Nýherji hf. Consolidated Financial Statements for the year 2014* ISK
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1 Nýherji hf. Consolidated Financial Statements for the year 2014* ISK *These consolidated financial statements are translated from the original which is in Icelandic. Should there be discrepancies between the two versions, the Icelandic version will take priority over the translated version. Nýherji hf. Borgartún Reykjavík Reg. no
2 Contents Endorsement and Statement by the board of Directors and the CEO... Independent Auditor's Report... Consolidated Statement of Comprehensive Income... Consolidated Statement of Financial Position... Consolidated Statement of Changes in Equity... Consolidated Statement of Cash Flows... Notes to the Consolidated Financial Statements Unaudited appendices: Statement of Corporate Governance... Quarterly Statement Consolidated Financial Statements of Nýherji hf
3 Endorsement and Statement by the Board of Directors and the CEO The Company provides to its customers complete solutions in the fields of information technology with software development and by providing hardware, software, office equipment and technical services. The financial statements include the consolidated financial statements of Nýherji hf. and its subsidiaries. The Group consists of ten entities. Operation in 2014 According to the statement of comprehensive income, profit for the year 2014 amounted to ISK 259 million. Sale of goods and services amounted to ISK 11,572 million during the year. According to the statement of financial position, equity at year-end amounted to ISK 963 million. At the end of March the group sold the operations of Applicon A/S and Applicon Solutions A/S in Denmark. The operations of these subsidiaries are presented as discontinued operations in the consolidated statement of comprehensive income. Additionally are the operations of Dansupport A/S presented as discontinued operations in comparative figures. Dansupport A/S was sold at the end of the year 2013 and the group has therefore ceased operations in Denmark. During the 2nd and 3rd quarter Nýherji hf. refinanced the Group's interest bearing liabilities. The refinancing is an important step to improve the groups current ratio, lower finance expenses and ensure the group access to capital and loans for further growth In September new shares were issued with a nominal value of ISK 10 million in a non-public offering for employee's and the Board of Directors. Each share was sold at a price of ISK 3.9 with a total price of ISK 39 million In the beginning of October a new organisational structure for the parent company was put into effect. The new structure improves operational efficiency and strengthens the focus on development and sales, human resources and services to resellers. Reference is made to notes for further information on the Group's risk management. Share capital and Articles of Association Shareholders at year-end were 329, but they were 278 at the beginning of the year. One shareholder owned more than 10% of the Company's outstanding share capital at year-end, Vænting hf., or 16.6% of the share capital in the Company. The ten largest shareholders are: Share Vænting hf.... Lífeyrissjóður verslunarmanna... VPS ehf.... Stafir lífeyrissjóður... Fiskveiðahlutafélagið Venus hf.... Vátryggingafélag Íslands hf.... Eignasafn Seðlabanka Íslands ehf.... Landsbankinn hf.... P 126 ehf.... Benedikt Jóhannesson... 16,6% 9,2% 8,8% 8,6% 6,5% 6,5% 5,8% 5,2% 3,3% 3,2% The Board of Directors proposes that no dividends be paid to shareholders in Reference is made to the financial statements for further information on allocation of profit and other changes in equity. The share capital of the Company amounted to ISK 410 million at year-end but the Company holds own shares with a nominal value of ISK 0.1 million. The entire share capital is of the same class listed on the Iceland Stock Exchange. All shares confer the same rights. Consolidated Financial Statements of Nýherji hf
4 Endorsement and Statement by the Board of Directors and the CEO contd.: Share capital and Articles of Association, contd.: The Annual General Meeting on 14 March 2014, resolved to authorize the Board to purchase up to 10% of the nominal value of the shares of the Company, cf. Chapter VIII of Act no. 2/1995 on limited liability companies. The purchase rate shall be based on the last registered rate of Nasdaq OMX Iceland hf. before the agreement is concluded. The authorisation is valid for 18 months. With the approval of this motion a previous similar authorisation expires, which was approved at the Company's Annual General Meeting on 22 February Corporate governance The Board of Directors of Nýherji hf. emphasizes maintaining good management practices and comply with the Guidelines on Corporate Governance issued by the Iceland Chamber of Commerce, NASDAQ OMX Iceland and the Confederation of Icelandic Employers in March The Guidelines can be found on the website of the Iceland Chamber of Commerce The Company complies with the guidelines in main respect but the Board does not believe it is necessary to appoint a appointment committee as the size and extent of the company's operation does not require such committees. Nýherji hf. was recently acknowledged as an examplary organisation in corporate