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cmn:ConsolidatedMember 34485607 2015-01-01 fsa:ContributedCapitalMember 34485607 2015-01-01 fsa:RetainedEarningsMember 34485607 2015-01-01 34485607 2015-01-01 2015-12-31 fsa:ContributedCapitalMember 34485607 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 34485607 2015-12-31 fsa:ContributedCapitalMember 34485607 2015-12-31 fsa:RetainedEarningsMember 34485607 2014-01-01 cmn:ConsolidatedMember 34485607 2015-01-01 2015-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember cmn:ConsolidatedMember 34485607 2014-01-01 2014-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember cmn:ConsolidatedMember 34485607 2015-01-01 2015-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 34485607 2014-01-01 2014-12-31 fsa:AllTypesOfRelationsNumberOfEmployeesMember 34485607 2015-01-01 fsa:GoodwillMember cmn:ConsolidatedMember 34485607 2015-01-01 fsa:AcquiredIntangibleAssetsMember cmn:ConsolidatedMember 34485607 2015-01-01 2015-12-31 fsa:GoodwillMember cmn:ConsolidatedMember 34485607 2015-01-01 2015-12-31 fsa:AcquiredIntangibleAssetsMember cmn:ConsolidatedMember 34485607 2015-12-31 fsa:GoodwillMember cmn:ConsolidatedMember 34485607 2015-12-31 fsa:AcquiredIntangibleAssetsMember cmn:ConsolidatedMember 34485607 2015-01-01 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 34485607 2015-01-01 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 34485607 2015-01-01 2015-12-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 34485607 2015-01-01 2015-12-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 34485607 2015-12-31 fsa:PlantAndMachineryMember cmn:ConsolidatedMember 34485607 2015-12-31 fsa:LeaseholdImprovementsMember cmn:ConsolidatedMember 34485607 2015-01-01 fsa:InvestmentsInGroupEnterprisesMember 34485607 2014-01-01 fsa:InvestmentsInGroupEnterprisesMember 34485607 2015-01-01 2015-12-31 fsa:InvestmentsInGroupEnterprisesMember 34485607 2014-01-01 2014-12-31 fsa:InvestmentsInGroupEnterprisesMember 34485607 2015-12-31 fsa:InvestmentsInGroupEnterprisesMember 34485607 2014-12-31 fsa:InvestmentsInGroupEnterprisesMember 34485607 2015-01-01 2015-12-31 0 34485607 2015-12-31 0 34485607 2015-01-01 cmn:PreviousYearMember fsa:ContributedCapitalMember 34485607 2015-01-01 cmn:TwoYearsAgoMember fsa:ContributedCapitalMember 34485607 2015-01-01 cmn:ThreeYearsAgoMember fsa:ContributedCapitalMember 34485607 2015-01-01 2015-12-31 cmn:PreviousYearMember fsa:ContributedCapitalMember 34485607 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember fsa:ContributedCapitalMember 34485607 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember fsa:ContributedCapitalMember 34485607 2015-12-31 cmn:PreviousYearMember fsa:ContributedCapitalMember 34485607 2015-12-31 cmn:TwoYearsAgoMember fsa:ContributedCapitalMember 34485607 2015-12-31 cmn:ThreeYearsAgoMember fsa:ContributedCapitalMember iso4217:DKK xbrli:pure Regnskabsklasse C, stor virksomhed 2015-01-01 2015-12-31 <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 Sport Nordic Holding ApS for the financial year 1 January – 31 December 2015.</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 2015 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 2015.</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 be approved at the annual general meeting.</td></tr></table> Copenhagen 2016-04-21 <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 Sport Nordic Holding ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">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 Sport Nordic Holding ApS for the financial year 1 January – 31 December 2015. The consolidated financial statements and the parent company financial statements comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant 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 2015 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 2015 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> Copenhagen 2016-04-21 Sport Nordic Holding ApS Baltorpbakken 5 2750 Ballerup 34485607 2012-05-01 Copenhagen 2016-05-31 Jens Ørgaard Libak Tropp 1073533000 520210000 2136000 -23004000 -24299000 19750000 -4431000 -48404000 14801000 0.485 0.002 0.392 -0.082 621.000 <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">Financial ratios are calculated in accordance with the Danish Finance Society's guidelines on the calculation of financial ratios "Recommendations and Financial Ratios 2015". For terms and definitions, please see the accounting policies.</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">Operating review</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">Primary activities</td></tr><tr><td colspan="1">The primary activity of Sport Nordic Holding ApS is to own and operate the SPORTMASTER and Rezet Sneaker Store retail chains.</td></tr><tr><td colspan="1">SPORTMASTER is a nationwide retail chain of 100 quality stores – operating both on- and offline – and employing more than 1,000 employees. SPORTMASTER has an extensive and attractive range of products, including own brands and leading sports brands of shoes, clothing and equipment for sports and leisure activities.</td></tr><tr><td colspan="1">Rezet Sneaker Store was acquired in May 2015 and is now a chain with three premium sneaker stores in Copenhagen and Aarhus and an online store.</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 finances</td></tr><tr><td colspan="1">As of 1 July 2012, SPORTMASTER was established as a vertical capital retail chain – a transformation from the voluntary chain that had been operating since 1979.</td></tr><tr><td colspan="1">The transformation was completed in 2015. The financial impact of the transformation includes one-off costs with a significant negative impact on the financial statements for 2015.</td></tr><tr><td colspan="1">SPORTMASTER.DK was relaunched in the fall 2013 and has continuously been upgraded with broader product offerings, improved customer service and increased integration with our off-line stores. SPORTMASTER.DK continues to grow.</td></tr><tr><td colspan="1">Building an omnichannel offer to our club members has been high priority since the establishment as a vertical capital retail chain. Club SPORTMASTER was re-launched in the fall 2012. The offer to our club members has proved to be very successful and both the number of memberships and their share of revenue continued to grow in 2015. The success was underlined in May 2015 as SPORTMASTER won the E-commerce award for the best omnichannel business in Denmark.