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The Company participates in a Danish joint taxation arrangement in which Anpartsselskabet af 17. December 2014 serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable for income taxes etc for the jointly taxed companies and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies.The Company has provided an unlimited guarantee as security for bank debt in the subsidiary in Denmark. The bank debt amounts to DKK 3,366k at 31.12.2015. The Company has provided an unlimited guarantee as security for factoring loans in the subsidiary in the US. Factoring loans amount to DKK 21,224k at 31.12.2015. The Company has provided an unlimited guarantee as security for bank debt in the subsidiaries in Lithuania. The bank debt amounts to DKK 5,240k at 31.12.2015. The bank debt in Denmark has been secured on unlisted shares in the subsidiary in Denmark for a nominal value of DKK 2,000k. The carrying amount of mortgaged shares is DKK 38,824k. The bank debt in Denmark amounts to DKK 6,143 at 31.12.2015.The Company has registered the following shareholders to hold more than 5% of the voting share capital or of the nominal value of the share capital:BC Group Holding A/S, Fredensborg141006773903600815959812828351992200000020000001145480794632384614332116888754226558069804132226558069804132211119613000005664164350903957804369-37021951722797163126381753058184-1833806-3428403804369-370219-64660626381753058184-1833806-3428403200000020000001145480794632384614332116888754Other provisions in the comparative figures comprise provisions for rent in the residual period for terminated leaseholds that are no longer used in the enterprise. Furthermore, other provisions in 2015 comprise restructuring costs relating to the adopted and initiated restructurings.Anpartsselskabet af 17. december 2014, FredensborgBC Group Holding A/S, FredensborgBC Group Holding A/S, FredensborgAnpartsselskabet af 17. december 2014, FredensborgOrdinary shares20002000000JS Formbyg A/SDenmark128257327823257122311833462591420020000010598438305365366Årsrapport33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade 8000 Aarhus C2015-01-012015-12-312016-03-3125893018BC Group A/SThisted2016-03-31Peter Lynghøj JohansenGeert Winther SkovsgaardEsben Refsgaard Trier LundNiels BachChief Executive OfficerChief Financial OfficerChief Operations OfficerSøren Friis KnudsenJesper Wadum NielsenJacob Østergaard BergenholtzPeter ThostrupJan Lythcke-JørgensenChairmanVice-ChairmanTo the owners of BC Group A/SWe have audited the consolidated financial statements and parent financial statements of BC Group A/S for the financial year 01.01.2015 - 31.12.2015, 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.Aarhus2016-03-31BC Group A/S is the parent company of a number of companies. The Parent’s primary activities are to act as a holding company and to provide financing to the Group’s activities. The Group’s primary activities are to develop and manufacture components from composites. Products are sold globally primarily as OEM deliverables to strategical customer segments in the wind energy sector.In 2015, the Group has seen positive growth in activities run by new customer projects as well as a stable, positive development in the global market for renewable energy, which was confirmed at the end of the year with the agreement at the COP21 summit in Paris and by the extension of the PTC incentives in the US. Requirements on subsuppliers in the wind energy segment are increasing, and continued globalisation of customers’ business operations call for higher flexibility, quality and global presence. Also, the offshore segment has seen significant growth in the past year, which is a market with high requirements in terms of quality, security and durability. Competition among the Company’s primary customers was further intensified, and a constant improvement in cost reduction is expected in all links of the supply chain. This also goes for the goods and services that are the Company's primary business. Organisationally and in terms of management, the Company was strengthened considerably to ensure a solid platform to support its ambitious growth strategy. Execution of the many new customer projects resulted in an increased activity and investment level in the Company. Implementation of new projects resulted in lower than expected production efficiency and productivity, which resulted in a lower gross profit. Moreover, changes in structure and optimisation projects resulted in a number of non-recurring expenses, which had a negative impact on the financial statements. In 2015, the Company launched a number of initiatives within cost and logistics optimisation to be able to optimise the Group’s global footprint. On the strategically important US market, the Company has therefore changed from a production set-up into a newly developed logistics set-up in order to better serve the customers competitively. As part of this change, the US production entity was sold. On 5 March 2015, BWB Partners acquired the controlling interest in the Company through the company BC Group Holding A/S, which owns 100% of BC Group A/S. BWB Partners’ ownership interest in BC Group Holding A/S is 70%. BWB Partners are a member of DVCA for which reason the Company