1 CVR-No Final Liquidation Accounts 1 January July 2015
2 1 CONTENTS Page STATEMENT BY THE LIQUIDATOR... 2 STATEMENT BY THE COMPANY S INDEPENDENT AUDITOR 3 COMPANY INFORMATION.. 5 KEY FIGURES AND RATIOS 6 THE LIQUIDATOR S REVIEW.. 7 ACCOUNTS 1 JANUARY JULY 2015 Accounting Principles Comprehensive Income Statement. 12 Balance Sheet Equity Review Cash Flow Statement.. 15 Notes 16 DEFINITION OF RATIOS.. 22
3 2 STATEMENT BY THE LIQUIDATOR The undersigned have today considered and adopted the Final Liquidation Accounts for the accounting period 1 January 2015 to 13 July 2015 for Rella Holding A/S in liquidation. The Final Liquidation Accounts have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted by the EU and in accordance with additional Danish disclosure requirements for listed companies. I believe that the Liquidator s review gives a fair presentation of developments in the Company s activities and finances, the result of the period and of the Company s financial position in general as well as a description of the most significant risks and uncertainties to which the Company is exposed. In my opinion, the Final Liquidation Accounts give a true and fair view of the Company s assets and liabilities, financial position as at 13 July 2015, and the Company s activities and cash flows for the period 1 January July The Final Liquidation Accounts are submitted for the approval of the General Meeting. Copenhagen, 13 July 2015 Rikke Schiøtt Petersen Liquidator
4 3 STATEMENT BY THE COMPANY S INDEPENDENT AUDITOR To the Shareholders of Rella Holding A/S in liquidation REPORT ON FINAL LIQUIDATION ACCOUNTS We have audited the Final Liquidation Accounts of Rella Holding A/S in liquidation for the period 1 January 2015 to 13 July 2015, which comprise of a comprehensive income statement, balance sheet, statement of changes in equity, cash flow statement, summary of significant accounting policies and notes. The Final Liquidation Accounts are prepared in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies. The Liquidator s Responsibility for the Final Liquidation Accounts The Liquidator is responsible for the preparation of final liquidation accounts that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies and for such internal control as the liquidator determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor s Responsibility Our responsibility is to express an opinion on the Final Liquidation 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 Final Liquidation Accounts are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the Final Liquidation Accounts. The procedures selected depend on the auditor s judgement, including the assessment of the risks of material misstatements of the Final Liquidation Accounts, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity s preparation of Final Liquidation 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 entity s internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by the Liquidator, as well as the overall presentation of the Final Liquidation 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. Opinion In our opinion, the Final Liquidation Accounts give a true and fair view of the Company s financial position at 13 July 2015 and of the results of the Company s operations and cash flows for the period 1 January 2015 to 13 July 2015 in accordance with International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for listed companies. Supplementary information on circumstances in the accounts Without modifying our opinion we would like to draw attention to the fact that the Company is being liquidated. The Final Liquidation Accounts are thus not being prepared on the assumption of going concern.
5 4 STATEMENT BY THE COMPANY S INDEPENDENT AUDITOR STATEMENT ON THE LIQUIDATOR S REVIEW We have read the Liquidator s review. We have not performed any further procedures apart from our audit of the Final Liquidation Accounts. On this basis, it is our opinion that the information provided in the Liquidator s review is consistent with the accounts. Copenhagen, 13 July 2015 Beierholm State Authorized Public Accountants Limited Partnership Thomas Nislev State Authorized Public Accountant
6 5 COMPANY INFORMATION THE COMPANY Rella Holding A/S in liquidation c/o: Gorrissen Federspiel H. C. Andersens Boulevard 12 DK-1553 Copenhagen V. Telephone: Home page: CVR-No.: Founded: 1 August 1991 Domicile: Copenhagen LIQUIDATOR Rikke Schiøtt Petersen AUDITORS Beierholm, State Authorized Public Accountants Limited Partnership Gribskovvej 2 DK-2100 Copenhagen Ø EXTRAORDINARY GENERAL MEETING An Extraordinary and final General Meeting will be held on 6 August 2015 at 4 p.m. at Gorrissen Federspiel, H. C. Andersens Boulevard 12, DK-1553 Copenhagen V.
7 6 KEY FIGURES DKKm (12 months) 2013 (12 months) 2012 (12 months) 2011 (12 months) Result before financial items and tax Dividends from Aller Holding A/S Gain on sale of shares in Aller Holding A/S 1, Financial expenses, net Result before tax 1, Result after tax 1, Change in fair value of available-for-sale financial assets -1, , Total comprehensive income for the year , Financial long term assets 0.0 1, Cash 1, Total assets 1, , Share capital Equity 1, , Long term debt Short term debt RATIOS Solvency ratio (%) Outstanding shares at end of period (1,000) 1) 21,200 21,282 21,695 22,457 23,683 Earnings Per Share (EPS), DKK Comprehensive income per share, DKK Book value per share at end of period, DKK ) The number of shares reduced by the Company s holding of treasury shares.
