35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 1 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 2 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 35376704 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 0 35376704 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 1 35376704 2014-12-31 cmn:ConsolidatedMember 35376704 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 2 35376704 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 3 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 4 35376704 2014-01-01 2014-12-31 cmn:PreviousYearMember cmn:ConsolidatedMember 5 35376704 2014-01-01 2014-12-31 cmn:ConsolidatedMember 6 35376704 2014-01-01 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cmn:ConsolidatedMember 35376704 2013-06-01 2013-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 35376704 2013-06-01 2013-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 35376704 2013-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 35376704 2013-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 35376704 2013-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 35376704 2014-01-01 fsa:ContributedCapitalMember cmn:ConsolidatedMember 35376704 2014-01-01 fsa:RetainedEarningsMember cmn:ConsolidatedMember 35376704 2014-01-01 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 35376704 2014-01-01 cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 35376704 2014-12-31 fsa:ContributedCapitalMember cmn:ConsolidatedMember 35376704 2014-12-31 fsa:RetainedEarningsMember cmn:ConsolidatedMember 35376704 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember cmn:ConsolidatedMember 35376704 2013-06-01 fsa:ContributedCapitalMember 35376704 2013-06-01 fsa:RetainedEarningsMember 35376704 2013-06-01 fsa:ProposedDividendRecognisedInEquityMember 35376704 2013-06-01 35376704 2013-06-01 2013-12-31 fsa:ContributedCapitalMember 35376704 2013-06-01 2013-12-31 fsa:RetainedEarningsMember 35376704 2013-06-01 2013-12-31 fsa:ProposedDividendRecognisedInEquityMember 35376704 2013-12-31 fsa:ContributedCapitalMember 35376704 2013-12-31 fsa:RetainedEarningsMember 35376704 2013-12-31 fsa:ProposedDividendRecognisedInEquityMember 35376704 2014-01-01 fsa:ContributedCapitalMember 35376704 2014-01-01 fsa:RetainedEarningsMember 35376704 2014-01-01 fsa:ProposedDividendRecognisedInEquityMember 35376704 2014-01-01 35376704 2014-01-01 2014-12-31 fsa:ContributedCapitalMember 35376704 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 35376704 2014-01-01 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember 35376704 2014-12-31 fsa:ContributedCapitalMember 35376704 2014-12-31 fsa:RetainedEarningsMember 35376704 2014-12-31 fsa:ProposedDividendRecognisedInEquityMember 35376704 2014-01-01 fsa:GoodwillMember cmn:ConsolidatedMember 35376704 2014-01-01 fsa:AcquiredOtherSimilarRightsMember cmn:ConsolidatedMember 35376704 2014-01-01 fsa:CompletedDevelopmentProjectsMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 fsa:GoodwillMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 fsa:AcquiredOtherSimilarRightsMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 fsa:CompletedDevelopmentProjectsMember cmn:ConsolidatedMember 35376704 2014-12-31 fsa:GoodwillMember cmn:ConsolidatedMember 35376704 2014-12-31 fsa:AcquiredOtherSimilarRightsMember cmn:ConsolidatedMember 35376704 2014-12-31 fsa:CompletedDevelopmentProjectsMember cmn:ConsolidatedMember 35376704 2014-01-01 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 35376704 2014-01-01 2014-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 35376704 2014-12-31 fsa:FixturesFittingsToolsAndEquipmentMember cmn:ConsolidatedMember 35376704 2014-01-01 fsa:InvestmentsInGroupEnterprisesMember 35376704 2013-06-01 fsa:InvestmentsInGroupEnterprisesMember 35376704 2014-01-01 2014-12-31 fsa:InvestmentsInGroupEnterprisesMember 35376704 2013-06-01 2013-12-31 fsa:InvestmentsInGroupEnterprisesMember 35376704 2014-12-31 fsa:InvestmentsInGroupEnterprisesMember 35376704 2013-12-31 fsa:InvestmentsInGroupEnterprisesMember 35376704 2014-01-01 2014-12-31 0 35376704 2014-12-31 0 iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2014-01-01 2014-12-31 <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 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 e-conomic Bidco ApS for the financial year 1 January – 31 December 2014.</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">It is our opinion that the consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the Company's financial position at 31 December 2014 and of the results of the Group's and the Company's operations and consolidated cash flows for the financial year 1 January – 31 December 2014.</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 our opinion, the Management's review gives a fair review of the development in the Group's and the Company's operations and financial matters and the results of the Group's and the Company's operations and financial position.</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 is approved at the annual general meeting.</td></tr></table> Copenhagen 2015-05-13 <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 auditors' 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 shareholders of e-conomic Bidco 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 auditors' report on the consolidated financial statements and the parent company 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">We have audited the consolidated financial statements and the parent company financial statements of e-conomic Bidco ApS for the financial year 1 January – 31 December 2014, which comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies, for the Group as well as for the parent company and consolidated cash flow statement. The consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of consolidated financial statements and parent company 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 consolidated financial statements and parent company 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">Auditors' responsibility</td></tr><tr><td colspan="1">Our responsibility is to express an opinion on the consolidated financial statements and the parent company 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 consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the consolidated financial statements and the parent company financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of consolidated financial statements and parent company 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 consolidated financial statements and the parent company 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 consolidated financial statements and the parent company financial statements give a true and fair view of the Group's and the parent company's financial position at 31 December 2014 and of the results of the Group's and the parent company's operations and consolidated cash flows for the financial year 1 January – 31 December 2014 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">Statement on the Management's review</td></tr><tr><td colspan="1">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 consolidated financial statements and the parent company financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the consolidated financial statements and the parent company financial statements.