Årsrapport34209936Grant Thornton, Statsautoriseret RevisionspartnerselskabStockholmsgade, 452100, København Ø2015-05-212016-09-302016-11-2436900253AX IV Con II ApSKirkebjerg Parkvej9, 2.2605BrøndbyGrant Thornton, Statsautoriseret RevisionspartnerselskabGrant Thornton, Statsautoriseret Revisionspartnerselskab3420993634209936Jan TønnesenClaus Koskelinstatsautoriseret revisorstatsautoriseret revisorStockholmsgadeStockholmsgade454521002100København ØKøbenhavn ØDanmarkDanmark+45 33 110 220+45 33 110 220info@dk.gt.cominfo@dk.gt.com2016-11-24Klaus Skov MortensenRegnskabsklasse BRevisionspåtegningkapitalejerenKøbenhavn2016-11-24Brøndby2016-11-24-210000-210000275000000163960000110830000-361200001469500001469500006369770000636977000063697700006400002890000405800004411000021530000656400006435410000100000030613700001208700003183240000305796000030579600001350000002558000033630000194210000325217000064354100006950000157010000163960000636977000063697700006369770000Conscia Holding A/SBrøndby100229659000106736000135000002050000001000000100000030613700003061370000146950000-26080000120870000Mogens BransholmSøren Bech JustesenMogens Munkholm ElsbergChristian Bamberger BroJens Albert HarsaaeNikolaj VejlsgaardKlaus Skov MortensenJakob Nordenhof JønckThe board of directors and the executive management have today presented the annual report of AX IV Con II ApS for the financial year 21 May 2015 to 30 September 2016. The annual report has been presented in accordance with the Danish Financial Statements Act. We consider the accounting policies used appropriate, and in our opinion the annual accounts provide a true and fair view of the company's assets and liabilities and its financial position as on 30 September 2016 and of the company's results of its activities in the financial year 21 May 2015 to 30 September 2016. We are of the opinion that the management's review includes a fair description of the issues dealt with. The annual report is recommended for approval by the general meeting. We have audited the annual accounts of AX IV Con II ApS for the financial year 21 May 2015 to 30 September 2016, which comprise accounting policies used, profit and loss account, balance sheet and notes. The annual accounts are prepared in accordance with the Danish Financial Statements Act. The management is responsible for the preparation of annual accounts that give a true and fair view in accordance with the Danish Financial Statements Act. Furthermore, the management is responsible for such internal control considered necessary in order to prepare annual accounts that are free from material misstatement, whether due to fraud or error. Our responsibility is to express an opinion on the annual accounts 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 annual accounts are free from material misstatements. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the annual accounts. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatements in the annual accounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the company's preparation of annual accounts 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 the management, as well as the overall presentation of the annual accounts. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. The audit has not resulted in any qualification. In our opinion, the annual accounts give a true and fair view of the company's assets, liabilities and financial position at 30 September 2016 and of the results of the company's operations for the financial year 21 May 2015 to 30 September 2016 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 further procedures in addition to the performed audit of the annual accounts. On this basis, it is our opinion that the information provided in the management's review is consistent with the annual accounts. The principal activities of the company The main activities of AX IV Con II ApS consist of owning capital shares in affiliated companies, including other related business, cf. the board's assessment. Uncertainties as to recognition or measurement During the financial year, there has been no deviation by recognition and measurement of account entries in neither the group accounts nor the financial report respectively. Development in activities and financial matters The financial performance in 2015/2016 was according to expectations, and management considers the results for the year satisfactory. The expected development The company expects continued growth and a satisfactory result for the financial year 2016/17. Events subsequent to the financial year No events have occurred subsequent to the balance sheet date, which would have material impact on the financial position of the company. The annual report for AX IV Con II ApS is presented in accordance with those regulations of the Danish Financial Statements Act concerning companies identified as class B enterprises. The accounting policies used are unchanged compared to last year and stated in 1.000 Danish Kroner (DKK). Recognition and measurement in general Income is recognised in the profit and loss account concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs, including depreciation, amortisation, writedown, provisions, and reversals, which are due to changes in estimated amounts previously recognised in the profit and loss account are recognised in the profit and loss account. Assets are recognised in the balance sheet when the company is liable to achieve future, financial benefits and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the company is liable to lose future, financial benefits and the value of the liability can be measured reliably. At the first recognition, assets and liabilities are measured at cost. Later, assets and liabilities are measured as described below for each individual accounting item. Certain fixed asset investments and liabilities are measured at amortised cost, by which method a fixed, effective interest is recognised during the useful life of the asset or the liability. Amortised cost is recognised as the original cost with deduction of any payments and additions/deductions of the accrued amortisation of the difference between cost and nominal amount. In this way, capital losses and capital profits are spread over the useful life. At recognition