HYDRATECH INDUSTRIES A/S ÅRSRAPPORT · Hydratech Industries A/S ... Rasmus Sandorff Jacobsen Chairman of the Meeting The English part of this document is an unofficial translation

HydratechIndustries A/SSigenvej 2

9760 Vrå31592720

HYDRATECH INDUSTRIES A/S

SIGENVEJ 2, 9760 VRÅ

ÅRSRAPPORTANNUAL REPORT

Årsrapport

2015

Årsrapporten er fremlagt og godkendt påselskabets ordinære generalforsamling, den 27. juni 2016The Annual Report has been presented and adopted atthe Company's Annual General Meeting on 27 June 2016

______________________________Rasmus Sandorff JacobsenChairman of the Meeting

The English part of this document is an unofficial translation of the original Danish text, and in case of any discrepancybetween the Danish text and the English translation, the Danish text shall prevail.

CVR-NR. 31 59 27 20CVR NO. 31 59 27 20

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INDHOLDSFORTEGNELSECONTENTS

SidePage

SelskabsoplysningerCompany Details

Selskabsoplysninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2Company Details

Koncernoversigt................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................3Group Structure

PåtegningerStatement and Report

Ledelsespåtegning................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4Statement by Board of Directors and Board of Executives

Den uafhængige revisors erklæringer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5-7Independent Auditor's Report

LedelsesberetningManagement's Review

Hoved- og nøgletal for koncernen................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................8Key Figures and Ratios for the group

Ledelsesberetning................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................9-17Management's Review

Koncern- og årsregnskab 1. januar - 31. december Consolidated and Parent Company Financial Statements 1 January - 31 December

Anvendt regnskabspraksis................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................18-31Accounting Policies

Resultatopgørelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................32Income Statement

Balance................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................33-36Balance Sheet

Pengestrømsopgørelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................37-38Cash Flow Statement

Noter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................39-57Notes

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SELSKABSOPLYSNINGERCOMPANY DETAILS

Selskabet Hydratech Industries A/SCompany Sigenvej 2

9760 Vrå

CVR-nr.: 31 59 27 20 31592720CVR No.:

Stiftet: 2. juli 2008Established: 2 July 2008

Hjemsted: HjørringRegistered Office:

Regnskabsår: 1. januar - 31. december 1. januar 2015 31. december 2015Financial Year: 1 January - 31 December

BestyrelseBoard of Directors

Søren Østergaard Sørensen, formandChairman

Esben Bay JørgensenBent SørensenHenrik T. KrabbeHans Jørgen Kaptain

Martin Kyllesbech Villadsen, medarbejdervalgtElected by employees

Ove Østergaard, medarbejdervalgtElected by employees

Peter Kjærsgaard Sørensen, medarbejdervalgtElected by employees

DirektionBoard of Executives

Søren Kringelholt Nielsen

Revisor BDO Statsautoriseret revisionsaktieselskab RevisionspåtegningAuditor Rimmens Alle 89, Box 712

9900 Frederikshavn

Deloitte Statsautoriseret revisionspartnerselskabCity Tower Værkmestergade 28000 Århus C

Pengeinstitut SEB BankBank Postboks 100

0900 København C

OversættelsesforbeholdTranslation Disclaimer

Den engelske del af dette dokument er en uofficiel oversættelse af denoriginale danske tekst, og i tilfælde af uoverensstemmelse mellem den dansketekst og den engelske oversættelse, har den danske tekst forrang.The English part of this document is an unofficial translation of the original Danish text, and incase of any discrepancy between the Danish text and the English translation, the Danish textshall prevail.

3

KONCERNOVERSIGTGROUP STRUCTURE

4

LEDELSESPÅTEGNINGSTATEMENT BY BOARD OF DIRECTORS AND BOARD OF EXECUTIVES

Bestyrelsen og direktionen har dags datobehandlet og godkendt årsrapporten for 1. januar- 31. december 2015 for Hydratech IndustriesA/S.

Today the board of directors and board ofexecutives have discussed and approved theAnnual Report of Hydratech Industries A/S forthe year 1 January - 31 December 2015.

Årsrapporten aflægges i overensstemmelse medårsregnskabsloven.

The Annual Report is presented in accordancewith the Danish Financial Statements Act.

Det er vores opfattelse, at koncernregnskabet ogårsregnskabet giver et retvisende billede afkoncernens og selskabets aktiver, passiver ogfinansielle stilling pr. 31. december 2015 samt afresultatet af koncernens og selskabets aktivite-ter og koncernens pengestrømme for regnskabs-året 1. januar - 31. december 2015.

In our opinion the Consolidated FinancialStatements and Parent Company FinancialStatements give a true and fair view of theGroup's and the Company’s financial position at31 December 2015 and of the results of theGroup's and the Company’s operations, and theGroup's cash flows for the financial year 1January - 31 December 2015.

Ledelsesberetningen indeholder efter voresopfattelse en retvisende redegørelse for deforhold, beretningen omhandler.

The management's review includes in our opiniona fair presentation of the matters dealt with inthe review.

Årsrapporten indstilles til generalforsamlingensgodkendelse.

We recommend the Annual Report be approvedat the Annual General Meeting.

Vrå, den 24. juni 2016Vrå, 24 June 2016

DirektionBoard of Executives

________________________Søren Kringelholt Nielsen

BestyrelseBoard of Directors

________________________ ________________________ ________________________Søren Østergaard SørensenFormandChairman

Esben Bay Jørgensen Bent Sørensen

________________________ ________________________Henrik T. Krabbe Hans Jørgen Kaptain

________________________ ________________________ ________________________Martin Kyllesbech VilladsenMedarbejdervalgtElected by employees

Ove ØstergaardMedarbejdervalgtElected by employees

Peter Kjærsgaard SørensenMedarbejdervalgtElected by employees

5

DEN UAFHÆNGIGE REVISORS ERKLÆRINGERINDEPENDENT AUDITOR'S REPORT

Til kapitalejerne i Hydratech Industries A/S To the shareholders of Hydratech IndustriesA/S

PÅTEGNING PÅ KONCERNREGNSKABET OGÅRSREGNSKABET

REPORT ON THE CONSOLIDATED FINANCIALSTATEMENTS AND PARENT COMPANYFINANCIAL STATEMENTS

Vi har revideret koncernregnskabet ogårsregnskabet for Hydratech Industries A/S forregnskabsåret 1. januar - 31. december 2015, deromfatter anvendt regnskabspraksis, resultat-opgørelse, balance og noter for såvel koncernensom selskabet samt pengestrømsopgørelse forkoncernen. Koncernregnskabet og årsregnskabetudarbejdes efter årsregnskabsloven.