</td></tr><tr><td colspan="1">Total revenue of SPORTMASTER for 2015 was DKK 1,074 million. The profitability has again in 2015 improved significantly. Operating profit before depreciation and amortisation (EBITDA) was DKK 59.0 million (2014: DKK 33,1 million), whereas operating profit (EBIT) was DKK 2,1 million (2014: DKK -17,1 million).</td></tr><tr><td colspan="1">The operating profit was negatively impacted by the transformation to a vertical chain. A part of the transformation costs has been recognised as special items in the income statement. Adjusting for these special items, the Group’s EBITDA for 2015 was DKK 67.6 million (2014: DKK 38.8 million).</td></tr><tr><td colspan="1">The Group’s financial position has improved significantly with cash capital increases in total amounting to DKK 59.9 million and a repayment of debt of DKK 45.1 million. Combined with the improvement of profitability in the past three years, the Goup’s financial position is today very strong.</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">SPORTMASTER expects that the market will stay competitive in 2016. We expect to continuously invest in the market and our platforms.</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">Events after the balance sheet date</td></tr><tr><td colspan="1">No events have occurred after the balance sheet date to this date which would significantly influence the evaluation of this annual 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">Risk management</td></tr><tr><td colspan="1">Sport Nordic Holding considers risk management an essential and natural element in connection with the realisation of the Group’s objectives and strategy. The daily activities, the implementation of the established strategy and continuous realisation of business opportunities involve a natural risk and, therefore, the Group’s handling of these issues are seen as a natural and integrated part of the daily work and a way to create a profitable Group with constant growth.</td></tr><tr><td colspan="1">Commercial risks</td></tr><tr><td colspan="1">Sport Nordic Holding’s most significant business risks concern general socioeconomic developments, including private consumption developments as well as SPORTMASTER's capacity to maintain its strong market position. Accordingly, Sport Nordic Holding aims to be at the forefront of market developments by constantly improving and developing its range of products and services with a view to always be the natural choice for Danes buying sports equipment.</td></tr><tr><td colspan="1">Interest rate risks</td></tr><tr><td colspan="1">Sport Nordic Holding’s bank debt carries variable interest, which is invoiced in DKK. To reduce the interest rate exposure, Sport Nordic Holding has entered interest-rate swaps covering the entire bank debt until the maturity of bank agreement.</td></tr><tr><td colspan="1">Currency risks</td></tr><tr><td colspan="1">Sport Nordic Holding’s revenue is primarily invoiced in DKK, whereas below 5% of purchases are made in USD related currencies. Accordingly, SPORTMASTER’s currency risk exposure is limited.</td></tr><tr><td colspan="1">Capital structure and funding</td></tr><tr><td colspan="1">Sport Nordic Holding is financed by a combination of equity and bank debt. Equity consists of one share class which is owned by Nordic Capital Fund VII, its co-investors and senior management.</td></tr><tr><td colspan="1">The capital structure is considered adequate and flexible enough to support the strategy and continued growth of Sport Nordic Holding.</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">Corporate Governance</td></tr><tr><td colspan="1">By virtue of its ownership, Sport Nordic Holding is subject to "Guidelines for responsible ownership and good company management" defined by the Danish Venture Capital and Private Equity Association. The guidelines are available at DVCA’s website www.dvca.dk. It is Sport Nordic Holding’s intention to fully comply with the guidelines where it is relevant for Sport Nordic Holding.</td></tr><tr><td colspan="1">The basis for the organisation of the management tasks is, among other things, the Danish Companies Act, the Danish Financial Statements Act, the Articles of Association of the Company as well as good practice from comparable companies. In addition, Management of Sport Nordic Holding is continuously monitoring the development within Corporate Governance. In this way, Management ensures that the Group, internally as well as externally, is managed in a way which is in harmony with time and in accordance with applicable law in order to protect the interests of all interested parties.</td></tr><tr><td colspan="1">The Board of Directors has agreed upon updated Rules of Procedures for the Board of Directors. In addition, the Board of Directors has appointed an Audit Committee.</td></tr><tr><td colspan="1">The following Board members are represented on the Audit Committee</td></tr><tr><td colspan="1">Michael Haaning, Vice Chairman</td></tr><tr><td colspan="1">Jess Ørgaard Libak Tropp, Board Member</td></tr><tr><td colspan="1">The Board of Directors consists of a total of six members. Three of the representatives have been appointed by the principal shareholder and three of the representatives are independent. The Nordic Capital Fund VII is represented on the Board of Directors by Michael Haaning, Lars Terney and Jess Ørgaard Libak Tropp, respectively.</td></tr><tr><td colspan="1">Four to six Board meetings are held each year. The Board of Directors determines the strategy of the Group and is an active sparring partner to Management of the Group. Two to three meetings are held in the Audit Committee each year.</td></tr><tr><td colspan="1">Internal controls over financial reporting</td></tr><tr><td colspan="1">Sport Nordic Holding’s risk management and internal controls over financial reporting are focused on reducing the risk of material misstatements in the presentation of the consolidated financial statements and parent company financial statements.</td></tr><tr><td colspan="1">Management evaluates essential risks and internal controls related to Sport Nordic Holding’s financial reporting on an ongoing basis. The Group has established a central accounting function, which is responsible for managing the financial reporting process, as well as a controlling function, which is responsible for the detailed follow-up on the Group’s shops.