</td></tr></table> Odense 2015-05-13 e-conomic Bidco ApS Langebrogade 1 1411 København K 35376704 2013-06-01 Copenhagen 2013-06-01 2013-12-31 www.e-conomic.dk 2015-05-13 Thore Ringgård 154224000 -199232000 -981000 -186150000 -27439000 -5041000 37278000 -2.408 0.877 -0.356 166.000 <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><tr><td colspan="1">Introduction</td></tr><tr><td colspan="1">Last year was a transition year for e-conomic. We maintained strong revenue growth (26.5%) while investing in further growth and internationalisation. We added 54 new colleagues to strengthen our customer support, build new product features and expand into Sweden. At 1 June 2014, Mogens Munkholm Elsberg joined as CEO, replacing Torben Frigaard Rasmussen. Following significant investments in a fully localised product, we re-launched e-conomic in Sweden, backed by increased sales and marketing activities. At the end of Q3, we entered into a Joint Venture with CE Consulting in Spain, a franchised accounting practice with over 150 offices servicing 13,000 SMBs.</td></tr><tr><td colspan="1">We are pleased to announce that at year-end almost 86,500 companies were using e-conomic’s accounting solution and that close to 300,000 freelancers and SMBs have so far signed up for our freemium-based invoicing and accounting light product Debitoor. We look forward to continuing our growth and international expansion in 2015 and beyond.</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 of the Group</td></tr><tr><td colspan="1">The e-conomic Group develops cloud-based accounting software for small and medium-sized businesses on a Software as a Service (SaaS) platform. The service is provided by eight European subsidiaries in Denmark, Norway, Sweden (including Finland), UK, Germany, Spain, Poland and France.</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 financial matters</td></tr><tr><td colspan="1">2014 was the first full year under the new group structure with e-conomic Bidco ApS as the parent company. Until July 2013, the parent company of the e-conomic Group was e-conomic International A/S. HgCapital acquired the former e-conomic Group in July 2013 through the new Danish parent company, e-conomic Bidco Aps.</td></tr><tr><td colspan="1">The earnings and balance sheet for 2013/2014 are, to a large extent, affected by the new group set-up. Goodwill capitalisation and amortisation have significantly impacted earnings compared with former years. In 2013, only six months’ goodwill amortisation was recorded. A 5-year proforma comparison table has therefore been added to the Management’s review.</td></tr><tr><td colspan="1">Financial performance</td></tr><tr><td colspan="1">The Group reported a net loss of DKK 200,213 thousand before tax for 2014, against a net loss of DKK 77,406 thousand before tax in 2013 (only seven months). The main reason for the heavy loss is amortisation of goodwill and software, which has no cash effect and is related to the acquisition of the e-conomic Group in 2013.</td></tr><tr><td colspan="1">The 2014 operating performance is best compared against last year’s by looking at revenue and EBITDA in the proforma 5-year table, where 2013 is shown with the full 12-month period.</td></tr><tr><td colspan="1">2014 shows revenue growth of 26.5%. Management considers this a very strong performance and in line with expectations.</td></tr><tr><td colspan="1">Under the ownership of HgCapital, a leading European software investor with assets under management in excess of EUR 6 billion, investments have increased and e-conomic’s growth opportunities improved. Renewed initiatives to establish partnerships in other European markets and to invest more aggressively in development, sales and marketing are just a couple of the new measures taken. We expect this to lead to increased revenue growth in Denmark and other European markets in the coming years.</td></tr><tr><td colspan="1">As expected, given the investments made to accelerate growth, EBITDA was negative. Against this background, Management finds the performance satisfactory and expects the benefits of the investments to show in the years ahead. The loss is mainly due to increased investments in building the base and structure for further growth as well as additional resources for the continued development of both e-conomic and our relatively new entry-level product, Debitoor. Investments in international sales resources, online marketing and go-to-market related branding have been made to step up growth outside Denmark in the coming years.</td></tr><tr><td colspan="1">Debitoor is expected to fulfil the needs of the large European freelance and micro-SME market. These customers only want limited accounting functionality and focus on invoicing and ease of use as first-time accounting users.</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">Financing</td></tr><tr><td colspan="1">Due to the heavy investments in internationalisation, e-conomic Bidco A/S and the entire Group are currently financed through annual capital contributions from the owners. We expect to see positive operating cash flows again during 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">About our new investor</td></tr><tr><td colspan="1">In July 2013, HgCapital acquired a majority stake in e-conomic. Based in London and Munich, HgCapital invests in growth companies across Western Europe and manages over EUR 6 billion for some of the world’s leading institutional and private investors.</td></tr><tr><td colspan="1">HgCapital is one of Europe’s leading software investors and has invested in over 25 TMT businesses over the last decade. Its current TMT portfolio generates combined revenues of over EUR 1.5 billion. HgCapital’s TMT-focused team comprises around 20 investment professionals and has a strong record of supporting management teams in building industry champions combined with sustainable long-term revenue and employment growth.</td></tr><tr><td colspan="1">In the last year alone, the current TMT portfolio has seen revenues, profit and employment rise by more than 10%. Across HgCapital’s current portfolio, companies have seen their number of employees increase by over 50% since HgCapital’s investment.</td></tr><tr><td colspan="1">HgCapital is supporting e-conomic in its continued growth in Denmark and further international expansion through its capital, industry and M&amp;A know-how and network. The objective is to expand e-conomic’s position as the leading SMB accounting and solution provider in Europe.