governance as recognised by the Center of Corporate Governance. The acknowledgement comes as a result of a Capacent's thorough appraisal of the company's governance. The Company's shares are listed in the Iceland Stock Exchange and therefore the Company shall comply with the Stock exchange's rules on corporate governance, which can be found on its website. Further information on corporate governance is included in the chapter on Corporate Governance in the financial statements. Statement by the Board of Directors and the CEO The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by the EU and additional Icelandic disclosure requirements for consolidated financial statements of listed companies. According to our best knowledge it is our opinion that the consolidated financial statements give a true and fair view of the consolidated financial performance of the Group for the financial year 2014, its assets, liabilities and consolidated financial position as at 31 December 2014, and its consolidated cash flows for the financial year Further, in our opinion the consolidated financial statements and the endorsement by the Board of Directors and the CEO gives a fair view of the development and performance of the Group's operations and its position and describes the principal risks and uncertainties faced by the Group. The Board of Directors and the CEO have today discussed the consolidated financial statements of Nýherji hf. for the year 2014 and confirm them by means of their signatures. The Board of Directors and the CEO recommend that the consolidated financial statements be approved at the annual general meeting of Nýherji hf. Reykjavík, 29 January Board of Directors: Benedikt Jóhannesson, Chairman Ágúst Sindri Karlsson Hildur Dungal Loftur Bjarni Gíslason Marta Krístín Lárusdóttir CEO: Finnur Oddsson Consolidated Financial Statements of Nýherji hf
5 Independent Auditor s Report To the Board of Directors and Shareholders of Nýherji hf. We have audited the accompanying consolidated financial statements of Nýherji hf. which comprise the consolidated statement of financial position as at December 31, 2014, the consolidated statements of comprehensive income, changes in equity and cash flows for the year then ended, and notes, comprising a summary of significant accounting policies and other explanatory information. Management's Responsibility for the Financial Statements The Board of Directors and CEO are responsible for the preparation and fair presentation of these consolidated financial statements in accordance with International Financial Reporting Standards as adopted by the EU, and for such internal control as they determine is necessary to enable the preparation of consolidated 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 these consolidated financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing. Those standards require that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance whether the consolidated financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the consolidated financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatement of the consolidated financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation and fair presentation of the consolidated financial statements 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 management, as well as evaluating the overall presentation of the consolidated financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the consolidated financial statements give a true and fair view of the consolidated financial position of Nýherji hf. as at December 31, 2014, and of its consolidated financial performance and its consolidated cash flows for the year then ended in accordance with International Financial Reporting Standards as adopted by the EU. Report on the Board of Directors report Pursuant to the legal requirement under Article 104, Paragraph 2 of the Icelandic Financial Statement Act No. 3/2006, we confirm that, to the best of our knowledge, the report of the Board of Directors accompanying the consolidated financial statements includes the information required by the Financial Statement Act if not disclosed elsewhere in the consolidated financial statements. Reykjavík, 29 January KPMG ehf. Ólafur Már Ólafsson Consolidated Financial Statements of Nýherji hf
6 Consolidated Statement of Comprehensive Income for the year 2014 Notes * Sales of goods and services... Cost of goods sold and cost of services ( ) ( ) Gross profit Operating expense... Impairment losses on goodwill... Profit (loss) before finance income and finance expenses... Finance income... Finance expenses... Net finance expense... Profit (loss) before income tax... Income tax... Profit (loss) for the year of continued operations... Profit (loss) for the year of discontinued operations... Profit (loss) for the year... Other comprehensive income: Foreign currency translation difference for foreign operations... Transl. diff. recognised in the income statement due to sale of a subsidiary... Total other comprehensive income... 6 ( ) ( ) 11 0 ( ) ( ) ( ) ( ) 8 ( ) ( ) ( ) ( ) 9 ( ) ( ) ( ) ( 8.928) Total comprehensive income (loss) for the year ( ) EBITDA... Profit (loss) attributable to: Equity holders of the parent company... Non-controlling interest... (Loss) profit for the year... Total comprehensive income(loss) attributable to: Equity holders of the parent company... Non-controlling interest... Total comprehensive (loss) income for the year... (Loss) earnings per share of continued operations: Basic and diluted earnings (loss) per share... (Loss) earnings per share: Basic and diluted earnings (loss) per share ( ) 0 ( 722) ( ) ( ) 0 ( 722) ( ) 16 0,66 ( 0,78) 16 0,60 ( 4,03) * Comparatives figures has been adjusted due to sale on operation in Denmark, see note 9. The notes on pages are an integral part of these consolidated financial statements. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
