iso4217:DKK209778412016-03-012017-02-28209778412016-03-012017-02-281209778412016-03-012017-02-282209778412016-03-012017-02-283209778412016-03-012017-02-284209778412016-03-012017-02-281209778412016-03-012017-02-281209778412015-03-012016-02-29209778412016-03-012017-02-28fsa:ProposedDividendRecognisedInEquityMember209778412015-03-012016-02-29fsa:ProposedDividendRecognisedInEquityMember209778412016-03-012017-02-28fsa:ProposedExtraordinaryDividendRecognisedInEquityMember209778412015-03-012016-02-29fsa:ProposedExtraordinaryDividendRecognisedInEquityMember209778412016-03-012017-02-28fsa:ReserveForNetRevaluationAccordingToEquityMethodMember209778412015-03-012016-02-29fsa:ReserveForNetRevaluationAccordingToEquityMethodMember209778412016-03-012017-02-28fsa:RetainedEarningsMember209778412015-03-012016-02-29fsa:RetainedEarningsMember209778412016-03-012017-02-28fsa:ContributedCapitalMember209778412016-03-012017-02-28fsa:ReserveForNetRevaluationAccordingToEquityMethodMember209778412016-03-012017-02-28fsa:RetainedEarningsMember209778412016-03-012017-02-28fsa:ProposedDividendRecognisedInEquityMember209778412017-02-28209778412016-02-29209778412016-03-01fsa:ContributedCapitalMember209778412017-02-28fsa:ContributedCapitalMember209778412016-03-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember209778412017-02-28fsa:ReserveForNetRevaluationAccordingToEquityMethodMember209778412016-03-01fsa:RetainedEarningsMember209778412017-02-28fsa:RetainedEarningsMember209778412016-03-01fsa:ProposedDividendRecognisedInEquityMember209778412017-02-28fsa:ProposedDividendRecognisedInEquityMember209778412016-03-01Annual reportAuditor's report on audited financial statementsfalseReporting class BfalsefalsefalseScan-Thor Holding ApSPoppelvej17400Herning209778411998-03-31Herning2016-03-012017-02-282015-03-012016-02-292017-06-29Hanjo Kurt SchneiderHanjo Kurt SchneiderMichael Dumke Christian Gottorp Thor LarsenKnud Thor LarsenChairmanKnud Thor LarsenKPMG Statsautoriseret RevisionspartnerselskabBredskifte Allé138210Aarhus VDK25578198KPMG Statsautoriseret RevisionspartnerselskabBredskifte Allé 138210 Aarhus V25578198The Board of Directors and the Executive Board have today discussed and approved the annual report of Scan-Thor Holding ApS for the financial year 1 March 2016 – 28 February 2017. The annual report has been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 28 February 2017 and of the results of the Company's operations for the financial year 1 March 2016 – 28 February 2017. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting.Herning2017-06-29To the shareholders of Scan-Thor Holding ApSWe have audited the financial statements of Scan-Thor Holding ApS for the financial year 1 March 2016 – 28 February 2017 comprising income statement, balance sheet, statement of changes in equity and notes, including accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 28 February 2017 and of the results of the Company's operations for the financial year 1 March 2016 – 28 February 2017 in accordance with the Danish Financial Statements Act.We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so.Our objectives are to obtain reasonable assurance as to 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 made on the basis of these financial statements. 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 — identify and assess the risks of material misstatement of the company financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations or the override of internal control. — obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. — evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. — conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are 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 Company to cease to continue as a going concern. — evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit.Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review.Aarhus2017-06-29Michael MortensenState Authorised Public AccountantPrincipal activities The business objective of the Company is to carry out investment and finance activities. Development in activities and financial position The profit for the financial year 2016 shows a profit of DKK 4,473 thousand against a profit of DKK 2,395 thousand in 2015. The profit for the year is considered satisfactory and exceeds expectations from last year. For 2017, the result is expected to be in line with 2016. Events after the balance sheet date There have been no events after the financial year that have a significant impact on the financial statements.The annual report of Scan-Thor Holding ApS for 2016/17 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act. As from 1 January 2016, the Company has implemented Act no. 738 of 1 June 2015. This has entailed the following changes to recognition and measurement. The changes have no monetary effect on the income statement or the balance sheet for 2016 or for the comparative figures. Apart from the above, the accounting policies used in the preparation of the financial statements are consistent with those of last year. Pursuant to Section 32 of the Danish Financial Statements Act, the Company has decided only to disclose gross profit.Other external costs Other external costs include cost related to administration. Financial income and expenses Financial income and expenses comprise interest income and expense, financial costs regarding finance leases, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc. Dividends from equity