AVK Plast A/S Central Business Registration No Øster Vedsted Vej 26 A 6760 Ribe. Annual report 2015/16 - PDF

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Deloitte Statsautoriseret Revisionspartnerselskab CVR-No Værkmestergade Aarhus Phone Fax AVK Plast A/S Central Business Registration No

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Deloitte Statsautoriseret Revisionspartnerselskab CVR-No Værkmestergade Aarhus Phone Fax AVK Plast A/S Central Business Registration No Øster Vedsted Vej 26 A 6760 Ribe Annual report 2015/16 The Annual General Meeting adopted the annual report on Chairman of the General Meeting Name: Knud Flemming Madsen Member of Deloitte Touche Tohmatsu Limited AVK Plast A/S Contents Page Entity details 1 Statement by Management on the annual report 2 Independent auditor's reports 3 Management commentary 5 Accounting policies 6 Income statement for 2015/16 11 Balance sheet at Statement of changes in equity for 2015/16 14 Notes 15 kladefoged/ :38/no info/mstc_e Excel BC 2015 DPT 2/E Status II: 0 Entity details AVK Plast A/S 1 Entity details Entity AVK Plast A/S Øster Vedsted Vej 26 A 6760 Ribe Central Business Registration No: Registered in: Esbjerg Financial year: Board of Directors Knud Flemming Madsen, chairman Garmt Cornelis de Kroon Vilhelm Nakskov Laursen Poul Erik Olesen Schmidt Executive Board Peter Michael Larsen, director Auditors Deloitte Statsautoriseret Revisionspartnerselskab Værkmestergade Aarhus Statement by Manage ment o n the annual report AVK Plast A/S 2 Statement by Management on the annual report The Board of Directors and the Executive Board have today considered and approved the annual report of AVK Plast A/S for the financial year The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity s financial position at and of the results of its operations for the financial year We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Ribe, Executive Board Peter Michael Larsen director Board of Directors Knud Flemming Madsen Garmt Cornelis de Kroon Vilhelm Nakskov Laursen chairman Poul Erik Olesen Schmidt AVK Plast A/S 3 Independent auditor's reports Independent auditor's reports To the owners of AVK Plast A/S Report on the financial statements We have audited the financial statements of AVK Plast A/S for the financial year , which comprise the accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management 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 financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance 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 auditor's judgment, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the Entity's preparation of financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the 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 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. Opinion In our opinion, the financial statements give a true and fair view of the Company s financial position at and of the results of its operations for the financial year in accordance with the Danish Financial Statements Act. AVK Plast A/S 4 Independent auditor's reports Statement on the management commentary Pursuant to the Danish Financial Statements Act, we have read the management commentary. We have not performed any further procedures in addition to the audit of the financial statements. On this basis, it is our opinion that the information provided in the management commentary is consistent with the financial statements. Århus, Deloitte Statsautoriseret Revisionspartnerselskab Henrik Vedel State Authorised Public Accountant Søren Alsen Lauridsen State Authorised Public Accountant CVR-nr Manage ment co mmentary AVK Plast A/S 5 Management commentary Primary activities The company s principal activities comprise manufacture, installation and sale of plastic products to the industry. The manufacture comprises mainly plastic moulding of very different plastic products in machines with clamp forces from 35 to tonnes. The products are manufactured and sold with and without subsequent installation. The installation comprises typically assembly work where, for example, plastic products and components are assembled to semi-products or finished products and are then delivered/sold. The company has its own moulding facility which, besides dealing with maintenance work, manufactures and sells moulds and tools to its customers. Development in activities and finances The company has existed for approx. 