Kavo UK ApSÅkandevej 212700 Brønshøj33067747Årsrapport2016-05-04Sven AmbjørnKavo UK ApSÅkandevej 212700 BrønshøjRevisionspåtegning330677472010-07-08Brønshøj2015-01-012015-12-31Ernst & Young Godkendt RevisionspartnerselskabOswald Helmuths Vej42000FrederiksbergFrank T. McFadenErnst & Young Godkendt Revisionspartnerselskab30700228Brian StubtoftState Authorised Public AccountantRegnskabsklasse B-0.012-0.008-0.012-0.008-0.012-0.00810.49320.865-0.307-0.27310.17420.584-1.557-4.1598.61716.4258.61716.425209.8830331.311331.31166.83663.1050204.155608.03598.571608.03598.5710.1780.190.1780.190.1780.19608.208598.7610.0090.009588.172579.555588.181579.5640.0040.00518.46615.0331.5574.15920.02719.19720.02719.197608.208598.7615.72816.0514.7654.81410.49320.865-0.127-0.106-0.18-0.167-0.307-0.273-1.557-4.159-1.557-4.1590331.311209.8830209.883331.311209.883331.31162204.1550-204.1556201.10503.73104.836066.83600.009579.5558.6170.009588.172Today the board of executive have discussed and approved the Annual Report of Kavo UK ApS for 1 January - 31 December 2015. The Annual Report has been prepared 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 2015 and of the results of the Company’s operations for the financial year 1 January - 31 December 2015. In my opinion the Management’s Review includes a fair review of the matters discussed in the management review. I recommend that the Annual Report be approved at the annual general meeting. To the Shareholders of Kavo UK ApS We have audited the financial statements of Kavo UK ApS for the financial year 1 January to 31 December 2015, which comprise income statement, balance sheet and notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act. Management's responsibility 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 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 regulation. 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 auditor’s judgement, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor 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. Opinion 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 it's 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. Principal activities The objectives of the company are to carry on commercial and manufacturing business as well as financing and investment. Development in activities and financial position The company's income statement for the year ended 31 December 2015 shows a profit of GBP 8,617 thousand and the balance sheet at 31 December 2015 shows equity of GBP 588,181 thousand. The Executive Board recommends appropriation of the profit as stated under appropriation profit/loss. Significant events after the end of the financial year There has been no other events of material importance for the company's financial position. Future expectations The company expects earnings on the same level as in the current year. The annual report of Kavo UK ApS for 2015 has been presented in accordance with the provisions of the Danish Financial Statements Act for enterprises in reporting class B. Regnskabsklasse B The Annual Report is prepared consistently with the accounting principles used last year. General about recognition and measurement Income is recognised in the income statement as and when it is earned, including recognition of value adjustments of financial assets and liabilities. Any costs, including depreciation, amortisation and writedown, are also recognised in the income statement. Assets are recognised in the balance sheet when it is likely that future economic benefits will flow to the company and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is likely that future economic benefits will flow from the company and the value of the liability can be measured reliably. The initial recognition measures assets and liabilities at cost. Subsequently, assets and liabilities are measured as described in the following for each item. The company is subject to the Danish Financial Statements Act., section 112 and consequently do not present consolidated financial statements. The ultimate consolidated financial statements are prepared by Danaher Corporation Inc., USA and can be provided at www.danaher.com/investors/. INCOME STATEMENT Other external costs Other external costs include costs related to administration etc. Investments in subsidiaries and associates Dividend from subsidiaries and associates is recognised in the financial year when the dividend is declared. If the declared dividend exceeds the accumulated result since the acquisition time, the dividend is recognised as a reduction of the costprice of the investment. Financial income and expenses in general Financial income and