</td></tr><tr><td colspan="1">The Audit Committee oversees the financial reporting process including the sufficiency and efficiency of the established internal controls, new financial reporting standards, accounting policies and essential accounting estimates and judgements on an ongoing basis.</td></tr><tr><td colspan="1">The Audit Committee reports to the Board of Directors.</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">Corporate Social Responsibility</td></tr><tr><td colspan="1">Sport Nordic Holding works with specific objectives in a number of relevant areas, but a policy on corporate social responsibility, human rights and climate has not been adopted.</td></tr><tr><td colspan="1">The Board of Directors of the Company consists of six members, of whom one is a woman. The goal is to increase the proportion of women to 30% by the end of 2019. The gender composition of the Board of Directors has remained unchanged in 2015. Michael Christiansen was considered the best qualified candidates for the vacant position in the Board of Directors. Due to that, the share of female board members was unchanged.</td></tr><tr><td colspan="1">It is the policy of the Group always to appoint the best qualified candidates to leadership posts and at the same time support and enhance the qualifications of female leadership talents. In the Management team at the head office the proportion of women is 23%. The number of female leaders has been unchanged in 2015. The goal is, through increased use of networks etc., to increase the proportion of women to 30% by the end of 2019.</td></tr></table> 553323000 239802000 212807000 56871000 8594000 0 840000 23844000 -20868000 3431000 60702000 837000 -1248000 274000 56871000 26518000 -41552000 17538000 840000 22809000 0 13045000 19750000 91000 1742000 0 13958000 0 45064000 59641000 1061000 837000 -38034000 <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>Accounting policies</td></tr><tr><td /><td>The annual report of Sport Nordic Holding ApS for 2015 has been prepared in accordance with the provisions applying to reporting class C large enterprises under 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 /><td>Contributions for leasehold improvements have been reclassified from leasehold improvements to deferred income in the comparative figures. The reclassification does not affect the profit/loss for 2014 and equity at 31 December 2014. The balance sheet total at 31 December 2014 has increased by DKK 8,894 thousand.</td></tr><tr><td /><td>Apart from the above, the accounting policies used in the preparation of the consolidated financial statements and the parent company financial statements are consistent with those of last year.</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>Consolidated financial statements</td></tr><tr><td /><td>The consolidated financial statements comprise the parent company, Sport Nordic Holding ApS, and subsidiaries in which Sport Nordic Holding ApS directly or indirectly holds more than 50% of the voting rights or which it, in some other way, controls.</td></tr><tr><td /><td>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 /><td>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></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 /><td>Business combinations</td></tr><tr><td /><td>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 /><td>Gains and 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 /><td>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 /><td>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 15 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</td></tr><tr><td /><td>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 /><td>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 /><td>Intra-group business combinations</td></tr><tr><td /><td>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 /><td>Foreign currency translation</td></tr><tr><td /><td>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 /><td>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></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>Derivative financial instruments</td></tr><tr><td /><td>Derivative financial instruments are initially recognised in the balance sheet at cost and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are included in other receivables and payables, respectively.</td></tr><tr><td /><td>Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of the fair value of a recognised asset or liability are recognised in the income statement together with changes in the fair value of the hedged asset or liability.</td></tr><tr><td /><td>Changes in the fair value of derivative financial instruments designated as and qualifying for recognition as a hedge of future assets or liabilities are recognised in other receivables or other payables and in equity. If the hedged forecast transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or liability, respectively. If the hedged forecast transaction results in income or expenses, amounts previously deferred in equity are transferred to the income statement in the period in which the hedged item affects profit or loss.</td></tr><tr><td /><td>For derivative financial instruments that do not qualify for hedge accounting, changes in fair value are recognised in the income statement on a regular basis.</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>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 /><td>Revenue</td></tr><tr><td /><td>Revenue from the sale of goods for resale is recognised in the income statement provided that transfer of risk to the buyer has taken place before year end and that the income can be reliably measured and is expected to be received.</td></tr><tr><td /><td>Revenue is measured at the fair value of the agreed consideration net of 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 /><td>Cost of goods sold</td></tr><tr><td /><td>Cost of sales includes the cost of goods used in generating the year's revenue.</td></tr><tr><td /><td>Cost of goods sold is recognised after deduction of supplier discounts and bonuses.</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>Other external costs</td></tr><tr><td /><td>Other external costs comprise administrative expenses and other costs for operations and maintenance.