Årsrapport33771231PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabStrandvejen 442900 Hellerup2014-01-012014-12-3134879613AI KEYEMDE B K/SLautrupparken402750BallerupBallerupPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab33771231Strandvejen442900HellerupDanmark2015-06-03Torben MadsenRegnskabsklasse BRevisionspåtegningBallerup2015-06-03Ai Keyemde GP S.á,r.l.Hellerup2015-06-03Hellerup2015-06-03PricewaterhouseCoopers Statsautoriseret RevisionspartnerselskabFin T. Nielsenstatsautoriseret revisorRolf Ahm Jensenstatsautoriseret revisor000000008375370083753700837537008375370083753700837537008375370083753700837537837537837537837537829161638291616383753700837537008375370083753700837537829161638375378291616383753700837537000000The Executive Board has today considered and adopted the Annual Report of AI KEYEMDE B K/S for the financial year 1 January - 31 December 2014.The Annual Report is prepared in accordance with the Danish Financial Statements Act.In my opinion the Financial Statements give a true and fair view of the financial position at 31 December 2014 of the Company and of the results of the Company operations for 2014.In my opinion, Management's Review includes a true and fair account of the matters addressed in the Review.I recommend that the Annual Report be adopted at the Annual General Meeting.To the Limited Partners of AI KEYEMDE B K/SWe have audited the Financial Statements of AI KEYEMDE B K/S for the financial year 1 January - 31 December 2014, which comprise income statement, balance sheet, statement of changes in equity, notes and summary of significant accounting policies. The Financial Statements are prepared in accordance with the Danish Financial Statements Act.Management is responsible for the preparation of Financial Statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of Financial Statements that are free from material misstatement, whether due to fraud or error.Our responsibility is to express an opinion on the Financial Statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the Financial Statements are free from material misstatement. An audit involves performing audit procedures to obtain audit evidence about the amounts and disclosures in the Financial Statements. The procedures selected depend on the auditor’s judgment, including the assessment of the risks of material misstatement of the Financial Statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the 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. 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.Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2014 and of the results of the Company operations for the financial year 1 January - 31 December 2014 in accordance with the Danish Financial Statements Act.We have read Management’s Review in accordance with the Danish Financial Statements Act. We have not performed any procedures additional to the audit of the Financial Statements. On this basis, in our opinion, the information provided in Management’s Review is in accordance with the Financial Statements.The Annual Report of AI KEYEMDE B K/S for 2014 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The Annual Report has been prepared under the same accounting policies as last year. Main activity The company owns shares in AI KEYEMDE ApS Market overview Development in the year The income statement of the Company for 2014 shows a profit of DKK 0, and at 31 December 2014 the balance sheet of the Company shows equity of DKK 83,753,700. Subsequent events No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date.The share capital consists of 837.537 shares of a nominal value of DKK 1. No shares carry any special rights.Financial Statements of AI KEYEMDE B K/S for 2014 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B. The accounting policies applied remain unchanged from last year. Financial Statements for 2014 are presented in DKK.The Financial Statements have been prepared under the historical cost method. Revenues are recognised in the income statement as earned. Furthermore, value adjustments of financial assets and liabilities measured at fair value or amortised cost are recognised. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially measured at cost. Subsequently, assets and liabilities are measured as described for each item below.Transactions in foreign currencies are translated at the exchange rates at the dates of transaction. Gains and losses arising due to differences between the transaction date rates and the rates at the dates of payment are recognised in financial income and expenses in the income statement. Receivables, payables and other monetary items in foreign currencies that have not been settled at the balance sheet date are translated at the exchange rates at the balance sheet date. Any differences between the exchange rates at the balance sheet date and the transaction date rates are recognised in financial income and expenses in the income statement. Fixed assets acquired in foreign currencies are measured at the transaction date rates.Other external expenses comprise administrative expenses.Staff expenses comprise wages and salaries as well as payroll expenses.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year.Other investments, which consist of investments in shares, are measured at cost price.Dividend distribution proposed by Management for the year is disclosed as a separate equity item.Other debts are measured at amortised cost, substantially corresponding to nominal value.348796132014-01-01e:ContributedCapitalMember348796132014-12-31e:ContributedCapitalMember348796132014-01-01e:SharePremiumMember348796132014-12-31e:SharePremiumMember348796132014-01-012014-12-31348796132014-01-012014-12-312348796132014-01-012014-12-311348796132014-01-012014-12-311348796132012-12-062013-12-31348796132014-01-012014-12-31e:ProposedDividendRecognisedInLiabilitiesMember348796132012-12-062013-12-31e:ProposedDividendRecognisedInLiabilitiesMember348796132013-12-31348796132014-12-31348796132014-12-311348796132014-01-01e:OtherInvestmentsMember348796132014-12-31e:OtherInvestmentsMemberiso4217:DKK