7 Consolidated Statement of Financial Position as at 31 December 2014 Notes Assets: Property and equipment Intangible assets Deferred income tax asset Securities and long-term receivables Non-current assets Inventories Trade receivables and other receivables Cash and cash equivalents Current assets Total assets Equity: Share capital Share premium Reserves Retained earnings (accumulated deficit) ( ) Total Equity Liabilities: Non-current loans and borrowings Current loans and borrowings Trade payables and other payables Current liabilities Total liabilities Total equity and liabilities The notes on pages are an integral part of these consolidated financial statements. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
8 Consolidated Statement of Changes in Equity for the year 2014 Year 2013 Equity at 1 January Total comprehensive loss for the year... Dividend paid, ISK 0.05 pr. share... Revaluation transferred... Share premium allocated against loss... Equity at 31 December Total equity attributable Retained to equity Nonearnings holders of control- Share Share (Accumulated the parent ling Total Capital premium Reserves deficit) company interest equity ( ) ( ) ( 722) ( ) ( ) ( ) ( ) ( 136) ( ) ( ) Year 2014 Equity at 1 January Total comprehensive income for the year... Issued new shares... Revaluation transferred... Equity at 31 December ( ) ( 5.934) The notes on pages are an integral part of these consolidated financial statements. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
9 Consolidated Statement of Cash Flows for the year 2014 Cash flows from operating activities: Profit (loss) for the year... Adjustments for: Gain on sale of property and equipment... Depreciation... Impairment losses on goodwill... Net finance expense... Income tax... Gain from sold discontinued operations... Notes ( ) 10 ( ) ( ) ( ) Changes in operating assets and liabilities: Inventories, (increase) decrease... ( ) Trade receivables and other receivables, decrease Trade payables and other payables, (decrease)... ( ) ( ) Changes in operating assets and liabilities ( ) Interest income received Interest expenses paid... ( ) ( ) Income tax paid... 0 ( 3.341) Net cash provided by operating activities Cash flows from investing activities: Investment in property and equipment ( ) ( ) Proceeds from sale of property and equipment Investment in intangible assets ( ) 0 Securities and long-term receivables, change Proceeds from sale of a subsidiary, net cash disposed of Net cash used in investing activities ( ) ( ) Cash flows from financing activities: Paid-in capital Dividend paid... 0 ( ) Proceeds from long-term borrowings Repayment of long-term of borrowings... ( ) ( ) Current loans, changes... ( ) Net cash used in financing activities ( ) ( ) (Decrease) increase in cash and cash equivalents... Effect of exchange rate fluctuations on cash held... Cash and cash equivalents at beginning of the year... Cash and cash equivalents at the end of the year... ( ) ( 6.198) ( 9.625) Investing and financing activities not affecting cash flows: Paid-in capital... Other receivables... Interest bearing liabilities... Proceeds from sale of property and equipment ( ) 0 ( ) The notes on pages are an integral part of these consolidated financial statements. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
10 Notes 1. Reporting entity Nýherji hf. (the Company ) is a limited company domiciled in Iceland. The address of the Company s registered office is Borgartún 37, Reykjavik. The consolidated financial statements of the Company as at and for the year ended 31 December 2014 comprise the Company and its subsidiaries, together referred to as the Group and individually as Group entities. The Company s aim is to provide to its customers complete solutions in the fields of information technology with software development and by providing hardware, software, office equipment and technical services. 2. Basis of preparation a. Statement of compliance The consolidated financial statements have been prepared in accordance with International Financial Reporting Standards (IFRSs) as adopted by EU. Summary of significant accounting policies is presented in note 29. The financial statements were approved by the Board of Directors on 29 January b. Basis of measurement The consolidated financial statements have been prepared on the historical cost basis except for buildings, which are measured at revalued cost. The methods used to measure fair values are discussed further in note 3. c. Functional and presentation currency These consolidated financial statements are presented in Icelandic krónur (ISK), which is the Company s functional currency. All financial information presented has been rounded to the nearest thousand. d. Use of estimates and judgements The preparation of financial statements in conformity with IFRSs requires management to make judgements, estimates and assumptions that affect the application of accounting policies and the reported amounts of assets, liabilities, income and expenses. Actual results may differ from these estimates. Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are recognised in the period in which the estimates are revised and in any future periods affected. Information about significant areas of estimation uncertainty in applying accounting policies that have the most significant effect on the amounts recognised in the financial statements is included in note 10 on measurement of the recoverable amounts of cash-generating units containing goodwill. The determination of fair value is based on preconditions, which are dependent on the judgment of management on future events. Actual results can be different from this estimation. 3. Determination of fair values A number of the Group s accounting policies and disclosures require the determination of fair value, for both financial and non-financial assets and liabilities. Fair values have been determined for measurement and / or disclosure purposes based on the following methods. When applicable, further information about the assumptions made in determining fair values is disclosed in the notes specific to that asset or liability. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
11 3. Determination of fair values, contd. (i) Property and equipment The market value of property is the estimated amount for which a property could be exchanged on the date of valuation between a willing buyer and a willing seller in an arm s length transaction. The market value of items of property and equipment is based on the market prices for similar items. (ii) Intangible assets The fair value of intangible assets is based on the discounted cash flows expected to be derived from the use of the assets. (iii) Securities The fair value of financial assets at fair value through profit or loss and held-to-maturity investment is determined by reference to their estimated present value of future cash flows. (iv) Non-derivative financial liabilities Fair value of financial liabilities, which is determined for disclosure purposes, is calculated based on the present value of future principal and interest cash flows, discounted at the market rate of interest at the reporting date. 4. Segment reporting The Group comprises the following two main business segments which sell goods and services in different markets: Goods and related services - sales of goods to individuals and companies and related services. Software, related services and consultancy - software development and other related services. Business segments Goods and Software, rerelated lated services, 2014 services consultancy Eliminations Consolidated Sales to external customers... Inter-segment revenue... Total segment revenue ( ) ( ) Segment expenses... ( ) ( ) ( ) Segment result (EBITDA)... Depreciation... Finance income... Finance expenses... Income tax... Profit from continued operations... Loss from discontinued operations... Profit for the year... Foreign currency translation differences for foreign operations... Total comprehensive income for the year... Segment assets... Capital expenditure ( ) ( ) ( ) ( ) ( ) Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
12 4. Segment reporting, contd.: Business segments, contd.: Goods and Software, rerelated lated services, 2013 services consultancy Eliminations Consolidated Sales to external customers... Inter-segment revenue... Total segment revenue ( ) ( ) Segment expenses... ( ) ( ) ( ) Segment result (EBITDA)... Depreciation... Impairment losses on goodwill... Finance income... Finance expenses... Income tax... Loss from continued operations... Loss from discontinued operations... Foreign currency translation differences for foreign operations... Translation difference recognised in the income statement due to sale of a subsidiary... Total comprehensive loss for the year... Segment assets... Capital expenditure ( ) ( ) ( ) ( ) 0 ( ) ( ) ( ) ( ) ( ) ( ) Geographical segments Other 2014 Iceland countries Total Sales to external customers... Segment assets... Capital expenditure Sales to external customers... Segment assets... Capital expenditure Sales of goods and services and other income Sales of goods and services are specified as follows: Sales of goods... Sales of services... Total sales of goods and services Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
