Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabVærkmestergade 25Postboks 330, 8100 Aarhus C2015-01-012015-12-312016-05-1931074185ITAS A/SKlosterport 4 A, 2.8000Aarhus C2007-11-28AarhusVærkmestergade 258100Aarhus C2016-05-19Søren BruunRegnskabsklasse BRevisionspåtegning2016-05-192016-05-19Aarhus, Jacob JakobsenNiels BuusChairmanMark FitzhughJacob JakobsenThomas FabriciusAarhus, Mads MeldgaardState Authorised Public Accountant19643572927473157408371780411926325885289199119127612825-132422279166-13242227916619318293557348193182935573481931829355734812107981273032121079812730320214546120610670620425387387237923577527052842568623961621651047401224454927025944073905005050000050000046753164688558517531651885584302376907604302376907601025617727965026534045784551115133852031707323385203170732594407390500505000004688558-1324250000046753161225090348993711574083717563816494024032769278041192632279650782970-260523-170145191276128252215329533883822492133185959471964357205603041931829500000500000The Board of Directors and the Executive Board have today discussed and approved the annual report of ITAS A/S for the financial year 1 January - 31 December 2015.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2015 and of the results of the Company's operations for the financial year 1 January - 31 December 2015.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.We recommend that the annual report be approved at the annual general meeting.To the shareholders of ITAS A/SWe have audited the financial statements of ITAS A/S for the financial year 1 January - 31 December 2015, which comprise an income statement, balance sheet, statement of changes in equity and notes, including 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 that 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 according to Danish audit regulations. 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 auditors' 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 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 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 31 December 2015 and of the results of its operations for the financial year 1 January - 31 December 2015 in accordance with the Danish Financial Statements Act.Pursuant to the Danish Financial Statements Act, we have read the Management's review. We have not performed any other procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the financial statements.The Company is engaged in developing and selling wired and wireless communication and related activities. The Company provides services and goods for sale and also acts as a supplier of goods and services to group enterprises.The income statement for 2015 shows a loss of DKK 13,242 against a profit of DKK 2,279,166 last year, and the balance sheet at 31 December 2015 shows equity of DKK 5,175,316. No significant events have occurred subsequent to the financial year.The Company is expected to merge into the sister company Chora Software Design A/S in 2016.The annual report of ITAS A/S for 2015 has been prepared in accordance with the provisions applying to reporting class B enterprises under the Danish Financial Statements Act.The accounting policies applied by the Company are consistent with those of last year.Reporting currency The financial statements are presented in Danish kroner.On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses.Income from the sale of goods for resale and finished goods is recognised in revenue when transfer of the most significant rewards and risks to the buyer has taken place and provided that the income can be reliably measured and payment is expected to be received. The date of the transfer of the most significant rewards and risks is based on standardised terms of delivery. Revenue is measured at fair value of the agreed consideration exclusive of VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. Gross profit With reference to section 32 of the Danish Financial Statements Act, the items 'Revenue', 'Cost of sale', 'Other external expenses' and 'Other operating income' are consolidated into one item designated 'Gross profit'.Other external expenses include the year's expenses relating to the entity's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.The item comprises amortisation/depreciation and impairment of intangible assets and property, plant and equipment. The basis of amortisation, which is calculated as cost less any residual value, is amortised on a straight-line basis over the expected useful life. The expected useful lives are as follows: Completed development projects 4 years Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Financial income and expenses include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc.Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The entity and its Danish group entities are taxed on a joint basis. The Danish income tax charge is allocated between profit-making and loss-making Danish entities in proportion to their taxable income (full allocation method). Jointly taxed companies entitled to a tax refund are, as a minimum, reimbursed by the management company according to the current rates applicable to interest allowances, and jointly taxed companies having paid too little tax pay, as a maximum, a surcharge according to the current rates applicable to interest surcharges to the management company.Development costs comprise expenses, salaries and amortisation directly or indirectly attributable to development activities. Development projects that are clearly defined and identifiable, where the technical feasibility, sufficient resources and a potential future market or development opportunities are evidenced, and where the Company intends to produce, market or use the project, are recognised as intangible assets provided that the cost can be measured reliably and that there is sufficient assurance that future earnings can cover production costs, selling costs and administrative expenses and development costs. Other development costs are recognised in the income statement as incurred. Development costs that are recognised in the balance sheet are measured at cost less accumulated amortisation and impairment losses. On the completion of a development project, development costs are amortised on a straight-line basis over the estimated useful life. Patents and licences are measured at cost less accumulated amortisation and impairment losses. Patents are amortised on a straight-line basis over the remaining term of the patent, and licences are amortised over the term of the licence.Intangible assets and property, plant and equipment are subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted in respect of individual assets or groups of assets generating separate cash flows when there is indications of impairment. The assets are written down to the higher of the value in use and net realisable value (recoverable amount) of the asset or group of assets if this is lower than the carrying amount. As for group of assets, impairment losses are first recognised in respect of goodwill and thereafter proportionately in respect of the other assets.Inventories are measured at cost in accordance with the FIFO method. Where the net realisable value is lower than cost, inventories are written down to this lower value. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to effect the sale and is determined taking into account marketability, obsolescence and development in the expected selling price. Goods for resale and raw materials and consumables are measured at cost, comprising purchase price plus delivery costs. Finished goods and work in progress are measured at cost, comprising the cost of raw materials, consumables, direct wages and salaries and direct production overheads. Indirect production overheads and borrowing costs are not recognised in cost. The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price.Receivables are measured at amortised cost. An impairment loss is recognised if there is objective indication that a receivable or a group of receivables is impaired. If there is objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Receivables with no objective indication of individual impairment are tested for objective indication of impairment on a portfolio basis. The portfolios are primarily composed on the basis of debtors' domicile and credit ratings in accordance with the Company's risk management policy. The objective indicators used for portfolios are determined based on historical loss experience. Write-downs are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate.Prepayments recognised under ‘Assets' comprise prepaid expenses regarding subsequent financial reporting years.Dividends proposed for the financial year are presented as a separate item under ‘Equity'.Other payables Other payables are measured at net realisable value.The Company's share capital has remained DKK 500,000 over the past 5 years. The Company has not provided any security for debt.Other contingent liabilities The Company is jointly taxed with its parent company, Jacob Jakobsen Gruppen ApS, which acts as administrative company, and has joint and several liability together with other jointly taxed group entities for corporation taxes for the income year 2013 and onwards as well as for withholding taxes on interest, royalties and dividends falling due for payment on or after 1 July 2012.310741852015-01-012015-12-31310741852014-01-012014-12-31310741852014-12-31310741852015-12-31310741852015-01-012015-12-311310741852015-01-012015-12-312310741852015-01-012015-12-313310741852015-01-012015-12-314310741852015-12-311310741852015-01-012015-12-311310741852015-01-012015-12-311310741852015-01-01d:CompletedDevelopmentProjectsMember310741852015-01-012015-12-31d:CompletedDevelopmentProjectsMember310741852015-12-31d:CompletedDevelopmentProjectsMember310741852015-01-012015-12-31d:RetainedEarningsMember310741852014-01-012014-12-31d:RetainedEarningsMember310741852015-01-01d:ContributedCapitalMember310741852015-12-31d:ContributedCapitalMember310741852015-01-01d:RetainedEarningsMember310741852015-01-012015-12-31d:RetainedEarningsMember310741852015-12-31d:RetainedEarningsMember310741852014-12-311iso4217:DKK