</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>Staff costs</td></tr><tr><td /><td>Staff costs comprise wages, salaries, pensions and other staff 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 /><td>Special items</td></tr><tr><td /><td>Special items comprise significant income and expenses of an exceptional nature relative to the Group's earnings-generating operating activities, including expenses relating to the establishment of SPORTMASTER as an integrated retail chain and restructuring cost, as well as other significant one-off items.</td></tr><tr><td /><td>The items are stated separately to give a true and fair view of the Group's operating profit/loss and are specified in a note to the financial statements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td /><td>Profits/losses from investments in subsidiaries</td></tr><tr><td /><td>The proportionate share of the results after tax of the individual subsidiaries is recognised in the income statement of the parent company after full elimination of intra-group profits/losses.</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>Financial income and expenses</td></tr><tr><td /><td>Financial income and expenses comprise interest income and expense, gains and losses on 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></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>Tax on profit/loss for the year</td></tr><tr><td /><td>The parent company is covered by the Danish rules on compulsory joint taxation of the Sport Nordic Holding Group's 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 /><td>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 /><td>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 carryforwards receive joint taxation contribution from companies that have used these losses to reduce their own taxable profits.</td></tr><tr><td /><td>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 /><td>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 /><td>Intangible assets</td></tr><tr><td /><td>Goodwill</td></tr><tr><td /><td>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 period of 15 years. Goodwill is considered strategically and consequently amortised over a period of 15 years.</td></tr><tr><td /><td>Other intangible assets</td></tr><tr><td /><td>Other intangible assets, which comprise IT software, payment regarding tenancy takeover and trade names, are measured at cost less accumulated amortisation and impairment losses. Other intangible assets are amortised at a straight-line basis over 3 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>Property, plant and equipment</td></tr><tr><td /><td>Plant and equipment and leasehold improvements are measured at cost less accumulated depreciation and impairment losses.</td></tr><tr><td /><td>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 /><td>Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.</td></tr><tr><td /><td>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>Plant and equipment</td><td>3-5 years</td></tr><tr><td /><td>Leasehold improvements</td><td>3-10 years</td></tr><tr><td /><td>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 and losses are recognised in the income statement as other external 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 /><td>Investments in subsidiaries</td></tr><tr><td /><td>Investments in subsidiaries are measured under the equity method.</td></tr><tr><td /><td>Investments in subsidiaries are measured at the proportionate share of the enterprises' net asset values calculated in accordance with the Group's accounting policies minus or plus unrealised intra-group profits and losses and plus or minus any residual value of positive or negative goodwill determined in accordance with the acquisition method.</td></tr><tr><td /><td>Net revaluation of investments in subsidiaries is recognised in the reserve for net revaluation in equity under the equity method to the extent that the carrying amount exceeds cost. Dividends from subsidiaries which are expected to be adopted before the approval of the annual report of Sport Nordic Holding ApS are not recognised in the reserve for net revaluation.</td></tr><tr><td /><td>On acquisition of subsidiaries, the acquisition method is applied, see Consolidated financial statements above.</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>Impairment of non-current assets</td></tr><tr><td /><td>The carrying amount of intangible assets and property, plant and equipment as well as investments in subsidiaries 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 /><td>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 /><td>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 /><td>Inventories</td></tr><tr><td /><td>Inventories are measured at the lower of cost, measured by reference to the FIFO method, and net realisable value.</td></tr><tr><td /><td>Goods for resale are measured at cost, which comprises the cost of acquisition plus delivery costs as well as other costs directly attributable to the acquisition.</td></tr><tr><td /><td>The net realisable value of inventories is calculated as the sales amount less costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price.</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>Receivables</td></tr><tr><td /><td>Receivables are measured at amortised cost.</td></tr><tr><td /><td>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 /><td>Write-downs are calculated as the difference between the carrying amount of receivables and the present value of the expected cash flows.</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>Prepayments</td></tr><tr><td /><td>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 /><td>Equity</td></tr><tr><td /><td>Treasury shares</td></tr><tr><td /><td>Total acquisition and disposal costs of treasury shares are recognised directly in retained earnings under equity.</td></tr><tr><td /><td>Reserve for net revaluation according to the equity method</td></tr><tr><td /><td>Net revaluation of investments in subsidiaries is recognised at cost in the reserve for net revaluation according to the equity method.</td></tr><tr><td /><td>The reserve may be eliminated in case of losses, realisation of investments or a change in accounting estimates.</td></tr><tr><td /><td>The reserve cannot be recognised at a negative amount.</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>Dividends</td></tr><tr><td /><td>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 /><td>Corporation tax and deferred tax</td></tr><tr><td /><td>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 /><td>Joint taxation contribution payable and receivable is recognised in the balance sheet as "Corporation tax payable" or "Corporation tax receivable".