We have audited the consolidated financialstatements and parent company financialstatements of Hydratech Industries A/S for thefinancial year 1 January to 31 December 2015which comprise a summary of significantaccounting policies, income statement, balancesheet and notes for the group as well as for theparent company and cash flow statement for thegroup. The consolidated financial statements andparent company financial statements areprepared in accordance with the Danish FinancialStatements Act.

Ledelsens ansvar for koncernregnskabet ogårsregnskabet

Management's Responsibility for theConsolidated Financial Statements and ParentCompany Financial Statements

Ledelsen har ansvaret for udarbejdelsen af etkoncernregnskab og et årsregnskab, der giver etretvisende billede i overensstemmelse medårsregnskabsloven. Ledelsen har endvidereansvaret for den interne kontrol, som ledelsenanser nødvendig for at udarbejde etkoncernregnskab og et årsregnskab uden væsent-lig fejlinformation, uanset om denne skyldesbesvigelser eller fejl.

Management is responsible for the preparationof the consolidated financial statements andparent company financial statements that give atrue and fair view in accordance with the DanishFinancial Statements Act and for such internalcontrol as the management determines isnecessary to enable the preparation of theconsolidated financial statements and parentcompany financial statements free from materialmisstatement, whether due to fraud or error.

Revisors ansvar Auditor's ResponsibilityVores ansvar er at udtrykke en konklusion omkoncernregnskabet og årsregnskabet på grundlagaf vores revision. Vi har udført revisionen ioverensstemmelse med internationale standarderom revision og yderligere krav ifølge danskrevisorlovgivning. Dette kræver, at vi overholderetiske krav samt planlægger og udfører revisionenfor at opnå høj grad af sikkerhed for, omkoncernregnskabet og årsregnskabet er udenvæsentlig fejlinformation.

Our responsibility is to express an opinion on theconsolidated financial statements and parentcompany financial statements based on ouraudit. We have conducted our audit inaccordance with International Standards onAuditing and additional requirements underDanish Audit Legislation. This requires that wecomply with ethical requirements and plan andperform the audit to obtain reasonable assuranceabout whether the consolidated financialstatements and parent company financialstatements are free from material misstatement.

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Revisors ansvar (fortsat) Auditor's Responsibility (continued)

En revision omfatter udførelse af revisionshand-linger for at opnå revisionsbevis for beløb ogoplysninger i koncernregnskabet og iårsregnskabet. De valgte revisionshandlingerafhænger af revisors vurdering, herundervurderingen af risici for væsentlig fejlinformationi koncernregnskabet og årsregnskabet, uanset omdenne skyldes besvigelser eller fejl. Vedrisikovurderingen overvejer revisor intern kontrol,der er relevant for virksomhedens udarbejdelse afet koncernregnskab og et årsregnskab, der giveret retvisende billede. Formålet hermed er atudforme revisionshandlinger, der er passendeefter omstændighederne, men ikke at udtrykkeen konklusion om effektiviteten af virksomhedensinterne kontrol. En revision omfatter endviderevurdering af, om ledelsens valg af regnskabs-praksis er passende, om ledelsensregnskabsmæssige skøn er rimelige samt densamlede præsentation af koncernregnskabet ogårsregnskabet.

An audit involves performing procedures toobtain audit evidence about the amounts anddisclosures in the consolidated financialstatements and parent company financialstatements. The procedures selected depend onthe auditor’s judgement, including theassessment of the risks of materialmisstatements of the consolidated financialstatements and parent company financialstatements, whether due to fraud or error. Inmaking those risk assessments, the auditorconsiders internal control relevant to theentity’s preparation of consolidated financialstatements and parent company financialstatements that give a true and fair view inorder to design audit procedures that areappropriate in the circumstances, but not for thepurpose of expressing an opinion on theeffectiveness of the entity’s internal control. Anaudit also includes evaluating theappropriateness of accounting policies used andthe reasonableness of accounting estimates madeby management, as well as the overallpresentation of the consolidated financialstatements and parent company financialstatements.

Det er vores opfattelse, at det opnåede revisions-bevis er tilstrækkeligt og egnet som grundlag forvores konklusion.

We believe that the audit evidence we haveobtained is sufficient and appropriate to providea basis for our opinion.

Revisionen har ikke givet anledning til forbehold. The audit has not resulted in any qualification.

Konklusion OpinionDet er vores opfattelse, at koncernregnskabet ogårsregnskabet giver et retvisende billede afkoncernens og selskabets aktiver, passiver ogfinansielle stilling pr. 31. december 2015 samt afresultatet af koncernens og selskabetsaktiviteter og koncernens pengestrømme for regn-skabsåret 1. januar - 31. december 2015 i over-ensstemmelse med årsregnskabsloven.

In our opinion, the consolidated financialstatements and parent company financialstatements give a true and fair view of thegroup's and the parent company's financialposition at 31 December 2015 and of the resultsof the group's and the parent company'soperations and the group's cash flows for thefinancial year 1 January to 31 December 2015 inaccordance with the Danish Financial StatementsAct.

