Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabOsvald Helmuths Vej 4Postboks 250, 2000 Frederiksberg2015-01-012015-12-312016-05-2735851232Semele Danmark ApSc/o M7 Real Estate ApS Borgergade 2, 6. sal.1330København K2014-05-01KøbenhavnOsvald Helmuths Vej 42000Frederiksberg2016-05-27Mette SeifertRegnskabsklasse BRevisionspåtegning2016-05-272016-05-27Copenhagen, Mette SeifertMark HulbertChairmanMartin Wolfgang EckelMette SeifertCopenhagen, Henrik ReedtzState Authorised Public Accountant0020008700-169073000-1690730-1690730477314904773149047731490369242500003692425000051423915000050001500005030926050809275000061464061464061464051423915000050000050000015199999-169073500015030926Pontus Ejendomme ApSApSDenmark100-798503923268482550000050000The Board of Directors and the Executive Board have today discussed and approved the annual report of Semele Danmark ApS 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.We recommend that the annual report be approved at the annual general meeting.To the shareholders of Semele Danmark ApSWe have audited the financial statements of Semele Danmark ApS for the financial year 1 January - 31 December 2015, which comprise an 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.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 control 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 under Danish audit regulations. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to 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 consider 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.The annual report of Semele Danmark ApS for 2015 has been presented in accordance with the provisions of the Danish Financial Statements Act as regards reporting class B enterprises.The accounting policies applied by the company are consistent with those of last year.Reporting currency The financial statements are presented in Danish kroner.Gross profit/loss 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/loss'.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.Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials 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.Investments in subsidiaries and associates are measured at cost. Dividends received that exceed the accumulated earnings in the subsidiary or the associate during the period of ownership are treated as a reduction in the cost of acquisition.Intangible assets, property, plant and equipment and investments in subsidiaries and associates 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.Cash and cash equivalents comprise cash and short-term marketable securities which are subject to an insignificant risk of changes in value.Dividends proposed for the financial year are presented as a separate item under ‘Equity'.The Company has no employees.The Company has not placed any assets or other as security for loans at 31/12 2015.358512322015-01-012015-12-31358512322014-01-012014-12-31358512322014-12-31358512322015-12-31358512322015-01-012015-12-311358512322015-01-012015-12-312358512322015-01-012015-12-313358512322015-01-012015-12-311358512322015-01-012015-12-311358512322015-01-012015-12-31d:RetainedEarningsMember358512322014-01-012014-12-31d:RetainedEarningsMember358512322014-01-01d:ContributedCapitalMember358512322015-01-01d:ContributedCapitalMember358512322015-01-012015-12-31d:ContributedCapitalMember358512322015-12-31d:ContributedCapitalMember358512322015-01-01d:RetainedEarningsMember358512322015-01-012015-12-31d:RetainedEarningsMember358512322015-12-31d:RetainedEarningsMember358512322014-01-01d:RetainedEarningsMember358512322015-01-01e:PreviousYearMemberd:ContributedCapitalMember358512322015-01-012015-12-31e:PreviousYearMemberd:ContributedCapitalMember358512322015-12-31e:PreviousYearMemberd:ContributedCapitalMember358512322015-01-012015-12-31d:SubsidiaryMember1358512322015-12-31d:SubsidiaryMember1iso4217:DKKxbrli:pure