</td></tr><tr><td /><td>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 on temporary differences relating to goodwill which is not deductible for tax purposes 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 /><td>Deferred tax assets, including the tax value of tax loss carry forwards, 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 /><td>Adjustment is made to deferred tax resulting from elimination of unrealised intra-group profits and losses.</td></tr><tr><td /><td>Deferred tax is measured in accordance with the tax rules and at the tax rate applicable 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 /><td>Prepayments from customers</td></tr><tr><td /><td>Prepayments from customers comprise liabilities regarding issued gift vouchers, recognised at the date of issue, and the customer loyalty programme, Club SPORTMASTER, recognised at the date of recognition of the related sales.</td></tr><tr><td /><td>Prepayments from customers are measured at amortised cost.</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 /><td>Deferred income</td></tr><tr><td /><td>Deferred income comprises 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 /><td>Liabilities other than provisions</td></tr><tr><td /><td>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 /><td>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 /><td>Cash flow statement</td></tr><tr><td /><td>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 /><td>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 /><td>Cash flows from operating activities</td></tr><tr><td /><td>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 /><td>Cash flows from investing activities</td></tr><tr><td /><td>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 /><td>Cash flows from financing activities</td></tr><tr><td /><td>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 /><td>Cash and cash equivalents</td></tr><tr><td /><td>Cash and cash equivalents comprise cash at bank and at hand.</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>Segment information</td></tr><tr><td /><td>Sport Nordic Holding Group has only domestic revenue and only one segment. Consequently, the Group does not provide segment information.</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>Financial ratios</td></tr><tr><td /><td>Financial ratios are calculated in accordance with the Danish Finance Society's guidelines on the calculation of financial ratios "Recommendations and Financial Ratios 2015".</td></tr><tr><td /><td>The financial ratios stated in the survey of financial highlights have been calculated as follows</td></tr><tr><td /><td>Gross margin</td><td>Gross profit x100/revenue</td></tr><tr><td /><td>Operating margin</td><td>Operating profit x100/revenue</td></tr><tr><td /><td>Solvency ratio</td><td>Equity at year end x100/total equity and liabilities at year end</td></tr><tr><td /><td>Return on equity</td><td>Profit/loss for the year x100/average equity</td></tr></table> 445000 73000 97000 50000 665000 197721000 9884000 5202000 <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="5"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="6%" align="right" valign="middle" >2015</td><td width="8%" align="right" valign="middle" >2014</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Special items</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Restructuring costs related to close downs, including salary and severance payments, etc. </td><td width="6%" align="right" valign="middle" >-8327</td><td width="8%" align="right" valign="middle" >-13382</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Other one-off items </td><td width="6%" align="right" valign="middle" >-267</td><td width="8%" align="right" valign="middle" >7655</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" ></td><td width="6%" align="right" valign="middle" >-8594</td><td width="8%" align="right" valign="middle" >-5727</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td colspan="5"></td></tr></table> 21381000 2463000 0 -1588000 -1843000 0 10229000 13045000 39922000 <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>I Amortised over</td><td>15 years</td><td>3 years</td></tr></table> 187000 19750000 539000 16949000 -365000 <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>Depreciated over</td><td>3-5 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 colspan="20">Alle beløb er angivet i  'x1000'</td></tr><tr><td colspan="5"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="6%" align="right" valign="middle" >2015</td><td width="8%" align="right" valign="middle" >2014</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax assets</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Deferred tax assets at 1 January</td><td width="6%" align="right" valign="middle" >18144</td><td width="8%" align="right" valign="middle" >14450</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Adjustment to last year</td><td width="6%" align="right" valign="middle" >-206</td><td width="8%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Addition on acquisition of subsidiaries</td><td width="6%" align="right" valign="middle" >317</td><td width="8%" align="right" valign="middle" >0</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax</td><td width="6%" align="right" valign="middle" >-1588</td><td width="8%" align="right" valign="middle" >2986</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Adjustment of deferred tax recognised in equity</td><td width="6%" align="right" valign="middle" >274</td><td width="8%" align="right" valign="middle" >708</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Deferred tax assets at 31 December</td><td width="6%" align="right" valign="middle" >16941</td><td width="8%" align="right" valign="middle" >18144</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax assets relates to:</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Intangible assets</td><td width="6%" align="right" valign="middle" >-3530</td><td width="8%" align="right" valign="middle" >-2396</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Property, plant and equipment</td><td width="6%" align="right" valign="middle" >10689</td><td width="8%" align="right" valign="middle" >7007</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Inventories </td><td