50 years and is since 26 April 2010 owned by the AVK Group. The profit before taxes for the year are ( 000) 240, leaving a gross profit of 25,8 million. The results are lower than expected and are not satisfactory. The company expects and increase in revenue in 2016/17. The company has in the past year invested in extra production capacity in general, and a new tonnes plastic moulding was installed in September Quality and environmental management AVK Plast A/S is certified according to the ISO 9001:2008 and ISO 14001:2004 standards. Advanced Product Quality Planning (APQP) has been implemented, including i.a. PPAP, FMEA, PSC and MSA. Events after the balance sheet date No events have occurred after the balance sheet date to this date which would influence the evaluation of this annual report. AVK Plast A/S 6 Accounting policies Accounting policies Reporting class This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class B enterprises with addition of certain provisions for reporting class C. The accounting policies applied for these financial statements are consistent with those applied last year. Recognition and measurement Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefits will flow to the Entity, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currencies that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date, or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. Income statement Gross profit or loss Gross profit or loss comprises revenue, changes in inventories of finished goods and work in progress, cost of raw materials and consumables and external expenses. AVK Plast A/S 7 Accounting policies Revenue Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Cost of sales Cost of sales comprises costs of sales for the financial year measured at cost, adjusted for ordinary inventory write-downs. Other external expenses Other external expenses include expenses relating to the Entity s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes write-downs of receivables recognised in current assets. Staff costs Staff costs comprise salaries and wages as well as social security contributions, pension contributions, etc for entity staff. Amortisation, depreciation and impairment losses Amortisation, depreciation and impairment losses relating to intangible assets and plant and equipment comprise amortisation, depreciation and impairment losses for the financial year, calculated on the basis of the residual values and useful lives of the individual assets and impairment testing as well as gains and losses from the sale of intangible assets as well as plant and equipment. Other financial income Other financial income comprises dividends etc received on other investments, interest income, including net capital gains on securities, payables and transactions in foreign currencies, amortisation of financial assets as well as tax relief under the Danish Tax Prepayment Scheme etc. Other financial expenses Other financial expenses comprise interest expenses, including net capital losses on securities, payables and transactions in foreign currencies, amortisation of financial liabilities as well as tax surcharge under the Danish Tax Prepayment Scheme etc. Income taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. AVK Plast A/S 8 Accounting policies The Entity is jointly taxed with all Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Balance sheet Intellectual property rights etc Intellectual property rights etc comprise development projects completed and acquired intellectual property rights. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are amortised over their remaining duration, and licences are amortised over the term of the agreement, but over no more than 20 years. Intellectual property rights etc are written down to the lower of recoverable amount and carrying amount. Property, plant and equipment Plant and machinery as well as other fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of the asset until the time when it is ready to be put into operation. For assets held under finance leases, cost is the lower of the asset s fair value and present value of future lease payments. The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line depreciation is made on the basis of the following estimated useful lives of the assets: Plant and machinery Other fixtures and fittings, tools and equipment Leasehold improvements 5-10 years 3-5 years 5-10 years For leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed the contract period. Property, plant and equipment are written down to the lower of recoverable amount and carrying amount. Receivables Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad and doubtful debts. AVK Plast A/S 9 Accounting policies Inventories Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables, direct labour costs and indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of, depreciation on and impairment losses relating to machinery, factory buildings and equipment applied for the manufacturing process. Financing costs are not included in cost. The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. Contract work in progress Contract work in progress is measured at the cost price of the work carried out at the balance sheet date. Revenue and expenses regarding the contract work is recognised in the income statement when delivery is made and risk has passed to the buyer. Prepayments Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Cash Cash comprises cash in hand and bank deposits. Deferred tax Deferred tax is recognised on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Finance