Supplerende oplysning vedrørende forhold iregnskabet

Emphasis of matter in the financial statements

Uden at det har påvirket vores konklusion, skal vihenvise til omtale i årsregnskabets note 17"Oplysning om usikkerhed ved indregning ogmåling" hvor ledelsen oplyser om usikkerhed vedindregning og måling af goodwill samt udskudtskatteaktiv i årsregnskabet.

Without having an impact on our opinion, werefer to the description in note 17 Information onuncertainty with respect to recognition andmeasurement of the financial statements whichmanagement informs about the uncertainty inthe recognition and measurement of goodwill andasset in the financial statements.

7


ERKLÆRINGER I HENHOLD TIL ANDENLOVGIVNING OG ØVRIG REGULERING

REPORTS ACCORDING TO OTHER LEGISLATIONAND REGULATIONS

Supplerende oplysninger vedrørende andreforhold

Other matters paragraph

Uden at det har påvirket vores konklusion skal vigøre opmærksomme på, at selskabet har ydet lån,der er selvfinansiering, i strid med selskabsloven,hvorved ledelsen kan ifalde ansvar. Forholdet erberigtiget i løbet af regnskabsåret og er såledesbragt til ophør.

Without modifying our opinion, we drawattention to the matter that the company hasreceived loans there are self-financing which isagainst the Danish Companies Act, and thatManagement may be held liable in this respect. Itis corrected at the annual general meeting wheredividend will repay loans.

Udtalelse om ledelsesberetningen Statement on Management’s ReviewVi har i henhold til årsregnskabsloven gennemlæstledelsesberetningen. Vi har ikke foretagetyderligere handlinger i tillæg til den udførterevision af koncernregnskabet og årsregnskabet.Det er på denne baggrund vores opfattelse, atoplysningerne i ledelsesberetningen er ioverensstemmelse med koncernregnskabet ogårsregnskabet.

Pursuant to the Danish Financial Statements Act,we have read the management’s review. We havenot performed any further procedures in additionto the audit of the consolidated financialstatements and parent company financialstatements. On this basis, it is our opinion thatthe information provided in the management’sreview is consistent with the consolidatedfinancial statements and parent companyfinancial statements.

Frederikshavn, den 27. juni 2016 Aarhus, den 27. juni 2016 27-06-2016Frederikshavn, 27 June 2016 Aarhus, 27 June 2016

BDO Statsautoriseret revisionsaktieselskab Deloitte Statsautoriseret revisionspartnerselskab, CVR-nr. 20 22 26 70 , CVR-nr. 11 22 33 44

20222670

Peter Have Jensen Jacob NørmarkStatsautoriseret revisor Statsautoriseret revisorState Authorised Public Accountant State Authorised Public Accountant

8

HOVED- OG NØGLETAL FOR KONCERNENKEY FIGURES AND RATIOS FOR THE GROUP

2015 2014 2013 2012 2011tkr. tkr. tkr. tkr. tkr.

DKK '000 DKK '000 DKK '000 DKK '000 DKK '000

ResultatopgørelseIncome statement

Nettoomsætning................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................698.916 693.778 627.090 580.335 617.548Net revenue

Bruttoresultat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................231.558 254.625 199.453 168.754 205.286Gross profit

Driftsresultat før afskrivninger/EBITDA................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................18.007 53.626 22.303 -8.021 62.124Driftsresultat før afskrivninger/EBITDADriftsresultat før afskrivninger/EBITDADriftsresultat før afskrivninger/EBITDADriftsresultat før afskrivninger/EBITDAOperating profit/loss before depreciation/EBITDA

Driftsresultat/EBIT................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-55.253 13.098 -23.774 -57.310 15.527Operating profit/EBIT

Finansielle poster, netto................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-22.395 -21.917 -29.830 -23.536 -23.871Financial income and expenses, net

Årets resultat før skat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-77.648 -8.819 -53.604 -80.846 -8.284Årets resultat før skatÅrets resultat før skatÅrets resultat før skatÅrets resultat før skatProfit for the year before tax

BalanceBalance sheet

Balancesum................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................666.462 750.211 716.518 782.376 869.424Balance sheet total

Egenkapital................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................89.393 168.051 180.891 185.913 256.688Equity

PengestrømmeCash flows

Pengestrømme fra driftsaktivitet................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................31.439 16.730 23.232 -4.401 28.490Cash flows from operating activities

Investeringer i materielle anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................6.107 17.251 15.080 19.432 56.465Investment in tangible fixed assets

Gennemsnitligt antal medarbejdere................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................564 547 529 528 563Average number of employees

NøgletalBruttomargin................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................33,1 36,7 31,8 29,1 33,2Gross margin

Overskudsgrad................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-5,3 1,9 -3,8 -9,3 2,5Profit margin

Afkastningsgrad................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-11,0 -1,2 -7,2 -9,8 -1,1Rate of return

Soliditetsgrad................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................13,4 22,4 25,2 23,8 29,5Solvency ratio

Egenkapitalforrentning................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-62,9 -10,2 -29,6 -30,7 -6,8Return on equity

Indeks for nettoomsætning................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................113 112 102 94 100Indeks for nettoomsætningIndeks for nettoomsætningIndeks for nettoomsætningIndeks for nettoomsætningIndex for net revenue

Nøgletallene følger i al væsentlighed Den DanskeFinansanalytikerforenings anbefalinger. Der hen-vises til definitioner og begreber under anvendtregnskabspraksis.

The ratios follow in all material respects therecommendations of the Danish Association ofFinancial Analysts. Reference is made to thedefinitions and concepts in the accountingpolicies.

9

LEDELSESBERETNINGMANAGEMENT'S REVIEW

Væsentligste aktiviteter Principal activitiesKoncernens væsentligste aktiviteter består iudvikling, produktion, salg og service afhydrauliske komponenter. Moderselskabet er etholdingselskab, hvis hovedaktivitet er at erhverveog eje aktie- og anpartsselskaber.

Koncernen er opdelt i tre divisioner (Vind, Fluidog Service), og har hovedkvarter i Danmark meddatterselskaber i USA, Kina, Indien, Singapore,Norge samt Hong Kong. Koncernen agerer somunderleverandør inden for markedssektorernevind, olie, gas, mining, industri og marine og harserviceaktiviteter relateret hertil.