width="6%" align="right" valign="middle" >3425</td><td width="8%" align="right" valign="middle" >9779</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Liabilities other than provisions</td><td width="6%" align="right" valign="middle" >3203</td><td width="8%" align="right" valign="middle" >976</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Tax loss carryforwards</td><td width="6%" align="right" valign="middle" >3154</td><td width="8%" align="right" valign="middle" >2778</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" ></td><td width="6%" align="right" valign="middle" >16941</td><td width="8%" align="right" valign="middle" >18144</td><td width="4%" ></td><td width="8%" ></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 colspan="5"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="6%" align="right" valign="middle" >2015</td><td width="8%" align="right" valign="middle" >2014</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Bank loans</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >The bank loans are recognised in the balance sheet as follows:</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Non-current liabilities </td><td width="4%" align="right" valign="middle" >228786</td><td width="8%" align="right" valign="middle" >245143</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Current liabilities </td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >26244</td></tr><tr><td width="74%" ></td><td width="6%" ></td><td width="8%" ></td><td width="4%" align="right" valign="middle" >228786</td><td width="8%" align="right" valign="middle" >271387</td></tr><tr><td colspan="5"></td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Bank loans falling due more than five years after the balance sheet date (carrying amount)</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Financing costs offset against liabilities</td><td width="4%" align="right" valign="middle" >8296</td><td width="8%" align="right" valign="middle" >10759</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Amounts owed to former owners is due within 5 years.</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 colspan="5"></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="6%" align="right" valign="middle" >2015</td><td width="8%" align="right" valign="middle" >2014</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other payables</td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Holiday pay obligations and salary related liabilities</td><td width="6%" align="right" valign="middle" >29415</td><td width="8%" align="right" valign="middle" >30844</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >VAT payables</td><td width="6%" align="right" valign="middle" >35318</td><td width="8%" align="right" valign="middle" >39238</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Fair value of hedging instruments</td><td width="6%" align="right" valign="middle" >6385</td><td width="8%" align="right" valign="middle" >4594</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" colspan="1" align="left" valign="middle" >Other liabilities</td><td width="6%" align="right" valign="middle" >9943</td><td width="8%" align="right" valign="middle" >11552</td><td width="4%" ></td><td width="8%" ></td></tr><tr><td width="74%" ></td><td width="6%" align="right" valign="middle" >81061</td><td width="8%" align="right" valign="middle" >86228</td><td width="4%" ></td><td width="8%" ></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" >Contractual obligations and contingencies, etc.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent assets and liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company is jointly taxed with the subsidiaries. The companies included in the joint taxation have joint and several unlimited liability for Danish corporation taxes. At 31 December 2015, the net taxes payable to the Danish Central Tax Administration by the companies included in the joint taxation amounted to DKK 0. Any subsequent corrections of the taxable income subject to joint taxation may entail that the companies' liability will increase.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group's companies are jointly and severally liable for group VAT registration.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >As security for bank loans mortgage is provided in the Group's assets, including goodwill.</td></tr><tr><td colspan="1"></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 has entered into operating leases with an annual lease payment of DKK 124,719 thousand (2014: 152,264 thousand). The total nominal residual lease payment amounts to DKK 349,456 thousand (2014: 221,182 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" >Related party disclosures</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Sport Nordic Holding ApS' related parties comprise the following:</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Parties exercising control</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Nordic Capital Fund VII, England, which controls the Company.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Other related parties</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group companies: SDK Sport I ApS, SDK Sport II ApS, Sport Danmark A/S and Uniboys ApS.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Ownership</td></tr><tr><td width="100%" colspan="1" 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="1" align="left" valign="middle" >Nordic Capital Fund VII, England.</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="3"></td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >DKK'000</td><td width="7%" align="right" valign="middle" >2015</td><td width="11%" align="right" valign="middle" >2014</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Other adjustments of non-cash operations items etc.