27924778 2016-01-01 2016-12-31 27924778 2016-01-01 2016-12-31 0 27924778 2016-01-01 2016-12-31 1 27924778 2016-01-01 2016-12-31 2 27924778 2016-01-01 2016-12-31 0 27924778 2015-01-01 2015-12-31 27924778 2016-01-01 2016-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 27924778 2015-01-01 2015-12-31 fsa:ProposedExtraordinaryDividendRecognisedInEquityMember 27924778 2016-01-01 2016-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27924778 2015-01-01 2015-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27924778 2016-01-01 2016-12-31 fsa:RetainedEarningsMember 27924778 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 27924778 2016-12-31 27924778 2015-12-31 27924778 2016-01-01 fsa:ContributedCapitalMember 27924778 2016-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27924778 2016-01-01 fsa:RetainedEarningsMember 27924778 2016-01-01 27924778 2016-01-01 2016-12-31 fsa:ContributedCapitalMember 27924778 2016-01-01 2016-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27924778 2016-01-01 2016-12-31 fsa:RetainedEarningsMember 27924778 2016-12-31 fsa:ContributedCapitalMember 27924778 2016-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 27924778 2016-12-31 fsa:RetainedEarningsMember 27924778 2016-01-01 2016-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 27924778 2015-01-01 2015-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 27924778 2016-01-01 fsa:AcquiredIntangibleAssetsMember 27924778 2016-12-31 fsa:AcquiredIntangibleAssetsMember 27924778 2016-01-01 2016-12-31 fsa:AcquiredIntangibleAssetsMember 27924778 2016-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 27924778 2016-01-01 2016-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27924778 2016-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 27924778 2016-01-01 fsa:OtherReceivablesMember 27924778 2016-01-01 2016-12-31 fsa:OtherReceivablesMember 27924778 2016-12-31 fsa:OtherReceivablesMember iso4217:DKK xbrli:pure 2016-01-01 2016-12-31 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Executive Board have today considered and adopted the Annual Report of Satcom1 ApS for the financial year 1 January - 31 December 2016.</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 is 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">In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2016 of the Company and of the results of the Company operations for 2016.</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">Further, in our opinion, the Management´s review gives a fair review of the development in the Company´s operations and financial matters and the results of the Company´s operations 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> Vallensbæk 2017-07-11 <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 auditor's 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 Satcom1 ApS</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">We have audited the financial statements of Satcom1 ApS for the financial year 01.01.2016 - 31.12.2016, which comprise the income statement, balance sheet, statement of changes in equity, cash flow statement and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31-12-2016 and of the results of its operations and cash flows for the financial year 01.01.2016 - 31.12.2016 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">Basis for opinion</td></tr><tr><td colspan="1">We conducted our audit in accordance with International Standards on Auditing (ISAs) and 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 this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of 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 requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</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 responsibilities 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 as 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><tr><td colspan="1">In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so.</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">Auditor's responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 these financial statements.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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 Entity’s internal control.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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 Entity’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 Entity to cease to continue as a going concern.</td></tr><tr><td colspan="1">Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view.</td></tr><tr><td colspan="1">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.</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 commentary</td></tr><tr><td colspan="1">Management is responsible for the management commentary.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon.</td></tr><tr><td colspan="1">In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary.</td></tr><tr><td colspan="1">Other reporting requirements</td></tr><tr><td colspan="1">Without qualifying our opinion, we point out that the Company changed its bookkeeping currency from DKK to USD during 2016. This procedure is against the Danish Bookkeeping Act.</td></tr><tr><td colspan="1">The Company has prepared the annual report for the financial year 1 January to 31 December 2016 too late compared to the provisions in section 138 of the Danish Financial Statement Act and, consequently, Management may be fined.</td></tr></table> Copenhagen 2017-07-11 Satcom1 ApS Strandesplanaden 110 2665 Vallensbaek Strand +45 46 15 45 36 www.satcom1.com 27924778 Karina Bergstrøm Larsen 2017-07-11 <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 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 activity</td></tr><tr><td colspan="1">The company's main activity is the delivery of management, employees and other shared functions to group companies providing satellite communication services.