34891877 2015-01-01 2015-12-31 34891877 2015-01-01 2015-12-31 1 34891877 2015-01-01 2015-12-31 0 34891877 2015-01-01 2015-12-31 1 34891877 2015-01-01 2015-12-31 2 34891877 2014-01-01 2014-12-31 34891877 2015-01-01 2015-12-31 fsa:ProposedDividendRecognisedInEquityMember 34891877 2014-01-01 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember 34891877 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 34891877 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 34891877 2015-12-31 34891877 2014-12-31 34891877 2015-01-01 fsa:ContributedCapitalMember 34891877 2015-01-01 fsa:RetainedEarningsMember 34891877 2015-01-01 fsa:ProposedDividendRecognisedInEquityMember 34891877 2015-01-01 34891877 2015-01-01 2015-12-31 fsa:ContributedCapitalMember 34891877 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 34891877 2015-01-01 2015-12-31 fsa:ProposedDividendRecognisedInEquityMember 34891877 2015-12-31 fsa:ContributedCapitalMember 34891877 2015-12-31 fsa:RetainedEarningsMember 34891877 2015-12-31 fsa:ProposedDividendRecognisedInEquityMember iso4217:EUR Annual report 2016-05-27 Jesper Aarenstrup DANAYA ApS Omogade 8, 2 2100 Copenhagen O 34891877 2015-01-01 2015-12-31 BDO Statsautoriseret Revisionsaktieselskab Havneholmen 29 1561 Copenhagen V DK Denmark 20222670 1002977095 <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">The Management has today presented the Annual Report for 2015 of DANAYA ApS.</p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">The Annual Report is presented in accordance with the Danish Financial Statements Act.</p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">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 the results for the financial year 1 January - 31 December 2015.</p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">Also, we believe that the Management report contains a fair review of the affairs and conditions referred to therein.</p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">The Annual Report is submitted for adoption by the General Meeting.</p> Copenhagen 2016-05-27 Andrew Deri Woods Stefano James Oragano Savvas Maratheftis Independent Auditor's Reports To the shareholders of DANAYA ApS Report on financial statements We have audited the financial statements of DANAYA ApS for the financial year 1 January 2015 - 31 December 2015, which comprise summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes. The Financial Statements 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 the 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 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 about whether the financial statements are free from material misstatement. 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 misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity’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 entity’s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Management, as well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The audit has not resulted in any qualification. In our opinion the financial statements give a true and fair view of the company’s assets, liabilities and financial position as at 31 December 2015 and of its financial performance for the financial year 1 January 2015 - 31 December 2015, in accordance with the Danish Financial Statements Act. Reports on other legal and regulatory requirements Pursuant to 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. Copenhagen 2016-05-27 Morten Kenhof State Authorised Public Accountant BDO Statsautoriseret Revisionsaktieselskab 20222670 <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> <strong>Principal activities</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">The Company’s object is to conduct trade and financial activities, including the acquisition of and investment in share capital as a holding company in Danish and foreign companies, and any other similar business in accordance with the decision of the management board including investing in real estate. The business can be conducted directly or through other companies.</p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> <strong>Development in activities and economic conditions</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">The company considers the results for the year to be in line with expectation.</p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> <strong>Events after closing of the accounts</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">No events have occurred after the year-end of the financial year that may have a significant impact on the financial position of the company.</p> The annual report has been prepared in accordance with the regulation applying to Reporting class B. Reporting class B <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;"> <strong>Changes in accounting policies</strong> </p> <p xmlns="http://www.w3.org/1999/xhtml" style="text-align: justify;">There are no changes in accounting policies.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>GENERAL</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Income is recognised in the income statement as and when it is earned, including recognition of value adjustments of financial assets and liabilities. Any costs, including depreciation, amortisation and impairment, are also recognised in the income statement.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Assets are recognised in the balance sheet when it is likely that future economic benefits will accrue to the Company and the value of the asset can be measured reliably.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Liabilities are recognised in the balance sheet when it is likely that future economic benefits will not accrue to the Company and the value of the liability can be measured reliably.