373299832017-01-012017-12-31373299832017-01-012017-12-31Direktionsmedlem 01373299832017-12-31373299832016-12-31373299832016-01-012016-12-31373299832017-12-31fsa:InvestmentsInGroupEnterprisesMember373299832016-12-31fsa:InvestmentsInGroupEnterprisesMember373299832016-01-012016-12-31fsa:InvestmentsInGroupEnterprisesMember373299832017-01-012017-12-31fsa:RetainedEarningsMember373299832016-01-012016-12-31fsa:RetainedEarningsMember373299832017-01-012017-12-31fsa:RetainedEarningsMember373299832016-01-012016-12-31fsa:RetainedEarningsMember373299832017-12-31fsa:ContributedCapitalMember373299832016-12-31fsa:ContributedCapitalMember373299832017-12-31fsa:RetainedEarningsMember373299832016-12-31fsa:RetainedEarningsMember373299832017-01-012017-12-31Revisionsvirksomhed 01373299832017-12-31fsa:LongtermPayablesToShareholdersAndManagementMember373299832017-01-012017-12-31fsa:InvestmentsInGroupEnterprisesMember373299832016-01-012016-12-31fsa:ContributedCapitalMember373299832017-01-012017-12-31Revisionsvirksomhed 01 - Revisor 01iso4217:DKKpureThe Company´s primary activity consists of capital management.During the year, the Company has realised a loss of DKK 555k, which was expected. Equity loss The Company is covered by the regulations of equity loss in the Companies Act § 119, as the company has lost the entire share capital as per 31.12.2017. SDI Invest Ltd have issued a financial support statement as follows: “As the owner of SDI Invest Ltd, I hereby grant our full financial support to our company MTI Group ApS in Denmark. As MTI Group ApS has lost its equity during the first to years of trading involving large renovations, expansions of brands and extensive start up investments, SDI Invest Ltd states its 100% support in confirming that the current loan with total amount of USD 2,447,799 granted to MTI Group ApS, Ribe shall not be paid back any earlier than 01.01.2019 and there will not apply any interest to this loan.” The Company’s management expect the equity to be re-establised through future profit in the MTI-group.No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.Claus Petersen LundtofteThe Executive Board have today considered and approved the annual report of MTI Group ApS for the financial year 01.01.2017 - 31.12.2017.The annual report is presented in accordance with the Danish Financial Statements Act.We recommend the annual report for adoption at the Annual General Meeting.I believe that the management commentary contains a fair review of the affairs and conditions referred to therein.101506611148498670088203471910220749135197051022074913519705100551081144703295553379541570015818443745750000812014328536505534895320926152328959992-2282796-3727965620593438473-219575-286083-412084-497404081251971464222572877850771136Receivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts.Current tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax.Cash comprises bank deposits.1867718677Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Other external expenses include expenses relating to the Entity’s ordinary activities, including stationery and office supplies, marketing costs, etc. Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns.Income from investments in associates comprises the pro rata share of the individual associates’ profit/loss after elimination of intra-group profits or losses.Other financial income comprises net capital or exchange gains on payables and transactions in foreign currencies. Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on payables and transactions in foreign currencies.Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.Referring to section 110 of the Danish Financial Statements Act, no consolidated financial statements have been prepared.-18677-186772092615958655395343913701432852955533795437329983MTI Group ApSEsbjerg2018-06-11Claus Petersen LundtofteIn my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2017 and of the results of its operations for the financial year 01.01.2017 - 31.12.2017.2018-06-11RibeGross profit or loss comprises external expenses. MTI Group ApS have issued a financial support statement as follows: “We, the owners of MTI Group ApS hereby grant our full financial support to our company MTI Retail Oy in Helsinki operating retail stores from Fabianinkatu 29 and Fabianinkatu 31. As MTI Retail Oy has lost its equity during the second trading year involving new large and extensive start up investments and to ensure MTI Retail Oy as ongoing concern, MTI Group ApS states its 100% support in confirming that a loan with total amount of Euro 900.000,00 granted to MTI Retail Oy, Helsinki is through this document converted into capital loan. To the conversion of the loan into capital loan we confirm the following: 1. The principal and interest are subordinate to all other debts in the liquidation and bankruptcy of the company. 2. The principal may be otherwise repaid and interest paid only in so far as the sum total of the unrestricted equity and all of the capital loans of the company at the time of payment exceed the loss on the balance sheet to be adopted for the latest financial period or the loss on the balance sheet from more recent financial statements; and 3. The company or a subsidiary shall not post security for the payment of the principal and interest. This letter thus serves as a contract on a capital loan granted by MTI Group ApS Denmark to MTI Retail Oy, Helsinki, Finland.” SDI Invest Ltd have issued a financial support statement as follows: “As the owner of SDI Invest Ltd, I hereby grant our full financial support to our company MTI Group ApS in Denmark. As MTI Group ApS has lost its equity during the first to years of trading involving large renovations, expansions of brands and extensive start up investments, SDI Invest Ltd states its 100% support in confirming that the current loan with total amount of USD 2,447,799 granted to MTI Group ApS, Ribe shall not be paid back any earlier than 01.01.2019 and there will not apply any interest to this loan.”33963556Deloitte Statsautoriseret RevisionspartnerselskabDokken Postbox 2006701 Esbjerg1022074913519705-5479409-49240405000050000-5529409-497404014433698180678571266460375888-555369-4974040840168724556143285-555369-4974040-555369-4974040-555369-49740405000050000-5529409-4974040ÅrsrapportRegnskabsklasse BEsbjerg2018-06-1110666371Ørstedsvej18 B6760RibeDokkenPostbox 20086701EsbjergTo the shareholders of MTI Group ApSWe have performed an extended review of the financial statements of MTI Group ApS for the financial year 01.01.2017 - 31.12.2017. The financial statements, which comprise the income statement, balance sheet, statement of changes in equity, notes and accounting policies, are prepared in accordance with the Danish Financial Statements Act.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.Our responsibility is to express an opinion on the financial statements. We conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors.This requires that we comply with the Danish Public Accountants Act and FSR – Danish Auditors’ Code of Conduct and plan and perform procedures to obtain limited assurance about our opinion on the financial statements and that we perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our opinion.An extended review consists of making inquiries, primarily of management and, if appropriate, of other entity personnel, performing analytical procedures and specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements.Based on our extended review, in our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2017 and of the results of its operations for the financial year 01.01.2017 - 31.12.2017 in accordance with the Danish Financial Statements Act.Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our extended review 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 extended review or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act.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.On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the rate in effect at the payment date, or the rate at the balance sheet date, are recognised in the income statement as financial income or financial expenses. When recognising foreign associates that are independent entities, the income statements are translated at average exchange rates for the months that do not significantly deviate from the rates at the transaction date. Balance sheet items are translated using the exchange rates at the balance sheet date. Other operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.1443369818067857269357500002282796-2282796-3727965Erklæring om udvidet gennemgang10666371-555369-4974040The accounting policies applied to these financial statements are consistent with those applied last year. Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity value plus or minus unrealised intra-group profits or losses. Group enterprises with negative equity value are measured at DKK 0. Any receivables from these en-terprises are written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise, and it is probable that such obligation is imminent, a provision is recognised that is measured at present value of the costs deemed necessary to incur to settle the obligation. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.State Authorised Public AccountantPeder Rene Pedersen79 12 84 442017-01-012017-12-312016-12-312016-01-01mne2333433963556Deloitte Statsautoriseret Revisionspartnerselskab