27236944 2013-07-01 2014-12-31 27236944 2013-07-01 2014-12-31 0 27236944 2013-07-01 2014-12-31 0 27236944 2013-07-01 2014-12-31 1 27236944 2013-07-01 2014-12-31 2 27236944 2013-07-01 2014-12-31 3 27236944 2013-07-01 2014-12-31 4 27236944 2013-07-01 2014-12-31 5 27236944 2013-07-01 2014-12-31 0 27236944 2013-07-01 2014-12-31 1 27236944 2012-07-01 2013-06-30 27236944 2013-07-01 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember 27236944 2012-07-01 2013-06-30 fsa:ProposedDividendRecognisedInEquityMember 27236944 2013-07-01 2014-12-31 fsa:RetainedEarningsMember 27236944 2012-07-01 2013-06-30 fsa:RetainedEarningsMember 27236944 2014-12-31 27236944 2013-06-30 iso4217:DKK 27236944 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of Lyngsoe Systems Holding A/S for the annual report for the financial year 1 July 2013 – 31 December 2014.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been presented 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">In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2014 and of the results of the Company's operations for the financial year 1 July 2013 – 31 December 2014.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In our opinion, the Management's review includes a fair review of the development in the Company's operations and financial matters, 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 general meeting approve.</td></tr></table> Aars 2015-03-25 <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 Lyngsoe Systems Holding 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></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="1">We have audited the financial statements of Lyngsoe Systems Holding A/S for the financial year 1 July 2013 – 31 December 2014. The financial statements comprise accounting policies, income statement, balance sheet 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 and presentation 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 of 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 the 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 assets, liabilities and financial position at 31 December 2014 and of the results of the Company's operations for the financial year 1 July 2013 – 31 December 2014 in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management's review</td></tr><tr><td colspan="1">Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any further procedures in addition to the audit of the 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 2015-03-25 Lyngsoe Systems Holding A/S Lyngsø Allé 3 DK-9600 Aars 4596980980 2003-06-27 Vesthimmerland 2015-05-13 Per K. Andersen 2013-07-01 2014-12-31 2012-07-01 2013-06-30 <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">Operating review</td></tr><tr><td colspan="1">Lyngsoe Systems Holding A/S is the intermediate holding company in the CC Track Holding A/S Group. It owns 99% of Lyngsoe Systems A/S, Denmark, and 1% of Lyngsoe Systems Development SRL, Romania. The only activity of the company is to possess these stocks.</td></tr><tr><td colspan="1">In March 2014, Lyngsoe Systems Holding A/S and all affiliated subsidiaries were acquired by CC Track Holding A/S. CC Track Holding A/S is 79% owned by the private equity fund CataCap 1 K/S, whereas 15% is owned by a majority of the ceding company and 6 % by the group management.</td></tr><tr><td colspan="1">Following the acquisition, a process to streamline the Group has been launched. As of December 22nd 2014 Lyngsoe Systems A/S was merged with the subsidiary Lyngsoe Library Systems A/S with retrospective effect as of July 1st 2013. Lyngsoe Systems A/S is the continuing company. The next planned step is to merge Lyngsoe Systems Holding A/S into Lyngsoe Systems A/S as the continuing company. When this merger has been completed, CC Track Holding A/S will be renamed Lyngsoe Systems Holding A/S. This is intended to take place during 2015.</td></tr><tr><td colspan="1">For more information about the Group, reference is made to the accounts of the parent company CC Track Holding A/S.</td></tr><tr><td colspan="1">As a consequence of the acquisition by CataCap, the current financial period covers 18 months in order to align the financial year with the calendar year. Figures for comparison have not been adapted but are based on earlier financial years as reported.</td></tr><tr><td colspan="1">The gross profit was -110 thousand DKK (18 months) compared to -72 thousand DKK in the previous financial year.</td></tr><tr><td colspan="1">Profit/Loss for the period was -6,402 thousand DKK (18 months) compared to 2,771 thousand DKK in the previous financial year, mainly due to impairment losses in subsidiaries.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Events after the Balance Sheet Date</td></tr><tr><td colspan="1">After the end of the financial year on December 31st 2014 and until now we have seen no events that will alter the financial position of the Company or the Group in any substantial way.</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 management is planning to merge the Company with Lyngsoe Systems A/S, and subsequently the Company will cease to exist.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Accounting policies</td></tr><tr><td colspan="1">The annual report of Lyngsoe Systems Holding A/S for 2013/14 has been prepared in accordance with the provisions applying to reporting class b under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the financial statements have been changed from the provisions applying to reporting class C medium sized enterprises under the Danish Financial Statements Act to the provisions applying to reporting class B under the Danish Financial Statements Act. The change has no financial influence on the financial statements.</td></tr><tr><td colspan="1">In accordance with section 112 of the Danish Financial Statements Act, consolidated financial statements have not been prepared. The financial statements of Lyngsoe Systems Holding A/S and its subsidiaries are included in the consolidated financial statements of CC Track Holding A/S and CC Track Invest ApS.</td></tr><tr><td colspan="1">As part of the change in ownership, the Company has changed its financial year end to 31 December. Because of this, the financial year under review covers a period of 18 months.