8 7 THE LIQUIDATOR S REVIEW Events and transactions in the accounting period Rella Holding A/S in liquidation s only activity has, since the founding of the Company in 1991, been to hold B-shares with limited voting rights in Aller Holding A/S, which is Scandinavia s leading publisher of consumer magazines. The holding of shares in Aller Holding A/S amounted to 64% of the Aller Holding A/S outstanding share capital. In March this year Rella Holding A/S in liquidation ( Rella Holding or the Company ) entered into an agreement to sell its entire holding of shares in Aller Holding A/S to Aller Holding A/S for a total sales price of DKK bn. The sale was conditional on i.a. approval of the share sale agreement at Rella Holding s Annual General Meeting on 30 April In addition to the proposal to sell the Aller Holding shares it was proposed to the Annual General Meeting to let Rella Holding enter into voluntary solvent liquidation, if the sale of the Aller Holding share was approved, as the Company s activity thus would cease. The share sale, as well as the proposal to enter into voluntary solvent liquidation, were approved at the Annual General Meeting. The Company s board of directors and managing director resigned, and the chairman of the board until then, Rikke Schiøtt Petersen, took up the post as liquidator. The resigned board members and the managing director took position in an informal supervisory committee, which has followed the liquidation process and has assisted with liquidation tasks. On 11 June 2015 the transfer of the Aller Holding shares to Aller Holding A/S was completed, and Rella Holding received the sales price of DKK 1.772bn on its bank account in Ringkjøbing Landbobank. Simultaneously Rella Holding repaid its bank debt, which at the time amounted to DKK 120m, and placed DKK 1.65bn on a term deposit in Ringkjøbing Landbobank. The Company s entrance into voluntary solvent liquidation was registered by the Danish Business Authority on 4 May 2015, and thereby the 3 months statutory notice period began. The statutory notice period thus ends on 4 August No claims from creditors have been received as at 13 July 2015, which have not been paid. The liquidator has on 9 July 2015 called for a final and extraordinary general meeting to be held on 6 August 2015 at 4 p.m. The result for the period Rella Holding has, in the period, received dividends from Aller Holding A/S of DKK 25.9m, which was DKK 2.8m less than the dividends received in 2014 due to Aller Holding A/S lowering the dividend percentage. In the profit statement for the period the realized gain on sale of the holding of shares in Aller Holding A/S is included with DKK 1,230.5m. As the now sold share holding in the Annual Report for 2014 was revalued to the agreed sales price, the realized gain in 2015 is countered by a reversal of last year s revaluation of the Aller Holding shares, which reversal is seen under the items other comprehensive income. The net impact on Comprehensive Income of the sale of the Aller Holding shares is thus only DKK -0.29m corresponding to the transactions costs on the sale.
9 8 THE LIQUIDATOR S REVIEW The administrative costs in the period were DKK 2.0m. This figure includes costs for liquidating the Company including costs for holding the final extraordinary general meeting, costs for obtaining a tax clearance, delisting fees to Nasdaq Copenhagen, remaining remuneration for audit of the Annual Report for 2014 and remuneration for audit of the present final liquidation accounts, the liquidator s remuneration and payment of contractual obligations in termination periods etc. The period s interest expenses amount to DKK 3.2m. Apart from interest expenses on the Company s bank debt, which were repaid, when the sales price for the Aller Holding shares was received, the figure includes negative interest of DKK 1.4m on the Company s bank deposit corresponding to -0.5% per annum, which is caused by the prevailing negative interest rates on short term deposits in Danmarks Nationalbank. When adding up the above mentioned items, the Company has, in the period, realized a positive Comprehensive Income of DKK 20.4m before as well as after taxes. The Company will not incur any taxes on the income in the period, as the Company s dividends received from Aller Holding A/S and the gain on sale of the shares in Aller Holding A/S are tax free, because Rella Holding owned more than 10% of the share capital in Aller Holding A/S. The period s profit and the comprehensive income are as expected when publishing the Annual Report for Development in financial position The Company s long term financial assets have in the period 1 January 2015 to 13 July 2015 been reduced from DKK 1,772m to DKK 0 because of the sale of the shareholding in Aller Holding A/S. The Company s only asset as of 13 July 2015 is liquid funds of DKK 1,650m, which figure can be compared to liquid funds of DKK 0 at the beginning of the period. From the liquid funds are deducted negative interest on term deposits for the period from receipt of the sales price for the Aller Holding shares until 11 August 2015, when the shareholders equity is expected to be distributed to the shareholders through the Danish Central Securities Register. The Company s long term debt has, in the period, been reduced by DKK 137.6m to DKK 0, as the Company s bank debt has been repaid. The short term debt has also been repaid and has thereby been reduced by DKK 1.2m. The shareholders equity amounts to DKK 1,650m. The shareholders equity has, in the period, been positively influenced by the period s comprehensive income of DKK 20.4m and negatively by the purchase price of DKK 3.8m for treasury shares. The purchases of treasury shares took place before the Company entered into voluntary solvent liquidation on 30 April The shareholders equity corresponds to 100% of the assets against 92% on 31 December Number of outstanding shares and shareholders equity per share for distribution During the accounting period, Rella Holding has acquired 82,228 treasury shares at market prices (on average a price of DKK 46.0 per treasury share) on Nasdaq Copenhagen, and the total holding of treasury shares amounts thereby today to 400,101 shares.