lease commitments Lease commitments relating to assets held under finance leases are recognised in the balance sheet as liabilities other than provisions, and, at the time of inception of the lease, measured at the present value of future lease payments. Subsequent to initial recognition, lease commitments are measured at amortised cost. The difference between present value and nominal amount of the lease payments is recognised in the income statement as a financial expense over the term of the leases. AVK Plast A/S 10 Accounting policies Operating leases Lease payments on operating leases are recognised on a straight-line basis in the income statement over the term of the lease. Other financial liabilities Other financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Income tax receivable or payable Current tax payable or receivable is recognised in the balance sheet, stated as tax calculated on this year's taxable income, adjusted for prepaid tax. Inco me statement for 2015/16 AVK Plast A/S 11 Income statement for 2015/16 Notes 2015/ /15 Gross profit Staff costs 1 ( ) ( ) Depreciation, amortisation and impairment losses ( ) ( ) Operating profit/loss Other financial income Other financial expenses ( ) ( ) Profit/loss from ordinary activities before tax Tax on profit/loss from ordinary activities 2 (54.244) ( ) Profit/loss for the year Proposed distribution of profit/loss Retained earnings Balance sheet at AVK Plast A/S 12 Balance sheet at Notes 2015/ /15 Acquired intangible assets Intangible assets Plant and machinery Other fixtures and fittings, tools and equipment 0 0 Leasehold improvements Property, plant and equipment Deposits Other receivables Fixed asset investments Fixed assets Raw materials and consumables Work in progress Manufactured goods and goods for resale Inventories Trade receivables Contract work in progress Receivables from group enterprises Other short-term receivables Prepayments Receivables Cash Current assets Assets AVK Plast A/S 13 Balance sheet at Notes 2015/ /15 Contributed capital Retained earnings Equity Provisions for deferred tax Provisions Finance lease liabilities Non-current liabilities other than provisions Current portion of long-term liabilities other than provisions Trade payables Debt to group enterprises Income tax payable Other payables Current liabilities other than provisions Liabilities other than provisions Equity and liabilities Unrecognised rental and lease commitments 7 Contingent liabilities 8 Assets charged and collateral 9 Consolidation 10 Statement of c hanges in equity for 2015/16 AVK Plast A/S 14 Statement of changes in equity for 2015/16 Contributed capital Retained earnings Total Equity beginning of year Profit/loss for the year Equity end of year Notes AVK Plast A/S 15 Notes 2015/ /15 1. Staff costs Wages and salaries Pension costs Other social security costs Other staff costs / /15 2. Tax on ordinary profit/loss for the year Current tax Change in deferred tax for the year (51.018) ( ) Adjustment relating to previous years (6.430) (17.130) Acquired intangible assets 3. Intangible assets Cost beginning of year Additions Cost end of year Amortisation and impairment losses beginning of year ( ) Amortisation for the year (38.331) Amortisation and impairment losses end of year ( ) Carrying amount end of year AVK Plast A/S 16 Notes Plant and machinery Other fixtures and fittings, tools and equipment Leasehold improvements 4. Property, plant and equipment Cost beginning of year Additions Disposals ( ) 0 0 Cost end of year Depreciation and impairment losses beginning of the year ( ) (24.999) ( ) Depreciation for the year ( ) 0 ( ) Reversal regarding disposals Depreciation and impairment losses end of the year ( ) (24.999) ( ) Carrying amount end of year Recognised assets not owned by entity Deposits Other receivables 5. Fixed asset investments Cost beginning of year Disposals 0 ( ) Cost end of year Carrying amount end of year Instalments within 12 months 2014/15 Instalments within 12 months 2015/16 Instalments beyond 12 months 2015/16 6. Long-term liabilities other than provisions Finance lease liabilities ### AVK Plast A/S 17 Notes 2015/ /15 7. Unrecognised rental and lease commitments Commitments under rental agreements or leases until expiry Unrecognised rental and lease commitments regards 4 operationel lease contracts until 2020 and 1 rental contract with 19 months left. 8. Contingent liabilities The Company participates in a Danish joint taxation arrangement in which AVK Holding A/S serves as the administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Company is therefore liable for income taxes etc. for the jointly taxed companies and also for obligations, if any, relating to the withholding of tax on interest, royalties and dividend for the jointly taxed companies. 9. Assets charged and collateral ### The company have made a delivery guarantee which expires in 2020, on Consolidation Name and registered office of the Pare
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