20977841 2015-03-01 2016-02-29 20977841 2015-03-01 2016-02-29 0 20977841 2015-03-01 2016-02-29 0 20977841 2015-03-01 2016-02-29 1 20977841 2015-03-01 2016-02-29 2 20977841 2015-03-01 2016-02-29 3 20977841 2015-03-01 2016-02-29 0 20977841 2014-03-01 2015-02-28 20977841 2015-03-01 2016-02-29 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 20977841 2014-03-01 2015-02-28 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 20977841 2015-03-01 2016-02-29 fsa:RetainedEarningsMember 20977841 2014-03-01 2015-02-28 fsa:RetainedEarningsMember 20977841 2016-02-29 20977841 2015-02-28 iso4217:DKK 2015-03-01 2016-02-29 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Board of Directors and the Executive Board</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">The Board of Directors and the Executive Board have today discussed and approved the annual report of Scan-Thor Holding ApS for the financial year 1 March 2015 – 29 February 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 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 our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 29 February 2016 and of the results of the Company's operations for the financial year 1 March 2015 – 29 February 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">We recommend that the annual report should be approved at the annual general meeting.</td></tr></table> Herning 2016-05-23 <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><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">Independent auditor's report on the financial statements</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 Scan-Thor Holding 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">We have audited the financial statements of Scan-Thor Holding ApS for the financial year 1 March 2015 – 29 February 2016. 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 29 February 2016 and of the results of the Company's activities for the financial year 1 March 2015 – 29 February 2016 in accordance with the Danish Financial Statements Act.</td></tr></table> Aarhus 2016-05-23 Scan-Thor Holding ApS Poppelvej 1 7400 Herning 20977841 1998-03-31 Herning Knud Thor Larsen 2016-05-30 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 Scan-Thor Holding ApS for 2015/16 has been presented in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">The accounting policies used in the preparation of the financial statements are consistent with those of last year.</td></tr><tr><td colspan="1">In accordance with the Danish Financial Statements Act 110, the Company has chosen not to prepare consolidated financial statements.</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">Other external costs</td></tr><tr><td colspan="1">Other external costs include costs related to administration.</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. Financial items comprise interest income and interest expense, costs of finance leases as well as realised and unrealised gains and losses on securities, payables and transactions in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.</td></tr><tr><td colspan="1">Dividends from investments in subsidiaries are recognised in the income statement in the year when the dividends are declared.</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">Investments in subsidiaries</td></tr><tr><td colspan="1">- Income statement</td></tr><tr><td colspan="1">The proportionate share of the individual subsidiaries' profits/losses after tax is recognised in the income statement after proportionate elimination of internal profit/loss and less amortised goodwill.</td></tr><tr><td colspan="1">- Balance sheet</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at the proportionate share of the enterprises' net asset values calculated in accordance with the parent company's accounting policies minus or plus unrealised intra-group profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the acquisition method.</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries is recognised in the reserve for net revaluation in equity according to the equity method to the extent that the carrying amount exceeds cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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">Dividends</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries is recognised at cost in the reserve for net revaluation according to the equity method.</td></tr><tr><td colspan="1">The reserve may be eliminated in case of losses, realisation of investments or a change in accounting estimates.</td></tr><tr><td colspan="1">The reserve cannot be recognised at a negative amount.</td></tr><tr><td colspan="1">The expected dividend payment for the year is disclosed as a separate item under 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">Liabilities other than provisions</td></tr><tr><td colspan="1">Amounts owed to associates and other payables are measured at amortised cost.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 at the date of payment are recognised in the income statement as financial income or financial expenses.</td></tr><tr><td colspan="1">Receivables and 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 at 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><tr><td colspan="1">Foreign subsidiaries are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. Currency translation differences arisen when translating foreign subsidiaries' equity at the beginning of the year using the closing rate and when translating income statements from average exchange rates using the closing rate are recognised directly in equity.</td></tr></table> -20000 2411665 3055 80 2394640 0 2394640 <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>Principal activities of the Company</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The business objective of the Company is to carry out investment and finance activities.