</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">Gross profit/loss</td></tr><tr><td colspan="1">In accordance with section 32 of the Danish Financial Statements Act, operating costs and other external costs are aggregated in the financial statement item, gross profit.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Profit/loss from investments in subsidiaries</td></tr><tr><td colspan="1">The proportionate share of the results of the individual subsidiaries is recognised in the income statement of the parent company after full elimination of intra-group profits/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">Financial income and expenses</td></tr><tr><td colspan="1">Financial income and expenses comprise interest income and expenses, currency adjustments, and amortisation of financial assets.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Tax on profit/loss for the year</td></tr><tr><td colspan="1">The Company is jointly taxed with its parent company. Current Danish tax is allocated between the jointly taxed Danish companies in proportion to their taxable incomes (full absorption).</td></tr><tr><td colspan="1">The jointly taxed companies are taxed under the on-account tax scheme.</td></tr><tr><td colspan="1">Tax for the year comprises current tax and changes in deferred tax for the year. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. The recognised tax expense relating to the extraordinary profit/loss for the year is allocated to this item, whereas the remaining tax expense is allocated to profit/loss for the year from ordinary activities.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are measured on the balance sheet at the proportionate share of the enterprises' net asset values calculated in accordance with the parent company's accounting policies minus or plus unrealised intra-group profits and losses and with the addition or deduction of positive or negative goodwill calculated in accordance with the transfer method.</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries is transferred to the reserve for net revaluation in equity according to the equity method to the extent that the carrying amount exceeds cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr></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</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries is recognised at cost in the reserve for net revaluation according to the equity method.</td></tr><tr><td colspan="1">The reserve may be eliminated in case of losses, realisation of investments or a change in accounting estimates.</td></tr><tr><td colspan="1">Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). The expected dividend payment for the year is disclosed as a separate item 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">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payable and receivable is recognised on the balance sheet as tax computed on the taxable income for the year adjusted for tax on the taxable income of prior years and for tax paid on account.</td></tr><tr><td colspan="1">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. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured on the basis of the planned use of the asset or settlement of the liability, respectively.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Liabilities other than provision</td></tr><tr><td colspan="1">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</td></tr></table> -110000 -6223000 201000 331000 -6463000 -61000 -6402000 <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" >Notes</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Financial income and expenses</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Financial income from group enterprises totalled DKK 201 thousand (2012/13: DKK 0 thousand).</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Financial expenses to group enterprises totalled DKK 125 thousand (2012/13 DKK 0 thousand).</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="3" align="left" valign="middle" ><b>Tax for the year</b></td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="23%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td></tr><tr><td width="53%" ></td><td width="23%" colspan="1" align="right" valign="middle" ><b>(18 mos)</b></td><td width="24%" colspan="1" align="right" valign="middle" ><b>(12 mos)</b></td></tr><tr><td colspan="3"></td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Adjustment for the year of deferred tax</td><td width="23%" align="right" valign="middle" >0</td><td width="24%" align="right" valign="middle" >245</td></tr><tr><td width="53%" colspan="1" align="left" valign="middle" >Adjustment of the prior year</td><td width="23%" align="right" valign="middle" >-61</td><td width="24%" align="right" valign="middle" >0</td></tr><tr><td width="53%" ></td><td width="23%" align="right" valign="middle" >-61</td><td width="24%" align="right" valign="middle" >245</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="6" align="left" valign="middle" ><b>Investment in subsidiaries</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Subsi-diaries</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b></b></td><td width="13%" colspan="1" align="right" valign="middle" ><b></b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Cost at 1 July 2013</td><td width="13%" align="right" valign="middle" >26.868</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Additions</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Disposals</td><td width="13%" align="right" valign="middle" >0</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Cost at 31 December 2014</td><td width="13%" align="right" valign="middle" >26.868</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Value adjustments at 1 July 2013</td><td width="13%" align="right" valign="middle" >-941</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Distributed dividends</td><td width="13%" align="right" valign="middle" >-9.944</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Equity adjustments in subsidiaries </td><td width="13%" align="right" valign="middle" >6.765</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Profit/loss for the year</td><td