Årsrapport30700228Ernst & Young Godkendt RevisionspartnerselskabOsvald Helmuths Vej 4Postboks 250, 2000 Frederiksberg2014-01-012014-12-312015-06-2328720017Partylite ApSEsplanaden 7, 3. tv.1263København K2005-06-06Københavnwww.partylite.comDanske BankOsvald Helmuths Vej 42000Frederiksberg2015-06-23Martin KöhlerRegnskabsklasse BRevisionspåtegning2015-06-232015-06-23Copenhagen, Marko Olavi SareenkantaMartin KöhlerWilliam Charles Looney IIIMarko Olavi SaarenkantaCopenhagen, Bo Leinumstate authorised public accountant3684356602440036843566024457608551651464872255952795564898147691719705320263929276120263929276134185647663800000385472039430133500431457863221303393147841584532756212223154066876906389993668769063899931250001250005051199484856051761994973560868428486842841224753163065489499566336354957576812088388061502807141614915028071416149668769063899931250004848560202639125000505119957608546600505576085516573591181391282254771464872255956851713065084002337404302976917197053125125000125000The company's primary activities are sale and distribution of candles and accessories, decor and personal care products. The income statement for 2014 shows a profit of DKK 202,639 against a profit of DKK 292,761 last year, and the balance sheet at 31 December 2014 shows equity of DKK 5,176,199. No significant events have occurred subsequent to the financial year-end. The Board of Directors and the Executive Board have today discussed and approved the annual report of Partylite ApS for the financial year 1 January - 31 December 2014. 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 2014 and of the results of the Company's operations for the financial year 1 January - 31 December 2014. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend the adoption of the annual report at the annual general meeting. To the shareholders of Partylite ApS We have audited the financial statements of Partylite ApS for the financial year 1 January - 31 December 2014, 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. Further, Management is responsible for such internal control as it 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 an assessment of the risks of material misstatement 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. The purpose is to design audit procedures that are appropriate in the circumstances, but not to express an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used, the reasonableness of accounting estimates made by Management as well as 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 audit 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 2014 and of the results of its operations for the financial year 1 January - 31 December 2014 in accordance with the Danish Financial Statements Act. The company's servers are located abroad. There is no on-line access from Denmark to the data etc. preserved at the servers, which is contrary to the Danish Bookkeeping Act. As a result, the members of the supervisory board may be held liable. 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 annual report of Partylite ApS 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. Transactions denominated in foreign currencies are translated into Danish kroner at the exchange rate at the date of the transaction. Income from the supply of services is recognised as revenue when the risk passes to the buyer, provided that the income can be made up reliably and is expected to be recevied. Revenue is measured net of all types of discounts/rebates granted. Also, revenue is measured net of VAT and other indirect taxes charged on behalf of third parties. 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. 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. Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable value and the carrying amount. Prepayments recognised under ‘Assets' comprise prepaid expenses regarding subsequent financial reporting years. Cash comprises cash balances and bank balances. Dividends proposed for the financial year are presented as a separate item under ‘Equity'. Current tax payable and receivable is recognised in the balance sheet as the estimated tax charge in respect of the taxable income for the year, adjusted for tax on prior years' taxable income and tax paid on account. Provisions for deferred tax are calculated, based on the liability method, of all temporary differences between carrying amounts and tax values, with the exception of temporary differences occurring at the time of acquisition of assets and liabilities neither affecting the results of operations nor the taxable income. Deferred tax is measured according to the taxation rules and taxation rates in the respective countries applicable at the balance sheet date, when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the value at which they are expected to be utilised, either through elimination against tax on future earnings or through a set-off against deferred tax liabilities. Other payables Other payables are measured at net realisable value. Deferred income Deferred income recognised as a liability comprises payments received concerning income in subsequent financial reporting years. The company has no employees. The company's share capital has remained DKK 125,000 over the past 5 years. The Company has not pledge any assets or other as security for loans at 31/12 2014. Information about consolidated financial statements: Parent Domicile Requisitioning of the parent's consolidated financial statements Blyth Inc. One East Weaver Street, Greenwich, CT 06831-5118 USA www.blyth.com 287200172014-01-012014-12-31287200172013-01-012013-12-31287200172013-12-31287200172014-12-31287200172014-01-012014-12-311287200172014-01-012014-12-312287200172014-01-012014-12-313287200172014-12-311287200172014-01-012014-12-311287200172014-01-012014-12-311287200172014-01-012014-12-31d:RetainedEarningsMember287200172013-01-012013-12-31d:RetainedEarningsMember287200172014-01-01d:ContributedCapitalMember287200172014-12-31d:ContributedCapitalMember287200172014-01-01d:RetainedEarningsMember287200172014-01-012014-12-31d:RetainedEarningsMember287200172014-12-31d:RetainedEarningsMember287200172013-12-311xbrli:sharesiso4217:DKK