investments in group entities are recognised in the income statement in the financial year in which dividend is declared. To the extent that the distributed dividend exceeds accumulated earnings at the acquisition date, the dividend is recognised as write-down of the cost of the equity investment. Income from equity investments in group entities and associates The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the Parent Company's income statement after full elimination of intra-group gains/losses and amortisation of goodwill. The proportionate share of the individual associates' profit/loss after tax is recognised in the Group's and the Parent Company's income statements after elimination of a proportionate share of intra-group gains/losses and amortisation of goodwill.Equity investments in group entities Equity investments in group entities are measured at fair value. If the fair value cannot be determined reliably, equity investments in group entities are recognised at cost. If cost exceeds the net realisable value, write-down is made to this lower value. Equity Dividends The expected dividends payment for the year is disclosed as a separate item under equity. Net revaluation of investments in subsidiaries is recognised at cost in the reserve for net revaluation accourding to the equity method. The reserve may be elinimated in case of losses, relisation of investments or a change in accounting estimates. The reserve cannot be recognised at a negative amount. Liabilities other than provisions Financial liabilities are recognised at cost at the date of borrowing, corresponding to the proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost using the effective interest method. Accordingly, the difference between cost and the nominal value is recognised in the income statement over the term of the loan together with interest expenses. Finance lease obligation comprise the capitalised residual lease obligation of finance leases. Other liabilities are measured at net realisable value. Foreign currency translation 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. 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. Upon recognition of foreign subsidiaries and associates that are independent entities, the income statements are translated into Danish kroner at average exchange rates for the month, and balance sheet items are translated at the exchange rates at the balance sheet date. Foreign exchange differences arising upon translation of foreign subsidiaries' opening equity and results at the exchange rates at the balance sheet date are recognised directly in equity. Foreign exchange adjustments of balances with independent foreign subsidiaries considered part of the total investment in the subsidiary are recognised directly in equity. Similarly, foreign exchange gains and losses on loans and derivative financial instruments taken out for the purpose of hedging investments in foreign subsidiaries are recognised directly in equity. Upon recognition of foreign subsidiaries that are integrated entities, monetary items are translated at the exchange rates at the balance sheet date. Non-monetary items are translated at the exchange rates at the date of acquisition or the date of subsequent revaluations of the asset. Income statement items are translated at the exchange rates at the transaction date, whereas items derived from non-monetary items are translated at historical exchange rates for the non-monetary item. Receivables Receivables are measured at amortised cost. Write-down is made for bad debt losses where there is an objective indication that a receivable or a portfolio of receivables has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Receivables with no objective indication of individual impairment are assessed for objective indication of impairment on a portfolio basis. The portfolios are primarily based on the debtors' registered offices and credit rating in accordance with the Company's credit risk management policy. The objective indicators used in relation to portfolios are determined on the basis of historical loss experience. Write-downs are calculated as the difference between the carrying amount of receivables and the present value of forecast 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.-20000-20000-20000-200004493912241166503055121780447269523946400044726952394640222998002304312248820844939122411665-4555509-250523304493912-45555094534292774843179577247748431795772477484317957724222996002229960032626286722625862867100110177960591400000400000515828853675615158288536756121676662086947222998009955934785450840000040000053675615158288208694721676660222998078545083508386083200002000055083106083550831060831001101779605910002304312230431206695700669570-4636228463622800Income from group entities 4,493,912 2,411,665 4,493,912 2,411,665Income from group entities 4,493,912 2,411,665 4,493,912 2,411,665Interest expense to group entities -280 0 Other financial expenses -937 -80 -1,217 -80Investments in subsidiaries were specified as follows at 28 February 2017: Name/legal form Registered office Share capital Equity Profit for the year Subsidiaries: DKK DKK SIA Scan-Thors Baltikum Riga (Latvia) 317,738 4,694,236 3,564,331 Scan-Thor Group Poland Warsaw (Poland) 88,000 1,789,083 1,404,881 6,483,319 4,969,212Receivables from group entities 2,229,960 0 2,229,960 0The share capital consists of four shares of a nominal value of DKK 100,000 each. All shares rank equally.