10 9 THE LIQUIDATOR S REVIEW The Company share capital is composed of 21,600,000 shares and after deduction of treasury shares the number of outstanding shares amounts to 21,199,899 shares. The shareholders equity of TDKK 1,650,005 distributed on the number of outstanding shares amounts to DKK per share, which corresponds to the net liquidation proceeds per share, which are expected to be distributed to the shareholders as soon as possible after the final liquidation has been approved at the final extraordinary general meeting, which will be held on 6 August Risks There are no particular risks for the Company as at the reporting day. The Company s only asset is a deposit in Ringkjøbing Landbobank, which is on of Denmark s most solid banks. The Company has no debts nor any contractual obligations.
11 10 ACCOUNTING PRINCIPLES The final liquidation accounts for Rella Holding A/S in liquidation has been prepared in accordance with International Financial Reporting Standards (IFRS) issued by The International Accounting Standard Board (IASB) and adopted by the EU and in accordance with additional Danish disclosure requirements for final liquidation accounts. Rella Holding A/S in liquidation has implemented those accounting standards and interpretation notes that became in force for None of these have had any impact on recognition and measurement in the present final liquidation accounts. The final liquidation accounts have been prepared in DKK 1,000. The accounting principles as described below are unchanged from the Annual Report for The Company has entered into liquidation according to the regulations for voluntary solvent liquidations, and therefore recognition, measurement, classification and presentation of items in the accounts have been made with due respect to these circumstances, which implies the following: Liquidation costs are included in the profit and loss account under the item Administrative Costs. The Company s assets are measured at realizable value. The Company has entered into a term deposit agreement with its bank, according to which the Company pays a negative interest rate of 0.5% per annum of the balance on the term account. The negative interest until the day of expected distribution of the shareholders equity to the shareholders is in the accounts deducted from the term deposit in the bank, and thus the term deposit in the accounts corresponds to the revenue from closure of the term deposit account on 11 August Segment information The Company has no operating segments from which turnover can be derived and therefore gives no segment information. Financial items Financial items comprise interest income and expenses, dividends and amortization premium/allowance concerning debt to credit institutions. Interest income and expenses are accrued based on the principal and the effective rate of interest. Dividends are recognized when the right to the dividends finally vests. Tax The Tax on the result shown in the Comprehensive Income Statement is calculated on the profit according to the accounts adjusted for non-taxable income and expenses. Deferred tax liabilities and deferred tax assets are computed according to the balance sheet liability method on the basis of all temporary differences between the carrying amount and tax base of assets and liabilities and are recognised in the balance sheet at the tax rate applicable. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting either the net profit or loss for the year or the taxable income.
12 11 ACCOUNTING PRINCIPLES Valuation of the shareholding in Aller Holding A/S The shares in Aller Holding A/S have been classified as other securities and shares available for sale as the shares do not meet the conditions for any other classification. Shares classified as available for sale are measured at cost at first recognition on the day of trading plus directly attributable trading costs. Subsequently the shares are measured at fair value, and any change in the value is included as other income in the Comprehensive Income Statement. When assets are sold or disposed of, accumulated adjustments to fair value are recognized in the Profit and Loss Statement. The fair value can be ascertained based on various acknowledged valuation methods. Shares, which are not traded in an active market and for which no reliable fair market value can be found, are measured at cost. On indication of any impairment, the accumulated loss is included in the Profit and Loss Statement. For shares carried at cost, the loss can be calculated as the difference between the carrying value and the net present value of future estimated cash flows discounted at the present market yield for a corresponding financial asset. Debt Debt is measured at amortized cost, which usually corresponds to nominal value. Own shares Cost price and proceeds in connection with the purchase and sale of own shares as well as dividends on own shares are booked directly over the equity (retained earnings). Cash flow statement The cash flow statement has been prepared based on the indirect method. Cash includes liquid assets. Equity Proposed dividends for the accounting year are shown as a separate item under equity. The reserve for change in fair value of available-for-sale financial assets contains the accumulated value of changes in fair value of assets classified as financial assets available for sale.