</td></tr><tr><td colspan="1">For further details, please see www.hgcapital.com.</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">Outlook</td></tr><tr><td colspan="1">We believe the online accounting market is still in its infancy across Europe and expect increasing penetration over the next few years. Based on this increasing market penetration and further investments in our product range, we expect continued revenue growth of +30% for the Group in 2015 and ahead. With the additional capital available through HgCapital, we will continue our international expansion and investments in further features, services and new markets.</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">Investment in development activities</td></tr><tr><td colspan="1">The Group continues to make significant investments in development and upgrading of the two software products, e-conomic and the relatively new low-end cloud accounting software, Debitoor. Debitoor has been launched in several countries in Europe in both a freemium and three premium versions. The Group's total investment in non-current assets amounts to DKK 22,026 thousand at 31 December 2014.</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">Post balance sheet events</td></tr><tr><td colspan="1">The e-conomic Group is in an ongoing process with a possible disposal of the shares in e-conomic Bidco ApS to the Norwegian company Visma.</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">Risk</td></tr><tr><td colspan="1">Business risks</td></tr><tr><td colspan="1">One of the key risks is increased competition. e-conomic is working hard to stay at the forefront of technology and provide its customers with the best products and services. e-conomic had a first-mover advantage as the first cloud-based accounting software in Denmark when the Company was founded in 2001 and has since solidified its market position as the leading player in the Danish market. Over the last few years, new competitors have entered, forcing all players to stay innovative and deliver competitive offerings.</td></tr><tr><td colspan="1">As the adoption of cloud solutions spreads across Europe, e-conomic has increased its focus on other European markets to continue and further expand its position as the leading European SME-focused cloud accounting solutions provider.</td></tr><tr><td colspan="1">Financial risks</td></tr><tr><td colspan="1">The Group is exposed to fluctuations in exchange and interest rates due to its operating, investing and financing activities. The Group’s policy is not to speculate in financial risks. The Group's financial management is focused on managing existing financial risks.</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">Carrying out activities in several European countries with different currencies affects the Group’s results to some extent. This risk is mainly related to revenues in foreign subsidiaries and, to a limited degree, to foreign costs. As we consider the risk very limited, the Company does not hedge currency exposures. Adjustments relating to investments in subsidiaries are recognised at group level. Reported financials are directly in line with equity accounting. Currency risks relating to investments are not covered as hedging of such long-term investments would not be effective from an overall risk and cost perspective.</td></tr><tr><td colspan="1">Intellectual capital</td></tr><tr><td colspan="1">e-conomic’s ambition is to be a market and technological leader. Accordingly, the e-conomic Group is continuously working to improve its products and technologies in this dynamic and fast-changing environment. This places great demands on the Company when it comes to collection and dissemination of new knowledge.</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">Environmental issues</td></tr><tr><td colspan="1">The Group is environmentally conscious and continually works to reduce the environmental impact of all business operations.</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">Social responsibility</td></tr><tr><td colspan="1">The Group is committed to developing its core business and meeting strategic challenges in a financially and socially responsible manner. This means that we will live up to applicable laws and good corporate practices in all the countries in which we operate.</td></tr><tr><td colspan="1">During the first half of 2014, we conducted an ESG (Environmental, Social and Governance) review with consulting firm PwC to further improve our performance in this area.</td></tr></table> 74924000 79300000 132266000 146266000 0 981000 -200213000 -14063000 0 37278000 -112000 146266000 0 25974000 -26992000 -447000 -27439000 0 -3655000 -1386000 0 37278000 4798000 <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 e-conomic Bidco ApS for 2014 has been prepared in accordance with the provisions applying to reporting class C large enterprises under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">Comparative figures cover the period from 1 June 2013 to 31 December 2013 (seven months).</td></tr></table> true <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">Consolidated financial statements</td></tr><tr><td colspan="1">The consolidated financial statements comprise the parent company, e-conomic Bidco ApS, and subsidiaries in which e-conomic Bidco ApS directly or indirectly holds more than 50% of the voting rights or which it, in some other way, controls. Enterprises in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates, see the group chart.</td></tr><tr><td colspan="1">On consolidation, intra-group income and expenses, shareholdings, intra-group balances and dividends, and realised and unrealised gains and losses on intra-group transactions are eliminated.</td></tr><tr><td colspan="1">Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets or liabilities at the acquisition date.</td></tr><tr><td colspan="1">Business combinations</td></tr><tr><td colspan="1">Enterprises acquired or formed during the year are recognised in the consolidated financial statements from the date of acquisition or formation. Enterprises disposed of are recognised in the consolidated income statement until the date of disposal. The comparative figures are not adjusted for acquisitions or disposals.</td></tr><tr><td colspan="1">Gains or losses on disposal of subsidiaries and associates are stated as the difference between the sales amount and the carrying amount of net assets at the date of disposal plus non-amortised goodwill and anticipated disposal costs.</td></tr><tr><td colspan="1">Acquisitions of enterprises are accounted for using the acquisition method, according to which the identifiable assets and liabilities acquired are measured at their fair values at the date of acquisition. Provision is made for costs related to adopted and announced plans to restructure the acquired enterprise in connection with the acquisition. The tax effect of the restatement of assets and liabilities is taken into account.