13 6. Operating expenses Operating expenses are specified as follows: Salaries and salary related expenses... Operation of real estates... Sales and marketing expenses... Depreciation... Other operating expenses... Total operating expenses Salary and salary-related expenses Salary and salary-related expenses are specified as follows: Salary... Contributions to defined contribution plans... Other salary-related expenses... Total salary and salary-related expenses... Average number of employees... Positions at the end of the year Salary and salary-related expenses is allocated in the statement of comprehensive income as follows: Cost of goods sold and cost of sold services... Operating expenses... Total salary and salary-related expenses Finance income and expense Finance income is specified as follows: Interest income on bank deposits... Interest income on receivables and long-term notes... Total finance income Finance expenses are specified as follows: Interest expenses... Adjustment of interest expenses due to recalculation... Foreign exchange loss... Total finance expenses... Net financial expenses... ( ) ( ) ( ) ( ) ( ) ( ) ( ) ( ) 9. Discontinued operations At the end of March the group sold the operations of Applicon A/S and Applicon Solutions A/S in Denmark. A part of the sales price is performance based and is not recognised as revenue due to uncertainty of the final outcome. The operations of these subsidiaries are presented as discontinued operations in the consolidated statement of comprehensive income. Additionally are the operations of Dansupport A/S presented as discontinued operations in comparative figures. Dansupport A/S was sold at the end of the year 2013 and the group has therefore ceased operations in Denmark. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
14 9. Discontinued operations, contd.: Effects on consolidated statement of comprehensive income: Operating revenue Operating expense... ( ) ( ) Operating loss... ( ) ( ) Gains from sold subsidiaries Loss from discontinued operations recognised in the income statement... ( ) ( ) Effects on consolidated statement of financial position: Intangible assets... ( ) ( ) Property and equipment... 0 ( ) Deferred income tax asset... ( 2.759) ( ) Trade receivables and other receivables... ( ) ( ) Trade payables and other payables Net assets disposed of... ( ) ( ) Proceeds fro sale of a subsidiary, net cash disposed of Gains from sold subsidiaries Property and equipment Property and equipment and their depreciation is specified as follows: Equipment, fixtures and Cost and revalued cost Buildings fittings Total Balance at Additions during the year... Disposals... Effect of movements in exchange rates... Balance at Additions during the year... Disposals... Effect of movements in exchange rates... Balance at Depreciation and impairment losses Balance at Depreciation... Disposals... Effect of movements in exchange rates... Balance at Depreciation... Disposals... Effect of movements in exchange rates... Balance at Carrying amounts At At At ( ) ( ) 0 ( 1.491) ( 1.491) ( ) ( ) ( ) 0 ( 597) ( 597) ( ) ( ) 0 ( 949) ( 949) ( ) ( ) ( ) 0 ( 55) ( 55) Depreciation ratios... 1,3% 15-25% Revaluation The Group s buildings were revalued to fair value as at 1 April Real estates were recognised at fair value and their carrying amount increased by ISK 4 million. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
15 10. Property and equipment, contd.: Leased assets The Group has entered into finance lease agreements on equipment. Some leases provide the Group with the option to purchase the equipment at a beneficial price at the end of the leasing period. The leased equipment secures lease obligations (see note 20). At 31 December 2014 the net carrying amount of leased equipment was ISK 344 million compared to ISK 333 million at 31 December Insurance value and carrying amounts Insurance value, official tax valuation and carrying amounts of buildings and land at year-end 2014 were as follows: Insurance value of buildings... Official tax valuation of buildings and land... Carrying amount of buildings and land... Insurance value of inventory and equipment Mortgages and guarantees There are no mortgages and guarantees on remaining debt against the Group s assets at year end 2014 (2013: No mortgages and guarantees). 11. Intangible assets Intangible assets, amortisation and impairment losses are specified as follows: Cost Balance at Disposals during the year... Effect of movements in exchange rates... Balance at Additions during the year... Disposals during the year... Effect of movements in exchange rates... Balance at Amortisation and impairment losses Balance at Amortisation... Impairment losses... Disposals during the year... Effect of movements in exchange rates... Balance at Amortisation... Disposals during the year... Effect of movements in exchange rates... Balance at Carrying amounts At At At Depreciation ratios... Goodwill Software Total ( ) 0 ( ) ( ) ( 6.194) ( ) ( ) ( ) ( ) ( ) ( 2.214) ( ) ( ) 0 ( ) ( 9.853) ( 1.033) ( ) ( ) ( ) ( ) ( ) ( 422) ( ) % Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
16 11. Intangible assets, contd.: A part of Nýherji hf.'s operations is developing and selling software. In accordance with international financial reporting standards ISK 223 million were capitalised as a result of the group's development of Tempo software. When estimating the values of development costs, costs are measured from the day a projects fulfils all requirements for capitalisation. Other development cost is expensed when incurred. Intangible assets developed within the group are booked at historical costs minus the accumulated depreciation as if a purchased asset. The booked value of intangible assets is reviewed in order to estimate possible impairment. If there is a possible impairment the recoverable amount of the asset is revalued. Impairment tests for goodwill are conducted at least once a year. Depreciation and amortisation are specified as follows: Depreciation of property and equipment, note Amortisation of intangible