The principal activities of the Group consist ofdevelopment, manufacturing, sale and service ofHydraulic components. The parent company is aholding company whose main activity is toacquire and own limited liability companies.

The Group has three divisions (Wind, Fluid andService) and is headquartered in Denmark withsubsidiaries in USA, China, India, Singapore,Norway and Hong Kong. The Group is acting assub-supplier within the market sectors wind, oil,gas, mining, industry and marine and has serviceactivities related hereto.

Usikkerhed ved indregning eller måling Uncertainty on recognition or measurementTidligere år har koncernen været opdelt i toCGU’er (Cash Generating Units), svarende tilaktiviteten i de to koncerner primært har væretopdelt på selskabsniveau. En del af koncernensstrategi er at udnytte ressourcer, viden ogproduktions faciliteter på tværs afforretningsområderne. Som følge heraf er derblevet større intern samhandel mellemdivisionerne, for at understøtte koncernensaktiviteter.

Det er ledelsens opfattelse, atforretningsområderne ikke kan ses som enkelteenheder, hvorfor koncernen skal anses for enCGU.

Der er udarbejdet en nedskrivningstest tilvurdering af værdiansættelsen af den indregnedegoodwill. Nedskrivningstesten tager bl.a.udgangspunkt i en række forudsætningervedrørende omsætningsvækst og udvikling idækningsgrader samt reduktion af fasteomkostninger. Der henvises til note 17 foryderligere detaljer vedrørende nedskrivnings-testen.

På baggrund af årets nedskrivningstest er densamlede værdi af goodwill nedskrevet til 300 mio.kr., hvilket svarer til en nedskrivning på 27 mio.kr.

For yderligere beskrivelse af forudsætningerhenvises til note 17.

In previous years the Group was divided into twoCGUs (Cash Generating Units), corresponding tothe activities in the two Groups primarily shownat company level. A part of the Group’s strategyis to utilize resources, knowledge and productionfacilities across the business areas. As a resulthereof, the inter-division transactions havegrown to support the Group’s activities.

It is management’s opinion that the businessareas cannot be seen as separate entities and theGroup should therefore be considered a CGU.

An impairment test was carried out to assess thevaluation of the recognised goodwill. Theimpairment test is based on a number ofassumptions in relation to revenue growth anddevelopment of contribution margins andreduction of overhead costs. We refer to note 17for further details concerning the impairmenttest.

Based on the impairment test for the year, thetotal value of goodwill is written down to DKK300 m which corresponds to an impairment lossof DKK 27 m.

For further description of assumptions, see note17

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Udvikling i aktiviteter og økonomiske forhold Development in activities and financialposition

Koncernen opnåede en omsætning på 698 mio. kr,hvilket udgør en beskeden vækst fra 2014. Det erkoncernens tredje år i træk med positivevækstrater. Væksten er drevet af kraftigomsætningsvækst i Vind og Service divisionerne,hvorimod Fluid divisionen har oplevet en størretilbagegang som følge af de sværemarkedsforhold i O&G industrien.

Årets resultat efter skat for koncernen udgør –81mio. kr., hvilket er en tilbagegang på 63 mio. kr. iforhold til 2014. Tilbagegangen kan udelukkendetilskrives forholdene i O&G markedet, som harbetydet at koncernens Fluid division har haft enstor tilbagegang i både omsætning og resultat.Koncernens to andre divisioner (Vind og Service)har udviklet sig positivt som forventet, med enforbedring i både omsætning og resultat, hvilketanses for tilfredsstillende.

Tilbagegangen i Fluid divisionens primæremarked, har nødvendiggjort en reduktion afomkostningerne i denne division, som er ervæsentligt reduceret i løbet af 2015. Det har dogikke været muligt at nedbringe omkostningerne isamme takt, som markedet er forværret, hvorforFluid divisionens resultat for 2015 må anses for atvære utilfredsstillende. Til trods for de sværemarkedsforhold, har Fluid divisionen fastholdtbåde kernekompetencer og kernekunder.

Koncernen har som en del af den strategiske planvidereudbygget sin faglige og tekniske ekspertiseinden for både Vind og Service divisionerne, for atimødegå den kraftige vækst disse to divisioneroplever. Desuden er den globale tilstedeværelseudvidet i disse to divisioner med væsentlig mereaktivitet i koncernens kinesiske og amerikanskeselskaber.

Pr. 31. december 2015 udgør den rentebærendegæld netto 358 mio. kr. (2014: 373 mio. kr.). Derer ikke foretaget ændringer af koncernensretningslinjer og procedurer for styringen afkapitalstruktur og forvaltning heraf i 2015.

Der er indgået aftaler med koncernens finansiellesamarbejdspartnere omkring den nødvendigefinansiering af driftsaktiviteterne samt opfyldelseaf finansielle forpligtelser i det kommende år.

The Group achieved revenue of DKK 698 m, amodest growth from 2014. It is the third year ina row with positive growth rates. The growth isdriven by strong revenue growth in the Wind andService divisions, whereas the Fluid division hasexperienced a major decline due to the difficultmarket conditions in the O&G industry.

The Group result after tax is DKK -81 m which isa decline of DKK 63 m as compared to 2014. Thedecline is solely ascribed to the conditions in theO&G market which have caused a considerabledecline in both revenue and results in theGroup’s Fluid division. The Group’s two otherdivisions (Wind and Service) developed positivelyas expected, with an increase in both revenueand results, which is considered satisfactory.

The decline in the Fluid division’s primarymarket has necessitated a reduction of costs inthis division which were considerably reducedduring 2015. However, it was not possible toreduce the costs at the pace that the market wasworsening and the Fluid division’s results for2015 are not satisfactory. In spite of the difficultmarket conditions, the Fluid division hasmaintained its core competences and corecustomers.