</td></tr><tr><td colspan="1">Any excess of the cost over the fair value of the identifiable assets and liabilities acquired (goodwill), including restructuring provisions, is recognised as intangible assets and amortised on a systematic basis in the income statement based on an individual assessment of the useful life of the asset, not exceeding 7 years. Any excess of the fair values of the identifiable assets and liabilities acquired over the cost of the acquisition (negative goodwill), representing an anticipated adverse development in the acquired enterprises, is recognised in the balance sheet as deferred income and recognised in the income statement as the adverse development is realised. Negative goodwill not related to any anticipated adverse development is recognised in the balance sheet at an amount corresponding to the fair value of non-monetary assets. The amount is subsequently recognised in the income statement over the average useful lives of the non-monetary assets.</td></tr><tr><td colspan="1">Goodwill and negative goodwill from acquired enterprises can be adjusted until the end of the year following the year of acquisition.</td></tr><tr><td colspan="1">Intra-group business combinations</td></tr><tr><td colspan="1">In connection with business combinations such as acquisition and disposal of equity investments, mergers, demergers, addition of assets and exchange of shares, etc., involving enterprises controlled by the parent company, the uniting-of-interests method is used. Differences between the agreed consideration and the carrying amount of the acquired enterprise are recognised in equity. Moreover, comparative figures for previous financial years are restated.</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 and associates 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. Foreign exchange differences arising on translation of the opening equity of foreign subsidiaries at the exchange rates at the balance sheet date and on translation of the income statements from average exchange rates to the exchange rates at the balance sheet date are recognised directly in equity.</td></tr><tr><td colspan="1">Foreign exchange adjustments of intra-group balances with independent foreign subsidiaries which are considered part of the investment in the subsidiary are recognised directly in equity. Foreign exchange gains and losses on loans and derivative financial instruments designated as hedges of foreign subsidiaries are also recognised directly in equity.</td></tr><tr><td colspan="1">On recognition of foreign subsidiaries which are integral 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 acquisition date or at the date of any subsequent revaluation or impairment of the asset. Income statement items are translated at the exchange rates at the transaction date, although items derived from non-monetary items are translated at the historical exchange rates applying to the non-monetary items.</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">Revenue</td></tr><tr><td colspan="1">Income from the sale of goods and service is recognised in revenue when transfer of the most significant rewards and risks to the buyer has taken place and provided that the income can be reliably measured and payment is expected to be received.</td></tr><tr><td colspan="1">Accordingly, revenue corresponds to the selling price of work performed during the year.</td></tr><tr><td colspan="1">Revenue is measured at the fair value of the agreed consideration ex. VAT and taxes charged on behalf of third parties. All discounts granted are recognised in revenue.</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 the costs of distribution, sales, marketing, administration, facilities, bad debt, operating leases, etc.</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 comprise interest income and expense, 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.</td></tr><tr><td colspan="1">Dividends from subsidiaries is recognised in the income statement of the parent company in the year when they are adopted at the annual general meeting (declaration date)</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">Tax on profit/loss for the year</td></tr><tr><td colspan="1">The parent company is covered by the Danish rules on compulsory joint taxation of the e-conomic Bidco Group's Danish subsidiaries. Subsidiaries form part of the joint taxation from the date on which they are included in the consolidation of the consolidated financial statements and up to the date on which they exit the consolidation.</td></tr><tr><td colspan="1">The parent company is the administrative company for the joint taxation and consequently settles all corporation tax payments with the tax authorities.</td></tr><tr><td colspan="1">The current Danish corporation tax is allocated by settlement of joint taxation contribution between the jointly taxed companies in proportion to their taxable income. In this relation, companies with tax loss carry forwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits.</td></tr><tr><td colspan="1">Tax for the year comprises current tax, joint taxation contributions for the year and changes in deferred tax for the year – due to changes in the tax rate. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in 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">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">Intangible assets</td></tr><tr><td colspan="1">Goodwill</td></tr><tr><td colspan="1">Goodwill is amortised over its estimated useful life determined on the basis of Management's experience of the specific business areas. Goodwill is amortised on a straight-line basis over a maximum amortisation period of 7 years, longest for strategically acquired enterprises with strong market positions and long-term earnings profiles.</td></tr><tr><td colspan="1">Software</td></tr><tr><td colspan="1">IT software, including licences, is measured at cost less accumulated amortisation and impairment. Amortisation is provided on a straight-line basis over the estimated useful lives of the assets. The amortisation period is not to exceed three years.</td></tr><tr><td colspan="1">Development projects, patents and licences</td></tr><tr><td colspan="1">Development costs comprise costs, salaries and amortisation directly or indirectly attributable to development activities.</td></tr><tr><td colspan="1">Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement when incurred.</td></tr><tr><td colspan="1">Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses.</td></tr><tr><td colspan="1">Following the completion of the development work, development costs are amortised on a straight-line basis over the estimated useful life. The amortisation period is usually 3-10 years and is not to exceed 10 years.</td></tr><tr><td colspan="1">Gains and losses on the disposal of development projects, patents and licences are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating costs, respectively.