assets... Total depreciation and amortisation Depreciation and amortisation are specified as follows: Cost of goods sold and cost of sold services... Operating expenses... Total depreciation and amortisation Impairment test At year-end 2014, the company's goodwill was tested for impairment. Goodwill arising upon acquisition has been divided between the relevant subsidiaries, which are defined as the smallest separable cash generating units by the Group's management. The aggregate carrying amount of goodwill allocated to each segment are as follows: Goods and related services... Software, related services and consultancy... Total goodwill The recoverable amounts for cash generating units are based on their value in use. Value in use was determined by discounting the future cash flows generated from the continuing use of the units. Cash flows were projected based on actual operating result and a 5-year business plan. Cash flows were extrapolated for determining the residual value using a constant growth rate. Operating plans are reviewed and accepted by the Company's Board of Directors. According to the results of the test at year end 2014, goodwill has not been impaired. Impairment of goodwill is specified as follows by cash generating units: Goods and related services... Software, related services and consultancy... Total impairment losses on goodwill In evaluating value in use management uses estimates of future development in the field of information technology, both internal and external data. Key assumptions for the evaluation of value in use are specified as follows: Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
17 11. Intangible assets, contd.: In evaluating value in use management uses estimates of future development in the field of information technology, both internal and external data. Key assumptions for the evaluation of value in use are specified as follows: Software, Goods related and related services and Assumptions at year end 2014: services consultancy Future growth rate... The anticipated annual revenue growth rate: Weighted average WACC... Debt leverage... Interest rate % % 4,9% 4,9% % ,2% % 35,0% 6.4% 9.2% % Changes in key assumptions would have the following impact on the carrying amount of goodwill: WACC + 1.0%... EBITDA %... ( ) ( 190) ( ) ( ) Assumptions at year end 2013: Future growth rate... The anticipated annual revenue growth rate: Weighted average WACC... Debt leverage... Interest rate... 5,5% % 2,7% 5,9% % % 14,3% % 35,0% 15,0% 9,7% % Changes in key assumptions would have the following impact on the carrying amount of goodwill: WACC + 1,0%... EBITDA - 10,0%... ( ) ( 8.726) ( ) ( ) 12. Inventories Inventories are specified as follows: Inventories in shops and warehouse... Spare parts... Work in process... Allowances for impairments... Total inventories ( ) ( ) Work in process consists of service projects accrued at year-end. Cost of goods sold during the year amounted to ISK 4,998 million. (2013: ISK 4,959 million) Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
18 13. Trade receivables and other receivables Trade receivables and other receivables are specified as follows: Trade receivables... Allowance for impairments... Other receivables... Total trade receivables and other receivables ( ) ( ) The Group s exposure to credit and currency risks and impairment losses related to trade receivables and other receivables are disclosed in note 21 and 23. Trade receivables and inventories amounting to ISK 1,036 million (2013: ISK 911 million) are pledged for loans to the Group. 14. Cash and cash equivalents Cash and cash equivalents are specified as follows: Demand deposits... Cash... Cash and cash equivalents Equity (i) Share capital The Company's share capital according to its Articles of Association is ISK 400 million. Each share has the nominal value of one ISK. One vote is attached to each share in the Company. The company holds treasury shares in the nominal value of ISK 0.1 million, recognised as decrease in equity. (ii) Share premium Share premium represents excess of payments above nominal value that shareholders have paid for shares sold by the Company. According to the Icelandic Companies Act, 25% of the nominal share capital must be held in reserve which may not be paid out as dividend to shareholders. According to law, share premium of paid in share capital can be offset against accumulated deficit. (iii) Reserves Reserves consist of translation differences of subsidiaries and revaluation account. Revaluation reserve is related to revaluation of the Group's buildings and represents the part of the revalue that has not been depreciated, net of income tax. The revaluation reserve will be transferred to retained earnings at the same time as it is depreciated and expensed in profit or loss. Reserves are specified as follows: Translation Revaluation reserve reserve Total Balance at Changes during the year... Balance at Changes during the year... Balance at ( 136) ( 5.934) (iv) Retained earnings Retained earnings consist of the Group's retained profit and accumulated deficit from the establishment of the parent company, less dividend payments and transfer to and from other equity items. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
