33497725 2015-01-01 2015-12-31 33497725 2015-01-01 2015-12-31 0 33497725 2015-01-01 2015-12-31 1 33497725 2015-01-01 2015-12-31 2 33497725 2015-01-01 2015-12-31 0 33497725 2015-01-01 2015-12-31 1 33497725 2015-01-01 2015-12-31 2 33497725 2015-01-01 2015-12-31 3 33497725 2015-01-01 2015-12-31 0 33497725 2015-01-01 2015-12-31 1 33497725 2014-01-01 2014-12-31 33497725 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 33497725 2014-01-01 2014-12-31 fsa:RetainedEarningsMember 33497725 2015-01-01 2015-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33497725 2014-01-01 2014-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33497725 2015-12-31 33497725 2014-12-31 33497725 2015-01-01 33497725 2014-01-01 33497725 2015-01-01 fsa:ContributedCapitalMember 33497725 2015-01-01 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33497725 2015-01-01 fsa:ProposedDividendRecognisedInEquityMember 33497725 2015-01-01 fsa:RetainedEarningsMember 33497725 2015-01-01 2015-12-31 fsa:ContributedCapitalMember 33497725 2015-01-01 2015-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33497725 2015-01-01 2015-12-31 fsa:ProposedDividendRecognisedInEquityMember 33497725 2015-01-01 2015-12-31 fsa:RetainedEarningsMember 33497725 2015-12-31 fsa:ContributedCapitalMember 33497725 2015-12-31 fsa:ReserveForNetRevaluationAccordingToEquityMethodMember 33497725 2015-12-31 fsa:ProposedDividendRecognisedInEquityMember 33497725 2015-12-31 fsa:RetainedEarningsMember 33497725 2015-01-01 cmn:PreviousYearMember fsa:ContributedCapitalMember 33497725 2015-01-01 cmn:TwoYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-01-01 cmn:ThreeYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-01-01 cmn:FourYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-01-01 2015-12-31 cmn:PreviousYearMember fsa:ContributedCapitalMember 33497725 2015-01-01 2015-12-31 cmn:TwoYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-01-01 2015-12-31 cmn:ThreeYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-01-01 2015-12-31 cmn:FourYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-12-31 cmn:PreviousYearMember fsa:ContributedCapitalMember 33497725 2015-12-31 cmn:TwoYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-12-31 cmn:ThreeYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-12-31 cmn:FourYearsAgoMember fsa:ContributedCapitalMember 33497725 2015-01-01 fsa:InvestmentsInGroupEnterprisesMember 33497725 2014-01-01 fsa:InvestmentsInGroupEnterprisesMember 33497725 2015-01-01 2015-12-31 fsa:InvestmentsInGroupEnterprisesMember 33497725 2014-01-01 2014-12-31 fsa:InvestmentsInGroupEnterprisesMember 33497725 2015-12-31 fsa:InvestmentsInGroupEnterprisesMember 33497725 2014-12-31 fsa:InvestmentsInGroupEnterprisesMember 33497725 2015-01-01 2015-12-31 0 33497725 2015-12-31 0 iso4217:DKK xbrli:pure Regnskabsklasse B 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 Executive and Supervisory 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 Executive and Supervisory Boards have today discussed and approved the annual report of Bukkehave Distribution 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 financial statements of the Company gives a true and fair view of the Company's financial position at 31 December 2015 and of the results of the Company's operations and 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 matters, the Review includes.</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> Svendborg 29/ 3 2016 <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 Bukkehave Distribution 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 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 financial statements of Bukkehave Distribution ApS for the financial year 1 January – 31 December 2015, which comprise accounting policies, income statement, balance sheet, cash flow statement, statement of shareholders equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management's responsibility for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditors' responsibility</td></tr><tr><td colspan="1">Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.</td></tr><tr><td colspan="1">An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.</td></tr><tr><td colspan="1">We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Our audit has not resulted in any qualification.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2015 and of the results of its operations and 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 other 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.</td></tr></table> Odense, 29/ 3 2016 Bukkehave Distribution ApS Troensevej 29 5700 Svendborg Denmark 63212121 63212163 www.bukkehave.com 33497725 2011-02-04 Svendborg 2016-03-29 Poul Jagd Mogensen <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">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">Main activity</td></tr><tr><td colspan="1">The business foundation for Bukkehave Distribution is to hold shares and manage ownership in other enterprises and related activities.</td></tr><tr><td colspan="1">According to the Group overview, the company owns the subsidiary Bukkehave Nigeria Ltd.</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 conditions</td></tr><tr><td colspan="1">Result of the year</td></tr><tr><td colspan="1">The result after tax for 2015 was DKK -7.6 million vs. DKK -3.7 million in 2014. The Board does not find the result satisfactory.