expenses include interest income and expenses, realised and unrealised gains and losses arising from investments in financial assets, 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 distribution with refund regarding taxable losses. The jointly taxed companies are included in the tax-on-account scheme. BALANCE SHEET Fixed asset investments Equity investments in subsidiaries and associates are measured at cost. If the cost exceeds the net realisable value, this is written down to the lower value. If the declared dividend exceeds the accumulated result since the acquisition time, the dividend is recognised as a reduction of the costprice of the investment. Other securities are measured at market value. Market value is measured at the balance sheet date, if the securities are listed and a value calculated using generally accepted valuation principles if the securities are not quoted. Receivables Accounts receivable are measured at amortised cost which usually corresponds to nominal value. Write-down is made for bad debt losses when there is objective evidence that a receivable or a portfolio of receivables has been impaired. If there is objective evidence that an individual receivable has been impaired, write-down is made on an individual basis. 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". 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 unit. 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. BALANCE SHEET Liabilities Liabilities are measured at amortised cost equal 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 1012,24. 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. Other financial income 1 Group enterprises 5.728 16.051 172.110 Other financial income 4.765 4.814 10.493 20.865 Other financial expenses 2 Group enterprises 127 106 173.107 Other interest expenses 180 167 307 273 Tax on profit/loss for the year 3 Calculated tax on taxable income of the year 1.557 4.159 1.557 4.159 Fixed asset investments 4 Investments in group enterprises Investments in associated enterprises Cost 1 January 2015 0 331.311 Addition 209.883 0 Cost 31 December 2015 209.883 331.311 Carrying amount at 31 December 2015 209.883 331.311 Fixed asset investments 4 Other securities Receivables from group enterprises Cost 1 January 2015 62.000 204.155 Disposal 0 -204.155 Cost 31 December 2015 62.000 0 Revaluation 1 January 2015 1.105 0 Fair value adjustment 3.731 0 Revaluation 31 December 2015 4.836 0 Carrying amount at 31 December 2015 66.836 0 Investments in group enterprises(USD´000) Company Equity Profit for the year Ownership Sorter... Kavo Netherlands Finance BV, Netherlands, 2015 0 0 100 % Investments in associates (DKK'000) Company Equity Profit for the year Ownership Sorter... Kavo Finance ApS, Denmark, 2015 14.807.269 530.650 22 % The first reporting year is 2015 for Kavo Netherlands Finance BV why no information is presented. Kavo Netherlands Finance BV, Netherlands, 2015 0 0 100 % Kavo Finance ApS, Denmark, 2015 14.807.269 530.650 22 % Equity 5 Share capital Retained profit Total Equity 1 January 2015 9 579.555 579.564 Proposed distribution of profit 8.617 8.617 Equity 31 December 2015 9 588.172 588.181 Changes in share capital in the latest 5 years in DKK 2015 2014 2013 2012 2011 Balance at 1 January 80.000 80.000 80.000 80.000 80.000 Capital increase Balance at 31 December 80.000 80.000 80.000 80.000 80.000 Contingencies etc. 6 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 2015, 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 liabilies 330677472015-01-012015-12-31330677472014-01-012014-12-31330677472015-12-31330677472014-12-31330677472015-01-012015-12-31e:RetainedEarningsMember330677472014-01-012014-12-31e:RetainedEarningsMember330677472015-01-01e:InvestmentsInGroupEnterprisesMember330677472015-01-012015-12-31e:InvestmentsInGroupEnterprisesMember330677472015-12-31e:InvestmentsInGroupEnterprisesMember330677472015-01-01e:InvestmentsInAssociatesMember330677472015-01-012015-12-31e:InvestmentsInAssociatesMember330677472015-12-31e:InvestmentsInAssociatesMember330677472015-01-01e:OtherInvestmentsMember330677472015-01-012015-12-31e:OtherInvestmentsMember330677472015-12-31e:OtherInvestmentsMember330677472015-01-01e:ReceivablesFromGroupEnterprisesMember330677472015-01-012015-12-31e:ReceivablesFromGroupEnterprisesMember330677472015-12-31e:ReceivablesFromGroupEnterprisesMember330677472015-01-01e:ContributedCapitalMember330677472015-12-31e:ContributedCapitalMember330677472015-01-01e:RetainedEarningsMember330677472015-01-012015-12-31e:RetainedEarningsMember330677472015-12-31e:RetainedEarningsMember330677472015-01-012015-12-311330677472015-01-012015-12-311iso4217:GBP