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">The initial recognition measures assets and liabilities at cost. Subsequently, assets and liabilities are measured as described in the following for each item.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Certain financial assets and liabilities are measured at amortised cost, recognising a constant yield to maturity. Amortised cost is stated at initial cost less any deductions and with addition/deduction of the accumulated amortisation on the difference between cost and nominal amount.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">The recognition and measurement takes into account predictable losses and risks arising before the year-end reporting and which prove or disprove matters that existed at the balance sheet date.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">The carrying amount of intangible and tangible fixed assets should be estimated annually to determine if there is any indication of impairment in excess of the amount reflected by normal amortisation or depreciation. If this is the case, write-down should be made to the lower recoverable amount.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">The Annual Report has been prepared in EUR.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <br/> <strong>INCOME STATEMENT</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Administrative and external expenses</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Administrative expenses comprise expenses incurred during the year for management and administration. Also in this items are write-downs for bad debt losses.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Financial income and financial expenses</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Financial income and financial expenses include interest, financial expenses in connection with capital leases, realised and unrealised exchange rate gains and losses of securities, loans and transactions in foreign currencies, write-off of financial assets and financial commitments, and on account transactions, etc.  Financial income and expenses are recognised in the income statement with the amounts concerning the financial year.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Dividend from investments is recognised as income in the year the dividend is declared.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Tax for the year</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">The tax for the year consists of the current tax and the deferred tax for the year. The tax relating to the results is recognised in the income statement, whereas the tax directly relating to equity entries is taken directly to equity.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>BALANCE SHEET</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Financial non-current assets</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Investments in group companies are measured at acquisition cost. Under circumstances where the acquisition cost exceeds the net realisable value, then the value of the investments is written down to the lower value.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Dividends</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Dividends that are expected to be paid during the year are shown as a separate item in equity after decision at the Annual General Meeting.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Current tax and deferred tax</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Current tax liabilities and tax receivables are recognised in the balance sheet as calculated tax of taxable income for the financial year adjusted for the tax paid in previous years and paid tax on account.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Deferred tax is measured on all temporary differences arising between the tax values of assets and liabilities and their carrying amounts in the financial statements.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the value at which the asset is expected to be realised, either by elimination against tax on future earnings or by setoff against deferred tax liabilities within the same legal tax entity and jurisdiction.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in <br/>force on the balance sheet date would be applicable when the deferred tax is expected to crystallise as current tax. A change in the deferred tax, which is a result of changes to tax rates, is recognised in the income statement with the exception of items that are taken directly to equity.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Financial liabilities</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Financial liabilities are recognised initially at the proceeds net of loan expenses incurred. In the subsequent periods the financial liabilities are measured at amortised cost equal to the capitalised value by using the effective yield method in order for the difference between the proceeds and the redemption value to be recognised in the income statement over the period of the loan.   </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Other liabilities are measured at amortised cost corresponding substantially to nominal value.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> <strong>Translation of foreign currencies</strong> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Transactions in foreign currencies are translated at exchange rates approximating those in effect at the date of each transaction. Exchange rate differences arising between the transaction date rates and the rates at the date of payment are recognised under financial income and expenses in the income statement. When exchange rate transactions are considered as hedging of future cash flows, the adjustments are recognised directly in equity.