KUKA Holding ApSÅkandevej 212700 Brønshøj33067747Årsrapport2020-03-19Benjamin Schulze AusterKUKA Holding ApSÅkandevej 212700 BrønshøjRevisionspåtegning330677472010-07-08Brønshøj2019-01-012019-12-312018-01-012018-12-31Ernst & Young Godkendt RevisionspartnerselskabDirch Passers Allé362000FrederiksbergCopenhagen2020-03-19Frank T. McFadenCopenhagen2020-03-19Ernst & Young Godkendt Revisionspartnerselskab30700228Ernst & Young Godkendt Revisionspartnerselskab30700228Henrik Kronborg IversenRasmus Bloch JespersenRevisionspåtegningState Authorised Public AccountantState Authorised Public Accountantmne24687mne35503100009000-10000-9000-10000-9000390000000143300010006100025800040362000-2660002920001100040070000-27700040070000-2770002098830002098830003313110003313110006200000062000000603194000603194000603194000603194000391520001490000200003915200016900064234600060336300090009000619155000579085000619164000579094000200030002288000024266000300000023182000242690002318200024269000642346000603363000900057908500040070000900061915500014000100014190000143300010006100064000019400061000258000300000-20000-80003100029200011000209883000331311000620000002098830003313110006200000020988300033131100062000000Regnskabsklasse BtruetrueToday the Board of Executives have discussed and approved the Annual Report of KUKA Holding ApS for the financial year 1 January - 31 December 2019. The Annual Report is presented in accordance with the Danish Financial Statements Act. In my opinion the financial statements give a true and fair view of the Company's financial position at 31 December 2019 and of the results of the Company's operations for the financial year 1 January - 31 December 2019. Further, in my opinion, the Management's review gives a fair review of the matters discussed in the Management's review. I recommend the Annual Report be approved at the Annual General Meeting. To the Shareholders of KUKA Holding ApS We have audited the financial statements of KUKA Holding ApS for the financial year 1 January - 31 December 2019, which comprise 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. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2019 and of the results of the Company's operations for the financial year 1 January - 31 December 2019 in accordance with the Danish Financial Statements Act. Basis for Opinion 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 our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements. Management's Responsibilities for the financial statements 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 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 Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to 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 judgment and maintain professional skepticism 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 Company'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 Company'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 Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, 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. Statement on the Management’s review Management is responsible for the Management’s review. Our opinion on the financial statements does not cover the Management’s review, 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 Management’s review and, in doing so, consider whether the Management’s review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management’s review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management’s review 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’s review. Principal activities The objectives of the Company are to carry on commerical and manufacturing business as well as financing and investment. The Company's principal activity comprise investments in group enterprises. Development in activities and financial position The Company's income statement for the year ended 31 December 2019 shows a profit of GBP 40.070 thousand and the balance sheet at 31 December 2019 shows equity of GBP 619.164 thousand. In 2019 the Company changed it's name from KaVo UK ApS to KUKA Holding ApS effective 27 August 2019. The Board of Executives recommends distribution of the profit as stated under the proposed distribution of profit. Significant events after the end of the financial year No events have occurred after the end of the financial year of material importance for the Company's financial position. Share capital Retained profit Total Equity at 1 January 2019 9 579.085 579.094 Proposed distribution of profit 40.070 40.070 Equity at 31 December 2019 9 619.155 619.164 Changes in share capital in the latest 5 years in DKK 2019 2018 2017 2016 2015 Balance at 1 January 80.000 80.000 80.000 80.000 80.000 Balance at 31 December 80.000 80.000 80.000 80.000 80.000 Other financial income 1 Interest, group enterprises 14 1 172.110 Other interest income 1.419 0 1.433 1 Other financial expenses 2 Interest, group enterprises 61 64 173.107 Other financial expenses 0 194 61 258 Tax on profit/loss for the year 3 Calculated tax on taxable income of the year 300 -20 Adjustment of tax for previous years -8 31 292 11 Fixed asset investments 4 Investments in group enterprises Investments in associated enterprises Other securities Cost at 1 January 2019 209.883 331.311 62.000 Cost at 31 December 2019 209.883 331.311 62.000 Carrying amount at 31 December 2019 209.883 331.311 62.000 Management has performed an assessment of whether there are any indications that investments may be impaired and on this basis concluded that there are no impairment indicators at 31 December 2019. Investments in group enterprises Name and registered office Ownership KNF BV, Netherlands 100 % Investments in associates enterprises Name and registered office Ownership KVF Finance ApS, Denmark 27 % Payables to group enterprises 5 As at 31 December 2019, the Company’s payables to group enterprises comprise GBP 22.880 thousand tax payable to Danaher Tax Administration ApS, administrator of the Danish tax pool. The Company participates in the groups cash-pool arrangement, under which the company may obtain sufficient liquidity to settle its obligations as they are due. Joint taxation The Company is jointly taxed with Danaher Tax Administration ApS, which is the management company (Administrationsselskab) for the Danish joint taxation. The Company is jointly and severally unlimited liable with the other jointly taxed companies for payment of corporation tax for the income year 2013 and later, and for withholding tax on interest, royalties and dividends, which are payable on 1 July 2012 or later. At 31 December 2019, the jointly taxed companies' net liability to SKAT is disclosed in the annual report for Danaher Tax Administration ApS, registration number - 28 31 68 87. Any