Årsrapport31515122Friction Holding A/SJupitervej 66000 Kolding2014-01-012014-12-312015-04-2431515122Friction Holding A/SJupitervej66000KoldingDKDanmarkKoldingwww.lmwindpower.comPricewaterhouseCoopers33771231Jens Otto DamgaardState Authorised Public AccountantHerredsvej327100VejleDKDanmark2015-04-24Peder Toft NielsenRegnskabsklasse BRevisionspåtegningLeo SchotSøren HøfferChairmanLeo SchotNick SmithManfred EgelwisseVejle2015-04-24PricewaterhouseCoopersJens Otto DamgaardState Authorised Public AccountantPer JansenState Authorised Public Accountant0104200001165000739900081750006578500097178000-20219000-11581000-38167000-77545000-38167000-7754500047580000309110004126000101810006670000127520009853000651250005094500065125000509450006512500050945000504000504000-312199000-273362000-311695000-272858000041630000416300037503100031203000017890007610000376820000319640000376820000319640000651250005094500039230005069000347600030260000800007399000817500004004600065651000570300001340001020006578500097178000-9776000-1304500012990000-117420001464000504000-2733620000-670000-38167000504000-312199000010660000950000400001165000Today, the Executive and Supervisory Boards have discussed and approved the annual report of Friction Holding A/S for the financial year 1 January - 31 December 2014.The annual report has been prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2014 and of the results of its operations for the financial year 1 January - 31 December 2014. In our opinion, Management's Review includes a fair review of the matters dealt with in the Management's review We recommend the adoption of the annual report at the annual general meeting.To the Shareholder of Friction Holding A/SWe have audited the financial Statements of Friction Holding A/S for the financial year 1 January - 31 December 2014, which comprise summary of significant accounting policies, income statement, balance sheet and notes, for the Company. The financial statements are prepared in accordance with the Danish Financial Statements Act.The 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 the Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.Our responsibility is to express an opinion on the financial statements 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 judgment, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the 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 gives a true and fair view of the Company´s financial position at 31 December 2014 and of the results of the Company's operations for the financial year 1 January - 31 December 2014 in accordance with the Danish Financial Statements Act.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.Business activities The company's main activity is to own shares in subsidiaries. Business review The Annual Report of Friction Holding A/S for 2014 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprise of reporting class B as well as selected rules applying to reporting class C. The Annual Report has been prepared under the same accounting policies as last year. Financial review The Company's income statement for the year ended 31 December 2014 shows a loss of TEUR 38,167, and the balance sheet at 31 December 2014 showes negative equity of TEUR 311,695. The parent company, LM Group Holding A/S has declared that all external creditors will be paid before the debt to LM Group Holding A/S of TEUR 375,031 is settled. Uncertainty relating to recognition and measurement Recognition and measurement in the Annual Report have not been subject to any uncertainty. Unusual events The financial position at 31 December 2014 of the Company and the results of the activities of the Company for the financial year for 2014 has not been affected by any unusual events. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the ba-lance sheet date.Basis of Preparation The Annual Report of Friction Holding A/S for 2014 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. The accounting policies applied remain unchanged from last year. The Annual Report for 2014 is presented in TEUR.Investment in subsidiaries are measured at cost. Where the cost exceeds the net realisable value, the carrying amount is reduced to such lower value.Controlling interest LM Group Holding A/S Jupitervej 6 DK-6000 Kolding Ownership According to the Company's register of shareholders, the following shareholders hold a minimum of 5% of the voting rights or a minimum of 5% of the share capital: LM Group Holding A/S, Jupitervej 6, DK-6000 Kolding 315151222014-01-012014-12-31315151222014-01-012014-12-311315151222014-01-012014-12-312315151222013-01-012013-12-31315151222014-01-012014-12-31e:RetainedEarningsMember315151222013-01-012013-12-31e:RetainedEarningsMember315151222013-12-31315151222014-12-31315151222014-01-01e:ContributedCapitalMember315151222014-01-012014-12-31e:ContributedCapitalMember315151222014-12-31e:ContributedCapitalMember315151222014-01-01e:RetainedEarningsMember315151222014-01-012014-12-31e:RetainedEarningsMember315151222014-12-31e:RetainedEarningsMember315151222014-01-012014-12-311315151222014-01-012014-12-312315151222014-01-012014-12-313315151222014-01-012014-12-314315151222014-01-012014-12-311iso4217:EUR