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml">Receivables, payables and other monetary items in foreign exchange not settled at the balance sheet date are translated at the average of the buy and sell exchange rates available at the close of business on the balance sheet date. Differences between the exchange rates at the balance sheet date and the transaction date rates are recognised under financial income and expenses in the income statement.</p> <p style="text-align: justify;" xmlns="http://www.w3.org/1999/xhtml"> </p> 36827 26516 44398339 33566684 44361512 -26516 44361512 -26516 123565 11904508 31029130 0 113 10335622 13455834 35109054 0 0 13455834 35109054 13455834 35109054 0 0 13455834 35109054 33458449 64487579 33458449 64487579 33458449 64487579 14023 371 14023 371 33472472 64487950 11000 11000 0 0 13455834 48194782 13466834 48205782 20005638 16282168 20005638 16282168 20005638 16282168 33472472 64487950 11000 0 48194782 48205782 0 0 48194782 48194782 0 0 13455834 13455834 11000 0 13455834 13466834 <table style="border-collapse:collapse; border-color:-moz-use-text-color; border-style:none; border-width:0pt; height:136px; width:650px" xmlns="http://www.w3.org/1999/xhtml"> <tbody> <tr> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; width:70%"> <p> </p> </th> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; font-weight:bold; text-align:right; width:15%"> <p>2015</p> </th> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; font-weight:bold; text-align:right; width:15%"> <p>2014</p> </th> </tr> <tr> <th> </th> <th style="border-bottom:1px solid; padding-bottom:10px; text-align:right">EUR</th> <th style="border-bottom:1px solid; padding-bottom:10px; text-align:right">EUR</th> </tr> <tr> <td>Historical cost, beginning of year</td> <td style="text-align:right">64,487,579</td> <td style="text-align:right">64,487,624</td> </tr> <tr> <td>Outflow/Increase</td> <td style="text-align:right">0</td> <td style="text-align:right">-45</td> </tr> <tr> <td style="font-weight:bold">Historical cost, end of year</td> <td style="border-bottom:2px solid; border-top:2px solid; font-weight:bold; text-align:right">64,487,579</td> <td style="border-bottom:2px solid; border-top:2px solid; font-weight:bold; text-align:right">64,487,579</td> </tr> </tbody> </table> <table style="border-collapse:collapse; border-color:-moz-use-text-color; border-style:none; border-width:0pt; height:136px; width:650px" xmlns="http://www.w3.org/1999/xhtml"> <tbody> <tr> <th style="border-color:-moz-use-text-color; border-style:none; border-width:0pt; text-align:left; width:70%"> <p> </p> <p> <strong>Write up and down</strong> </p> </th> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; font-weight:bold; text-align:right; width:15%"> </th> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; font-weight:bold; text-align:right; width:15%"> </th> </tr> <tr> <td>Opening balance</td> <td style="text-align:right">0</td> <td style="text-align:right">0</td> </tr> <tr> <td>Write up/down for the year</td> <td style="text-align:right">-31,029,130</td> <td style="text-align:right">0</td> </tr> <tr> <td style="font-weight:bold">Closing balance</td> <td style="border-bottom:2px solid; border-top:2px solid; font-weight:bold; text-align:right">-31,029,130</td> <td style="border-bottom:2px solid; border-top:2px solid; font-weight:bold; text-align:right"> <p>0</p> </td> </tr> </tbody> </table> <table style="border-collapse:collapse; border-color:-moz-use-text-color; border-style:none; border-width:0pt; height:51px; width:650px" xmlns="http://www.w3.org/1999/xhtml"> <tbody> <tr> <th style="border-color:-moz-use-text-color; border-style:none; border-width:0pt; text-align:left; width:70%"> </th> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; font-weight:bold; text-align:right; width:15%"> </th> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; font-weight:bold; text-align:right; width:15%"> </th> </tr> <tr> <td style="font-weight:bold">Accounting value</td> <td style="border-bottom:2px solid; border-top:2px solid; font-weight:bold; text-align:right"> <p>33,458,449</p> </td> <td style="border-bottom:2px solid; border-top:2px solid; font-weight:bold; text-align:right"> <p>64,487,624</p> </td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">Investments in group enterprises include:</p> <table style="border-collapse:collapse; border-color:-moz-use-text-color; border-style:none; border-width:0pt; height:107px; width:649px" xmlns="http://www.w3.org/1999/xhtml"> <tbody> <tr> <th style="border-bottom:0pt; border-left:0pt; border-right:0pt; border-top:0pt; text-align:left; width:55%"> </th> <th style="border-bottom:1px solid; font-weight:bold; text-align:right; width:15%"> <p> </p> <p>   Equity   <br/>  EUR  </p> </th> <th style="border-bottom:1px solid; font-weight:bold; text-align:right; width:15%"> <p> </p> <p>Profit/loss  <br/> EUR </p> </th> <th style="border-bottom:1px solid; font-weight:bold; text-align:right; width:15%">Ownership </th> <th style="border-bottom:1px solid; font-weight:bold; text-align:right; width:15%"> <p> Carrying       value  </p> <p>    EUR  </p> </th> </tr> <tr> <td> <p>CPIF Podmoskovnaya <br/> Nedvizhimost, Russian Federation</p> </td> <td style="border-bottom:1px solid; text-align:right">33,458,449</td> <td style="border-bottom:1px solid; text-align:right">-38,055,123</td> <td style="border-bottom:1px solid; text-align:right">100%      </td> <td style="border-bottom:1px solid; text-align:right">33,458,449</td> </tr> </tbody> </table> <p xmlns="http://www.w3.org/1999/xhtml"> </p> <p xmlns="http://www.w3.org/1999/xhtml">The company has no contingent liabilities and has not provided any security.</p> false false false false true 2014-01-01 2014-12-31 Auditor's report on audited financial statements Jesper Aarenstrup Omøgade 8, 2. 2100 København