372288692016-04-30372288692015-11-152016-04-30372288692016-04-30fsa:InvestmentsInGroupEnterprisesMember372288692015-11-152016-04-30fsa:InvestmentsInGroupEnterprisesMember372288692016-04-30fsa:LongtermDebtToBanksMember372288692016-04-30fsa:LongtermEquityLoanMember372288692015-11-152016-04-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember372288692015-11-152016-04-30fsa:RetainedEarningsMember372288692015-11-152016-04-30fsa:ContributedCapitalMember372288692015-11-152016-04-30fsa:RetainedEarningsMember372288692015-11-152016-04-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember372288692016-04-30fsa:ContributedCapitalMember372288692016-04-30fsa:ReserveForNetRevaluationAccordingToEquityMethodMember372288692016-04-30fsa:RetainedEarningsMember372288692016-04-30Kapitalklasse 01372288692015-11-152016-04-30cmn:ConsolidatedMember372288692015-11-152016-04-30cmn:ConsolidatedMemberDirektionsmedlem 1372288692015-11-152016-04-30cmn:ConsolidatedMemberBestyrelsesmedlem 01372288692015-11-152016-04-30cmn:ConsolidatedMemberBestyrelsesmedlem 02372288692015-11-152016-04-30cmn:ConsolidatedMemberBestyrelsesmedlem 03372288692015-11-152016-04-30cmn:ConsolidatedMemberBestyrelsesmedlem 04372288692015-11-152016-04-30cmn:ConsolidatedMemberBestyrelsesmedlem 05372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember372288692016-04-30cmn:ConsolidatedMember372288692016-04-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember372288692016-04-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:ContributedCapitalMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:RetainedEarningsMember372288692015-11-15cmn:ConsolidatedMember372288692016-04-30cmn:ConsolidatedMemberfsa:FixturesFittingsToolsAndEquipmentMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:FixturesFittingsToolsAndEquipmentMember372288692016-04-30cmn:ConsolidatedMemberfsa:PlantAndMachineryMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:PlantAndMachineryMember372288692016-04-30cmn:ConsolidatedMemberfsa:GoodwillMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:GoodwillMember372288692015-11-152016-04-30cmn:ConsolidatedMemberBestyrelsesmedlem 06372288692016-04-30cmn:ConsolidatedMemberfsa:CompletedDevelopmentProjectsMember372288692016-04-30cmn:ConsolidatedMemberfsa:AcquiredOtherSimilarRightsMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:CompletedDevelopmentProjectsMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:AcquiredOtherSimilarRightsMember372288692016-04-30cmn:ConsolidatedMemberfsa:PropertyPlantAndEquipmentInProgressMember372288692015-11-152016-04-30cmn:ConsolidatedMemberfsa:PropertyPlantAndEquipmentInProgressMember372288692016-04-30cmn:ConsolidatedMemberfsa:LongtermEquityLoanMember372288692016-04-30cmn:ConsolidatedMemberfsa:LongtermDebtToBanksMember372288692015-11-152016-04-30cmn:ConsolidatedMembercmn:PreviousYearMember372288692015-11-152016-04-30cmn:ConsolidatedMembercmn:TwoYearsAgoMember372288692015-11-152016-04-30cmn:ConsolidatedMembercmn:ThreeYearsAgoMember372288692015-11-152016-04-30cmn:ConsolidatedMembercmn:FourYearsAgoMember372288692015-11-152016-04-30cmn:ConsolidatedMemberGeografisk område 01372288692015-11-152016-04-30cmn:ConsolidatedMemberGeografisk område 02372288692015-11-152016-04-30cmn:ConsolidatedMemberGeografisk område 03372288692015-11-152016-04-30cmn:ConsolidatedMemberGeografisk område 04372288692015-11-152016-04-30cmn:ConsolidatedMemberGeografisk område 05372288692015-11-152016-04-30Geografisk område 01372288692015-11-152016-04-30Geografisk område 02372288692015-11-152016-04-30Geografisk område 03372288692015-11-152016-04-30Geografisk område 04372288692015-11-152016-04-30Geografisk område 05372288692015-11-152016-04-30cmn:ConsolidatedMemberRevisionsvirksomhed 01372288692015-11-152016-04-30cmn:ConsolidatedMemberRevisionsvirksomhed 01 Revisor 01372288692015-11-152016-04-30cmn:ConsolidatedMemberRevisionsvirksomhed 01 Revisor 02372288692015-11-152016-04-30fsa:InvestmentsInAssociatesMemberiso4217:DKKsharespure3149471921456994717639532358058131494719286333893149471928793205776742149669141499000005088472213750141684422542842726532-82949-82949-1899259-1321585314285408314285408661784-647484881011-4154479577674050884722879320The Company participates in a Danish joint taxation arrangement in which Anpartsselskabet af 16. November 2015 serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable from the financial year 2013 for income taxes etc for the jointly taxed companies and from 1 July 2012 also for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies. The Company is jointly registered for VAT with Cipp Technology Holding ApS and is thus jointly and severally liable for payment of VAT, cf. the Danish VAT Act.Investments in group enterprises are charged as collateral for debt to Sydbank A/S. The carrying amount of charged investments is DKK 315.375.890.The Company has registered the following shareholders as holding more than 5% of the voting rights or more than 5% of the nominal value of share capital:Anpartsselskabet af 16. November 2015, FredensborgTIJ Invest ApS, Hellerup323580581108613667100000066178410695188320078472214182192-1321585577674726532-2048117-1321585500000109000000-64748726532-20481171000000661784106951883Ordinære aktier100000010000003149471922542842500000Årsrapport33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade 8000 Aarhus C2015-11-152016-04-302016-10-1037228869Cipp Technology Solutions A/SFredensborg2016-10-10Peter Lynghøj JohansenJacob Østergaard BergenholtzCEOJohn Staunsbjerg DueholmJesper Wadum NielsenJacob Østergaard BergenholtzPetra Margareta Ellegaard HelfferichPeter Lynghøj JohansenChairmanTo the owners of Cipp Technology Solutions A/SWe have audited the consolidated financial statements and parent financial statements of Cipp Technology Solutions A/S for the financial year15.11.2015 - 30.04.2016, which comprise the accounting policies, income statement, balance sheet, statement of changes in equity and notes for the Group as well as for the Parent and the consolidated cash flow statement. The consolidated financial statements and parent financial statements are prepared in accordance with the Danish Financial Statements