The Group has as a part of its strategic planningfurther improved its professional and technicalexpertise within both the Fluid and Winddivisions to meet the strong growth experiencedin the two divisions. Furthermore the globalpresence has been expanded in the two divisionswith considerably higher activities in the Chineseand American companies.

At 31 December 2015, the net interest-bearingdebt amounts to DKK 358 m (2014: DKK 373 m.).No changes have been made to the Group’sguidelines and procedures concerningmanagement of the capital structure andadministration hereof in 2015.

Agreements have been made with the Group’sfinancial business partners concerning therequired financing of the operating activities andfulfilment of financial obligations in the comingyear.

11


Betydningsfulde hændelser, indtruffet efterregnskabsårets afslutning

Significant events after the end of thefinancial year

Koncernen forventer ikke at de sværemarkedsforhold inden for O&G forbedres i 2016,og har derfor i foråret 2016 gennemført enreorganisering af fluid divisionen, hvorunder derer reduceret kraftigt i de faste omkostningerglobalt. Hoved fokus i denne reorganisering, harværet at fastholde nøglemedarbejdere,kernekunder og kernekompetencer i koncernen. Iforbindelse med denne reorganisering, erværkstedet i Norge afviklet, værkstedet iSingapore lagt i dvale og fabrikken i USA erfokuseret til primært at beskæftige sig med salgog serviceaktiviteter inden for begge divisioner.

Der er udover ovenstående, ikke efterregnskabsårets afslutning indtruffet begivenhederaf væsentlig betydning for koncernen ogkoncernens finansielle stilling.

The Group does not expect the difficult marketconditions within O&G to improve in 2016 andhas therefore implemented a reorganisation ofthe Fluid division in the spring of 2016, whichincluded a considerable reduction of overheadcosts globally. Main focus in this reorganisationwas to retain key staff, core customers and corecompetences in the Group. During thisreorganisation, the workshop in Norway waswound up, the workshop in Singapore becamedormant and the factory in the USA focusesprimarily on sale and service activities withinboth divisions.

Except as described above, no events haveoccurred of material importance for the Groupand the Group’s financial position.

Særlige risici Special risksGenerelle risici:Koncernens væsentligste driftsrisiko er knyttet tildattervirksomhedernes evne til at være stærktpositioneret på de markeder, hvor produkternesælges samt at sikre en til stadighed konkur-rencedygtig produktionspris.

Koncernen agerer blandt andet inden for olie- oggasindustrien, som er karakteriseret ved etcyklisk aktivitetsniveau, der påvirkes afudviklingen i råolieprisen og dollarkursen.Desuden er der afsætning til den globale marine-og værftsindustri, som traditionelt er enkonjunkturfølsom branche.

Garantiforpligtelser:Som leverandør til vindmøllebranchen harkoncernen kontrakter med længeregarantidækning samt udvidet dækning iforbindelse med serieskader, hvis koncernensleverancer kan påvises at have mangler.

Behovet for garantihensættelse vurderes genereltløbende og specifikt fra sag til sag til imødegåelseaf garantiomkostninger de efterfølgende år. Pr.31. december 2015 er der hensat ca. 4 mio.kr. tilgarantisager.

General risks:The Group’s main operating risk is related to theability to be strongly positioned on the markets,where the products are sold, and to continuouslysecure a competitive manufacturing cost base.

The Group is acting within the oil and gasindustry, which is characterized by a cyclicallevel of activity affected by the price on crudeoil and the dollar rate. Additionally there aresales to the global marine and yard industry,which traditionally is sensitive to the state ofthe market.

Warranty obligations:As a supplier to the Wind industry the Group hascontracts with an extended warranty obligationconcerning potential serial damages if theGroup’s deliveries are inadequate.

The need for warranty provision is evaluated ongeneral current basis and specifically from caseto case to counter the expected warranty costsoccurring in the following years. At 31 December2015 the provision amounts to approx. DKK 4 mfor warranty cases.

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Prisrisici:Koncernens anvendelse af stål som råvaremedfører en risiko for generelle prisstigninger pådenne type råvare. Koncernen kan dog ihovedparten af produktionerne indregne eventu-elle prisstigninger på råvarerne i prisen på defærdige produkter.

Finansielle risici:Koncernens fremmedfinansiering er eksponeretover for ændringer i renteniveauet.

Valutarisici:Salg af koncernens produkter til udlandetmedfører, at resultat, pengestrømme ogegenkapital påvirkes af kursudviklingen på enrække valutaer. Afdækning af valutarisici skerhovedsageligt ved, at varekøb og fakturering skeri samme valuta. Der indgås ikke spekulativevalutadispositioner.

Kursregulering af investeringer i dattervirk-somheder, der er selvstændige enheder,indregnes direkte på egenkapitalen. Kursrisici,der relaterer sig hertil, afdækkes som hovedregelikke, da det er selskabets opfattelse, at enløbende kurssikring af sådanne langsigtedeinvesteringer ikke vil være optimal ud fra ensamlet risiko- og omkostningsmæssig betragtning.

Cost price risks:The Group’s use of steel as raw material leads toa risk of general price increases on this type ofraw material. However, the Group can in themain part of the productions recognize priceincrease on raw materials in the price of thefinished products.

Financial risks:The loan financing of the Group is exposed tochanges in the level of interest rates.

Foreign currency exchange risks:Exporting the products exposes the profit, cashflow and equity towards exchange ratedevelopment of a number of currencies. Currencyrisks are being hedged mainly by sourcing andsale in the same currency. The Group does notenter into speculative currency transactions.

Value adjustment of investments in subsidiaries,which are separate legal entities, is recordeddirectly on the Equity. Exchange rate risksrelated hereto are generally not hedged as thecompany is of the opinion that a current hedgingof such long term investments are not optimalseen from a total risk and cost exposure point ofview.