</td></tr><tr><td colspan="1">The result for 2015 in the subsidiary Bukkehave Nigeria, was significantly influenced by the macroeconomic situation in the country, which was negatively influenced by low oil prices, lack of foreign currency and presidential election. Short term, we do not see any significant improvement in the market, but Nigeria is still considered a very interesting market long term. Adjustments has been made to the set-up in the subsidiary Bukkehave Nigeria to cope with the situation. Please see note 1 for further details.</td></tr><tr><td colspan="1">Investments</td></tr><tr><td colspan="1">No investments have taken place in 2015.</td></tr><tr><td colspan="1">Cash resources and capital position</td></tr><tr><td colspan="1">The total balance sum is DKK 0 million as of December 31 2015.</td></tr><tr><td colspan="1">As of 31 December 2015 the company has shareholder’s equity of DKK -4.9 million vs. DKK -14.4 million as of 31 December 2014. In 2016 a capital injection of DKK 5 million via loan conversion was completed. Please see note 1 for further comments.</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 termination of the financial year</td></tr><tr><td colspan="1">Apart from the above mentioned capital injection/loan conversion, no events have occurred since the end of the financial year, which in our opinion will change the evaluation of the Annual Report and the company’s 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">Expectations to the future</td></tr><tr><td colspan="1">Due to a significant adjustment of the set-up in the subsidiary Bukkehave Nigeria, and a satisfying order pipeline, the company expects a positive result in 2016. Furthermore we refer to Note 1 regarding budget assumptions</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">Group Chart</td></tr><tr><td colspan="1">Bukkehave International A/S, Svendborg , having an owner´s share of 58,8%, is the ultimate parent company. The financial statement for Bukkehave Distribution ApS is included in the consolidated financial statement for Bukkehave International A/S and Bukkehave Corporation 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="1">Accounting practices applied</td></tr><tr><td colspan="1">The annual report of Bukkehave Distribution ApS for 2015 has been prepared in accordance with the provisions applying to a class B enterprise under the Danish Financial Statements Act.</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">Recognition and measurement</td></tr><tr><td colspan="1">Assets are recognized in the balance sheet when it is probable that future economic benefits will flow to the Company and the value of the asset can be reliably measured.</td></tr><tr><td colspan="1">Liabilities are recognized in the balance sheet when an outflow of economic benefits is probable and when the liability can be reliably measured.</td></tr><tr><td colspan="1">On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described below for each individual item.</td></tr><tr><td colspan="1">In recognizing and measuring assets and liabilities, any gains, losses and risks occurring prior to the presentation of the annual report that evidence conditions existing at the balance sheet date are taken into account.</td></tr><tr><td colspan="1">Income is recognized in the income statement as earned. Equally, costs incurred to generate the year's earnings are recognized, including depreciation, amortization, impairment and provisions as well as reversals as a result of changes in accounting estimates of amounts, which were previously recognized in the 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">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">Administration costs</td></tr><tr><td colspan="1">Administration costs comprise the costs incurred during the year for management and administration, including expenses for office equipment, rent of buildings 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">Profit/Losses from Investments in Subsidiaries</td></tr><tr><td colspan="1">The proportionate share of the results result after tax of the individual subsidiaries is recognised in the income statement of the parent company after full elimination of intra-group profit/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 colspan="1">Corporation Taxes</td></tr><tr><td colspan="1">The company is jointly taxed with the group parent company, Bukkehave International A/S, and affiliated companies.</td></tr><tr><td colspan="1">Bukkehave International A/S manages the joint taxation and consequently settles all payments of corporate tax with the tax authorities.</td></tr><tr><td colspan="1">The tax effect of the joint taxation is distributed as joint taxation contribution via the management company, Bukkehave International A/S, in proportion to each company´s taxable income. The jointly taxed companies are registered in the Danish prepaid tax arrangement with the tax authorities.</td></tr><tr><td colspan="1">The annual tax consist of the total joint taxation contribution payment and changes in deferred taxes, including changes in deferred tax due to changes in tax rates.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Balance sheet</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Investments in Subsidiaries</td></tr><tr><td colspan="1">Investments in subsidiaries are measured under the equity method.</td></tr><tr><td colspan="1">Investments in subsidiaries are measured at the proportionate share of the companies’ net asset value, calculated in agreement with the consolidated accounting principles with deduction or addition of unrealized group internal revenues and losses with deduction or addition of remaining value of positive or negative goodwill calculated in agreement with the method of acquisition.