is subject to DVCA’s guidelines for corporate governance. The DVCA guidelines are available at: http://www.dvca.dk/index.php/publikationer/download/ In 2015, the Company’s financial position improved considerably; partly by way of a capital injection and reduction of debt as a result of the change in the ownership structure. Revenue increased in 2015 by 26% to DKK 450.4m (2014: DKK 356.6m), which is attributable to higher activity in all group enterprises. Gross profit decreased by DKK 10.3m to DKK 52.9m (2014: DKK 63.2m), primarily because of the start-up of a large number of new customer projects in the first six months of the year. Investments Investments amounted to DKK 18.2m, primarily related to investments in production. Financial resources The equity ratio of the Company was 30.5% (2014: 14.1%), which corresponds to an equity value of DKK 59.6m (2014: DKK 28.4m). During 2015, the owners made a cash capital injection of DKK 31.1m to support the future development of the Company.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 BC Group A/S for the financial year 01.01.2015 - 31.12.2015.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 31.12.2015 and of the results of its operations and cash flows for the financial year 01.01.2015 - 31.12.2015.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.2016-03-31HurupThe accounting policies applied for this consolidated financial statements and parent financial statements are consistent with those applied last year.This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large).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. Profits or losses from divestment or winding-up of subsidiaries are calculated as the difference between selling price or settlement price and the carrying amount of the net assets at the time of divestment or winding-up, inclusive of non-amortised goodwill and estimated divestment or winding-up expensesFinancial highlights are defined and calculated in accordance with "Recommendations & Ratios 2015" issued by the Danish Society of Financial Analysts. Ratios Calculation formula Ratios reflect Gross margin (%) Gross profit x 100 Revenue The Entity's operating gearing. Net margin (%) Profit/loss for the year x 100 Revenue The Entity's operating profitability Return on equity (%) Profit/loss for the year x 100 Average equity The Entity's return on capial invested in the Entity by the owners Equity ratio (%) Equity x 100 Total assets The financial strengh of the EntityInventories 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.450442868356617006945012702746528542066316118613654618389502637116710708730094935666267330117814169208131919660034775481755442704485211482243541482625289938804369-370219804369-370219804369-3702191951746642014657613796206556133051157212599145332710680014195692876329375933262545167462576175560507558810636069500378968246243652169524778244414447988127785671951746642014657615959812828351992200000020000005759812826351992128124346171850251105224534396486211760189312788538966980232472451000589915743117096926000014274362920975921124032199647200000020000005759812826351992-646606804369-370219Bach Composite Industry A/SDenmark100Our 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 31.12.2015, and of the results of their operations and the Group’s cash flows for the financial year 01.01.2015 - 31.12.2015 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.3426483156111062438500332385123437168024887624142001385187452190126351817672825537899972592455056224007741601721489275704485211482243279253416265883-1988165-1505653926794031-22401393-11072656-966169645706311221088-14436197-7481585977689586199072247965-2261454532481279283598834775481755442-7044852-11482243-2326162-4623235-13018814-8272445-37763453822444590000-2080000-39032880-3144663-21840945-64412597-64412597-49289990975571241646398136922681108241215101828037441197057-35760944-718579-457078-5370709-9261275-9320588-85936501518485128256814414495930653718497457078The Group participates in a Danish joint taxation arrangement in which Anpartsselskabet af 17. December 2014 serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Group is therefore liable for income taxes etc for the jointly taxed companies and for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies.3697234219894047777779258892491113743164873137431648733564430156752745383150000-1579563804369-370219019620004880000198500005984382686000014166000126743821231226640788907403361615229865-28114525-280238955433237075509067350133-1884422-4633825-103743-104227141467114014820350-6891882-5895439184005340624-162821217392478968246243652314968962464173871285903858585Bach Composite España S.L.UBach Composite Holding (Hong Kong) Ltd.SpainHong Kong100100371022519895034The Company’s bank debt has been secured on a floating charge of a nominal value of DKK 20,000k. The floating charge comprises unsecured claims, operating equipment, inventories and intellectual property rights. Furthermore, a secondary assignment has been made on debtor insurance as security for bank debt. The claims sold amount to DKK 26,401k at 31.12.2015. Bank debt secured on the floating charge amounts to DKK 6,143k at 31.12.2015. The bank debt in Lithuania is secured on the Group’s properties, production plant, machinery, inventories and