Miljøforhold Environmental situationMed udgangspunkt i de væsentligste miljøpå-virkninger vil koncernen nedbringe disse til etminimum ved at sikre den bedst mulige udnyt-telse af ressourcer gennem reduktion afenergiforbrug, affaldsmængder og udledning tilmiljøet, bestemt af hvad der er teknologisk ogøkonomisk muligt.

Based on the major environmental impacts andfrom a technological and financial point of view,the Group will reduce the impacts to a minimumby ensuring the most effective utilization ofresources through reduction of energyconsumption, volumes of waste and dischargeinto the environment.

Datterselskaberne er miljøgodkendt af offentligmyndighed samt ISO 14001:2004 certificeret.

Til styring af de miljømæssige forhold er der idenne forbindelse blevet udarbejdet enmiljøpolitik med tilhørende målsætninger. Dennepolitik tager udgangspunkt i en miljømæssigforsvarlig driftsførelse og indgår som en naturligdel i koncernens målsætninger for produktkvalitetog produktionsforhold.

The subsidiaries are environmentally approved bythe public authorities as well as ISO 14001:2004certified.

To maintain the environmental areas, thecompany has prepared an environmental policyincluding environmental targets. This policy isbased on environmentally safe operatingactivities and is a natural part of the Group’soverall objectives for product quality andmanufacturing processes.

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Videnressourcer Knowledge resourcesKoncernen arbejder til stadighed på at udvikle ogfremstille kundetilpassede produkter ogproduktløsninger. En stor andel af omsætningener projektorienteret og færdige løsninger, hvorforder stilles store krav til videnressourcerne hoskoncernens medarbejdere inden for de enkeltesegmenter, hvor selskabets produkter afsættes.

The Group is continuously developing andmanufacturing customized products and productsolutions. A large share of the revenue is projectspecific and customized solutions, which requirea high level of knowledge resources within theemployees of the individual product and marketsegments where the Groups’ products are sold.

For at kunne leve op til selskabets egne høje kravtil udviklingen og fremstillingen af disse løsningerer det afgørende, at der kan rekrutteres ogfastholdes såvel medarbejdere med et højtuddannelsesniveau som medarbejdere med etteknisk erfaringsgrundlag. Koncernen agterdermed fortsat at være en attraktiv arbejdsplads.

To maintain the high expectation level to thedevelopment and manufacturing of thesecustomer and product solutions, it is crucial torecruit new and retain existing employees with ahigh technical degree and experience. The Groupis intending to maintain the reputation as anattractive employer.

Forsknings- og udviklingsaktiviteter Research and development activitiesDer foregår løbende tilpasning og udvikling afproduktsortimentet til imødekommelse af kunder-nes krav.

Koncernen har igen i regnskabsåret 2015 deltageti forskellige udviklingsprojekter i samarbejde medeksisterende kunder samt potentielle nye kunder.Der er tale om udviklingsopgaver, som vilmedvirke til at øge koncernens produktsortiment.

The product assortment is continuously beingcustomized and further developed to meet thecustomer expectations.

Like in previous years, the company has in 2015participated in the different developmentprojects in cooperation with existing customersand potential new customers. These projects aresupporting the broadening of the productassortment.

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MedarbejderforholdDet gennemsnitlige antal medarbejdere i regn-skabsåret udgjorde 564 mod 547 i 2014. Pr. 31.december 2015 var der ansat 551 medarbejdere ikoncernen mod 589 medarbejdere pr. 31. decem-ber 2014.

Udviklingen i medarbejderstaben kan illustreressåledes:

Resten af Danmark verden

Antal ansatte, primo..... 302 287Nettotilgang/afgang..... 8 30Antal ansatte, ultimo.... 294 257

Bestyrelsens arbejdeDer er i lighed med tidligere år nedsat et separatrevisionsudvalg. Revisionsudvalget rapporterer tilbestyrelsen.

Bestyrelsen påser, at direktionen overholder de afbestyrelsen besluttede målsætninger, strategierog forretningsgange. Der har været afholdt 7bestyrelsesmøder i 2015.

EmployeesThe average number of employees in thefinancial year was 564 compared to 547 in 2014.At 31 December 2015 the Group counted 551employees compared to 589 employees at 31December 2014.

The development in the employee base:

Rest of Denmark the world

Number of employees, primo........................ 302 287Net addition/reduction.. 8 30Number of employees, ultimo....................... 294 257

Board activitiesLike in previous years, a separate auditcommittee is established. The audit committeereports to the Board.

The Board ensures that the Directors comply withthe objectives, strategies and business processes,as decided by the Board. In total, 7 Boardmeetings have been held in 2015.

AndetSelskabet følger DVCA’s (Danish Venture Capitaland private Equity Association) retningslinjeromkring oplysninger i årsrapporten. Der henvisestil www.dvca.dk for yderligere oplysninger.

AktionærforholdSelskabets aktiekapital er ikke opdelt iaktieklasser. HTHH ApS er moderselskab, mensAnpartsselskabet af 4. juli 2008 er ultimativtmoderselskab for Hydratech Industries A/S. Denprimære ejer af HTHH ApS er kapitalfonden BWBPartners, som ejer 51% og dermed harbestemmende indflydelse i Hydratech IndustriesA/S, da HTHH ApS ejer 85% af HydratechIndustries A/S. Kapitalfonden er i bestyrelsenrepræsenteret af Esben Bay Jørgensen. Herudoverhar en række ledende medarbejdere, bestyrelseog tidligere hovedaktionærer den resterendeejerandel.

OtherThe company is fulfilling the guidelines of DVCA(Danish Venture Capital and private EquityAssociation) concerning information statementsin the annual reporting. Further informationavailable at www.dvca.dk.

ShareholdersThe share capital of the company is not dividedinto share classes. HTHH ApS is parent companywhereas Anpartsselskabet af 4. juli 2008 is theultimately parent company of HydratechIndustries A/S. The primary owner of HTHH ApSis the Capital Fund BWB Partners, who owns 51%and thereby has controlling influence inHydratech Industries A/S as HTHH ApS owns 85%of Hydratech Industries A/S. In the Board Mr.Esben Bay Jørgensen represents the Capital Fund.The rest of the company shares are owned byselected members of the Directors, Board andformer main shareholders.