19 15. Equity, contd.: (v) Capital management The Board of Directors has established equity management policy to ensure strong equity position and support stable future operating development. The Board of Directors' aim is that, as a rule, around one third of the profit for each year be paid as dividend to shareholders. The Board's long-term objective is that the Group's equity ratio not be lower than 30%. The Company's equity ratio was 16.7% at year end 2014 compared to 11.0% at year end The Company is now working on its strategic planning and a redefinition of the Group's main emphasis aimed at strengthening the Group's equity. Capital management takes into account the carrying amount of equity. In september new shares with a nominal value of ISK 10 million in a non-public offering for the Group's employees and Board Members. Each share's sales price was ISK 3.9 and the total sales price ISK 39 million. Occasionally, the Group purchases its own shares on market. The shares have among other been intended for settlement of share option agreements, for resale on market or been utilised to purchase other companies. No amendments were made to the Group's capital management in the year. The Company and its subsidiaries are not required to meet with external rules on minimum equity balance. (vi) Dividend No dividend was paid in the year 2014 but in the year 2013 dividend in the amount of ISK 20 million was paid to shareholders. The Company's Board of Directors proposes that no dividend be paid to shareholders in the year Earnings per share Basic earnings per share is based on the profit attributable to shareholders of the parent company and weighted average number of shares outstanding during the year. Diluted earnings (loss) per share is based on the profit attributable to shareholders of the parent company and weighted average number of shares outstanding during the year after adjustment for the effects of the dilutive potential shares of share options of the Company s personnel. The Company has not entered into convertible loan agreements Profit (loss) attributable to the shareholders of the parent company of continued operations... Profit (loss) attributable to the shareholders of the parent company... Shares at the beginning of the year... Effects of issued shares... Weighted average number of ordinary shares... Earnings (loss) per share and diluted earnings (loss) per share of continued operations... Earnings (loss) per share and diluted earnings (loss) per share ( ) ( ) ,66 ( 0,78) 0,60 ( 4,03) Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
20 17. Loans and borrowings This note provides information about the contractual terms of the Group s interest-bearing loans and borrowings, which are measured at amortised cost. For more information about the Group s exposure to interest rate, foreign currency and liquidity risk, see notes 20 to 24. Non-current loans and borrowings are specified as follows: Loans and borrowings... Finance lease liabilities... Current maturities of non-current liabilities... Total non-current loans and borrowings ( ) ( ) Current loans and borrowings are specified as follows: Current maturities of non-current liabilities... Bank overdrafts... Total current loans and borrowings... Total loans and borrowings Loans and borrowings are specified as follows: Final Average Carrying Average Carrying maturity interest rate amount interest rate amount Loans in ISK, unindexed... Loans in ISK, indexed... Loans in USD... Loans in DKK... Loans in EUR... Loans in SEK... Total loans and borrowings ,7% ,1% ,0% 0 7,0% ,7% ,0% ,1% 0 4,1% ,4% ,0% ,6% ,2% Non-current loans and borrowings are payable as follows: Year Year Year Year Year Total The Company's loan agreements contain covenants on its financial conditions. The Company's commercial bank has granted Nýherji hf. a temporary exemption from certain covenants and therefore the Company meets will all current covenants at year end This September Nýherji hf. negotiated an extension of the payment schedule of their long term-loans due in August The loans are now due in August During the 2nd quarter all interest bearing short term liabilities were refinanced with a ISK 650 million loan from Arion bank hf. with final payment in the 2nd quarter The refinancing is an important step to improve the groups current ratio, lower finance expenses and ensure the group access to capital and loans for further growth. Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
21 17. Loans and borrowings, contd.: Nýherji hf.'s loan with final maturity date in the year 2016 in the amount of ISK 1,676 million can be extended, with certain requirements met, for up to three years at a time with the last possible maturity date in the year If the loan is extended the creditor may change the loan terms in accordance with comparable loan terms at The Company's borrowings from financial institutions are insured with pledges in trade receivables, inventories and ownership in specific subsidiaries, see note 13. Finance lease liabilities Finance lease liabilities are payable as follows: Minimum Minimum lease Book lease Book payments Interest value payments Interest value Less than one year Between one and five years Income tax Income tax in the income statement is specified as follows: Income tax recognised as income in the income statement Effective income tax is specified as follows: Profit (loss) before income tax... Income tax according to the current tax ratio... Effect of Roka ehf.... Non-taxable income... Effect of tax ratios of foreign tax regions... Impairment losses on goodwill... Effective income tax ( ) 20,0% ( ) 20,0% ( 30,9%) ,0% 0 ( 2,4%) ,0% 0 ( 0,1%) 203 ( 0,0%) 65 0,0% 0 ( 5,7%) ( ) ( 13,3%) ,3% Deferred income tax asset is specified as follows: Deferred income tax asset at 1 January Income tax for the year ( ) Effect of sale of a subsidiary... ( 2.811) ( ) Foreign exchange difference and other changes ( 6.645) Deferred income tax asset at 31 December Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