13 12 COMPREHENSIVE INCOME STATEMENT Amounts in DKK 1,000 Note Administrative costs -2,020-1,532 Result before financial items and tax -2,020-1,532 Dividends from shares in Aller Holding A/S 25,929 28,727 Gain on sale of shares in Aller Holding A/S 1,230,467 0 Financial income 0 0 Financial expense -3,222-4,495 Profit before tax 1,251,154 22,700 4 Tax on the result 0 0 Net profit 1,251,154 22,700 Items that subsequently will be reclassified to the income statement: Change in fair value of available-for-sale financial assets -1,230,757 1,230,757 4 Total other comprehensive income -1,230,757 1,230,757 Comprehensive income 20,397 1,253,457 5 Earnings Per Share DKK DKK Comprehensive income per share DKK 0.96 DKK 58.33
14 13 BALANCE SHEET Amounts in DKK 1,000 Note ASSETS , 9 Other securities and shares (shareholding in Aller Holding A/S) 0 1,772,130 Financial long term assets 0 1,772,130 TOTAL LONG TERM ASSETS 0 1,772,130 Cash 1,650,005 0 TOTAL CURRENT ASSETS 1,650,005 0 TOTAL ASSETS 1,650,005 1,772,130 LIABILITIES Share capital 21,600 21,600 Reserve for change in fair value of available-for-sale financial assets 0 1,230,757 Retained earnings 1,628, ,041 Proposed dividends TOTAL EQUITY 1,650,005 1,633,398 Bank debt 0 137,551 8, 9 Long term debt 0 137,551 4 Corporate tax 0 0 8, 9 Other debt 0 1,181 Short term debt 0 1,181 8, 9 TOTAL DEBT 0 138,732 TOTAL LIABILITIES 1,650,005 1,772,130
15 14 EQUITY REVIEW Amounts in DKK 1,000 Equity Share capital Reserve for change in fair value of available-forsale financial assets Retained earnings Dividends Total Equity at , , ,899 Net profit in ,700 22,700 Total other comprehensive income 1,230,757 1,230,757 Comprehensive income in ,230,757 22,700 1,253,457 Purchase of treasury shares -20,959-20,959 Write-down of share capital Equity at ,600 1,230, , ,633,398 Net profit ,251,154 1,251,154 Other comprehensive income -1,230,757-1,230,757 Comprehensive income ,230,757 1,251,154 20,397 Purchase of treasury shares ,790-3,790 Equity at , ,628,405 1,650,005
16 15 CASH FLOW STATEMENT Amounts in DKK 1, Result before financial items and tax -2,020-1,532 Change in working capital: Change in other debt -1, Financial income 0 0 Financial expenses -3,222-4,495 Corporate tax paid 0 0 Cash flow from operating activities -6,423-6,709 Sale of B-shares in Aller Holding A/S 1,771,840 0 Dividends received from Aller Holding A/S 25,929 28,727 Cash flow from investing activities 1,797,769 28,727 Purchase of treasury shares -3, Repayment of bank debt -137,551 1,059 Dividends paid 0 0 Cash flow from financing activities -141,341-22,081 The period s total cash flow 1,650,005 0 Cash at beginning of period 0 0 Cash at end of period 1,650,005 0
17 16 NOTES Amounts in DKK 1, Liquidation and distribution of shareholders equity The Company went into solvent liquidation according to the rules for voluntary solvent liquidation of limited companies by decision at the Annual General Meeting on 30 April The Company s assets as at 13 July 2015 are deposits in banks of DKK 1,650m, and the shareholders equity as at the same date is DKK 1,650m, which thus is the net proceeds of the liquidation available for distribution to the Company s shareholders. The Company has as at 13 July 21,199,899 outstanding shares (i.e. excluding treasury shares). The liquidation proceeds for distribution to the shareholders are thus expected to amount to DKK per share. 2. Important accounting estimates, assumptions and uncertainties When implementing the Company s accounting principles, it is necessary for the liquidator to perform estimations and assessments concerning the book value of assets and liabilities. There are no significant uncertainties regarding the recognition and measurements of assets and liabilities in the balance sheet. The statutory notice period ends on 4 August 2015 i.e. after the reporting date. Until this day no unpaid claims have emerged.
18 17 NOTES Amounts in DKK 1, Administrative expenses Directors fees Manager s remuneration Attorney at law, liquidation costs and general meetings Social security contribution 1 1 Listing fee Nasdaq Copenhagen Shareholders register Fee Danish Commerce and Companies Agency Auditor s fee 1) Travelling costs Office expenses and printing 0 53 External services Entertainment 0 8 Bank fees Total administrative expenses 2,020 1,532 1) Auditor s fee: Statutory audit of the Accounts Assurance engagements other than audits 0 0 Tax advice 50 0 Other services 0 0 Auditor s total fee Rella Holding A/S in liquidation has in the period like 2014 not had any employees besides the Manager, who resigned as Managing Director on 30 April 2015, even though the employment contract continues to be in force until the end of September The Company has no share option programs, bonus schemes or pension obligations. The contract with the former Managing Director contains no stipulations on any payments upon the contract s termination except a usual mutual six months notice of termination to become effective at the end of a month.