</td></tr><tr><td colspan="1">Investments in subsidiaries with negative net asset value are measured at DKK 0 (nil), and any amounts owed by such enterprises are written down if the amount owed is irrevocable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the amount owed, the remaining amount is recognized under provisions.</td></tr><tr><td colspan="1">Net revaluation of investments in subsidiaries is recognized 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 Bukkehave Corporation A/S are not recognised in the reserve for net revaluation.</td></tr><tr><td colspan="1">Capital increase due to issue of shares to new shareholders is treated the same way as sale of Investments in Subsidiaries.</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></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 from affiliated companies</td></tr><tr><td colspan="1">Receivables from affiliated companies are measured after an individual assessment of the values at which they are expected to be debited.</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">Receivables and Debts</td></tr><tr><td colspan="1">Receivables and liabilities are measured after an individual assessment of the values at which they are expected to be debited and credited, 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">Corporation tax and deferred tax</td></tr><tr><td colspan="1">Current tax payable and receivable are recognized 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">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.</td></tr><tr><td colspan="1">Deferred tax assets, including the tax base of tax loss carry forwards, are recognized at the expected value of their utilization; 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.</td></tr><tr><td colspan="1">Adjustment is made to deferred tax resulting from elimination of unrealized intra-group profits and losses.</td></tr><tr><td colspan="1">Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to realize as current tax. The change in deferred tax as a result of changes in tax rates is recognized in the 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">Cash flow statement</td></tr><tr><td colspan="1">The cash flow statement shows the Group's cash flow from operating, investing and financing activities for the year, the years changes in cash and cash equivalents as well as the Groups 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 flow 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 profit/loss adjusted for non-cash operating items, changes in working capital and corporation tax paid.</td></tr><tr><td colspan="1">Cash flow 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">Net Cash funds</td></tr><tr><td colspan="1">Net cash funds comprise cash and short term debt to financial institutions.</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 direct cost.</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 direct cost.</td></tr><tr><td colspan="1">Foreign subsidiaries are considered separate entities. The income statements are translated at the average exchange rates for the month, and the balance sheet items are translated at the exchange rates at the balance sheet date. 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 width="100%" colspan="1" align="left" valign="middle" ></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Significant matters in relation to the Financial Statement</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Budget Assumptions</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The subsidiary Bukkehave Nigeria has substantiated expectations about long term future growth in turnover and profit.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The prepared budgets and forecasts expresses managements best judgment of the development, taking the general insecure situation regarding the establishment in a new market into consideration.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The budget has been prepared based on expectations about known customer relations, combined with an estimated hit rate on new customers. During 2016, the company still expect a low acitivity level in Nigeria due to the Macroeconomical factors such as oil prices and lack of foreign currency in the market. As a consequence, the set-up in Nigeria has been adjusted to an appropriate level. The company expects to sell few trucks as commision based sales via Renault Financing and some trucks and trailers directly to customers. Furthermore the company will continue to sell spare parts for Renault Trucks.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The turnover for 2016 is budgeted at DKK 9.2 million while the contribution margin is budgeted at DKK 2.3 million. Based on the known sales order pipeline and the reduced cost structure, it is considered realistic to achieve the budget for 2016.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The subsidiary Bukkehave Nigeria does not have any local bank credit faclities. If the company will need cash for financing of the day to day operation, Bukkehave Corporation will provide this.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Liquidity and capital resources</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The companys equity was negative by DKK 4.9 million by the end of 2015. The company is covered by the regulations regarding capital loss in the Danish Companys Act, since the company has lost more than 50% of the share capital.