land lease rights in Lithuania. Bank debt in Lithuania amounts to DKK 5,240k at 31.12.2015. Of the total debtor balances of DKK 55,881k, DKK 28,297k has been provided as security for invoice discounting accounts.The Company’s aim is to be the customers’ preferred business partner in a global and competitive market. The extension of the Production Tax Credit (PTC) incentive in the USA and the global agreement on climate change signed in Paris in December 2015 will support the positive trend in demand for the Company’s products and services. Many countries now have a stated target as to how they want to proceed up until 2020-2025, and in future many new markets will become active. Trends are still pointing to wind as one of the fastest and most cost-effective way of renewable energy supply. Volumes are going up and together with the spreading of demand into new and growing markets, this places heavy demands on the Company’s ability to adjust and respond rapidly and accurately. Close partnerships with customers are needed to be able to act appropriately in this market. Competition is steadily increasing, and there are enormous requirements on tomorrow's subsuppliers both financially and measured by all other parameters. The demands by the large international players in the industrial sector require constant development and alertness, and initiatives to reduce the total Cost of Energy (LCOE) for our customers are in continuous focus. Composites are part of and constitute an increasing share of future easy solutions, and the Company intends to work on expanding the use of this material by continuing to develop competitive solutions for the industrial sector. The order forecast is satisfactory and is expected to remain steadily high in the period ahead. A profit is expected for 2016. Particular risks Exchange rate risks The Company’s overall currency exposure is primarily to USD. No systematic hedging transactions are made in this respect. Interest-rate risks It is estimated that fluctuations in interest rates do not pose a significant risk to the Company’s earnings. Therefore, no hedging transactions have been made in this respect. Capital structure BC Group a/s’ share capital is not divided into share classes. The Management assesses whether the Group has an adequate capital structure and whether the capital structure supports and is consistent with the long-term objectives of the Company. At the balance sheet date, the Company’s net interest-bearing debt amounted to DKK 37.7m, which is considered reasonable, and in the opinion of the Management, the current capital structure is adequate to support the development of the activities in the Company. Intellectual capital resources The Company has solid and up-to-date knowledge about composites and ways of using them, which constitutes the platform for future earnings of the Company. Research and development activities In 2015, the Group formally established a development department, and DKK 3.6m was capitalized relevant to a number of development projects. Corporate governance The Executive Board and the Board of Directors continuously aim to ensure well-functioning and appropriate management structure and control systems and which foundation is based on the Danish Companies Act, the Danish Financial Statements Act and the Articles of Association. As the Company’s ultimate owner, BWB Partners, is a member of DVCA, the Company generally follows the DVCA guidelines for responsible ownership and corporate governance. However, the Company’s internal control and risk management systems have only been described on an overall level. The Board of Directors, the Board Committees and the Executive Management perform their duties in accordance with a written set of procedures and terms of reference, which is reviewed on an annual basis. The Board of Directors convene according to plan four times a year and the Company has established formal monthly reporting processes, which includes follow up on budget and operational and strategic initiatives. Furthermore, monthly meetings are scheduled between the Chairmanship of the Board of Directors and the Executive Management of the Company. The Board of Directors have appointed an Audit Committee, which performs their duties in accordance with the terms of reference for the Audit Committee. The Audit Committee was established in 2015 and has scheduled four meetings per year. The Board of Directors has decided not to establish an internal audit function. Ownership information BC Group A/S is the parent company of a number of subsidiaries and is 100% owned by BC Group Holding A/S. BC Group Holding A/S is 70% owned by BWP Partners. Employees The average number of employees in the Group in 2015 was 598 compared to 438 in 2014 of which 117 were employed in Danish entities compared to 64 in 2014. Board of Directors The Board of Directors consists of five members all appointed in 2015. During 2015, Svend Bang Christiansen, Thorkild Bach Christiansen and Geert Winther Skovsgaard resigned from the Board of Directors due to the change in majority shareholder of the Company. Composition of the Board of Directors Name Søren Friis Knudsen Jesper Wadum Nielsen Jacob Østergaard Bergenholtz Jan Lythcke-Jørgensen Peter Thostrup Position on the Board