial assets and liabilities. Costs are also recognised in the income statement, hereunder depreciations and amortisations. Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Company, and the value of the assets can be measured reliably. Liabilities are recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Company, and the value of the liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses.Lease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease.Revenue from sales of commodities and end products, which comprise airbags to be used for the protection of goods during transportation, is recognized in the income statement provided that delivery and transfer of risk to the buyer has taken place before year end and that the income can be reliably measured and is expected to be received. The time for transfer of the most significant advantages and risks is based on the standardized delivery terms based on incoterms(R) 2010. Revenue from sales of goods, where delivery on buyer’s request is postponed, is recognized in the income, when the ownership of the goods passes to buyer. Revenue is measured to fair value of the agreed fee ex. VAT and taxes charged on behalf of third parties. All discounts granted in connection with the sale are recognized in the revenue.Cost of sales comprises costs of sales for the financial year measured at cost, adjusted for ordinary inventory write-downs.Other external expenses comprise expenses for distribution, sale, marketing, administration, premises, bad debts, operational costs etc. Other ecternal expenses also include research costs and costs of development projects that do not meet the criteria for recognition in the balance sheet.Staff costs comprise salaries and wages including holiday pay and pensions as well as social security costs, etc for the Company’s staff. Received compensations from the authorities have been deducted in staff costs.These items comprise interest income and expenses, financial costs concerning financial leasing, realised and unrealised capital gains and losses on securities, payables and transactions in foreign currencies, amortisation premium or allowance on mortgage debt etc as well as tax surcharge and tax relief under the Danish Tax Prepayment Scheme.Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Current tax liabilities or tax receivables are included in the balance sheet as calculated tax of the year’s taxable income, regulated for paid tax on account. Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. The Parent Company SPG Denmark ApS is jointly taxed with all of its wholly owned Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed companies proportionally to their taxable income. The Parent Company acts as administration company for the jointly taxed companies and manages payment of the tax to the Danish authorities.Intangible assets comprise acquired intellectual property rights. Acquired intellectual property rights are measured at cost less accumulated amortisation and impairment losses. Intergible assests are amoritised over their estimated useful lives, but over no more than 20 years. Intagible assets are written down to the lower of recoverable amount and carrying amount. Profits and losses from the sale of other intangible assets are calculated as the difference between selling price less selling costs and the carrying amount at the time of sale. Profits or losses are recognised in the income statement as an adjustment to amortisation and impairment losses by realization of intangible assets.Plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Property, ect in progress is measured at cost and is not depreciated. Cost comprises the acquisition price and costs directly attributable to the acquisition , and prepatation costs of the asset until the time when it is ready to be put into operation. The basis of depriciation is cost les estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: Plant and machinery, 10-20 years EDB, 5 years Other fixtures and fittings, tools and equipment, 3-12 years Leasehold improvements, 5-10 years Plant and equipment are written down to the lower of recoverable amount and carrying amount. Profits and losses form the sale of plant and equipment are calculated as the difference between selling price less selling costs and carrying amount at the time of sale. Profits or losses are recognised in the income statement under other operating income or other operating expenses. Assets with a cost price under the tax limit concerning accelerated depreciation of small assets are recognised as costs in the income statement in the acquisition year.Deposits are measured at cost.Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost of goods for resale, raw materials and consumables consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and direct production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of and depreciation and impairment losses on machinery, factory buildings and equipment applied for the manufacturing process as well as costs of factory administration and management. Financing costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.Receivables are measured at amortised cost, usually equalling nominal value less provisions for bad debts.Prepayments comprise incurred costs relating to subsequent financial years. Preapayments are measured at amortised cost, which usually corresponds to the mominal value.Proposed dividend for the finacial year is measured under the equity. Proposed dividend is measured as an obligation at the time of adoption on the General Meeting. Dividend paid during the year is shown under the equity.Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly on equity by the portion attributable to entries directly on equity. The portion of the tax taken to the income statement, which relates to extraordinary profit/loss for the year, is allocated to this entry whereas the remaining portion is taken to the year’s profit/loss from ordinary activities. Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax is measured on basis of the tax rules and tax rates which are valid when deferred tax is expected to be current tax. Changes in deferred tax as a consequence of changes in tax rates are recognised in the income statement. The current tax rate is 22 per cent.Other financial liabilities are measured at amortised cost which usually corresponds to nominal value.The cash flow statement is presented using the indirect method and shows cash flows from operating, investing and financing activities as well as the Company’s cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the size or composition of the Company’s share capital and related costs as well as the raising of loans, installments on interest-bearing debt and payment of dividend. Cash and cash equivalents comprise cash.Return on invested capital = EBITDA x 100/average invested capital including goodwill Return on equity = Net profit for the year x 100/average equity Equity ratio = Equity x 100/balance sheet total EBITA (Earnings Before Interest, Tax and Amortisation) is defined as the profit/loss from ordinary activities plus depreciation and amortization of intangible assets including goodwill. Invested capital including goodwill is defined as net working capital plus the carrying value of fixed assets. Net working capital is defined as inventories, receivables and other operating current assets less accounts payable and other current operating liabilities. Receivable and payable income taxes, receivable from group enterprises and cash are not included in net working capital.524740004952600049656000410310004632900049526000-21110006221000-223000018000-1700029135000264260002767500018353000235980002642600021079000254480001978600014054000181980002544800014761600014117100016031800014668900010622700014117100067145000715140006585200060120000642080007151400020000002000000200000020000004406600044066000440660004406600025448000197860002107900025448000289180001151500036729000618130003814500011515000-2112000-1923000-1044000-91000-387000-1923000-25448000-19786000-14054000-18147000-179000000-197860004241383841410.4700.5100.4100.4100.6000.3000.3700.3100.2300.3300.4000.3700.4100.5500.680Financial highlights are defined and calculated in accordance with "Recommendations & Ratios" issued by the Danish Society of Financial Analysts.2094800020818000239100022820002030006670000231400044900027024000326470005945000719900014401000146290004520005280005400029000001490700015186000144010001462900045200052800054000290000079000079000079000079000079000079000015697000159760001717000189800015500057000611200061350007984000809000023695000196420001099000110001024000210000850005680002590300020431000980320009667400096674000106868000131919000125195000200000020000004406600044066000210790002544800023300002523000233000025230008737000245040005872500030972000613800074400004410000408700013100013100078141000671340007814100067134000147616000141171000002107900025448000254480001978600021079000254480002391000228200061380007439000-193000-240000106000664000-5472000792800012309000-26134000-7440000-58720002112000192300025448000197860001358000-101940009803200096674000186800001861000017990001742000469000466000In accordance with The Danish Financial Statements Act section 98 b, subsection 3, item 2, information on management fee has been left out.2030003300006637000-2314000-44900061380007439000-193000-24000059450007199000439280004194300045943000439280003620000341200036840003620000105400010540001087000105400004540000004540002015000171300064000208000330000000182000045400029299000273140003154200029299000309200029840003232000309200010250001018000103300010250002243000203800014000010800080007000053000790000790000790000790000Prepayments comprise prepaid insurances.Of cash and cash equivalents 92.253 DKK'000 is part of a notional cash pool arrangement with other group enterprises and their banks. The Company's deposit on the cash pool account is provided as security for the total cash pool arrangement. The total balance of the cash pool arrangement as of 31 December 2018 is 12.697 DKK'000 (1.700 EUR'000).The share capital consists of 20,000 shares of DKK 100.Provisions concerning deferred tax comprise deferred tax relating to property, plant and equipment and inventories.The Company is included in the consolidated financial statements of: Crown Holding Inc., 770 Township Line Road, Yardley, PA 19067 USARelated parties with a controlling interest in Bates Cargo-Pak ApS: SPG Denmark ApS Fynsgade 6 6400 SønderborgThe Company participates in a Danish joint taxation arrangement with SPG Denmark ApS serving as the administration company. The Company is jointly and severally liable for total income taxes of the other jointly taxed companies. The total met liability to the Danish tax authorities appears from the financial statements of SPG Denmark ApS. As per 31.12.2018 the Company has entered into the lease agreements regarding office equipment and cars with a remaining payment of 268 DKK'000. The Company has entered into the following rental commitment with a total liability in the period of notice of 3.899 DKK'000. The Company has entered into a commitment to buy consignment stock of raw materials of up to 1.3 million DKK of which there is a pending use.The share capital is wholly owned by: SPG Denmark ApS