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Forventninger til fremtiden Future expectationsKoncernen forventer en øget omsætning i Vind ogService divisionerne, men en yderligere nedgang iomsætningen for Fluid divisionen, og ser etsamlet resultat for 2016 med en svagt faldendeomsætning, og en væsentlig forbedring afdriftsresultatet. Årets resultat efter skat vil værepåvirket af engangsomkostninger der er afholdt iforbindelse med reorganiseringen af fluiddivisionen og forventes derfor at være negativt.

Fluid divisionenKoncernen forventer at O&G markedet vil væreflere år om at komme tilbage på niveau med2014, men anser koncernens position, som styrketnår krisen er overstået.

Vind divisionenKoncernen forventer at fortsætte den positiveudvikling i Vind divisionen i 2016, med envæsentlig stigning i både omsætning ogindtjening. Dette er primært baseret på et stærktglobalt marked for vindmøller, et øget fokus påkvalitet hos de asiatiske mølleproducenter, samtdet faktum at koncernen, efter længereudviklingsforløb, har indgået kontrakter med enrække nye større kunder.

Service divisionenKoncernen forventer at fortsætte den positiveudvikling i Service divisionen i 2016, med enstigning i både omsætning og indtjening. Servicedivisionen servicerer den store installerede baseaf koncernens produkter globalt, og forventerogså vækst på en række nyudviklede produkter tilservicemarkedet.

På mellemlang og lang sigt forventes koncernenshovedmarkeder at udvikle sig positivt grundet detstadigt stigende behov for energi i verden, menden kortsigtede effekt af det langvarende prisfaldpå olie, kan få indflydelse på markedsudviklingenpå kort sigt. Desuden kan kraftige valutaudsvingligeledes påvirke omsætnings- ogresultatforventningerne for 2016.

The Group expects an increased revenue in theWind and Service divisions, but a further declinein revenue for the Fluid division and it sees atotal result for 2016 with a slightly decreasingrevenue and a considerably improved operatingprofit. The results after tax for the year will beimpacted by one-time costs incurred inconnection with the reorganisation of the Fluiddivision and are therefore expected to benegative.

The Fluid divisionThe Group expects that it will take the O&Gmarket several years to reach the level in 2014but it considers the Group’s position to bestrengthened when the crisis is over.

The Wind divisionThe Group expects to continue the positivedevelopment in the Wind division in 2016, with aconsiderable increase in both revenue andearnings. This is primarily based on a strongglobal market for wind turbines, an increasedfocus on quality at the Asian wind turbinemanufacturers, and the fact that the Group,after a long development process, has signedcontracts with a number of new, majorcustomers.

The Service divisionThe Group expects to continue the positivedevelopment in the Service division in 2016, withan increase in both revenue and earnings. TheService division services the large installed baseof the Group’s products globally and expectsgrowth in a number of new products to theservice market.

In the medium and long term, the Group’s mainmarkets are expected to develop positively inview of the still higher need for energy aroundthe world whereas the short-term effect of thelong fall in oil prices may have an impact on themarket development in the short term.Furthermore, the huge exchange ratefluctuations may also have an impact on theexpectations for revenue and results for 2016.

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Samfundsansvar Corporate responsibilityKoncernen har indført politikker indeholdendeinterne retningslinjer, målsætninger og strate-gier, hvorefter der målrettet arbejdes med atsikre et sikkert og sundt arbejdsmiljø, således atmiljø- og klimamæssige forhold tænkes ind iselskabets processer.

Koncernens selskaber er certificeret af eksterneparter vedrørende kvalitet i processerne i såvelselskaberne som hos selskabernes leverandører.Disse krav stilles ligeledes af kunderne, hvilketselskaberne efterlever dels med interne processerog kontrolprocedurer og dels ved kontrolbesøghos leverandører.

Koncernen har etableret en global kvalitets- ogprocesafdeling, som sikrer udarbejdelse afretningslinier herfor samt efterfølgende kon-trollerer, at selskaberne efterlever disse.

Ledelsen vurderer, at de organisatoriske forholder på et tilfredsstillende og nødvendigt niveau,samt at de iværksatte tiltag vil forbedreresultaterne de kommende år.

The company has introduced politics withinternal guidelines, objectives and strategies,which drives a targeted approach to secure asafe and healthy work environment, andfurthermore that environmental and climatematters are embedded in the processes of thecompany.

The subsidiaries are certified by external partiesregarding quality in the processes in both thesubsidiaries as well as by their suppliers. Thesedemands are furthermore customerrequirements, which are fulfilled by thesubsidiaries both in the internal processes andcontrol procedures as well as by inspections atthe suppliers.

The company has established a global quality andproces department, which ensures preparation ofguidelines and controls that the subsidiaries arefulfilling these.

It is the opinion of the management, that theorganization is at a satisfactory and neededlevel, and that the launched initiatives willimprove the results in the following years.

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Kønsmæssig sammensætning i ledelsenBestyrelsen og den daglige ledelse ønsker ligemuligheder for begge køn i koncernensledelsesniveauer og tror på, at mangfoldighedgiver en forretningsmæssig værdi. I 2013fastlagde bestyrelsen målsætninger formangfoldighed i bestyrelsen og på øvrigeledelsesniveauer. I forbindelse med indstilling afnye bestyrelsesmedlemmer vurderer bestyrelsennøje, hvilken viden og professionel erfaring, derer behov for med henblik på at sikre denødvendige kompetencer i bestyrelsen. Samtidigarbejder bestyrelsen på at opnå den bedst muligesammensætning i forhold til baggrund, køn mv.

I forbindelse med ansættelse af ledere sker deren nøje vurdering af, hvilken viden ogprofessionel erfaring, der er behov for medhenblik på at sikre tilstedeværelse af denødvendige kompetencer på alleledelsesniveauer. Det er således vigtigt, at destørste ledelsestalenter, uanset køn, får destørste ledelsesposter.