19 18 NOTES Amounts in DKK 1, Tax on the result Tax on the year s result 0 0 Deferred tax for the year Prior year adjustments Total tax expense 0 0 Reconciliation: Result before tax 1,251,154 22,700 Tax on this result, tax rate 23.5% (2014: 24.5%) 294,021 5,562 Tax effect from non-taxable income -295,253-7,038 Tax cost (+) / tax income (-) -1,232-1,476 Not capitalized deferred tax asset 1,232 1,476 Total tax expense 0 0 There are no taxes on items under Total other comprehensive income. The Company has a deferred tax asset of approximately DKK 18.7m (2014: DKK 17.5m) calculated as 22% of the Company s tax loss carry forward (infinite). The deferred tax asset is not recognized in the balance sheet as the Company is in liquidation and therefore does not expect to be able to make use of the deferred tax asset. 5. Earnings per share Earnings per share (DKK) Comprehensive income per share (DKK) Result used to calculate earnings per share (TDKK) 1,251,154 22,700 Comprehensive income used to calculate comprehensive income per share (TDKK) 20,397 1,253,457 Average number of outstanding shares used to calculate earnings per share (1,000) 21,241 21,488 Diluted earnings per share correspond to the earnings per share as calculated above. 6. Other securities and shares available for sale (Holding of shares in Aller Holding A/S) Cost at beginning of period 541, ,373 Deletions during period -541,373 0 Cost at end of period 0 541,373 Change in fair value at beginning of period Additions 0 1,230,757 Deletions -1,230,757 0 Change in fair value at end of period 0 1,230,757 Book value at end of period 0 1,772,130
20 19 NOTES Amounts in DKK 1, Equity Rella Holding A/S in liquidation s share capital is nominal value DKK 21,600,000 represented by 21,600,000 shares of DKK 1.00 each. The share capital has been fully paid in, and no shares have special rights. Share Capital (nominal value DKK) Beginning of period 21,600,000 22,400,000 23,500,000 24,700,000 25,600,000 Cancellation of treasury shares 0-800,000-1,100,000-1,200, ,000 End of period 21,600,000 21,600,000 22,400,000 23,500,000 24,700,000 Treasury shares Number of shares % of share capital Beginning of period 317, , Bought 82, , ,89 Cancelled (reduction of share capital) 0-800, Treasury shares at end of period 400, , The cost of the nominal value DKK 82,228 shares purchased during the period to amounts to TDKK 3,790 (2014: nominal value DKK 412,612 and TDKK 20,959). 8. Debt True rate of interest Book value Currency Maturity Fixed/floating rate DKK Less than 1 year Floating rate % 0 1,181 DKK 1-5 years Floating rate % 0 137,551 DKK Over 5 years Floating rate % 0 0 Total nominal debt 0 138,732 The debt is shown in the balance sheet in the following way: Banks (long term debt) 0 137,551 Other debt (short term debt) 0 1,181 Total debt 0 138,732
21 20 NOTES Amounts in DKK 1, Financial risks and financial instruments Other securities and shares 0 1,772,130 Financial assets available for sale 0 1,772,130 Credit institutions 0 137,551 Other debt 0 1,181 Financial liabilities measured at amortized cost 0 138,732 The market value of the debt corresponds to book value. Liquidity risks Maturities for financial obligations are specified below distributed on the time intervals used in Rella Holding A/S in liquidation s cash management. The specified amounts represent the amounts falling due including interest Under 1 year Year 2-3 Year 4-5 Year 6-7 Non-derivative financial obligations Other debt Credit institutions Derivative financial instruments Derivative financial instruments Total Under 1 year Year 2-3 Year 4-5 Year 6-7 (2015) ( ) ( ) ( ) Non-derivative financial obligations Other debt -1, Credit institutions -4,036-9, , ,217-9, ,554 0 Derivative financial instruments Derivative financial instruments Total -5,217-9, ,554 0 The Company has no receivables and therefore no credit risk. The Company s risks have been described in the Liquidator s Review page 9. Rella Holding A/S in liquidation does not make use of financial derivatives.
22 21 NOTES Amounts in DKK 1, Financial risks and financial instruments (continued) The Company s total debt as at 13 July 2015 amounts to DKK 0. The Company s financial expenditure consists entirely of interest expenses on financial liabilities and negative interests on bank deposits. The financial liabilities and the bank deposits are not measured at fair value through the Profit and Loss Statement. The interest on the Company s bank deposit is fixed at -0.5% per annum for the period until the expected distribution of the shareholder s equity to the shareholders. 10. Information on related parties and transactions with such parties Rella Holding A/S in liquidation has no related parties with a controlling interest. Rella Holding A/S in liquidation s related parties with a considerable influence were the Company s Board of Directors and Management until their resignation on 30 April On 30 April 2015 the liquidator was elected as such and became a related party with considerable influence. Apart from payment of remuneration to the Company s Board of Directors and Management as specified in note 3 and apart from a remuneration of TDKK 585 including VAT (2014: 31 TDKK) to a law firm, in which the former chairman of the board as well as the liquidator are partners, there have been no transactions with the Company s related parties during the period The remuneration of TDKK 585 breaks down into TDKK 290 for assistance with the sale of the shareholding in Aller Holding A/S, TDKK 94 for holding the annual general meeting and TDKK 201 for liquidation assistance and holding of the final extraordinary general meeting.