</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Equity investments in subsidiaries</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >Investments in subsidiaries were specified as follows at 29 February 2016:</td></tr><tr><td colspan="6"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" ><b>Name/legal form</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Registered office</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Voting rights and ownership interest</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Equity</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>Profit for the year</b></td></tr><tr><td width="35%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" ></td><td width="12%" colspan="1" align="right" valign="middle" ><b>DKK</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>DKK</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >SIA Scan-Thors Baltikum</td><td width="12%" colspan="1" align="right" valign="middle" >Riga (Latvia)</td><td width="12%" align="right" valign="middle" >317.738</td><td width="12%" align="right" valign="middle" >100%</td><td width="12%" align="right" valign="middle" >5.741.761</td><td width="17%" align="right" valign="middle" >2.414.944</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Scan-Thor Group Polen</td><td width="12%" colspan="1" align="right" valign="middle" >Warsaw (Poland)</td><td width="12%" align="right" valign="middle" >88.000</td><td width="12%" align="right" valign="middle" >75%</td><td width="12%" align="right" valign="middle" >736.071</td><td width="17%" align="right" valign="middle" >99.796</td></tr><tr><td colspan="6"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Equity</b></td></tr><tr><td width="35%" ></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Share capital</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Transferred for net revaluation according to equity method</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Retained earnings</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>Total</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b></b></td></tr><tr><td colspan="6"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Balance at 1 March 2015 </td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >5.431.703</td><td width="12%" align="right" valign="middle" >135.840</td><td width="12%" align="right" valign="middle" >5.767.543</td><td width="17%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Increased share capital</td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >1.967.960</td><td width="12%" align="right" valign="middle" >2.167.960</td><td width="17%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Extraordinary dividends paid</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-2.488.208</td><td width="12%" align="right" valign="middle" >-2.488.208</td><td width="17%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Net profit/loss for the year</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >2.411.665</td><td width="12%" align="right" valign="middle" >-17.025</td><td width="12%" align="right" valign="middle" >2.394.640</td><td width="17%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Distributed dividends from investments in subsidiary</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >-2.488.380</td><td width="12%" align="right" valign="middle" >2.488.380</td><td width="12%" align="right" valign="middle" >0</td><td width="17%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Exchange adjustment, foreign</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >12.573</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >12.573</td><td width="17%" ></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Balance at 29 February 2016</td><td width="12%" align="right" valign="middle" >400.000</td><td width="12%" align="right" valign="middle" >5.367.561</td><td width="12%" align="right" valign="middle" >2.086.947</td><td width="12%" align="right" valign="middle" >7.854.508</td><td width="17%" ></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The share capital consists of four shares of a nominal value of DKK 100,000. No shares carry any special rights.</td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" ><b>Equity (continued)</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="100%" colspan="6" align="left" valign="middle" >The changes in the share capital for the past five years can be specified as follows:</td></tr><tr><td colspan="6"></td></tr><tr><td width="35%" ></td><td width="12%" colspan="1" align="right" valign="middle" ><b>2011/12</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>2012/13</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>2013/14</b></td><td width="12%" colspan="1" align="right" valign="middle" ><b>2014/15</b></td><td width="17%" colspan="1" align="right" valign="middle" ><b>2015/16</b></td></tr><tr><td colspan="6"></td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Balance at 1 January</td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >200.000</td><td width="17%" align="right" valign="middle" >200.000</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Cash capital increase</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >200.000</td></tr><tr><td width="35%" colspan="1" align="left" valign="middle" >Reduction in capital to cover loss</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="12%" align="right" valign="middle" >0</td><td width="17%" align="right" valign="middle" >0</td></tr><tr><td width="35%" ></td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >200.000</td><td width="12%" align="right" valign="middle" >200.000</td><td width="17%" align="right" valign="middle" >400.000</td></tr><tr><td colspan="6"></td></tr></table> Årsrapport 25578198 KPMG Statsautoriseret Revisionspartnerselskab Dampfærgevej 28 2100 København Ø Revisionspåtegning Knud Thor Larsen Hanjo Kurt Schneider Chairman Michael Dumke Christian G. Thor Larsen Knud Thor Larsen KPMG Statsautoriseret Revisionspartnerselskab 25578198 Michael Mortensen State Authorised Public Accountant Bredskifte Allé 13 8210 Aarhus V -18063 2482910 0 80 2464767 0 2464767 2411665 2482910 -17025 -18143 7957724 7957724 2867 2867 7960591 400000 5367561 2086947 7854508 86083 20000 106083 106083 7960591 5802606 5802606 0 0 5802606 200000 5431703 135840 5767543 0 35063 35063 35063 5802606