22 18. Income tax, contd.: Deferred income tax asset is specified as follows at year end: 2014 Assets Liabilities Net Property and equipment... Intangible assets... Trade receivables and other receivables... Deferred taxable foreign exchange difference... Carry forward taxable loss... Income tax asset (liability)... Offsetting... Income tax asset (liability)... 0 ( 724) ( 724) 0 ( ) ( ) ( ) ( ) Property and equipment... Intangible assets... Trade receivables and other receivables... Deferred taxable foreign exchange difference... Carry forward taxable loss... Income tax asset (liability)... Offsetting... Income tax asset (liability)... 0 ( ) ( ) 0 ( ) ( ) ( 9.740) ( 9.740) ( ) ( ) Carry forward taxable loss utilisable against future profit over the next years is specified as follows: Taxable loss due to 2009, utilisable until Taxable loss due to 2013, utilisable until Taxable loss due to 2014, utilisable until Taxable loss that does not discontinue... Total carry forward taxable loss Trade payables and other payables Trade payables and other payables are specified as follows: Trade payables... Other payables... Total trade and other payables Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
23 Risk management 20. Overview The Group has exposure to the following risks from its use of financial instruments: credit risk liquidity risk market risk operational risk. This note presents information about the Group s exposure to each of the above risks, the Group s objectives, policies and processes for measuring and managing risk, and the Group s management of capital. The Group s risk management policies are established to identify and analyse the risks faced by the Group, to set appropriate risk limits and controls, and to monitor risks and adherence to limits. Risk management policies and systems are reviewed regularly to reflect changes in market conditions and the Group s activities. The Group, through its training and management standards and procedures, aims to develop a disciplined and constructive control environment in which all employees understand their roles and obligations. 21. Credit risk Credit risk is the risk of financial loss to the Group if a customer or counterparty to a financial instrument fails to meet its contractual obligations, and arises principally from the Group s receivables from customers and cash and cash equivalents. Trade receivables and other receivables The Group s exposure to credit risk is influenced mainly by the financial position and operations of each customer. The industry and location in which customers operate, has less of an influence on credit risk. Approximately 16% (2013: 12%) of the Group s revenue is attributable to sales transactions with its five biggest customers. The Group has established a credit policy under which each new customer is analysed individually for creditworthiness before the Group s standard payment terms and conditions are offered. The Group s review includes external ratings and purchase limits are established for each customer. Most of the Group s customers have been transacting with the Group for many years, and losses have been immaterial in proportion to turnover. In monitoring customer credit risk, aging profile and financial position of the individual customer is watched. Trade and other receivables relate mainly to the Group s wholesale customers and companies. Customers that are graded as high risk or have used their purchase limits either have to pay down their debts or get permission from the finance department to conduct further business with the Group. Goods are sometimes sold subject to retention of title clauses, so that in the event of non-payment the Group may have a secured claim. The Group does in most cases not require collateral in respect of trade and other receivables. The Group establishes an allowance for impairment that represents its estimate of incurred losses in respect of trade and other receivables and investments. The main components of this allowance are a specific loss component that relates to individually significant exposures, and a collective loss component established for groups of similar assets in respect of losses that have been incurred but not yet identified. The collective loss allowance is determined based on historical data of payment statistics for similar financial assets. Guarantees The Group s policy is to provide financial guarantees only to its subsidiaries. At 31 December 2014 no guarantees were provided by the parent company to its subsidiaries in comparison with ISK 589 million at 31 December Consolidated Financial Statements of Nýherji hf Amounts are in ISK thousand
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