Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabEnglandsgade 25Postboks 200, 5100 Odense C2016-01-012016-12-312015-01-012015-12-312017-04-0633752903Anthea Technologies ApSEnglandsvej 145700Svendborg2011-06-01SvendborgErnst & Young Godkendt Revisionspartnerselskab30700228Englandsgade 255100Odense C2017-04-06Søren PedersenRegnskabsklasse BRevisionspåtegningtruetrue2017-04-062017-04-06Svendborg, Henrik Bender BendixenOdense, Morten Schougaard SørensenState Authorised Public Accountant-9329-1531510178970-9329-332121263491992212815852516892-4707243716-11015913176-36056513176-360565916401330311008953866870011015911005931110060233151033611239081120396112390811203961000001000000010124629992861112462109928601461137160773064991144621110114462111011239081120396800000-45651492000059250000-360565-59250005925000100000099928613176100000010124620167438090000166408680178970012634719921212634919922079061281506191281585253716-1101593716-1101598000080000800008000020000000100000800008000080000The Executive Board has today discussed and approved the annual report of Anthea Technologies ApS for the financial year 1 January - 31 December 2016.The annual report is prepared in accordance with the Danish Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2016 and of the results of the Company's operations for the financial year 1 January - 31 December 2016.Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review.I recommend that the annual report be approved at the annual general meeting.To the shareholder of Anthea Technologies ApSWe have audited the financial statements of Anthea Technologies ApS for the financial year 1 January - 31 December 2016, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the company at 31 December 2016, and of the results of the company operations for the financial year 1 January - 31 December 2016 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the 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. 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 taken on the basis of the 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 in-adequate, to modify our opinion. Our conclusion is 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 the Management's review. Our opinion on the financial statements does not cover the 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 the Management's review and, in doing so, consider whether the 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 the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the 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 the Management's review.The company's purpose is to distribute technological products, IT and related products.The income statement for 2016 shows a profit of DKK 13,176 against a loss of DKK 360,565 last year, and the balance sheet at 31 December 2016 shows equity of DKK 1,112,462. Management considers the Company's financial performance in the year satisfactory.No events materially affecting the Company's financial position have occurred subsequent to the financial year-end.Anthea Technologies ApS' annual report for 2016 has been prepared in accordance with the provisions which apply to reporting class B entities under the Danish Financial Statements Act.The accounting policies used in the preparation of the financial statements are consistent with those of last year.Reporting currency The financial statements are presented in Danish kroner (DKK).On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate 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. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses.Income from the sale of goods and finished goods is recognised in revenue at the time of delivery and when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be received. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Gross margin The items revenue, change in inventories of finished goods and work in progress, work performed for own account and capitalised, other operating income and external expenses have been aggregated into one item in the income statement called gross margin in accordance with section 32 of the Danish Financial Statements Act.Staff costs include wages and salaries, including compensated absence and pension to the Company's employees, as well as other social security contributions, etc. The item is net of refunds from public authorities.Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its Danish group entities are jointly taxed. The Danish income tax charge is allocated between profit making and loss making Danish entities in proportion to their taxable income). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity".Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity".Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, 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 Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets 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. Changes in deferred tax due to changes in the tax rate are recognised in the income statement.Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value.Other contingent liabilities The company is jointly taxed with its parent, Dangroup ApS, which acts as tax management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year 2013 onwards as well as withholding taxes on interest, royalties and dividends falling due for payment on or after 1 July 2012.Ownership The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the share capital: Name Domicile Sky-Watch A/S Østre Alle 6, 9530 Støvring 337529032016-01-012016-12-31337529032015-01-012015-12-31337529032015-12-31337529032016-12-31337529032016-01-012016-12-311337529032016-01-012016-12-311337529032016-01-012016-12-31e:RetainedEarningsMember337529032015-01-012015-12-31e:RetainedEarningsMember337529032015-01-01e:ContributedCapitalMember337529032015-01-012015-12-31e:ContributedCapitalMember337529032016-01-01e:ContributedCapitalMember337529032016-12-31e:ContributedCapitalMember337529032016-01-01e:SharePremiumMember337529032016-12-31e:SharePremiumMember337529032015-01-01e:SharePremiumMember337529032015-01-012015-12-31e:SharePremiumMember337529032016-01-01e:RetainedEarningsMember337529032016-01-012016-12-31e:RetainedEarningsMember337529032016-12-31e:RetainedEarningsMember337529032015-01-01e:RetainedEarningsMember337529032015-01-012015-12-31e:RetainedEarningsMember337529032016-01-01d:PreviousYearMembere:ContributedCapitalMember337529032016-01-012016-12-31d:PreviousYearMembere:ContributedCapitalMember337529032016-12-31d:PreviousYearMembere:ContributedCapitalMember337529032016-01-01d:TwoYearsAgoMembere:ContributedCapitalMember337529032016-01-012016-12-31d:TwoYearsAgoMembere:ContributedCapitalMember337529032016-12-31d:TwoYearsAgoMembere:ContributedCapitalMember337529032016-01-01d:ThreeYearsAgoMembere:ContributedCapitalMember337529032016-01-012016-12-31d:ThreeYearsAgoMembere:ContributedCapitalMember337529032016-12-31d:ThreeYearsAgoMembere:ContributedCapitalMember337529032016-01-01d:FourYearsAgoMembere:ContributedCapitalMember337529032016-01-012016-12-31d:FourYearsAgoMembere:ContributedCapitalMember337529032016-12-31d:FourYearsAgoMembere:ContributedCapitalMemberiso4217:DKK