</td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >Financial income</td><td width="7%" align="right" valign="middle" >-840</td><td width="11%" align="right" valign="middle" >0</td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >Financial expenses</td><td width="7%" align="right" valign="middle" >23844</td><td width="11%" align="right" valign="middle" >28968</td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >Losses on disposals of property, plant and equipment</td><td width="7%" align="right" valign="middle" >83</td><td width="11%" align="right" valign="middle" >4</td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >Tax on profit/loss for the year</td><td width="7%" align="right" valign="middle" >3431</td><td width="11%" align="right" valign="middle" >-2928</td></tr><tr><td width="82%" ></td><td width="7%" align="right" valign="middle" >26518</td><td width="11%" align="right" valign="middle" >26044</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" >Changes in working capital</td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >Change in inventories</td><td width="7%" align="right" valign="middle" >-22933</td><td width="11%" align="right" valign="middle" >-18359</td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >Change in receivables</td><td width="7%" align="right" valign="middle" >3551</td><td width="11%" align="right" valign="middle" >8234</td></tr><tr><td width="82%" colspan="1" align="left" valign="middle" >Change in trade and other payables</td><td width="7%" align="right" valign="middle" >-22170</td><td width="11%" align="right" valign="middle" >67442</td></tr><tr><td width="82%" ></td><td width="7%" align="right" valign="middle" >-41552</td><td width="11%" align="right" valign="middle" >57317</td></tr><tr><td colspan="3"></td></tr></table> Årsrapport 30700228 Ernst og Young Englandsgade 25 5000 Odense C Revisionspåtegning Jess Ørgaard Libak Tropp Jess Ørgaard Libak Tropp Lars Terney Mette Maix Michael Christiansen Chairman Michael Haaning Mikkel Vendelin Olesen Ernst & Young Godkendt Revisionspartnerselskab Henrik Kronborg Iversen <p xmlns="http://www.w3.org/1999/xhtml">State Authorised</p><p xmlns="http://www.w3.org/1999/xhtml">Public Accountant</p> Osvald Helmuths Vej 4, P.O. Box 250 DK-2000 Frederiksberg Søren Christiansen <p xmlns="http://www.w3.org/1999/xhtml">State Authorised</p><p xmlns="http://www.w3.org/1999/xhtml">Public Accountant</p> 1076233000 510083000 -17060000 -28968000 -43100000 38541000 60741000 -81894000 36309000 0.474 -0.016 0.340 -0.143 651.000 1041418000 507024000 -35773000 -26811000 -55251000 11918000 -34259000 -27097000 -16469000 0.487 -0.034 0.399 -0.158 686.000 595249000 263085000 8330000 -12781000 -5543000 13021000 47801000 -478171000 532259000 0.442 0.014 0.440 -0.015 704.000 Operating profit/loss before depreciation and amortisation (EBITDA) 59007000 Operating profit/loss before depreciation and amortisation (EBITDA) 33111000 Operating profit/loss before depreciation and amortisation (EBITDA) 9826000 Operating profit/loss before depreciation and amortisation (EBITDA) 29614000 Operating profit/loss before special items, depreciation and amortisation (Adjusted EBITDA) 67601000 Operating profit/loss before special items, depreciation and amortisation (Adjusted EBITDA) 38838000 Operating profit/loss before special items, depreciation and amortisation (Adjusted EBITDA) 17554000 Operating profit/loss before special items, depreciation and amortisation (Adjusted EBITDA) 40784000 Operating profit/loss before special items 10730000 Operating profit/loss before special items -11333000 Operating profit/loss before special items -28045000 Operating profit/loss before special items 19500000 804220000 314972000 339405000 16238000 355643000 10016000 42677000 52693000 21631000 0 21631000 429967000 317564000 317564000 21733000 0 16941000 11882000 0 4947000 55503000 1186000 374253000 12739000 302233000 228786000 4667000 233453000 0 29996000 135509000 0 0 0 81061000 9229000 255795000 489248000 804220000 1186000 474134000 118491000 107172000 54479000 825441000 280380000 812606000 324368000 850747000 374108000 Total cash flows -38034000 Total cash flows 15156000 Total cash flows -77852000 Total cash flows 101889000 1076233000 566150000 510083000 251234000 220012000 50170000 5727000 -17060000 0 0 28968000 -46028000 -2928000 -43100000 50170000 26044000 57317000 90431000 0 27240000 2450000 60741000 8562000 19227000 93000 0 5382000 59580000 -81894000 60759000 24000000 610000 140000 1200000 36309000 15156000 442000 48000 117000 0 607000 205855000 9436000 4721000 25429000 3539000 0 3817000 -889000 0 0 0 55000 0 0 0 -55000 -24319000 80000 0 -24294000 5000 -24299000 <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> 60702000 837000 -974000 <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>Fees paid to auditors appointed at the annual general meeting</td></tr></table> 25000 0 15000 15000 55000 0 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>Remuneration to the parent company Board of Directors of DKK 963 thousand (2014: DKK 975 thousand) is included in staff costs.</td></tr><tr><td /><td>Incentive programmes</td></tr><tr><td /><td>Sport Nordic Holding has established a share-based incentive programme in the form of a warrant program for senior executives. The warrants are acquired at the fair value at the grant date.</td></tr><tr><td /><td>In 2015, proceed from issue of warrants regarding 751,453 shares amount to DKK 1,061 thousand.</td></tr><tr><td /><td>At 31 December 2015 a total number of outstanding warrants amount to 1,598,702. The warrants give right to acquire 1,441,607 shares of DKK 1 each.</td></tr><tr><td /><td>The total number of outstanding warrants owned by the Board of Directors at 31 December 2015 amount to 220,077 shares.</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="5"></td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="4%" align="right" valign="middle" >2015</td><td width="8%" align="right" valign="middle" >2014</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Special items</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Restructuring costs related to close downs, including salary and severance payments, etc. </td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Other one-off items </td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="74%" ></td><td width="6%" ></td><td width="8%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td colspan="5"></td></tr></table> 0 0 -2000 -3000 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 /><td>Share capital</td></tr><tr><td /><td>The share capital comprises 12,738,709 shares of DKK 1 each. In 2015, the parent company purchased 30,536 number of treasury shares for DKK 837 thousand.</td></tr><tr><td /><td>At 31 December 2015 the parent company owns 30,536 treasury shares.