</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="3">Property, plant and equipment</td></tr><tr><td colspan="3">Fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.</td></tr><tr><td colspan="3">Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use.</td></tr><tr><td colspan="3">Depreciation is provided on a straight-line basis over the expected useful lives of the assets. The expected useful lives are as follows</td></tr><tr><td /><td>Fixtures and fittings, tools and equipment</td><td>3-5 years</td></tr><tr><td colspan="3">Depreciation is recognised in the income statement as production costs.</td></tr><tr><td colspan="3">Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains or losses are recognised in the income statement as other operating income or other operating costs, respectively.</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 and associates</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at 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">Impairment of non-current assets</td></tr><tr><td colspan="1">The carrying amount of intangible assets and property, plant and equipment as well as investments in subsidiaries and associates is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation.</td></tr><tr><td colspan="1">Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount.</td></tr><tr><td colspan="1">The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the expected net cash flows from the use of the asset or the group of assets and expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life.</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">Receivables</td></tr><tr><td colspan="1">Receivables are measured at amortised cost.</td></tr><tr><td colspan="1">Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, a write-down is made based on an individual assessment.</td></tr><tr><td colspan="1">Write-downs are calculated as the difference between the carrying amount of receivables and the present value of the expected cash flows, including the realisable value of any collateral received.</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">Prepayments</td></tr><tr><td colspan="1">Prepayments comprise costs incurred concerning subsequent financial years.</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">Securities and investments</td></tr><tr><td colspan="1">Unlisted securities are measured at fair value based on a calculated value in use.</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">Proposed dividends are recognised as a liability at the date when they are adopted at the annual general meeting (declaration date). 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">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.</td></tr><tr><td colspan="1">Joint taxation contribution payable and receivable is recognised in the balance sheet as "Corporation tax receivable" or "Corporation tax payable".</td></tr><tr><td colspan="1">Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities. However, deferred tax is not recognised</td></tr><tr><td colspan="1">on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where different tax rules can be applied to determine the tax base, deferred tax is measured based on Management's planned use of the asset or settlement of the liability, respectively.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.</td></tr><tr><td colspan="1">Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td colspan="1">Deferred tax is measured in accordance with the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax.</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">Provisions</td></tr><tr><td colspan="1">Provisions comprise anticipated costs related to warranties, losses on work in progress, restructurings, etc. Provisions are recognised when, as a result of past events, the Group has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. Provisions are measured at net realisable value or fair value. If the obligation is expected to be settled far into the future, the obligation is measured at fair value.</td></tr><tr><td colspan="1">Warranties comprise obligations to make good any defects within the warranty period of one to five years. Provisions for warranties are measured at net realisable value and recognised based on past experience. Provisions expected to be maintained for more than one year from the balance sheet date are discounted at the average bond interest rate.</td></tr><tr><td colspan="1">On acquisition of enterprises, provision for restructurings of the acquired enterprise is included in the calculation of the cost of acquisition and, accordingly, in goodwill or consolidated goodwill, provided that they have been adopted and announced not later than at the date of the acquisition.</td></tr><tr><td colspan="1">If it is likely that total costs will exceed total income from a construction contract, a provision is made for the total loss anticipated on the contract. The provision is recognised in production costs.</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">Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.</td></tr><tr><td colspan="1">Financial liabilities also include the capitalised residual obligation on finance leases.</td></tr><tr><td colspan="1">Other liabilities are measured at net realisable value.</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">Deferred income</td></tr><tr><td colspan="1">Deferred income comprises negative goodwill; see the description of consolidation practice, and payments received concerning income in subsequent years.</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">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group's cash flows from operating, investing and financing activities for the year, the year's changes in cash and cash equivalents as well as the Group's cash and cash equivalents at the beginning and end of the year.</td></tr><tr><td colspan="1">The cash flow effect of acquisitions and disposals of enterprises is shown separately in cash flows from investing activities. Cash flows from acquisitions of enterprises are recognised in the cash flow statement from the date of acquisition. Cash flows from disposals of enterprises are recognised up until the date of disposal.</td></tr><tr><td colspan="1">Cash flows from operating activities</td></tr><tr><td colspan="1">Cash flows from operating activities are calculated as the Group's share of the profit/loss adjusted for non-cash operating items, changes in working capital and corporation tax paid.</td></tr><tr><td colspan="1">Cash flows from investing activities</td></tr><tr><td colspan="1">Cash flows from investing activities comprise payments in connection with acquisitions and disposals of enterprises and activities and of intangible assets, property, plant and equipment and investments.