width="13%" align="right" valign="middle" >-6.223</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Value adjustments at 31 December 2014</td><td width="13%" align="right" valign="middle" >-10.343</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td width="44%" colspan="2" align="left" valign="middle" >Carrying amount at 31 December 2014</td><td width="13%" align="right" valign="middle" >16.525</td><td width="13%" ></td><td width="13%" ></td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" ><b>Name and registered office</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Stake</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Equity</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>Profit/loss for the year</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Carrying amount</b></td></tr><tr><td width="31%" ></td><td width="13%" ></td><td width="13%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="13%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK'000</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Lyngsoe Systems A/S, Denmark</td><td width="13%" align="right" valign="middle" >99%</td><td width="13%" align="right" valign="middle" >2.689</td><td width="13%" align="right" valign="middle" >16.593</td><td width="13%" align="right" valign="middle" >-6.274</td><td width="17%" align="right" valign="middle" >16.498</td></tr><tr><td width="31%" colspan="1" align="left" valign="middle" >Lyngsoe Systems Development SRL, Romania</td><td width="13%" align="right" valign="middle" >1%</td><td width="13%" align="right" valign="middle" >110</td><td width="13%" align="right" valign="middle" >2.668</td><td width="13%" align="right" valign="middle" >1.555</td><td width="17%" align="right" valign="middle" >27</td></tr><tr><td width="31%" ></td><td width="13%" ></td><td width="13%" ></td><td width="13%" align="right" valign="middle" >19.261</td><td width="13%" align="right" valign="middle" >-4.719</td><td width="17%" align="right" valign="middle" >16.525</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="5" align="left" valign="middle" ><b>Statement of changes in equity</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" ><b>DKK'000</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Share capital </b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="15%" colspan="1" align="right" valign="middle" ><b>Proposed dividends</b></td><td width="19%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="5"></td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity at 1 July 2013</td><td width="15%" align="right" valign="middle" >1.200</td><td width="15%" align="right" valign="middle" >24.857</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >26.057</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Distributed extraordinary dividends </td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-15.000</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >-15.000</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity adjustments in subsidiaries</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >6.764</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >6.764</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Transferred, see the profit appropriation/distribution of loss</td><td width="15%" align="right" valign="middle" >0</td><td width="15%" align="right" valign="middle" >-6.402</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >-6.402</td></tr><tr><td width="36%" colspan="1" align="left" valign="middle" >Equity at 31 December 2014</td><td width="15%" align="right" valign="middle" >1.200</td><td width="15%" align="right" valign="middle" >10.219</td><td width="15%" align="right" valign="middle" >0</td><td width="19%" align="right" valign="middle" >11.419</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>Contingent liabilities</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >A deed registered to the bank of DKK 2,198 thousand secured on shares in Lyngsoe Systems A/S has been registered as collateral for all balances with Nordea Bank owed by the Group.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has provided surety on behalf of Lyngsoe Systems A/S for all debt to Nordea Bank.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has provided negative pledge as collateral for all amounts owed to Nordea Bank by the Group.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is part of a joint VAT registration with Lyngsoe Systems A/S. The Company is jointly and severally liable with Lyngsoe Systems A/S of VAT and duties in both companies.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company is jointly taxed with other Danish companies in the Group. As the administrative company, together with the subsidiaries, the Company has unlimited joint and several liability for Danish corporation taxes and withholding taxes on dividends, interest and royalties under the joint taxation scheme. Any subsequent corrections of the taxable jointly taxed income or withholding taxes, etc., may entail an increase in the Company's liability.</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" >The following shareholders are registered in the Company's register of shareholders as holding a minimum of 5% of the votes or a minimum of 5% of the share capital:</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >CC Track Holding A/S, Øster Allé 42, 7, DK-2100 Copenhagen Ø.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >CataCap K/S holds the majority of the share capital in the Company through CC Track Holding A/S.</td></tr></table> Årsrapport 25578198 KPMG Statsautoriseret Revisionspartnerselskab Amerika Plads 38 2100 København Ø Revisionspåtegning Reporting class B Villads B. Thomsen Jørgen Bardenfleth Chairman Vilhelm Hahn-Petersen Finn H. Mathiassen Peter Ryttergaard Jesper Jarlbæk Carsten N. Knudsen KPMG Statsautoriseret Revisionspartnerselskab Henrik O. Larsen Bredskifte Allé 13 DK-8210 Aarhus V Steffen S. Hansen State Authorised Public Accountant -72000 3073000 162000 147000 3016000 245000 2771000 0 0 -6402000 2771000 16525000 16525000 0 0 0 32000 32000 16557000 1200000 10219000 11419000 214000 214000 4883000 41000 4924000 16557000 25927000 25927000 5218000 558000 5776000 76000 5852000 31779000 1200000 24857000 26057000 214000 214000 5452000 56000 5508000 31779000