</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>Changes in share capital since the establishment can be specified as follows</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="5"></td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="4%" align="right" valign="middle" >2015</td><td width="8%" align="right" valign="middle" >2014</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax assets</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax assets at 1 January</td><td width="4%" align="right" valign="middle" >13</td><td width="8%" align="right" valign="middle" >1</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Adjustment to last year</td><td width="4%" align="right" valign="middle" >-10</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Addition on acquisition of subsidiaries</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax</td><td width="4%" align="right" valign="middle" >-3</td><td width="8%" align="right" valign="middle" >12</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Adjustment of deferred tax recognised in equity</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Deferred tax assets at 31 December</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >13</td></tr><tr><td colspan="5"></td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Deferred tax assets relates to:</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Intangible assets</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Property, plant and equipment</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Inventories </td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Liabilities other than provisions</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Tax loss carryforwards</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >13</td></tr><tr><td width="74%" ></td><td width="6%" ></td><td width="8%" ></td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >13</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 colspan="5"></td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >DKK'000</td><td width="4%" align="right" valign="middle" >2015</td><td width="8%" align="right" valign="middle" >2014</td></tr><tr><td width="100%" colspan="5" align="left" valign="middle" >Other payables</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Holiday pay obligations and salary related liabilities</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >VAT payables</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Fair value of hedging instruments</td><td width="4%" align="right" valign="middle" >0</td><td width="8%" align="right" valign="middle" >0</td></tr><tr><td width="88%" colspan="3" align="left" valign="middle" >Other liabilities</td><td width="4%" align="right" valign="middle" >72</td><td width="8%" align="right" valign="middle" >25</td></tr><tr><td width="74%" ></td><td width="6%" ></td><td width="8%" ></td><td width="4%" align="right" valign="middle" >72</td><td width="8%" align="right" valign="middle" >25</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" >Contractual obligations and contingencies, etc.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Contingent assets and liabilities</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company is jointly taxed with the subsidiaries. The companies included in the joint taxation have joint and several unlimited liability for Danish corporation taxes. At 31 December 2015, the net taxes payable to the Danish Central Tax Administration by the companies included in the joint taxation amounted to DKK 0. Any subsequent corrections of the taxable income subject to joint taxation may entail that the companies' liability will increase.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company has guaranteed for banks loans in subsidiaries of DKK 237,082 thousand.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Operating lease obligations</td></tr><tr><td colspan="1"></td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td width="100%" colspan="1" align="left" valign="middle" >Related party disclosures</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Sport Nordic Holding ApS' related parties comprise the following:</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Parties exercising control</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The member of the Executive Board and the members of the Board of Directors.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The Group companies: SDK Sport I ApS, SDK Sport II ApS, Sport Danmark A/S and Uniboys ApS.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" 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="1" align="left" valign="middle" >Nordic Capital Fund VII, England.</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 width="100%" colspan="3" align="left" valign="middle" >Change in inventories</td></tr><tr><td width="100%" colspan="3" align="left" valign="middle" >Change in receivables</td></tr><tr><td colspan="3"></td></tr></table> 0 0 0 10000 0 0 0 -10000 -43092000 0 0 -43102000 -2000 -43100000 25000 0 15000 0 40000 0 0 0 0 0 2000 0 0 -24299000 -43100000 358462000 13829000 372291000 10651000 39228000 49879000 19684000 0 19684000 441854000 292939000 292939000 17281000 0 18144000 21651000 92000 3154000 60322000 39220000 392481000 834335000 10436000 269944000 280380000 245143000 4667000 249810000 26244000 35905000 143550000 0 3324000 0 86228000 8894000 304145000 553955000 834335000 39220000 0 0 0 0 0 0 0 293000000 293000000 293000000 0 0 0 27937000 0 0 0 0 27937000 0 27937000 320937000 12739000 302233000 314972000 0 0 0 0 0 0 5890000 0 3000 72000 0 5965000 5965000 320937000 0 0 0 0 0 0 0 260692000 260692000 260692000 0 0 0 19084000 13000 625000 0 0 19722000 0 19722000 280414000 10436000 269944000 280380000 0 0 0 0 0 0 0 0 9000 25000 0 34000 34000 280414000 10436000 269944000 280380000 39220000 450860000 78569000 87774000 37895000 2303000 0 0 0 0 58399000 837000 -1248000 274000 -24299000 12739000 302233000 10436000 269944000 280380000 2303000 0 0 0 58399000 837000 -974000 -24299000 12739000 302233000 24064000 621.000 651.000 0.000 0.000 428987000 70525000 21873000 8044000 -94000 9229000 208000 28400000 94000 1000000 12837000 11522000 438330000 98925000 339405000 35804000 19566000 16238000 32584000 21933000 55190000 15962000 0 5636000 216000 6217000 -162000 187000 14114000 323000 10732000 -203000 38004000 27988000 10016000 69168000 26491000 42677000 368080000 -107387000 368080000 -61786000 57600000 -24319000 -974000 0 -43092000 -2509000 425680000 -132680000 293000000 368080000 -107387000 260693000 SDK Sport I ApS Ballerup 1.0000 10394000 10289000 0 42000 105000 10209000 10436000 10394000 10289000