</td></tr><tr><td colspan="1">Cash flows from financing activities</td></tr><tr><td colspan="1">Cash flows from financing activities comprise changes in the size or composition of the Group's share capital and related costs as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.</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">Cash and cash equivalents</td></tr><tr><td colspan="1">Cash and cash equivalents comprise cash and short-term marketable securities with a term of three months or less which are subject to an insignificant risk of changes in value.</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="2">Financial ratios</td></tr><tr><td colspan="2">Financial ratios are calculated in accordance with the Danish Society of Financial Analysts' guidelines on the calculation of financial ratios, "Recommendations and Financial Ratios 2010".</td></tr><tr><td colspan="2">The financial ratios stated in the survey of financial highlights have been calculated as follows</td></tr><tr><td>EBITDA margin</td><td>EBITDA x100/revenue</td></tr><tr><td>EBIT margin</td><td>EBIT x100/revenue</td></tr><tr><td>Return on invested capital</td><td>Operating profit x100/average invested capital</td></tr><tr><td>Solvency ratio</td><td>Equity at year end x100/total equity and liabilities at year end</td></tr><tr><td>Return on equity</td><td>Profit from ordinary activities after tax x100/average equity</td></tr></table> 0 0 533000 448000 0 172000 -14235000 3655000 111750000 145930000 <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 /><td>Amortised over</td><td /><td>7 years</td><td>2-3 years</td><td>3-10 years</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 /><td colspan="4">Depreciated over</td><td colspan="2">3-5 years</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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >All subsidiaries are considered separate entities.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Prepayments</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >2014</td><td width="8%" align="right" valign="middle" >2013</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Other</td><td width="5%" align="right" valign="middle" >2405</td><td width="8%" align="right" valign="middle" >42</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >2405</td><td width="8%" align="right" valign="middle" >42</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></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"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax.</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >2014</td><td width="8%" align="right" valign="middle" >2013</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Deferred tax at 1 June</td><td width="5%" align="right" valign="middle" >28498</td><td width="8%" align="right" valign="middle" >0</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax</td><td width="5%" align="right" valign="middle" >-14235</td><td width="8%" align="right" valign="middle" >-9215</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Effect of gradual reduction of the Danish corporation tax rate from 25% to 22% up to 2016</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >-571</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Acquisition of subsidiary</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >38284</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Deferred tax at 31 December</td><td width="5%" align="right" valign="middle" >14263</td><td width="8%" align="right" valign="middle" >28498</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provisions</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >2014</td><td width="8%" align="right" valign="middle" >2013</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Provision for the year</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >111750</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Other provisions at 31 December</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >111750</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The provisions are expected to be payable in:</td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >0-1 year</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >1-5 years</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >111750</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >5 years</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >111750</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Corporation tax payable</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >2014</td><td width="8%" align="right" valign="middle" >2013</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Corporation tax payable at 1 January (1 June 2013)</td><td width="5%" align="right" valign="middle" >399</td><td width="8%" align="right" valign="middle" >0</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Acquisition of subsidiary</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >-81</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Tax on taxable income for the year, including jointly taxed subsidiaries</td><td width="5%" align="right" valign="middle" >-116</td><td width="8%" align="right" valign="middle" >795</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Corporation tax paid during the year</td><td width="5%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >-315</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Corporation tax payable at 31 December</td><td width="5%" align="right" valign="middle" >283</td><td width="8%" align="right" valign="middle" >399</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff costs</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >2014</td><td width="8%" align="right" valign="middle" >2013</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Wages and salaries</td><td width="5%" align="right" valign="middle" >126780</td><td width="8%" align="right" valign="middle" >36951</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Pensions</td><td width="5%" align="right" valign="middle" >4,761</td><td width="8%" align="right" valign="middle" >1786</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Other social security costs</td><td width="5%" align="right" valign="middle" >725</td><td width="8%" align="right" valign="middle" >523</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >132266</td><td width="8%" align="right" valign="middle" >39260</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" align="right" valign="middle" >132266</td><td width="8%" align="right" valign="middle" >39260</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" colspan="1" align="left" valign="middle" >Average number of full-time employees</td><td width="5%" align="right" valign="middle" >166</td><td width="8%" align="right" valign="middle" >112</td><td width="6%" ></td><td width="9%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Remuneration of the Executive Board of DKK 4,484 thousand is included in staff costs.