36720247 2015-04-15 2015-12-31 36720247 2015-04-15 2015-12-31 0 36720247 2015-04-15 2015-12-31 0 36720247 2015-12-31 iso4217:DKK 2015-04-15 2015-12-31 <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">Statement by 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 Executive Board has today discussed and approved the annual report of Vapiano Danmark ApS for the financial year 15 April – 31 December 2015.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The annual report has been prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">In my opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2015 and of the results of the Company's operations for the financial year 15 April – 31 December 2015.</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 my opinion, the Management's review gives a fair review of the matters discussed in the 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">I recommend that the annual report should be approved at the annual general meeting.</td></tr></table> Copenhagen 2016-05-31 <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">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 shareholder of Vapiano Danmark 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">Independent auditor's report on the financial statements</td></tr><tr><td colspan="1">We have audited the financial statements of Vapiano Danmark ApS for the financial year 15 April – 31 December 2015. 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 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">Auditor's 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 auditor's judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers 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 2015 and of the results of the Company's activities for the financial year 15 April – 31 December 2015 in accordance with the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Emphasis of matter regarding the financial statements</td></tr><tr><td colspan="1">Without modifying our opinion, we draw attention to the Management's review and note 1 to the financial statements, which state that the Company has received a letter of support from the Parent Company in order to ensure that Vapiano Danmark ApS has sufficient liquidity and financial support until the presentation of the annual report for 2016. On this basis, the financial statements are prepared under the going concern assumption.</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">In accordance with 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> Copenhagen 2016-05-31 Vapiano Danmark ApS Stockholmsgade 41 2100 København Ø 36720247 2015-04-15 Copenhagen 2016-06-04 John Rix <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">Ownership control</td></tr><tr><td colspan="1">The Company is wholly-owned by</td></tr><tr><td colspan="1">VAP Denmark II GmbH</td></tr><tr><td colspan="1">Theobaldgasse 19/5</td></tr><tr><td colspan="1">A-1060 Vienna</td></tr><tr><td colspan="1">Austria</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 review</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">Operating review</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Principal activities</td></tr><tr><td colspan="1">The principal activity of the Company is operation of restaurants.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Development in activities and finances</td></tr><tr><td colspan="1">It is the first financial year for the Company.</td></tr><tr><td colspan="1">Loss for the period amounted to DKK 129 thousand. The loss is in line with Management's expectations as it is the Company's first financial year.</td></tr><tr><td colspan="1">Loss of equity</td></tr><tr><td colspan="1">At 31 December 2015, the Company had lost its share capital. Management expects to re-establish the share capital by future earnings.</td></tr><tr><td colspan="1">The owner of the Company, VAP Denmark II GmbH, has provided a letter of support, in which VAP Denmark II GmbH states that it will ensure the Company's ability to meet its obligations until the presentation of the annual report 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">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred from the balance sheet date to this date that would influence the evaluation of this annual report.</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">The annual report of Vapiano Danmark ApS for 2015 has been presented in accordance with the provisions applying to reporting class B entities under 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">Foreign currency translation</td></tr><tr><td colspan="1">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables, payables and other monetary items denominated in foreign currencies are translated at the exchange rates 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 latest financial statements is recognised in the income statement as financial income or financial expenses.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Staff costs</td></tr><tr><td colspan="1">Staff costs comprise wages and salaries, including holiday allowance, pension and other social security costs, etc., to the Company's employees, excluding reimbursements from 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">Other operating costs</td></tr><tr><td colspan="1">Other operating costs comprise items secondary to the activities of the entity.</td></tr></table> -42616 85990 -128606 0 -128606 <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 colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Going concern</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >At 31 December 2015, the Company had lost its entire share capital. VAP Denmark II GmbH has issued a letter of support in which it is confirmed that the Parent Company will provide the necessary cash for the Company to meet its obligations until the presentation of the annual report for 2016.</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="70%" colspan="1" align="left" valign="middle" ><b>Staff costs</b></td><td width="30%" align="right" valign="middle" ><b>2015</b></td></tr><tr><td colspan="2"></td></tr><tr><td width="70%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="30%" align="right" valign="middle" >85.450</td></tr><tr><td width="70%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="30%" align="right" valign="middle" >540</td></tr><tr><td width="70%" ></td><td width="30%" align="right" valign="middle" >85.990</td></tr><tr><td colspan="2"></td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >In accordance with section 98B(3) of the Danish Financial Statements Act, remuneration of Management is not disclosed.</td></tr><tr><td colspan="2"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="4" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td width="44%" ></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="18%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="20%" colspan="1" align="right" valign="middle" ><b>Total</b></td></tr><tr><td colspan="4"></td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Balance at 15 April 2015</td><td width="18%" align="right" valign="middle" >50.000</td><td width="18%" align="right" valign="middle" >0</td><td width="20%" align="right" valign="middle" >50.000</td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Loss for the period</td><td width="18%" align="right" valign="middle" >0</td><td width="18%" align="right" valign="middle" >-128.606</td><td width="20%" align="right" valign="middle" >-128.606</td></tr><tr><td width="44%" colspan="1" align="left" valign="middle" >Balance at 31 December 2015</td><td width="18%" align="right" valign="middle" >50.000</td><td width="18%" align="right" valign="middle" >-128.606</td><td width="20%" align="right" valign="middle" >-78.606</td></tr><tr><td colspan="4"></td></tr><tr><td width="100%" colspan="4" align="left" valign="middle" >All shares rank equally. There has been no change to the share capital since the establishment.</td></tr><tr><td colspan="4"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Contractual obligations, contingencies, etc.</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Lease obligations</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company has entered into a lease on premises with a minimum lease obligation totalling DKK 72,311 thousand. The lease is non-cancellable until February 2030.</td></tr></table> Årsrapport 25578198 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø Revisionspåtegning John Rix KPMG Statsautoriseret Revisionspartnerselskab 25578198 Klaus Rytz State Authorised Public Accountant Dampfærgevej 28 2100 København Ø 0 0 50000 -128606 -78606 31250 27992 19364 78606 0