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >In the beginning of 2016, a share capital increase of DKK 5 million was approved by the board and shareholders. The injection was completed via an assignment of loan originally granted from Bukkehave Corporation to Bukkehave Nigeria. The loan was assigned to Bukkehave Distribution and part of the loan was subsequently converted to share capital. The injection has been registered at the Danish Business Authority on 27 January 2016. The equity thereby turned positive.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The adjustment of the set-up in Bukkehave Nigeria and the following future positive perspectives for profit generation in this entity, combined with the above mentioned conversion of loan to share capital in Bukkehave Distribution in January 2016, is expected to enable a repayment of the remaining intercompany loan between Bukkehave Distribution and Bukkehave Corporation.</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The company will consider to complete a capital reduction during 2016 in order to comply with the regulations regarding capital loss in the Danish Companys Act.</td></tr></table> 521993 -521993 -6974759 0 109350 -7606102 0 -7606102 2015 0 -6974759 0 0 0 2369336 -3000679 0 0 3000000 3000000 -679 <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 /><td>Statement of shareholder´s equity</td></tr></table> 17031800 -77049 <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 /><td>22.031.800 shares of DKK 1</td><td /><td /><td>22.031.800</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 /><td>Investments in subsidiaries are 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 /><td /><td>FINANCIAL INCOME AND COSTS</td></tr></table> 0 109350 <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" ><b>DEBT TO AFFILIATED COMPANIES</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The item debt to affiliated companies includes debt to the company's minority-shareholder with DKK 0 (2014: DKK 4.1 million)</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" ><b>EMPLOYEES</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >During the financial year, the Executive Board and Supervisory Board associated with the Company, have received</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >no wages, salaries and Director´s fee.</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" ><b>PLEDGES, SECURITIES AND CONTINGENT LIABILITIES</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The parent company is jointly taxed with the Danish subsidiary. The companies included in the joint taxation have joint and several</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >unlimited liability for Danish corporation taxes and withholding taxes on dividends, interests and royalties. At 31 December 2015, the</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >net taxes payable to the Danish Central Tax Administration by the companies included in the joint taxation amounted to DKK 0.0</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >thousand. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc., may entail</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >that the companies´ liability will increase. The Group as a whole is not liable to others.</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" ><b>RELATED PARTY DISCLOSURES</b></td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >The related parties of Bukkehave Distribution ApS are:</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Party exercising control</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Bukkehave Corporation A/S, Svendborg, Denmark being the majority shareholder of the share capital in Bukkehave </td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Distribution ApS, and Christian Haar being the majority shareholder of the capital in Bukkehave International A/S, the parent company of</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Bukkehave Corporation A/S.</td></tr><tr><td colspan="1"></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" ><b>Related parties exercising significant influence</b></td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Related parties exercising significant influence comprise the minority shareholder, subsidiary companies as mentioned in note 2, shareholders,</td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >the Group´s Supervisory and Executive Boards and their family members. </td></tr><tr><td width="100%" colspan="1" align="left" valign="middle" >Further, related parties comprise affiliated companies and other companies in which the above persons have substantial interest.</td></tr><tr><td colspan="1"></td></tr></table> Årsrapport 30700228 Ernst & Young Englandsgade 25 5000 Odense C Revisionspåtegning Morten Ravn Frederiksen CEO Bo Thomas Dybbro CFO Jesper Galsgaard Larsen Jens Josefsen Johannes Poulsen Karsten Kielland Catherine Isabelle Cax Ernst & Young Godkendt Revisionspartnerselskab 30700228 Per Gunslev State Authorised Public Accountant. Englandsgade 25 5100 Odense C Søren Smedegaard Hvid State Authorised Public Accountant. 428726 -428726 -3299887 0 14298 -3742911 0 -3742911 2014 0 -3299887 0 0 4698432 -8405000 12660408 12662171 -12662171 0 0 -1763 0 14298 -7606102 -3742911 0 0 0 0 202 202 202 22031800 0 -26972353 0 -4940553 2735221 2205534 0 2205534 2205534 202 202 4162489 4162489 882 882 4163371 5000000 0 -19443299 0 -14443299 0 18496420 110250 18606670 18606670 4163371 881 881 -14443299 2644 5000000 0 0 -19443299 17031800 0 0 0 0 0 0 0 0 0 -77049 -7606102 22031800 0 0 -26972353 5000000 5000000 80000 80000 0 0 4920000 0 5000000 5000000 5000000 80000 22702771 -18540282 10040600 -14976966 0 77049 -6974759 12662171 -263429 -3299887 22702771 -25437992 -2735221 22702771 -18540282 4162489 Bukkehave Nigeria Ltd. Lagos, Nigeria -6974759 1.0000 -2735222