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Board of Directors of the Group and the parent company received no remuneration for 2014.</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" >Contractual obligations and contingencies, etc.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company is jointly taxed with the Danish subsidiary. As the administrative company, the Company has joint and several unlimited liability, together with the subsidiary, for Danish corporation taxes and withholding taxes on dividends, interest and royalties in the joint taxation unit.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Operating lease obligations</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group's companies have entered into leases with a total obligation of DKK 28,094 thousand.</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" >Mortgages and collateral</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Company charges of DKK 10 million, secured on assets and equipment, goodwill, domain name and other intellectual property rights, have been provided as security for balances with banks in the subsidiary e-conomic international A/S.</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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Related party disclosures</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >e-conomic Bidco ApS' related parties comprise the following:</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >The following shareholders are registered in the Company's register of shareholders as holding minimum 5% of the voting rights or minimum 5% of the share capital:</td></tr><tr><td width="100%" colspan="2" align="left" valign="middle" >e-conomic international MidCo S.á.r.l</td></tr><tr><td width="92%" ></td><td width="8%" colspan="1" align="left" valign="middle" >7A rue</td></tr><tr><td width="92%" ></td><td width="8%" colspan="1" align="left" valign="middle" >Robert Stumper</td></tr><tr><td width="92%" ></td><td width="8%" colspan="1" align="left" valign="middle" >Luxemburg L-2557</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 colspan="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Changes in working capital</td></tr><tr><td colspan="3"></td></tr><tr><td width="83%" ></td><td width="6%" align="right" valign="middle" >2014</td><td width="11%" align="right" valign="middle" >2013</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Change in provisions</td><td width="6%" align="right" valign="middle" >3217</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Change in receivables</td><td width="6%" align="right" valign="middle" >-7753</td><td width="11%" align="right" valign="middle" >9894</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Change in trade and other payables</td><td width="6%" align="right" valign="middle" >30510</td><td width="11%" align="right" valign="middle" >112787</td></tr><tr><td width="83%" ></td><td width="6%" align="right" valign="middle" >25974</td><td width="11%" align="right" valign="middle" >122681</td></tr><tr><td colspan="3"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Acquisition of subsidiaries and activities</td></tr><tr><td colspan="3"></td></tr><tr><td width="83%" ></td><td width="6%" align="right" valign="middle" >2014</td><td width="11%" align="right" valign="middle" >2013</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >171456</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >222</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Receivables</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >12189</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Cash</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >16290</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Deferred tax</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-38284</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Other payables</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-15875</td></tr><tr><td width="83%" ></td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >144230</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Goodwill</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >633391</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Cost of acquisition</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >777621</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Cash</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >-16290</td></tr><tr><td width="83%" colspan="1" align="left" valign="middle" >Cost of acquisition paid in cash</td><td width="6%" align="right" valign="middle" >0</td><td width="11%" align="right" valign="middle" >761331</td></tr><tr><td colspan="3"></td></tr></table> Årsrapport 30700228 Ernst & Young Englandsgade 25 5100 Odense C Revisionspåtegning Mogens Munkholm Elsberg Karen Slatford Chairman Thore Ringgård Mogens Munkholm Elsberg Ernst & Young Godkendt Revisionspartnerselskab Søren Smedegaard Hvid State Authorised Public Accountant Englandsgade 25 5000 Odense C 63815000 -77762000 356000 -68459000 115395000 -765878000 666676000 -0.249 0.791 -0.115 112.000 EBITDA -52966000 EBITDA -5376000 511869000 448812000 385914000 76000000 21080000 482994000 1321000 1321000 0 3002000 3002000 217000 0 859000 2405000 3481000 0 21071000 24552000 70394000 378418000 14263000 0 14263000 6131000 4808000 283000 37572000 48794000 48794000 511869000 21071000 710304000 227310000 755840000 597796000 Goodwill and software 461914000 Goodwill and software 715649000 Capitalised R&D and other non-current assets 22401000 Capitalised R&D and other non-current assets 21581000 Total cash flows 4798000 Total cash flows 16193000 EBITDA margin -343 EBITDA margin -84 EBIT margin -1292 EBIT margin -1219 63815000 29931000 33884000 39260000 72386000 -77762000 484000 128000 -77406000 -8947000 -68459000 80000 666676000 -501000 72386000 -458000 122681000 116847000 -128000 116719000 -1324000 115395000 -4501000 -46000 -761331000 -765878000 666676000 666676000 16193000 0 484000 0 128000 795000 44000 -9786000 42934000 4123000 38811000 36767000 0 2044000 752000 9000 2787000 683000 2104000 <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 of changes in equity</td></tr></table><br><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">Statement of changes in equity</td></tr></table> 37278 <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" ></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Disclosure of material uncertainties, liquidity and capital resources</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company’s budget shows significant investments in future growth. In the short term, the Company will need capital and liquidity to support the strategy.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Company expects to make a capital increase during 2015 to support the strategy and secure reasonable capital resources. Despite comprehensive marketing activities, it is expected that the capital increase will provide sufficient liquidity until June 2016.