23 22 DEFINITION OF RATIOS Ratios have been prepared in accordance with the Danish Society of Investment Professionals Recommendations and Ratios The ratios used in the tables containing key figures and ratios for Rella Holding A/S in liquidation have been calculated in the following way: Solvency ratio Equity at year-end minus minority interests x 100 Total assets at year-end Net profit Profit after tax minus the share belonging to minority interests Earnings Per Share (EPS) Book value at year-end Net profit Average number of shares Equity excluding minority interests, year-end Number of shares at year-end
TCS Financial Solutions Australia (Holdings) Pty Limited ABN 61 003 653 549 Financial Statements for the year ended 31 March 2015 Contents Page Directors' report 3 Statement of profit or loss and other
R Roche Capital Market Ltd Financial Statements 2009 1 Roche Capital Market Ltd, Financial Statements Reference numbers indicate corresponding Notes to the Financial Statements. Roche Capital Market Ltd,
INTERIM FINANCIAL STATEMENTS FOR THE THIRD QUARTER ENDED SEPTEMBER 30, (UNAUDITED AND EXPRESSED IN CANADIAN DOLLARS) NOTICE TO READER Under National Instrument 51-102, Part 4, subsection 4.3(3) (a), if
Note 2 SIGNIFICANT ACCOUNTING POLICIES BASIS FOR THE PREPARATION OF THE FINANCIAL STATEMENTS The consolidated financial statements have been prepared in accordance with International Financial Reporting
Page 1 of 13 Announcement no. 04/2009 To the NASDAQ OMX Copenhagen Copenhagen, as of March 20, 2009 At the Company s Extraordinary General Meeting held on December 11, 2008, it was resolved to commence
LANDIC PROPERTY BONDS VIII (SVERIGE II) Annual report for 2008 Reported on the NASDAQ OMX Copenhagen on 7 April 2009 (The Danish version has been reported to NASDAQ OMX Copenhagen on 2 April 2009) Summary:
CVR-No. 15 35 94 39 Annual Report 2014 1 January 31 December 2014 24 th Accounting Year 1 CONTENTS Page STATEMENT BY THE BOARD OF DIRECTORS AND THE MANAGEMENT.. 3 STATEMENT BY THE COMPANY S INDEPENDENT
Dumfries Mutual Insurance Company Financial Statements For the year ended December 31, 2010 Contents Independent Auditors' Report 2 Financial Statements Balance Sheet 3 Statement of Operations and Unappropriated
Transition to International Financial Reporting Standards Topps Tiles Plc In accordance with IFRS 1, First-time adoption of International Financial Reporting Standards ( IFRS ), Topps Tiles Plc, ( Topps
Separate Financial Statements Index Page(s) Report of Independent Auditors 1-2 Separate Financial Statements Statements of Financial Position 3 Statements of Comprehensive Income 4 5 Statements of Changes
Canadian Council for International Co-operation Financial Statements Independent Auditor's Report 2-3 Financial Statements Financial Position 4 Revenues and Expenses 5 Changes in Net Assets 6 Cash Flows
ATB INSURANCE ADVISORS INC. Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 442 Statement of Financial Position..................... 443 Statement of Changes in Equity....
Summary of significant accounting policies Basis of preparation DSM s consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRS) as adopted
(Incorporated in the Republic of Singapore) AUDITED FINANCIAL STATEMENTS AND OTHER FINANCIAL INFORMATION FOR THE PERIOD FROM 23 DECEMBER 2008 (DATE OF INCORPORATION) TO 30 JUNE 2009 LAM/KCH DIRECTORS REPORT
A&W Food Services of Canada Inc. Consolidated Financial Statements December 30, and January 1, (in thousands of dollars) February 12, 2013 Independent Auditor s Report To the Shareholders of A&W Food Services
POLICY 1. Objective To adopt Full Accrual Accounting and all other applicable Accounting Standards. 2. Local Government Reference Local Government Act 1995 Local Government (Financial Management) Regulations
Hotelinvest Kalvebod A/S Kalvebod Brygge 5, 1560 København V CVR No. 21 26 40 32 Annual report for the year ended 31 December 2014 Approved at the annual general meeting of shareholders on 16 June 2015
AIRA Factoring Public Company Limited Report and financial statements 31 December 2012 Independent Auditor's Report To the Shareholders of AIRA Factoring Public Company Limited I have audited the financial
ARSN 123 618 520 Annual Financial Report for the year ended 30 June 2013 (AEWT) Annual Financial Report for the year ended 30 June 2013 Contents Page Directors' Report 1 Statement of Profit or Loss and
46 Unless otherwise stated, the following accounting policies have been applied consistently in dealing with items which are considered material in relation to the financial statements. The Company and
Notes 2011 Solvang Group NOTE 1 - CORPORATE INFORMATION AND SIGNIFICANT ACCOUNTING POLICIES CORPORATE INFORMATION Solvang ASA is a public limited company incorporated and domiciled in Norway whose shares