subsequent assessments of the taxable income subject to joint taxation or withholding taxes on dividends, interest and royalties may entail that the Company's liability will increase. Other Contingencies The Company has no other contingent assets or liabilities. Consolidated financial statements 7 The ultimate parent of the group is: Danaher Corporation 2200 Pennsylvania Avenue, NW Suite 800W Washington, DC 20037 USA The consolidated financial statement for the Danaher group can be aquired at the following link: http://app.quotemedia.com/data/downloadFiling?webmasterId=101533&ref=114813569&type=PDF&symbol=DHR&companyName=Danaher+Corporation&formType=10-K&dateFiled=2020-02-21&CK=313616 The annual report of KUKA Holding ApS for 2019 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B and elective choice of certain provisions applying to reporting class C entities. Regnskabsklasse B1 true true The accounting policies are consistent with those of last year. Referring to section 112(1) of the Danish Financial Statements Act, no consolidated financial statements are prepared. The financial statements for Kavo UK ApS and its group entities are part of consolidated financial statements for Danaher Corporation, USA. Other external expenses Other external expenses include expenses related to administration etc. Investments in subsidiaries, associates and other securities Dividend from subsidiary, associated enterprise and other securities is recognised in the income statement in the financial year when the dividend is declared. Financial income and expenses Financial income and expenses include interest income and expenses, exchange rate adjustments from debt and transactions in foreign currencies, amortisation of financial assets and liabilities as well as charges and allowances under the tax-on-account scheme etc. Financial income and expenses are recognised in the income statement by the amounts that relate to the financial year. Tax on profit for the year The tax for the year, which consists of the current tax for the year and changes in deferred tax, is recognised in the income statement by the portion that may be attributed to the profit for the year, and is recognised directly in the equity by the portion that may be attributed to entries directly to the equity. The Company is jointly taxed with affiliated Danish enterprises. The current Danish corporation tax is distributed between the jointly taxed Danish enterprises in proportion to their taxable income and with full ditribution with refund regarding taxable losses. The jointly taxed companies are included in the tax-on-account scheme. Fixed asset investments Equity investments in subsidiaries, associates and other securities are measured at cost. In case of indication of impairment, and impairment test must be conducted. Investments are written down to the lower of the carrying amount and the recoverable amount. Impairment of fixed assets Equity investments in subsidiaries, associates and other securities are measured at cost. In case of indication of impairment, and impairment test must be conducted. Investments are written down to the lower of the carrying amount and the recoverable amount. In the event of impairment indications, an impairment test is made for each asset or group of assets, respectively. If the net realisable value is lower than the carrying amount, write-down is provided to thelower value. The recoverable amount is calculated at the higher of net selling price and capital value. The capital value is determined as the fair value of the expected net cash flows from the use of the asset or group of assets and the expected net cash flows from sale of the asset or group of assets after the end of its useful life. Receivables Receivables are measured at amortised cost which usually corresponds to nominal value. The value is reduced by write-down to meet expected losses. Cash and cash equivalents Cash and cash equivalents comprises cash balances and bank balances. Balances in the group's cash pool scheme are not, due to the nature of the scheme, considered cash, but are recognised under "Receivables from group enterprises" or "Payables to group enterprises", as applicable. Tax payable and deferred tax Current tax liabilities and receivable current tax are recognised in the balance sheet as the calculated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and taxes paid on account. Deferred tax is measured on the temporary differences between the carrying amount and the tax value of assets and liabilities. Deferred tax assets, including the tax value of tax loss carry-forwards, are measured at the expected realisable value of the asset, either by set-off against tax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity. Deferred tax is measured on the basis of the tax rules and tax rates that under the legislation in force on the balance sheet date would be applicable when the deferred tax is expected to crystallise as current tax. Liabilities Liabilities are measured at amortised cost which usually correspond to nominal value. Foreign currency translation The financial statements are presentet in GBP, based on bookkeeping records expressed in GBP. The foreign exchange rate in relation to Danish kroner on the balance day is 882,50. Transactions in foreign currencies are translated at the rate of exchange on the transaction date. Exchange differences arising between the rate on the transaction date and the rate on the payment date are recognised in the income statement as a financial income or expense. Receivables, payables and other monetary items in foreign currencies that are not settled on the balance sheet date are translated at the exchange rate on the balance sheet date. The difference between the exchange rate on the balance sheet date and the exchange rate at the time of occurrence of the receivables or payables is recognised in the income statement as financial income or expenses. 330677472019-12-31330677472018-12-31330677472019-01-012019-12-31330677472018-01-012018-12-31330677472019-01-012019-12-31g:RetainedEarningsMember330677472018-01-012018-12-31g:RetainedEarningsMember330677472019-01-01g:ContributedCapitalMember330677472019-12-31g:ContributedCapitalMember330677472019-01-012019-12-31g:RetainedEarningsMember330677472019-01-01g:RetainedEarningsMember330677472019-12-31g:RetainedEarningsMember330677472019-01-012019-12-311330677472019-01-01g:OtherInvestmentsMember330677472019-12-31g:OtherInvestmentsMember330677472019-01-01g:InvestmentsInAssociatesMember330677472019-12-31g:InvestmentsInAssociatesMember330677472019-01-01g:InvestmentsInGroupEnterprisesMember330677472019-12-31g:InvestmentsInGroupEnterprisesMember330677472019-01-012019-12-311330677472019-01-012019-12-312iso4217:GBP