</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 review</td></tr><tr><td colspan="1">In 2016. the company's revenue came in at DKK 52,202,324 against DKK 27,801,604 last year. The income statement of the Company for 2016 shows a profit of DKK 12,294,244 and at 31 December 2016 the balance sheet of the Company shows equity of DKK 57,006,974</td></tr><tr><td colspan="1">The Operating profit for Satcom1 ApS was DKK 16,754,876. The result for 2016 represents DKK 12,294,244 compared to DKK 42,600,021 for 2015 and is at expected level.</td></tr><tr><td colspan="1">Combining Honeywell's over 100 years of success in aviation with Satcoml's VIP cabin, airtime, network software management and engineering expertise provides a foundation for the best satellite communications offerings in the industry and around the world.</td></tr><tr><td colspan="1">Honeywell Aerospace products and services are found on virtually every commercial, defense and space aircraft, and its turbochargers are used by nearly every automaker and truck manufacturer around the world. The Aerospace business unit develops innovative solutions for more fuel-efficient automobiles and airplanes, more direct and on-time flights, safer flying and runway traffic, along with aircraft engines, cockpit and cabin electronics, wireless connectivity services, logistics, and more. The business delivers safer, faster, and more efficient and comfortable transportation-related experiences worldwide. For more information, visit www.honeywell.com or follow us at @Honeywell_Aero and ©Honeywell_Turbo.</td></tr><tr><td colspan="1">Honeywell (www.honeywell.com) is a Fortune 100 diversified technology and manufacturing leader, serving customers worldwide with aerospace products and services; control technologies for buildings, homes and industry; turbochargers; and performance materials. For more news and information on Honeywell, please visit www.honeywecom/newsroom.</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">Uncertainty relating to recognition and measurement</td></tr><tr><td colspan="1">Satcom1 abides with Honeywell Inc.’s strong financial and ethical controls and undertakes Internal Financial compliance audits to minimize any revenue recognition issues. Stringent controls remain in place and are reviewed annually, including FCPA training which is established as a mandatory requirement for all Intermec Technologies employees.</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 materially affecting the assessment of the Annual Report have occurred after the balance sheet date.</td></tr></table> Regnskabsklasse B <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">Financial Statements of Satcom1 ApS for 2016 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B.</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">Financial Statements for 2016 are presented in DKK.</td></tr></table> true <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">Consolidated financial statements</td></tr><tr><td colspan="1">ln accordance with section 112(2) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The financial statements of Satcom1 ApS and subsidiaries are included in the consolidated financial statements of Honeywell International lnc.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Recognition and measurement</td></tr><tr><td colspan="1">The Financial Statements have been prepared under the historical cost method.</td></tr><tr><td colspan="1">Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.</td></tr><tr><td colspan="1">Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date.</td></tr><tr><td colspan="1">Danish kroner is used as the measurement currency. All other currencies are regarded as foreign currencies.</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">Translation policies</td></tr><tr><td colspan="1">Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Income Statement</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Revenue</td></tr><tr><td colspan="1">Income from the rendering of services, is recognised as revenue as the services are rendered, implying that revenue corresponds to the market value of the services rendered in the year (production method).</td></tr><tr><td colspan="1">Revenue from the sale of goods for resale and finished goods is recognised in the income statement when delivery and transfer of risk to the buyer have been made before year end.</td></tr><tr><td colspan="1">Revenue is recognised exclusive of VAT and net of discounts relating to sales.</td></tr><tr><td colspan="1">A sale is considered completed when</td></tr><tr><td colspan="1">delivery has taken place before the end of the financial year,</td></tr><tr><td colspan="1">a binding sales agreement has been entered into,</td></tr><tr><td colspan="1">the sales price has been determined, and payment has been received or it is reasonably certain that payment will be received.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cost of sales</td></tr><tr><td colspan="1">Cost of sales comprises costs incurred to achieve revenue for the year. Cost comprises raw materials, consumables, direct labour costs and indirect production costs such as maintenance and depreciation, etc, as well as operation, administration and management of factories.</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 expenses</td></tr><tr><td colspan="1">Other external expenses comprise indirect production costs and expenses for premises, sales and distribution as well as office expenses, 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 include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities.</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">lncome from investments in group entities</td></tr><tr><td colspan="1">These include the parent's proportionate share of the profit or loss for the year and adjustment of intra-group gains/losses, and net of amortisation of goodwill on consolidation.</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 are recognised in the income statement at the amounts relating to the financial year.</td></tr><tr><td colspan="1">Financial income and financial expenses comprise interest, financial expenses on finance leases, realised and unrealised exchange rate adjustments as well as value adjustment of securities.</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 parent company is covered by the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries are included in the joint taxation arrangement from the date at which they are included in the consolidated financial statements and up to the date when they are excluded from the consolidation.</td></tr><tr><td colspan="1">The parent company is the management company for the joint taxation and consequently settles all corporation tax payments with the tax authorities.</td></tr><tr><td colspan="1">On payment of joint taxation contributions, the current Danish corporation tax charge is allocated between the jointly taxed enterprises in proportion to their taxable income. Enterprises with tax Iosses receive joint taxation contributions from enterprises that have been able to use the tax Iosses to reduce their own taxable income.</td></tr><tr><td colspan="1">Tax for the year comprises current corporation tax , joint taxation contributions for the year and changes in deferred tax for the year - including changes resulting from changes in the tax rate. 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.</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">Intangible assets comprise software licences and other acquired rights. Intangible assets are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="1">Intangible assets are amortised on a straight-line basis over the expected useful life which is 5 years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="2">Property, plant and equipment</td></tr><tr><td colspan="2">Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the cost of acquisition and expenses directly related to the acquisition up until the time when the asset is ready for use. In the case of assets of own construction, cost comprises direct and indirect expenses for labour, materials, components and sub—suppliers.</td></tr><tr><td colspan="2">Depreciation based on cost reduced by any residual value is calculated on a straight—line basis over the expected useful lives of the assets, which are</td></tr><tr><td>Other fixtures and fittings, tools and equipment</td><td>3-5 years</td></tr><tr><td colspan="2">Assets costing less than DKK 12,600 are expensed in the year of acquisition.</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">Contract work in progress</td></tr><tr><td colspan="1">Contract work in progress is measured at the selling price of the work performed calculated on the basis of the stage of completion. The stage of completion is measured by the proportion that the contract expenses incurred to date bear to the estimated total contract expenses. Where it is probable that total contract expenses will exceed total revenues from a contract, the expected loss is recognised as an expense in the income statement.</td></tr><tr><td colspan="1">Where the selling price cannot be measured reliably, the selling price is measured at the lower of expenses incurred and net realisable value.</td></tr><tr><td colspan="1">Prepayments and payments received on account are set off against the selling price. The individual contracts are classified as receivables when the net selling price is positive and as liabilities when the net selling price is negative.</td></tr><tr><td colspan="1">Expenses relating to sales work and the winning of contracts are recognised in the income statement as incurred.</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">lnvestments in group entities</td></tr><tr><td colspan="1">lnvestments in group enterprises are measured, using the equity method, at the parent's proportionate share of such enterprises' equity plus goodwill on consolidation and less intra-group profits and negative goodwill. Enterprises whose equity is negative are measured at zero, as the proportionate share corresponding to the negative value is set off against receivables, if any. Any additional amounts are recognised under 'Provisions' if the parent is liable for the debt.</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">Write-down of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. If this is the case, an impairment test is made in order to determine whether the recoverable amount is lower than the carrying amount, and a write-down is made to this lower value.</td></tr><tr><td colspan="1">The recoverable amount for the asset concerned is made up as the higher of the net selling price and the net present value. If it is not possible to determine the recoverable amount for individual assets, the assets are assessed jointly in the smallest identifiable group of assets to determine a reliable recoverable amount.</td></tr><tr><td colspan="1">Assets for which no separate value in use can be determinable, as the asset does not in itself generate any future cash flows, are subject to review for impairment together with the group of assets to which they belong.