Chairman and Chairman of sales committee Vice Chairman Member of board Member of board and Chairman of operations committee Member of board and Chairman of audit committee Appointed by: BWB Partners BWB Partners BWB Partners BWB Partners BWB Partners Appointment date: 2015-03-05 2015-03-05 2015-03-05 2015-04-15 2015-04-15 Current position CEO Windwin ApS Partner in BWB Partners Managing partner in BWB Partners Founding Partner Implement consulting group CEO FermLiving ApS Chairman in: Bach Composite Industry A/S BC Group Holding a/s, BWB Partners p/s Weiss Partners a/s Effektivitet.dk RTX a/s Vice Chairman in: Bach Composite Industry a/s Board member in: Aluwind a/s, Danbor a/s, Floating Power Plant a/s, GML-HR a/s, Mita-Teknik Invest 1 a/s, Mita-Teknik a/s, Øer A/S iMPREG Partners a/s, Heatex AB, Pedax GmbH, Stema Holding a/s, SSG A/S, Transmedica a/s BC Group Holding a/s, Bach Composite Industry a/s iMPREG Partners a/s, SH Group a/s and BWB Partners p/s Bach Composite Industry a/s Bach Composite Industry a/s, Ressources ApS Statutory reporting on CSR The Company continues to work actively with quality and environmental management. Quality management certification under ISO 9001, environmental management certification under ISO 14001 and occupational, health and safety management certification under OHSAS 18001 are maintained in one management system. These certifications are part of the Group’s overall strategy, which also ensures observance of international conventions and special customer requirements within CSR, including human rights and climate impact/energy consumption. Implementation of the overall strategy in the quality, environmental and working environment areas is ensured by the local facility management. Depending on local conditions, the policy and focus areas vary from one facility to another. The facility management is responsible for reporting the strategy-supporting focus areas, action plans, results and key figures to Group Management. Gender diversity in management bodies The Company has a gender diversity policy in accordance with § 99b of the Danish Accounting Act with the aim to ensure female representatives on the Board of Directors. Men currently hold all of the five seats on the Board of Directors and the objective is to have at least one seat (20%) occupied by a woman in 2020. The Management in Bach Group a/s consists of three members of which all are male. The Group has currently no formal policy in respect to gender diversity at the management level and fills positions according to formal qualifications. The Company aims to implement a policy and goals in 2016. 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.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 operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities.Other financial income comprises dividends etc received on other investments, interest income, including interest income on receivables from group enterprises, net capital gains on securities, payables and transactions in foreign currencies etc. Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital losses on securities, payables and transactions in foreign currencies etc.Production costs comprise expenses incurred to earn revenue for the financial year. Production costs comprise direct and indirect costs for raw materials and consumables, wages and salaries, rent and lease as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment included in the production process. In addition, the item includes ordinary write-down of inventories.Distribution costs comprise costs incurred for sale and distribution of the Entity’s products, including wages and salaries for sales staff, advertising costs, travelling and entertainment expenses, etc as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment attached to the distribution process.Administrative expenses comprise expenses incurred for the Entity’s administrative functions, including wages and salaries for administrative staff and Management, stationary and office supplies as well as amortisation, depreciation and impairment losses relating to intangible assets and property, plant and equipment used for administration of the Entity.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.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, including acquisition of assets held under finance leases. 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, inception of finance leases, instalments on interest-bearing debt, purchase of treasury shares, and payment of dividend. Cash and cash equivalents comprise cash less short-term bank debt.Intellectual property rights etc comprise development projects completed and in progress 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 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 three 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. The amortisation period is three years. Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount.Land and buildings, plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated. 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. For assets held under finance leases, cost is the lower of the asset’s fair value and present value of future lease payments. 