311824092014-01-012014-12-31311824092013-01-012013-12-31311824092014-12-31311824092013-12-31311824092014-01-012014-12-310311824092014-01-012014-12-311311824092014-01-012014-12-31fsa:RetainedEarningsMember311824092013-01-012013-12-31fsa:RetainedEarningsMemberiso4217:DKKsharespure2015-04-21Howard Nicholas Ragland IVFrederiksberg2015-04-07Fredensborg2015-04-07Regnskabsklasse BfalsefalseRevisionspåtegningÅrsrapport31182409Gorilla Holding ApSLønholtvej 4, Lønholtvej 43480FredensborgFredensborgBrix Jensen & Havemann2014-01-012014-12-31Revision København, Godkendt RevisionspartnerselskabFinsensvej 80 A2000, FrederiksbergOwnershipThe Gorilla Glue Company, 4550 Red Bank Expressway, 45227 Cincinnatti, Ohio, USASTRSTTFCKSK#2Principal activityThe company's main activity is to operate administration and investment.Today the Executive Board has discussed and approved the Annual Report of Gorilla Holding ApS for the period 1. januar - 31. december 2014.The Annual Report has been prepared in conformity with the Financial Statements Act.In my opinion, the financial statements give a true and fair view of the Company's assets, equity, liabilities and financial position at 31. december 2014 and of its financial performance for the period 1. januar - 31. december 2014. We recommend that the Annual Report be approved by the Annual General Meeting.To the shareholders of Gorilla Holding ApSWe have audited the financial statements of Gorilla Holding ApS for the period 1. januar - 31. december 2014 , including accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements have been prepared in conformity with the Danish Financial Statements Act.Management's responsibility for the financial statements The Company's Management is responsible for the preparation and fair presentation of financial statements in conformity with the Danish Financial Statements Act. Management is also responsible for the internal control that it deems necessary for the preparation of financial statements that are free from material misstatement, whether due to fraud or error.Auditor’s responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We have performed the audit in accordance with international auditing standards and additional requirements under Danish audit regulations. That requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance that the financial statements are free from material misstatement.An audit includes performing procedures to obtain audit evidence of the amounts and disclosures in the financial statements. The procedures selected depend on the auditor’s judgement, 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 auditors consider internal control relevant to the Company's preparation and fair presentation of financial statements 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 the accounting policies applied and the reasonableness of the accounting estimates made by Management as well as evaluating the overall presentation of the financial statements. We believe that the audit evidence obtained is sufficient and appropriate to provide a basis for our opinion.The audit did not result in a qualification.Conclusion In our opinion, the financial statements give a true and fair view of the Company's assets, equity, liabilities and financial position at 31. december 2014 and of its financial performance for the period 1. januar - 31. december 2014 in conformity with the Danish Financial Statements Act.Emphasis of matter Without qualifying our opinion, we draw attention to the significant uncertainty of the ability of the Company to continue operations. We refer to note 1 of the financial statements disclosing the conditions to be met in order to continue operations.GENERAL INFORMATIONThe financial statements of Gorilla Holding ApS for the financial year 2014 have been prepared in conformity with the provisions of the Financial Statements Act on class B enterprises. The accounting policies applied in the financial statements are consistent with those of the previous year. The reporting currency is Danish kroner.Recognition and measurement in general The financial statements have been prepared under the historical cost convention. Income is recognised in the income statement when earned. Value adjustments of financial assets and liabilities measured at fair value or amortised cost are also recognised in the income statement. Costs incurred to generate the earnings for the year are also recognised in the income statement, including amortisation, depreciation, impairment losses and provisions as well as reversals resulting from changed accounting estimates of amounts previously recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future financial benefits will flow to the Company and it is possible to obtain a reliable measurement of the individual assets. Liabilities are recognised in the balance sheet when it is probable that future financial benefits will flow from the Company and it is possible to obtain a reliable measurement of the individual liabilities. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item. Certain financial assets and liabilities are measured at amortised cost, whereby a constant effective interest rate is recognised over the life of the individual asset or liability. Amortised cost is determined as original cost less any repayments and with the addition/deduction of the accumulated amortisation of the difference between cost and nominal amount. Anticipated losses and risks arising before the presentation of the financial statements and confirming or disconfirming facts and circumstances known at the reporting date are taken into consideration at recognition and measurement.Foreign currency translation Foreign currency transactions are translated at the exchange rates ruling at the transaction dates. Gains and losses arising from movements between the exchange rates at the date of the individual transaction and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables, accounts payable and other monetary items denominated in a foreign currency, but not settled at the reporting date, are translated at the exchange rates ruling at the reporting date.Exchange rate differences between the exchange rates at the reporting date and the date of the individual transaction are recognised in the income statement as financial income or financial expenses.INCOME STATEMENT General informationCertain income and expenses have been aggregated in the item designated 'Gross profit' with reference to section 32 of the Financial Statements Act.Gross profitGross profit is a combination of the items of 'Revenue', 'Change in inventories of finished goods, work in progress and goods for resale', 'Other operating income', 'Cost of raw materials and consumables' and 'Other external costs'.Revenue Revenue from the sale of goods for resale and finished goods is recognised in the income statement if the goods have been delivered and the risk has passed to the buyer before year-end. Revenue is recognised exclusive of VAT and net of sales discounts.Other external expensesOther external expenses include costs for sales, advertising, administration, premises, bad debts, rental expenses under operating leases, etc.Tax on net profit for the yearTax for the year comprises current tax and changes in deferred tax. The share attributable to the profit or loss for the year is recognised in the income statement, and the share attributable directly to equity is recognised directly in equity.BALANCE SHEETInvestments in subsidiaries and associates Investments in subsidiaries are recognised in the balance sheet at cost. Where the net realisable value is lower than cost, the investments are written down to this lower value.Corporate income tax and deferred taxCurrent tax liabilities and current tax receivables are recognised in the balance sheet as tax calculated on the taxable income for the year adjusted for tax on the taxable income for previous years and for prepaid taxes.Deferred tax is measured using the balance-sheet liability method on any temporary differences between the carrying amounts of assets and liabilities for financial reporting purposes and the amounts used for taxation purposes. In cases where the tax base can be determined under alternative taxation rules, such as in relation to shares, deferred tax is measured on the basis of the intended use of the relevant asset or settlement of the liability.Deferred tax assets, including the tax base of tax losses allowed for carryforward, are measured at their anticipated realisable values, either by elimination in tax on future earnings or by being offset against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at their net realisable values. Deferred tax is measured based on the tax rules and tax rates applicable when the deferred tax is expected to crystallise as current tax according to the legislation in force at the reporting date. Any change in deferred tax as a result of changes in the tax rates is recognised in the income statement.Payables Other payables, comprising trade payables and amounts owed to Group enterprises and associates and other accounts payable, are measured at amortised cost, which normally corresponds to the nominal value.-50000-50000183440-1884401 Uncertainty regarding the going concern status It is a prerequisite for its ability to continue operations that the parent companies continue to provide the necessary liquidity. Management expects that liquidity will continue to be made available to the company. 2 Equity investments in group enterprises Cost at beginning of period 7.465.1205.200 Additions during the year 02.265 Cost 31. december 2014 7.465.1207.465 Revaluation and impairment losses at beginning of period -993.3490 Amortisation, depreciation and impairment losses for the year 0-993 Revaluation and impairment losses 31. december 2014 -993.349-993 Book value 31. december 2014 6.471.7716.472 Breakdown of investments in Group enterprises: Name, Registered office Equity interest Equity Profit/loss Gorilla Glue Europe A/S 100% 5.093.318 1.646.225 Egeskovvej 12 3490 Kvistgård Denmark 3 Equity Contributed capital 650.000 0650.000 Retained earnings -985.588 -188.440-1.174.028 -335.588 -188.440-524.028 The share capital is divided as follows: Share capital consists of shares of 1.000 DKK or multiples thereof. 650.000 650.000 4 Related parties The following shareholders are entered in the Company's Register of Shareholders as owners of at least 5% of the voting rights or at least 5% of the share capital: The Gorilla Glue Company, 4550 Red Bank Expressway, 45227 Cincinnatti, Ohio, USA -120001000-13000-9930000-1006000006471771647177164717717047046472475650000-1174028-52402850006991503699650369965036472475-1000-1000647200064720006471000100010006472000650000-986000-33600050006803000680800068080006472000Howard Nicholas Ragland IVMads Lutz JørgensenRevision København, Godkendt RevisionspartnerselskabGodkendt revisor, Cand.merc.aud. FSR - Danske Revisorer-188440-1006000