and measurement, such predictable losses and risks are taken into consideration, which may appear before the annual report is presented, and which concerns matters existing on the balance sheet date. Derivative financial instruments At the first recognition, derived financial instruments are recognised at cost in the balance sheet. Afterwards they are measured at fair value. Positive and negative fair values of derived financial instruments are recognised under other debtors and other creditors respectively. Changes in the fair value of derived financial instruments classified as and meeting the criteria for hedging future assets and liabilities are recognised under debtors or creditors and in the equity. Gross loss The gross loss comprises external costs. Other external costs comprise administration. Net financials Net financials include interest income, interest expenses, and realised and unrealised capital gains and losses on financial assets and liabilities. Net financials are recognised in the profit and loss account with the amounts concerning the financial year. Dividend from equity investments in group enterprises is recognised in the financial year where the dividend is declared. Tax on ordinary results The tax for the year comprises the current tax for the year and the changes in deferred tax, and it is recognised in the profit and loss account with the share referring to the results for the year and directly in the equity with the share referring to entries directly on the equity. The company is subject to the Danish legislation concerning compulsory joint taxation with the Danish group enterprises. Equity investments in group enterprises Equity investments in group enterprises are measured at cost. In case the recoverable amount is lower than the cost, writedown takes place to this lower value. Debtors Debtors are measured at amortised cost which usually corresponds to face value. In order to meet expected losses, writedown takes place at the net realisable value. Cash funds Cash funds comprise cash at bank and in hand. Equity - dividend Dividend expected to be distributed for the year is recognised as a separate item under the equity. Proposed dividend is recognised as a liability at the time of approval by the general meeting. Corporate tax and deferred tax Current tax receivable and tax liabilities are recognized in the balance sheet at the amount calculated on the basis of the expected taxable income for the year adjusted for tax on previous years' taxable income and prepaid taxes. Tax receivable and tax liabilities are set off to the extent that legal right of set-off exists and if the items are expected to be settled net or simultaneously. According to the rules of joint taxation, AX IV Con II ApS is unlimited, jointly and severally liable towards the Danish tax authorities for the total corporation tax, including withholding tax on interest, royalties and dividends, arising within the jointly taxed group of companies. Deferred tax is measured on the basis of all temporary differences in assets and liabilities with a balance sheet focus. Deferred tax is measured based on the tax rules and tax rates applying under the legislation on the balance sheet date and prevailing when the deferred tax is expected to be released as current tax. Liabilities Financial liabilities related to borrowings are recognised at the received proceeds with the deduction of transaction costs incurred. In following periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value by use of the effective interest. The difference between the proceeds and the nominal value is recognised in the profit and loss account during the term of the loan. Other liabilities are measured at amortised cost which usually corresponds to the nominal value. 8. Contingencies Contingent liabilities The Company has provided an absolute guarantee of mDKK 46.5 towards the associated company's bank facilities. As security for debt, mDKK 326,5, to financial institutions, pledge shares have been granted to an accounting value of mDKK 637,0 as at 30 September 2016. Joint taxation AX IV Con ApS, company reg. no 36 90 00 24 being the administration company, the company is subject to the Danish scheme of joint taxation and unlimited jointly and severally liable with the other jointly taxed companies for the total corporation tax. The company is unlimited jointly and severally liable with the other jointly taxed companies for any obligation to withhold tax on interest, royalties and dividends. The liability relating to obligations in connection with corporation tax represents an estimated maximum of DKK 18.043 thousand. The liability relating to obligations in connection with withholding taxes represents an estimated maximum of DKK 0 thousand. Any subsequent adjustments of corporate taxes or withheld taxes etc. may cause changes in the company's liabilities. 369002532015-05-212016-09-30369002532014-05-212015-05-20369002532015-05-20369002532016-09-30369002532015-05-212016-09-301369002532015-05-212016-09-302369002532015-05-212016-09-303369002532015-05-212016-09-304369002532015-05-212016-09-305369002532015-05-212016-09-306369002532015-05-212016-09-302369002532015-05-212016-09-301369002532015-05-212016-09-301369002532015-05-212016-09-302369002532015-05-212016-09-30e:RetainedEarningsMember369002532014-05-212015-05-20e:RetainedEarningsMember369002532015-05-212016-09-30e:InvestmentsInGroupEnterprisesMember369002532014-05-212015-05-20e:InvestmentsInGroupEnterprisesMember369002532016-09-30e:InvestmentsInGroupEnterprisesMember369002532015-05-20e:InvestmentsInGroupEnterprisesMember369002532015-05-21e:ContributedCapitalMember369002532016-09-30e:ContributedCapitalMember369002532015-05-21e:SharePremiumMember369002532016-09-30e:SharePremiumMember369002532015-05-212016-09-30e:RetainedEarningsMember369002532016-09-30e:RetainedEarningsMember369002532015-05-212016-09-30e:SubsidiaryMember1369002532016-09-30e:SubsidiaryMember1369002532014-05-21e:ContributedCapitalMember369002532015-05-20e:ContributedCapitalMember369002532014-05-21e:SharePremiumMember369002532015-05-20e:SharePremiumMember369002532014-05-212015-05-20e:RetainedEarningsMember369002532015-05-20e:RetainedEarningsMember369002532016-09-30e:LongtermDebtToBanksMemberiso4217:DKKxbrli:pure