279281102017-01-012017-12-31279281102017-01-012017-12-31Direktionsmedlem 01279281102017-01-012017-12-31Bestyrelsesmedlem 1279281102017-01-012017-12-31Bestyrelsesmedlem 2279281102017-01-012017-12-31Bestyrelsesmedlem 3279281102017-01-012017-12-31Bestyrelsesmedlem 4279281102017-12-31279281102016-12-31279281102016-01-012016-12-31279281102017-12-31fsa:FixturesFittingsToolsAndEquipmentMember279281102016-12-31fsa:FixturesFittingsToolsAndEquipmentMember279281102017-01-012017-12-31fsa:FixturesFittingsToolsAndEquipmentMember279281102016-01-012016-12-31fsa:FixturesFittingsToolsAndEquipmentMember279281102016-01-012016-12-31fsa:ProposedDividendRecognisedInEquityMember279281102017-01-012017-12-31fsa:RetainedEarningsMember279281102016-01-012016-12-31fsa:RetainedEarningsMember279281102017-01-012017-12-31fsa:ProposedDividendRecognisedInEquityMember279281102017-01-012017-12-31fsa:RetainedEarningsMember279281102016-01-012016-12-31fsa:RetainedEarningsMember279281102016-01-012016-12-31fsa:ProposedDividendRecognisedInEquityMember279281102017-12-31fsa:ContributedCapitalMember279281102016-12-31fsa:ContributedCapitalMember279281102016-12-31fsa:ProposedDividendRecognisedInEquityMember279281102017-12-31fsa:RetainedEarningsMember279281102016-12-31fsa:RetainedEarningsMember279281102017-01-012017-12-31Revisionsvirksomhed 01279281102017-01-012017-12-31Revisionsvirksomhed 01 - Revisor 01279281102017-01-012017-12-31Revisionsvirksomhed 02 - Revisor 01279281102017-01-012017-12-31Revisionsvirksomhed 02279281102017-12-31fsa:DepositsLongtermInvestmentsAndReceivablesMember279281102016-12-31fsa:DepositsLongtermInvestmentsAndReceivablesMemberiso4217:DKKpureThe company’s main activity is to import, market and sell “Novatio and Tec7 maintenance products” etc. and providing associated products. The profit for the year was DKK 86k where the profit for the year 2016 was DKK 307k. The profit for the year is considered satisfying. No events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report.Kristian Sønderby VossThe Board of Directors and the Executive Board have today considered and approved the annual report of Novatech Denmark ApS for the financial year 01.01.2017 - 31.12.2017.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. Bert Jozef VissersWalter Joanna J VandenbulckeMarjan VermeulenHans-Jørgen Torborg Jensenchairman of the board475000475000191616016008031018904141752335684713493326633407475000293506430183261584071916160160080381373710161301254915300023800079652516344202125681280577027164823990481747354106853193231125936710405027758973436780246690343099993340363819210342776911185739310226629192786940175394165216170351961872834095Assets 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.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: Other fixtures and fittings, tools and equipment 3 years Items of property, plant and equipment 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. 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 writedowns 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. Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. 2036660203666-45259045259Other 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. 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 writedowns of receivables recognised in current assets. Cost of sales comprises goods consumed in the financial year measured at cost, adjusted for ordinary inventory writedowns. Other financial income comprises interest income, including reminder fees. Other financial expenses comprise interest expenses, including interest expenses on payables to group enterprises. 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 the parents Danish subsidiaries. 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). 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 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 property, plant and equipment. 1656327111453122484598514655058642600086000919273042265679652516327928110Novatech Denmark ApSEsbjerg2018-05-17 Bert Jozef VissersIn our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2017 and of the results of its operations for the financial year 01.01.2017 - 31.12.2017.2018-02-22GørdingGross profit or loss comprises revenue, changes in inventories of finished goods, cost of raw materials and consumables and external expenses. In adition to the above liabilities the company has entered into a lease with an annual rent of DKK 474.888. The lease can not be terminated before 1/8 2019. The lease can then be terminated with 3 months notice. The Entity participates in a Danish joint taxation arrangement in which Vest Holding ApS/Top-Tek A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity is therefore liable for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed entities. The total known net liability of the jointly taxed entities under the joint taxation arrangement is evident from the administration company’s financial statements. Mortgage debt is secured by way of mortgage on plant and machinery as well as other fixtures, recievables and inventory of DKK 2.500k. The carrying amount on plant and machinery as well as other fixtures, recievables and inventory is DKK 2.888k. 33963556Deloitte Statsautoriseret RevisionspartnerselskabDokken Postbox 2006701 Esbjerg158407356847134933267627017768441250001250006377015518441000002805770271648285857307102286263129758694525926000860001000008585720710285857307102-1000008585720710210000012500012500010000063770155184445259Management 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. In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also: • Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. • Obtain an understanding of internal control relevant to the audit 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. • Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. • Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements, and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Entity to cease to continue as a going concern. • Evaluate the overall presentation, structure and content of the financial statements, including the disclosures in the notes, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the Auditor’s responsibilities for the audit of the financial statements section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board of Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. We have audited the financial statements of Novatech Denmark ApS for the financial year 01.01.2017 - 31.12.2017, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies. The financial statements are prepared 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 31.12.2017 and of the results of its operations for the financial year 01.01.2017 - 31.12.2017 in accordance with the Danish Financial Statements Act. Management is responsible for the management commentary. Our opinion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the management commentary is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statements Act. We did not identify any material misstatement of the management commentary. Dividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for the financial year is disclosed as a separate item in equity. Extraordinary dividend adopted in the financial year is recognised directly in equity when distributed and disclosed as a separate item in Management's proposal for distribution of profit/loss. 0505210Årsrapport158407Regnskabsklasse BTo the shareholders of Novatech Denmark ApSEsbjerg2018-02-220505210Industrivej26690GørdingDokkenPostbox 20086701EsbjergOn 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 rate 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. 475000475000Revisionspåtegning85857307102The accounting policies applied to these financial statements are consistent with those applied last year. statsautoriseret revisorState Authorised Public AccountantUnderskrivende revisor 1Flemming Bro LundBavnehøj66700Esbjerg79 12 84 442017-01-012017-12-312016-12-312016-01-01mne3143347500047500020222670BDO Statsautoriseret Revisionsaktieselskab