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The company is involved in tax disputes primarily concerning transfer pricing. The amount claimed by the tax authorities is DKK 7.7m and the proposed changes in the taxable income are significant. There is no provision for this in the accounts and an amount paid to the tax authorities at DKK 7.7m is recorded as receivable because the company expects to win the tax case in whole or in part. In addition, it is not possible for the management to estimate an eventual provision based from the available evidence and correspondence with the tax authorities etc. at this stage. The company income statement for the year ended shows a net profit of DKK 6,617k and the balance sheet at 30 June 2014 shows equity of DKK 47,702k. No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report.It has been decided to close down the activity in Scanmills A/S and all the employees have been dismissed in April 2014.The company´s activities within animal proteins are subject to the national and international rules applying at any time, for which reason changes in these may affect the company’s exports. The company’s export activities are mainly directed towards the markets in Scandinavia and EU. Due to the significant export activities, the company’s earnings are sensitive to small fluctuations in the dominant currencies. The company hedges this risk in the best possible way through various currency hedging instruments. The company has not drawn up any CSR policy. Target figures and policies for gender composition of management As the company has decided to close down the activity, the management has not set target figures or policies for gender composition of management. Carsten Lentz StormThe Board of Directors and the Executive Board have today considered and approved the annual report of Scanmills A/S for the financial year 01.07.2013 - 30.06.2014.The annual report is presented in accordance with the Danish Financial Statements Act.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.Stéphane FrappatCarsten Lentz StormKasper Steen JensenChairman1299400058233000111170001423960001358750001077900040554000211939000201039000531000134930002114080001875460005310004990001299400063600007487000518730003630000564110001949300072750000104246000452900033250001126000772900069580009770007270001640060001624520002020002720007200095000369900070003778000594300029644000142329000126972000172600062570005462000293587600020132700001880002381000581600054030008875000109800082300012400006460000-2544000-1031300020105000241800001232100096770009635000-62730006617000-7298000526900076020003510003990006500067000328000This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C, Large enterprises.Assets 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.On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised under other receivables or other payables. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging the fair value of a recognised asset or a recognised liability are recorded in the income statement together with changes in the value of the hedged asset or the hedged liability. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging future transactions are recognised directly in equity. When the hedged transactions are realised, the accumulated changes are recognised as part of cost of the relevant financial statement items. For derivative financial instruments that do not comply with the requirements for being treated as hedging instruments, changes in fair value are recognised currently in the income statement as financial income or financial expenses. Changes in the fair value of derivative financial instruments applied for hedging net investments in independent foreign subsidiaries or associates are classified directly as equity.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. 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: Plant and machinery 3-8 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 plus or minus unamortised positive, or negative, goodwill and minus or plus unrealised pro rata internal profits and losses. 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. Goodwill is calculated as the difference between cost of the investments and fair value of the pro rata share of assets and liabilities acquired. Goodwill is amortised over its estimated useful life which is normally 5 years, however, in certain cases it may be up to 20 years for strategically acquired enterprises with a strong market position and a long-term earnings profile if the longer amortisation period is considered to give a better reflection of the benefit from the relevant resources. Investments in associates are written down to the lower of recoverable amount and carrying amount.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. Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts.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. 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.Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash comprises cash in hand and bank deposits. 1168100011542000139000-11150000-11043000107000013846000-1384600009772000Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value.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. 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. Also, provisions for loss on contract work in progress are recognised under production costs.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. Income from investments in associates comprises the pro rata share of the individual associates’ profit/loss after elimination of internal profits or losses.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, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme 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, amortisation of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc. 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 Entity is jointly taxed with all Danish Group related companies. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Financial highlights are defined and calculated in accordance with "Recommendations & Ratios 2010" 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. 