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: Buildings 20 years Plant and machinery 5-10 years Other fixtures and fittings, tools and equipment 3-10 years Leasehold improvements 10 years For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Property, plant and equipment are written down to the lower of recoverable amount and carrying amount.Investments in associates are recognised and measured according to the equity method. This means that investments are measured at the pro rata share of the associates’ equity value. Associates with negative equity are measured at DKK 0, and any receivables from these associates are written down by the share of such negative equity if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if there is a legal or constructive obligation to cover the liabilities of the relevant associate. Upon distribution of profit or loss, net revaluation of investments in associates is transferred to Reserve for net revaluation according to the equity method under equity. Investments in associates 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 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. 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.Securities recognised under current assets comprise listed bonds and investments measured at fair value (market price) at the balance sheet date.Cash comprises cash in hand and bank deposits.Other provisions in the comparative figures comprise provisions for rent in the residual period for terminated leaseholds that are no longer used in the enterprise. Furthermore, other provisions in 2015 comprise restructuring costs relating to the adopted and initiated restructurings. Other provisions are recognised and measured as the best estimate of the expenses required to settle the liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the balance sheet date are measured at their discounted value.At the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.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.Prepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed.Acquisition and selling prices and dividends for treasury shares are classified directly as equity under retained earnings. Gains and losses on sale are not recognised in the income statement.Lease commitments relating to assets held under finance leases are recognised in the balance sheet as liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease commitments are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases.Lease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. The Group’s segments comprise business areas and geographical markets. The Group’s primary activities are to manufacture components from composites. Referring to § 96 of the Danish Financial Statements Act, Management does not want to further disclose the geographical distribution of revenue as a detailed distribution of the Group’s revenue by geographical area will be of considerable damage to the competitive situation. The Group has no discontinued operations.Prepayment comprise prepaid expenses. Other provisions in the comparative figures comprise provisions for rent in the residual period for terminated leaseholds that are no longer used in the enterprise. Furthermore, other provisions in 2015 comprise restructuring costs relating to the adopted and initiated restructurings.7936421989321309350545087037990112500039758866229345582083312688982311391081122888893780436912093445912990-495125020011903-9471585-4234282167503713108837342571652-15122607Bach Composite Colorado Inc.UAB DanplastasUSALithuania100100500000-500000JS Formbyg A/SDenmark5023656588-2944025348573210397526387321309367485732-485732775203698825-80955-24611-4398-11809552020179364219894047773213093519710103719173122949733200361581771-9223955054508-6588453-142593-521581-925645-12073-3616268290438500332385123126743821231226643716802488762777925889249115054508DenmarkOther EU-countriesOther countries outside EU160293000133604000186017000145336000104133000776770000011.710.717.717.921.60.2-0.108.4-1.330.514.10001.8-1.323.2451.881.80000000000450443356617262134451173340931528546316146865974483644059598283522871924732-8024144367455656339249934195175201466172019160683214156804-370620337747-4556-3567-9727-9791-10057-1260363602599316895617636645Geografisk område 01Geografisk område 02Geografisk område 03Geografisk område 04Geografisk område 05Geografisk område 01Geografisk område 02Geografisk område 03Geografisk område 04Geografisk område 056876586142743629209759164939668807002000200000020020000010Erhvervsvej97760Hurup Thy33963556Deloitte Statsautoriseret RevisionspartnerselskabCity Tower, Værkmestergade28000Aarhus CDenmark89 41 41 41Jacob NørmarkState Authorised Public AccountantNettoomsætning/Investeret kapital inkl goodwillNettoomsætning/Investeret kapital inkl goodwillNettoomsætning/Investeret kapital inkl goodwillNettoomsætning/Investeret kapital inkl goodwillNettoomsætning/Investeret kapital inkl goodwillNet margin (%)Net margin (%)Net margin (%)Net margin (%)Net margin (%)Return on equity (%)Return on equity (%)Return on equity (%)Return on equity (%)Return on equity (%)Equity ratio (%)Equity ratio (%)Equity ratio (%)Equity ratio (%)Equity ratio (%)000000.21.830.5081.800014.18.4451.815.42.423.2259155945267491487440144871612837801300000031088373310883737530009315058140008590001236000000000000Revisionspåtegning