</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 in the balance sheet at the lower of amortised cost and net realisable value, which corresponds to nominal value less provisions for bad debts.</td></tr><tr><td colspan="1">An impairment loss is recognised if there is objective indication that a receivable or a group of receivables is impaired. If there is objective indication that an individual receivable has been impaired, write-down is made on an individual basis.</td></tr><tr><td colspan="1">Receivables with no objective indication of individual impairment are tested for objective indication of lmpairment on a portfolio basis. The portfolios are primarily composed on the basis of debtors' domicile and credit ratings in accordance with the Company's risk management policy. The objective indicators used for portfolios are determined based on historical loss experience.</td></tr><tr><td colspan="1">Write-downs 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.</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 recognised under 'Assets' comprise prepaid expenses regarding subsequent financial reporting years.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Cash at hand and in bank</td></tr><tr><td colspan="1">Cash at hand and in bank comprise cash and short-term marketable securities which are subject to an insignificant risk of changes in 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">Dividend</td></tr><tr><td colspan="1">Dividend distribution proposed by Management for the year is disclosed as a separate equity item.</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">Reserve for net revaluation according to the equity method</td></tr><tr><td colspan="1">The net revaluation reserve according to the equity method includes net revaluations of investments in subsidiaries and associates relative to cost. The reserve may be eliminated in case of Iosses, realisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount.</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">Provisíons</td></tr><tr><td colspan="1">Provisions comprise expected expenses relating to guarantee commitments, Iosses on work in progress, restructurings, etc. Provisions are recognised when the company has a legal or constructive obligation as a result of a past event at the balance sheet date and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation.</td></tr><tr><td colspan="1">Provisions are measured at net realisable value or at fair value if the obligation concerned is expected to be settled far into the future.</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">Deferred tax assets and liabilities</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 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.</td></tr><tr><td colspan="1">Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation 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. Any changes in deferred tax due to changes to tax rates are recognised in the income statement.</td></tr><tr><td colspan="1">Current tax receivables and liabilities</td></tr><tr><td colspan="1">Current tax liabilities and receivables are recognised in the balance sheet as the expected taxable income for the year adjusted for tax on taxable incomes for prior years and tax paid on account. Extra payments and repayment under the on-account taxation scheme are recognised in the income statement in financial income and 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">Liabilities</td></tr><tr><td colspan="1">Financial liabilities are recognised on the raising of the Ioan at the proceeds received net of transaction costs incurred. Interest-bearing debt is subsequently measured at amortised cost, using the effective interest rate method. Other debt is subsequently measured at amortised cost corresponding to the nominal unpaid debt.</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">Other payables</td></tr><tr><td colspan="1">Other payables are measured at amortised cost, which usually corresponds 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">Deferred income</td></tr><tr><td colspan="1">Deferred income comprises payments received in respect of income in subsequent years.</td></tr></table> 52202324 19889071 32313253 10474111 5084266 16754876 -5397434 8029230 2102467 17284205 4989961 12294244 <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 of changes 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">The share capital consists of 147,967 shares at DKK 1. In 2014, share capital of DKK 192,967 was reduced by DKK 45,000.</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 /><td /><td>Staff expenses</td></tr></table> 7791908 781023 38720 1862460 <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 /><td /><td>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 /><td /><td>Financial income</td></tr></table> 0 1075698 6953532 <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 /><td /><td>Finance expenses</td></tr></table> 0 2085463 17004 <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="33%" ></td><td width="20%" ></td><td width="47%" colspan="2" align="left" valign="middle" >Tax on profit / loss for the year</td></tr><tr><td width="33%" ></td><td width="20%" align="right" valign="middle" >2016</td><td width="33%" ></td><td width="14%" align="right" valign="middle" >2015</td></tr><tr><td width="33%" ></td><td width="53%" colspan="2" align="left" valign="middle" >DKK</td><td width="14%" colspan="1" align="left" valign="middle" >DKK</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Estimated tax charge for the year</td><td width="20%" align="right" valign="middle" >-4989961</td><td width="33%" ></td><td width="14%" align="right" valign="middle" >-1305402</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax adjustments in the year</td><td width="20%" align="right" valign="middle" >0</td><td width="33%" ></td><td width="14%" align="right" valign="middle" >70982</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Balance as on 31 December 2016</td><td width="20%" align="right" valign="middle" >-4989961</td><td width="33%" ></td><td width="14%" align="right" valign="middle" >-1234420</td></tr><tr><td colspan="4"></td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax at 1 January</td><td width="20%" align="right" valign="middle" >2076407</td><td width="33%" ></td><td width="14%" align="right" valign="middle" >2005425</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Adjustment of the deferred tax charge for the year</td><td width="20%" align="right" valign="middle" >0</td><td width="33%" ></td><td width="14%" align="right" valign="middle" >70982</td></tr><tr><td width="33%" colspan="1" align="left" valign="middle" >Deferred tax at 31 December</td><td width="20%" align="right" valign="middle" >2076407</td><td width="33%" ></td><td width="14%" align="right" valign="middle" >2076407</td></tr></table> 50000 0 -5397435 <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="25%" ></td><td width="15%" ></td><td width="60%" colspan="3" align="left" valign="middle" >..Investments in subsidiaries</td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >.Name</td><td width="15%" colspan="1" align="left" valign="middle" >.Registered office</td><td width="25%" colspan="1" align="left" valign="middle" >.Financial Result</td><td width="8%" colspan="1" align="left" valign="middle" >.Equity</td><td width="27%" colspan="1" align="left" valign="middle" >.Voting shares and ownership</td></tr><tr><td colspan="5"></td></tr><tr><td width="25%" colspan="1" align="left" valign="middle" >Satcom1 Airtime Services ApS</td><td width="15%" colspan="1" align="left" valign="middle" >Denmark</td><td width="25%" align="right" valign="middle" >-5397435</td><td width="8%" align="right" valign="middle" >19049236</td><td width="27%" align="right" valign="middle" >100,00%</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The equity and results are presented for the latest approved 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 width="38%" ></td><td width="23%" ></td><td width="39%" colspan="1" align="left" valign="middle" >Collateral</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company has not placed any assets or other as security for loans at 31/12/2016.</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="38%" ></td><td width="23%" ></td><td width="39%" colspan="1" align="left" valign="middle" >Contractual obligations and contingencies. etc.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other contingent liabilities</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >The Company is jointly taxed with its sister company Honeywell A/S and has joint and several liability for the payment of income taxes for the income year 2013 an onwards as well as for withholding taxes on interest, royalties and dividends falling due for payment on or after 1 July 2012.</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other financial obligations</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Rent payments concerning a contract, which is interminable for 6 months total DKK 291,169.</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 /><td /><td>Related parties and ownership</td></tr><tr><td colspan="3">Transactions</td></tr><tr><td colspan="3">The company's related parties are Honeywell International Inc. and its subsidiaries. All transactions between the related parties are based on arms-length term. The type of transactions with the related parties can be specified as buying and selling of components, management fees, IT-service fees and loan.</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">Consolidated Financial Statements</td></tr><tr><td colspan="1">The Company is owned 100% by Honeywell International Sàrl. Satcom1 is included in the Group Annual Report as a subsidiary. Satcom1 is ultimately owned by Honeywell International Inc.</td></tr><tr><td colspan="1">The Group Annual Report of Honeywell International Inc. may be obtained at the following address</td></tr><tr><td colspan="1">115 Tabor Road</td></tr><tr><td colspan="1">Morris Plains NJ 07950</td></tr><tr><td colspan="1">United States</td></tr><tr><td colspan="1">Or on the home page www.investor.honeywell.com.</td></tr></table> Årsrapport 30700228 Ernst & Young Englandsgade 25 5100 Odense C 2015-01-01 2015-12-31 Revisionspåtegning Karina Bergstrøm Larsen Jackie Lund Nikolajsen Vibeke Aagaard Nyberg Deloitte Statsautoriseret Revisionspartnerselskab 33963556 Jan Larsen State-Authorised Public Accountant Weidekampsgade 6 2300 København 27801604 16299505 11502099 12268900 3558544 -4325345 45564324 2979903 2853281 41365601 -1234420 42600021 10180237 885361 57510 1145792 18933 170 2960800 1043869 1771570 37842 0 20000000 -5397434 11460951 17691678 11139070 4662220 4662220 113235 455883 569118 19049237 291169 24571744 3532761 33034750 0 0 163700 0 36731211 9558129 46289340 70861084 147967 18999237 37859770 57006974 2076407 2076407 500736 0 4989961 6287006 11777703 13854110 70861084 19049236 19049236 9428753 9428753 839630 0 839630 24496671 268650 35033704 579489 0 1183136 8545020 876343 38504 11222492 35547881 46770373 81804077 147967 24396671 20168092 44712730 2076407 2076407 3900997 29242553 1871390 35014940 37091347 81804077 147967 24396671 20168092 44712730 100000 24396671 0 -5397434 17691678 147967 18999237 37859770 15.000 18.000 20643785 11215032 20643785 15981565 4662220 4766533 1694556 854926 -408662 317733 1285894 1172659 113235 268650 22519 291169 291169