A.B.N. 90 168 653 521 Appendix 4E - Preliminary Financial Report for the year ended 30 June 2015 Appendix 4E - Preliminary Financial Report For the year ended 30 June 2015 Preliminary Report This preliminary
Abbey plc ( Abbey or the Company ) Interim Statement for the six months ended 31 October 2007 The Board of Abbey plc reports a profit before taxation of 18.20m which compares with a profit of 22.57m for
1 FINANCIAL STATEMENTS Alberta Beverage Container Recycling Corporation Contents 2 Independent Auditor s Report 3 Statement of Operations and Changes in Net Assets 4 Statement of Financial Position 5 Statement
Consolidated financial statements Contents Page Management s statement of responsibility for financial reporting 1 Independent auditor s report 2 Consolidated statement of financial position 3 Consolidated
CONSOLIDATED STATEMENT OF INCOME Notes Sales 1) 5,429,574 5,169,545 Cost of Goods Sold 2) 3,041,622 2,824,771 Gross Profit 2,387,952 2,344,774 Selling Expenses 3) 1,437,010 1,381,132 General and Administrative
ANNUAL FINANCIAL RESULTS For the year ended 31 July 2013 ANNUAL FINANCIAL RESULTS 2013 FONTERRA CO-OPERATIVE GROUP LIMITED Contents: DIRECTORS STATEMENT... 1 INCOME STATEMENT... 2 STATEMENT OF COMPREHENSIVE
CONSOLIDATED PROFIT AND LOSS ACCOUNT For the six months ended June 30, 2002 Unaudited Unaudited Note Turnover 2 5,576 5,803 Other net losses (1) (39) 5,575 5,764 Direct costs and operating expenses (1,910)
Financial Statements For the year ended Financial Statements For the year ended Table of Contents Page Independent Auditor's Report 2 Statement of Financial Position 3 Statement of Comprehensive Income
CONSOLIDATED FINANCIAL STATEMENTS For the fiscal year ended March 31, 2014 INDEX Page Condensed Consolidated Statement of Operations and Comprehensive Income (Loss) 3 Condensed Consolidated Balance Sheet
Report and Non-Statutory Accounts 31 December Registered No CR - 117363 Cayman Islands Registered office: PO Box 309 GT, Ugland House, South Church Street, George Town, Grand Cayman, Cayman Islands Report
3 4 5 6 FINANCIAL SECTION Five-Year Summary (Consolidated) TSUKISHIMA KIKAI CO., LTD. and its consolidated subsidiaries Years ended March 31 (Note 1) 2005 2004 2003 2002 2001 2005 For the year: Net sales...
Neste Oil in 2014 The only way is forward Financial statements 2 FINANCIAL STATEMENTS 3 Key financial indicators 3 Calculation of key financial indicators 4 Consolidated financial statements 6 Consolidated
CLOSED JOINT-STOCK COMPANY Eurobank Financial Statements For the Year Ended CLOSED JOINT-STOCK COMPANY EUROBANK TABLE OF CONTENTS Page STATEMENT OF MANAGEMENT S RESPONSIBILITIES FOR THE PREPARATION AND
CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 CONSOLIDATED FINANCIAL STATEMENTS AS OF DECEMBER 31, 2013 NIS IN THOUSANDS INDEX Page Auditors' Reports 2-4 Consolidated Statements of Financial
1. Basis of Preparation The accounts have been prepared in accordance with Hong Kong Financial Reporting Standards ( HKFRS ). The accounts have been prepared under the historical cost convention as modified
Consolidated Financial Statements and Notes February 9, 2012 Independent Auditor s Report To the Shareholders of ACE Aviation Holdings Inc. We have audited the accompanying consolidated statement of net
ATB INVESTMENT MANAGEMENT INC. Financial Statements Year Ended March 31, 2015 Independent Auditor s Report.... 462 Statement of Financial Position.... 464 Statement of Changes in Equity... 465 Statement
Shin Kong Investment Trust Co., Ltd. Financial Statements for the Years Ended, 2014 and 2013 and Independent Auditors Report INDEPENDENT AUDITORS REPORT The Board of Directors and stockholder Shin Kong
Financial Statement Analysis: An Introduction 2014 Level I Financial Reporting and Analysis IFT Notes for the CFA exam Contents 1. Introduction... 3 2. Scope of Financial Statement Analysis... 3 3. Major
Financial Statements With Independent Auditors Report The reader is advised that these financial statements have been prepared originally in Chinese. These financial statements do not include additional
SUMITOMO DENSETSU CO., LTD. AND SUBSIDIARIES Consolidated Financial Statements Report of Independent Public Accountants To the Board of Directors of Sumitomo Densetsu Co., Ltd. : We have audited the consolidated
Note 1 to the financial information Basis of accounting ITE Group Plc is a UK listed company and together with its subsidiary operations is hereafter referred to as the Company. The Company is required
FINANCIAL STATEMENTS DECEMBER 31, 2014 TABLE OF CONTENTS PAGE Independent Auditor's Report 1 Financial Statements Statement of Operations and Changes in Net Assets 3 Statement of Financial Position 4 Statement
Financial Statements For The Three Months Ended March 31, 2012 and 2011 With Independent Auditors Review Report The reader is advised that these financial statements have been prepared originally in Chinese.