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Furthermore, the Board of Directors of the parent company, e-conomic International Midco SARL, has issued a letter of support covering e-conomic Bidco ApS and its subsidiaries until 18 March 2016.</td></tr><tr><td colspan="1"></td></tr></table> 752000 0 9000 0 683000 0 0 <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 /><td>Intangible assets.</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 /><td>Property, plant and equipment.</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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >All subsidiaries are considered separate entities.</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Prepayments</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >2014</td><td width="9%" align="right" valign="middle" >2013</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Other</td><td width="6%" align="right" valign="middle" >234</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >234</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></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" >Share capital.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The share capital comprises:</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >70,394 thousand shares of DKK 1 each. No shares carry any special rights.</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 colspan="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax.</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >2014</td><td width="9%" align="right" valign="middle" >2013</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Deferred tax at 1 June</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Effect of gradual reduction of the Danish corporation tax rate from 25% to 22% up to 2016</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Acquisition of subsidiary</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Deferred tax at 31 December</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other provisions</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >2014</td><td width="9%" align="right" valign="middle" >2013</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Provision for the year</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >111750</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Other provisions at 31 December</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >111750</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The provisions are expected to be payable in:</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >0-1 year</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >1-5 years</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >111750</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >5 years</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >111750</td></tr><tr><td colspan="5"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Corporation tax payable</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >2014</td><td width="9%" align="right" valign="middle" >2013</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Corporation tax payable at 1 January (1 June 2013)</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Acquisition of subsidiary</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Tax on taxable income for the year, including jointly taxed subsidiaries</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Corporation tax paid during the year</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Corporation tax payable at 31 December</td><td width="6%" align="right" valign="middle" >0</td><td width="9%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Staff costs</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >2014</td><td width="9%" align="right" valign="middle" >2013</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Wages and salaries</td><td width="6%" align="right" valign="middle" >36342</td><td width="9%" align="right" valign="middle" >3540</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Pensions</td><td width="6%" align="right" valign="middle" >360</td><td width="9%" align="right" valign="middle" >75</td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Other social security costs</td><td width="6%" align="right" valign="middle" >65</td><td width="9%" align="right" valign="middle" >4</td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >36767</td><td width="9%" align="right" valign="middle" >3619</td></tr><tr><td colspan="5"></td></tr><tr><td width="72%" ></td><td width="5%" ></td><td width="8%" ></td><td width="6%" align="right" valign="middle" >36767</td><td width="9%" align="right" valign="middle" >3619</td></tr><tr><td colspan="5"></td></tr><tr><td width="85%" colspan="3" align="left" valign="middle" >Average number of full-time employees</td><td width="6%" align="right" valign="middle" >10</td><td width="9%" align="right" valign="middle" >2</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Remuneration of the Executive Board of DKK 4,484 thousand is included in staff costs.</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The Board of Directors of the Group and the parent company received no remuneration for 2014.</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"></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"></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="20">Alle beløb er angivet i 'x1000'</td></tr><tr><td colspan="2"></td></tr></table> 4680000 826000 3854000 3619000 0 235000 384000 4000 615000 154000 461000 80000 666676000 384000 0 4000 0 154000 0 0 2104000 461000 588149000 127500000 21370000 737019000 211000 211000 0 1000000 1000000 231000 0 1064000 42000 1337000 80000 16193000 17610000 755840000 66666000 531130000 597796000 28498000 111750000 140248000 2732000 2930000 399000 11735000 17796000 17796000 755840000 16273000 0 0 0 0 0 686859000 0 686859000 0 44768000 0 234000 45002000 0 5457000 50459000 737318000 70394000 636205000 706599000 0 0 0 0 311000 0 30408000 30719000 30719000 737318000 0 0 0 0 0 0 761331000 0 761331000 0 15167000 0 0 15167000 0 3097000 18264000 779595000 66666000 600551000 667217000 0 111750000 111750000 0 0 0 628000 628000 628000 779595000 0 0 0 0 80000 80000 66586000 0 0 0 600090000 -68459000 -501000 0 0 0 0 66666000 531130000 0 66666000 531130000 0 597796000 16273000 818399000 81380000 0 3728000 0 0 0 33550000 -186150000 -112000 0 0 0 0 70394000 378418000 0 0 0 0 0 80000 66586000 0 0 600090000 461000 0 0 0 66666000 600551000 0 66666000 600551000 0 667217000 3728000 0 33550000 2104000 0 0 70394000 636205000 0 633391000 45242000 153000000 25500000 32008000 10638000 0 111750000 90485000 0 0 51500000 3655000 0 3945000 521641000 135727000 385914000 153000000 77000000 76000000 35663000 14583000 21080000 270000 55000 1386000 280000 1656000 335000 1321000 761331000 0 0 0 37278000 -111750000 761331000 0 686859000 686859000 761331000 761331000 e-conomic international A/S Copenhagen -47271000 1.0000 -18081000