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. EBIT margin Profit/loss from ordinary operating activities x 100 Revenue Return on assets Profit/loss from ordinary operating activities x 100 Avarage assets Return on invested capital. Current ratio Current assets x 100 Current liabilities -97720000-1062400010624000720009500030200051260009380001334000-1661000-1025000-135700040300015030001319000910772900069580002014-06-302013-07-012014-12-0323165511Scanmills A/SKolding+4576332525+4576332526www.sodrugestvo.com2014-12-03Carsten Lentz StormIn our opinion, the financial statements give a true and fair view of the Entity’s financial position at 30.06.2014 and of the results of its operations for the financial year 01.07.2013 - 30.06.2014.2014-11-24KoldingPrepayments include prepaid administrative costs. Rental agreements and leases include a rent obligation in interminable rent agreements with remaining contract terms of 12 month. Furthermore the company has liabilities under operating leases for cars and copiers with remaining contract terms of 2 month until 4 years. The Company participates in a Danish joint taxation arrangement in which United Trading A/S 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 involved in tax disputes primarily concerning transfer pricing. The amount claimed by the tax authorities is DKK 7.7m and the proposed changes in the taxable income are significant. There is no provision for this in the accounts and an amount paid to the tax authorities at DKK 7.7m is recorded as receivable because the company expects to win the tax case in whole or in part. In addition, it is not possible for the management to estimate an eventual provision based from the available evidence and correspondence with the tax authorities etc. at this stageThe company has not placed any assets or other as security for loans at 30.06.2014. Sodrugestvo B.V., The Netherlands Sodrugestvo Group S.A., Luxembourg The company’s share capital has remained DKK 17,536,000 over the past 5 years. 33963556Deloitte Statsautoriseret RevisionspartnerselskabTværkajen Postboks 105100 Odense CDenmark63 14 66 00531000499000211939000201039000477020003858700017536000175360003016600021051000231000231000202000272000163804000162180000295598100020374500006617000-729800056850008396000107000119000-3018000-1025000-9460000661700021620006617000-72980002498000-94600006617000216200017536000175360003016600021051000107000SharesSharesSharesSharesShares892114000009000010000200000015036000Management 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 about whether the financial statements are free from material misstatement. An audit involves performing 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 misstatements of the 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 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 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 financial statements give a true and fair view of the Company’s financial position at 30.06.2014 and of the results of its operations for the financial year 01.07.2013 - 30.06.2014 in accordance with the Danish Financial Statements Act. Without qualifying our opinion we like to draw your attention to the description of tax affairs in the financial statements note 12, which shows that there is a risk regarding increased tax payments for previous years. The amounts are significant. The Company has not made any provision regarding this risk. 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 financial statements. On this basis, it is our opinion that the information provided in the management commentary is consistent with the financial statements. In connection with the reading, we found that the management commentary is missing report on targets figures and policies for gender composition of management. Prepayments received from customers comprise amounts received from customers prior to delivery of the goods agreed or completion of the service agreed. With reference to section 86(4) of the Danish Financial Statements Act, no cash flow statement has been prepared. The cash flow statement for Scanmills A/S is included in the consolidated financial statements of Sodrugestvo S.A. Parent, Sodrugestvo B.V., The Netherlands, Participating interest Sodrugestvo Group S.A., Luxembourg, Ownership of all shares in the parent company. Hanstholm Fiskemelsfabrik A/SThistedA/S0Årsrapport53100049900012994000Regnskabsklasse C, mellemstor virksomhedTo the owners of Scanmills A/SWe have audited the financial statements of Scanmills A/S for the financial year 01.07.2013 - 30.06.2014, which comprise the accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. Staff costs are recognized in the income statement under the following items, production costs with DKK 1,365k, distribution costs with DKK 1,702k and administrative costs with DKK 2,619k.12470001366000Odense2014-11-241612559000249921400033874690002363300010894000192880009626000-26110006810000-594000-2407000-6245000-4744000-1962000255200012429400029559810002037450000123210009677000-2686000-159500006617000-7298000211939000201039000303422000512088000728762000477020003858700020105000241800001.21.50.40.6000000.2-0.4-0.3-0.10.122.519.215.09.917.115.3-17.4-9.9-2.22.10000000000508970004541300090.739000300054544100011848140005555950001381164000936414000DenmarkOther EU countriesOther countriesEBIT marginReturn on assetsCurrent ratioEBIT marginReturn on assetsCurrent ratioEBIT marginReturn on assetsCurrent ratioEBIT marginReturn on assetsCurrent ratioEBIT marginReturn on assetsCurrent ratio0.46.0131.19109100.20.5-0.010.61.23.8-0.042.4117.2115.6105.4111.2Brandsøvej 96000Kolding33963556Deloitte Statsautoriseret RevisionspartnerselskabTværkajen55100Odense CLars Knage NielsenState Authorised Public Accountant4960003830001650001680003310002150002117536000On 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. Other operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary activities. 000000000Revisionspåtegning12400006460000328442000376385000203745000277690000161256000Lease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. 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.The accounting policies applied for these financial statements are consistent with those applied last year.