EVERGREEN MARINE CORPORATION FINANCIAL STATEMENTS WITH REPORT OF INDEPENDENT AUDITORS FOR THE YEARS ENDED DECEMBER 31, 2006 AND 2005 The reader is advised that the accompanying financial statements have
Consolidated Financial Statements Table of Contents Independent Auditor s Report 1 Consolidated Financial Statements Consolidated Statements of Financial Position 2 Consolidated Statements of Comprehensive
FINANCIAL SECTION CONSOLIDATED BALANCE SHEETS Aioi Insurance Company, Limited (Formerly The Dai-Tokyo Fire and Marine Insurance Company, Limited) and March 31, and ASSETS Cash and cash equivalents... Money
FINANCIAL STATEMENTS April 26, 2012 Independent Auditor s Report To the Shareholders of Blackheath Resources Inc. We have audited the accompanying financial statements of Blackheath Resources Inc., which
Consolidated Financial Statements of AUDIOTECH HEALTHCARE CORPORATION Year ended September 30, 2008 1 CHARTERED ACCOUNTANTS MacKay LLP 1100 1177 West Hastings Street Vancouver, BC V6E 4T5 Tel: (604) 687-4511
Adopted by Posten Norden s Board of Directors, 11 November 2009 Note 1 Accounting principles Compliance with legislation and regulations The consolidated financial statements were prepared in accordance
Management s Review Principal activities Arla Foods amba and its subsidiary enterprises operate dairy activities based on milk weighed in by its members in Denmark, Sweden, Germany and now also the United
Financial Statements 2014 This financial statement is part of Heijmans annual report 2014. The complete English version of the annual report will be published a number of weeks after the publication of
1. Corporate information Outokumpu Oyj is a Finnish public limited liability company organised under the laws of Finland and domiciled in Espoo. The parent company, Outokumpu Oyj, has been listed on the
Consolidated Financial Statements ACUITYADS INC. KPMG LLP Telephone (416) 228-7000 Yonge Corporate Centre Fax (416) 228-7123 4100 Yonge Street Suite 200 Internet www.kpmg.ca Toronto ON M2P 2H3 Canada To
ANNUAL FINANCIAL RESULTS FOR THE YEAR ENDED 31 JULY 2014 FONTERRA ANNUAL FINANCIAL RESULTS 2014 A CONTENTS DIRECTORS STATEMENT 1 INCOME STATEMENT 2 STATEMENT OF COMPREHENSIVE INCOME 3 STATEMENT OF FINANCIAL
Apart from the accounting policies presented within the corresponding notes to the financial statements, other significant accounting policies are set out below. These policies have been consistently applied
Acal plc Accounting policies March 2006 Basis of preparation The consolidated financial statements of Acal plc and all its subsidiaries have been prepared in accordance with International Financial Reporting
AUDIT REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM AND CONSOLIDATED FINANCIAL STATEMENTS C O N T E N T S Report of Independent Registered Public Accounting Firm.... 3 Consolidated Balance Sheets...
CONSOLIDATED FINANCIAL STATEMENTS CONSOLIDATED FINANCIAL STATEMENTS I N D E X PAGE 1 Auditor s Report 2 Consolidated Statement of Financial Position 3 Consolidated Statement of Comprehensive Income 4 Consolidated
Investing in people and technology. Financial Statements 2014 Contents 3 Group Financial Statements 68 Financial Statements of Schindler Holding Ltd. 84 Compensation Report 102 Corporate Governance The
Financial Statements SEIKAGAKU CORPORATION AND CONSOLIDATED SUBSIDIARIES Consolidated Balance Sheets March 31, 2001 and 2000 Assets Current assets: Cash and cash equivalents... Short-term investments (Note
BUCHAREST STOCK EXCHANGE SEPARATE FINANCIAL STATEMENTS PREPARED IN ACCORDANCE WITH INTERNATIONAL FINANCIAL REPORTING STANDARDS ADOPTED BY THE EUROPEAN UNION 31 DECEMBER 2013 FINANCIAL STATEMENTS FOR THE
FINANCIAL STATEMENTS YEARS ENDED TABLE OF CONTENTS YEARS ENDED INDEPENDENT AUDITORS' REPORT 1 FINANCIAL STATEMENTS STATEMENTS OF FINANCIAL POSITION 3 STATEMENTS OF ACTIVITIES 5 STATEMENTS OF CASH FLOWS
Dansk Supermarked A/S Højbjerg Annual report 2013 CVR no. 35 95 47 16 The Annual report has been presented and approved on the company's annual general meeting at / 2014 Chair Table of contents Page Management's
DIRECTORS REPORT Dear Members, The Directors have pleasure in presenting their Annual Report and Audited Accounts for the year ended March 31, 2015. 1. FINANCIAL HIGHLIGHTS: Particulars 2014-2015 2013-2014
FINANCIAL STATEMENTS FOR THE YEAR ENDED 31 MARCH 2015 TOGETHER WITH AUDITOR S REPORT Translation of Auditor s report AUDITOR S REPORT TO THE SHAREHOLDERS OF Report on the Financial Statements We have audited
NOTES TO CONSOLIDATED FINANCIAL STATEMENTS to Consolidated Financial Statements Note 1: Basis of Presentation Bank of Montreal ( the bank ) is a public company incorporated in Canada having its registered
Consolidated Financial Statements March 19, 2015 Independent Auditor s Report To the Members of Assiniboine Credit Union Limited We have audited the accompanying consolidated financial statements of Assiniboine
Management s Report The management of Raging River Exploration Inc. has prepared the accompanying financial statements of Raging River Exploration Inc. in accordance with International Financial Reporting
PGE Polska Grupa Energetyczna S.A. Separate Financial Statements for the year 2014 ended in accordance with IFRS EU (in PLN million) zakończony dnia 31 marca 2014 roku zgodne z MSSF (w tysiącach złotych)