Act.Management is responsible for the preparation of consolidated financial statements and parent financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of consolidated financial statements and parent financial statements that are free from material misstatement, whether due to fraud or error.Aarhus2016-10-10The activities of the Company consist in commercial, investment and consultancy activities. The activities can be exercised either directly or through capital investments in other enterprises. The income statement for the period 15.11.2015 -30.04.2016 showed a profit of DKK -1,321,585. The balance sheet showed equity of DKK 108.613.667. Management considers net profit for the year to be satisfactory. No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.The Board of Directors and the Executive Board have today considered and approved the annual report of Cipp Technology Solutions A/S for the financial year 15.11.2015 - 30.04.2016.The annual report is presented in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.04.2016 and of the results of its operations and cash flows for the financial year 15.11.2015 - 30.04.2016.We recommend the annual report for adoption at the Annual General Meeting.We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.2016-10-10KokkedalThis annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises. The annual report for 2015/16 is the Company’s first and covers the period from 15.11.2015 to 30.04.2016.Regnskabsklasse C, mellemstor virksomhedAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year.The consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence. Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling influence are regarded as associates.The consolidated financial statements are prepared on the basis of the financial statements of Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies. Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in the income statement and the balance sheet, respectively. Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the takeover date, with net assets having been calculated at fair value.Newly acquired or newly established enterprises are recognised in the consolidated financial statements from the time of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the consolidated income statement up to the time of their divestment or winding-up. The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and liabilities of these enterprises are measured at fair value at the acquisition date. On acquisition of enterprises, provisions are made for costs relating to decided and published restructurings in the acquired enterprise. Allowance is made for the tax effect of restatements. Positive differences in amount (goodwill) between cost of the acquired share and fair value of the assets and liabilities taken over are recognised under intangible assets, and they are amortised systematically over the income statement based on an individual assessment of their useful life, however, no more than 20 years. Negative differences in amount (negative goodwill), corresponding to an estimated adverse development in the relevant enterprises, are recognised in the balance sheet under deferred income, and they are recognised in the income statement when such adverse development is realised.Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2015" issued by the Danish Society of Financial Analysts. Ratios Calculation formula Ratios reflect Return on equity (%) Profit/loss for the year x 100 Average equity The Entity's return on capital invested in the Entity by the owners. Soliditetsgrad (%) Equity x 100 Total assets The financial strength of the Entity.Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, con sumables, direct labour costs and indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation on and impairment losses relating to machinery, factory buildings and equipment applied for the manufacturing process as well as costs of factory administration and management. Financing costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale.20166946121631101780619-1667188336282591019529624825840612093641-1321585-1321585-132158536932038629087006778450319215244064162403301415712470311232894694348222678434236932038610861366710000001076136672607067192007847225992199714990000005630764179630029200771000000107613667500000109000000-64748-1321585Our responsibility is to express an opinion on the consolidated financial statements and parent financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether consolidated financial statements and parent financial statements are free from material misstatement.An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements and parent financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatements of the consolidated financial statements and parent financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of consolidated financial statements and parent financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the consolidated financial statements and parent financial statements.We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion.Our audit has not resulted in any qualification.In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the Group’s and the Parent’s financial position at 30.04.2016, and of the results of their operations and the Group’s cash flows for the financial year 15.11.2015 - 30.04.2016 in accordance with the Danish Financial Statements Act. Pursuant to the Danish Financial Statements Act, we have read the management commentary. We have not performed any further procedures in addition to the audit of the consolidated financial statements and parent financial statement.On this basis, it is our opinion that the information provided in the management commentary is consistent with the consolidated financial statements and parent financial statement.372194573158884143611082584061-194172-1127413372779-79235853508018-17258665910195-1176010815187875296248-2584061-847426-75497957372965000003387882132056-228998228998None.2536506104794482248385949-13215851021394010451618537448031076515322415271395308-116501211650121714168-992586-134827252540428252540428-41544794154479470179328946994322467929757200784722Bank debt to Sydbank A/S has been secured by a floating charge on unsecured claims in Cipp Technology Holding ApS. The carrying amount of charged claims is DKK 5.872.865.Ivan Bjerg-LarsenThe Company expects satisfactory financial performance for the coming financial year. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates.Gross profit or loss comprises revenue, cost of sales and other external expenses.Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed.Other financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises as well as net capital gains on transactions in foreign currencies etc.Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises as well as net capital losses on transactions in foreign currencies etc. Other external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets.Cost of sales comprises costs of sales for the financial year measured at cost, adjusted for ordinary inventory write-downs.Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity.Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff.Amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as property, plant and equipment. The cash flow statement shows cash flows from operating, investing and financing activities as well as cash and cash equivalents at the beginning and the end of the financial year. Cash flows from operating activities are presented using the indirect method and calculated as the operating profit/loss adjusted for non-cash operating items, working capital changes and income taxes paid. Cash flows from investing activities comprise payments in connection with acquisition and divestment of enterprises, activities and fixed asset investments as well as purchase, development, improvement and sale, etc of intangible assets and property, plant and equipment. Cash flows from financing activities comprise changes in the size or composition of the contributed capital and related costs as well as the raising of loans, instalments on interest-bearing debt and payment of dividend. Cash and cash equivalents comprise cash less short-term bank debt.Goodwill is amortised straight-line over its estimated useful life which is fixed based on the experience gained by Management for each business area. The amortisation period is 20 years. Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc comprise development projects completed and acquired intellectual property rights.Development projects on clearly defined and identifiable products and processes, for which the technical rate of utilisation, adequate resources and a potential future market or development opportunity in the enterprise can be established, and where the intention is to manufacture, market or apply the product or process in question, are recognised as intangible assets. Other development costs are recognised as costs in the income statement as incurred. The cost of development projects comprises costs such as salaries and amortisation that are directly and indirectly attributable to the development projects. Completed development projects are amortised on a straight-line basis using the estimated useful lives of the assets. The amortisation period is 10 years. For development projects protected by intellectual property rights, the maximum amortisation period is the remaining duration of the relevant rights. Development projects are written down to the lower of recoverable amount and carrying amount.Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised over their remaining duration, and licences are amortised over the term of the agreement, but over no more than 20 years. Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: Plant and machinery 10 years Other fixtures and fittings, tools and equipment 3-10 years Property, plant and equipment are written down to the lower of recoverable amount and carrying amount.Investments in group enterprises are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the enterprises’ equity plus or minus unamortised positive, or negative, goodwill and minus or plus unrealised intra-group profits or losses. Group enterprises with negative equity are measured at DKK 0, and any receivables from these enterprises are written down by the Parent’s share of such negative equity value if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if the Parent has a legal or constructive obligation to cover the liabilities of the relevant enterprise. Upon distribution of profit or loss, net revaluation of investments in group enterprises is transferred to Reserve for net revaluation according to the equity method under equity. Goodwill is calculated as the difference between cost of the investments and fair value of the assets and liabilities acquired. Goodwill is amortised over its estimated useful life which is 20 years. Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts.Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost.Cash comprises cash in hand and bank deposits.Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax.Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Deferred income comprises received income for recognition in subsequent financial years. Deferred income is measured at cost.Referring to section 98b of the Danish Financial Statements Act, Management’s remuneration has not been disclosed.298405850884722-1321585-305420205-3029393603102847221095000005237296Group Structure /-449581850770555493124427833443555649222105757-282573-7913328257379133470179479448224838594929840583084621932558262785556198502310765153158884298405850884722029.40000-1.2000000000000002016700010861400038613000369320000-1322000-22880002094000Geografisk område 01Geografisk område 02Geografisk område 03Geografisk område 04Geografisk område 05Geografisk område 01Geografisk område 02Geografisk område 03Geografisk område 04Geografisk område 05508847225088472210000001000000Avderødvej27 C2980Kokkedal33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade28000Aarhus CDenmark89 41 41 41Jacob NørmarkLars AndersenState Authorised Public AccountantState Authorised Public Accountant0500000500000000000000Revisionspåtegning