Bestyrelsen har fastsat følgende målsætninger forden kønsmæssige sammensætning i koncernen:- at begge køn er repræsenteret ibestyrelsen med mindst 20% i 2017- at begge køn er repræsenteret påledelsesniveau globalt med mindst 20% i 2017.

Der har ikke været ændringer i bestyrelsen i2015, og dermed er vi endnu ikke kommettættere på målsætningen for 2017. Ved indstillingaf nye bestyrelseskandidater forfølger bestyrelsenmålsætningen om at tilføre flere kvinder tilbestyrelsen. Dette må dog ikke gå ud over deøvrige rekrutteringskriterier.

Gender composition of managementThe Board and the day-to-day management wantequal opportunities for both sexes atmanagement levels and believe that diversityprovides business value. In 2013 the Boardestablished objectives for diversity at the Boardand other managerial levels. In connection withthe nomination of new members for the Board,an evaluation is performed carefully consideringknowledge and professional experience needed toprovide the necessary skills in the Board.Furthermore the Board is working to achieve thebest possible composition according tobackground, gender etc.

In connection with recruitment of managers, acareful assessment of the knowledge andprofessional experience is required in order toensure the presence of the necessarycompetences at all levels of management. It istherefore important that the best managementtalents, regardless of gender, hold the highestexecutive positions.

The Board has set the following objectives forthe gender composition in the Group:• that both sexes are represented in theBoard by at least 20% in 2017• that both sexes are represented atmanagement levels globally by at least 20% in2017.

There were no changes to the Board in 2015 andthus, we are yet to come closer to the target for2017. When selecting new Board candidates, theobjective to bring more female members to theBoard is pursued. However, this should not gobeyond other recruitment criteria.

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ANVENDT REGNSKABSPRAKSISACCOUNTING POLICIES

Årsrapporten for Hydratech Industries A/S for2015 er aflagt i overensstemmelse med dendanske årsregnskabslovs bestemmelser for virk-somheder i regnskabsklasse C, stor virksomhed.

The annual report of Hydratech Industries A/Sfor 2015 has been presented in accordance withthe provisions of the Danish Financial StatementsAct for enterprises in reporting class C, largeenterprise.

Regnskabsklasse C, stor virksomhed-

Årsrapporten er udarbejdet efter samme regn-skabspraksis som sidste år.

The Annual Report is prepared consistently withthe accounting principles used last year.

1

Generelt om indregning og måling General information on recognition andmeasurement

I resultatopgørelsen indregnes indtægter i taktmed, at de indtjenes, herunder indregnes værdi-reguleringer af finansielle aktiver og forpligtelser.I resultatopgørelsen indregnes ligeledes alleomkostninger, herunder afskrivninger ognedskrivninger.

Income is recognised in the income statement asand when it is earned, including recognition ofvalue adjustments of financial assets andliabilities. Any costs, including depreciation,amortisation and writedown, are also recognisedin the income statement.

Aktiver indregnes i balancen, når det er sand-synligt, at fremtidige økonomiske fordele viltilflyde selskabet, og aktivets værdi kan målespålideligt.

Assets are recognised in the balance sheet whenit is likely that future economic benefits willflow to the company and the value of the assetcan be measured reliably.

Forpligtelser indregnes i balancen, når det ersandsynligt, at fremtidige økonomiske fordele vilfragå selskabet, og forpligtelsens værdi kan målespålideligt.

Liabilities are recognised in the balance sheetwhen it is likely that future economic benefitswill flow from the company and the value of theliability can be measured reliably.

Ved første indregning måles aktiver og forplig-telser til kostpris. Efterfølgende måles aktiver ogforpligtelser som beskrevet for hver enkelt regn-skabspost nedenfor.

The initial recognition measures assets andliabilities at cost. Subsequently, assets andliabilities are measured as described in thefollowing for each item.

Visse finansielle aktiver og forpligtelser måles tilamortiseret kostpris, hvorved der indregnes enkonstant effektiv rente over løbetiden. Amor-tiseret kostpris opgøres som oprindelig kostprismed fradrag af eventuelle afdrag samttillæg/fradrag af den akkumulerede amortiseringaf forskellen mellem kostpris og nominelt beløb.

Certain financial assets and liabilities aremeasured at amortised cost, recognising a con-stant effective interest over the term. Amortisedcost is stated at initial cost less any deductionsand with addition/deduction of the accumulatedamortisation of the difference between cost andnominal amount.

Ved indregning og måling tages hensyn tilforudsigelige tab og risici, der fremkommer indenårsrapporten aflægges, og som be- eller afkræfterforhold, der eksisterede på balancedagen.

The recognition and measurement takes intoaccount predictable losses and risks arisingbefore the year-end reporting and which prove ordisprove matters that existed at the balancesheet date.

Den regnskabsmæssige værdi af immaterielle ogmaterielle anlægsaktiver gennemgås årligt for atafgøre, om der er indikation af værdiforringelseud over det, som udtrykkes ved normalafskrivning. Hvis dette er tilfældet, foretagesnedskrivning til den lavere genindvindingsværdi.

The carrying amount of intangible and tangiblefixed assets is reviewed annually to determine ifthere is any indication of impairment in excess ofthe amount reflected by normal amortisation ordepreciation. If this is the case, write-downshould be made to the lower recoverableamount.

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Afledte finansielle instrumenter Derivative financial instrumentsAfledte finansielle instrumenter indregnes førstegang i balancen til kostpris og måles efter-følgende til dagsværdi. Positive og negative dags-værdier af afledte finansielle instrumenter indgåri tilgodehavender henholdsvis forpligtelser.

Derivative financial instruments are the firsttime recognised in the balance sheet at costprice and subsequently measured at fair value.Positive and negative fair values of derivativefinancial instruments are included in receivablesand liabilities, respectively.

Ændring i dagsværdien af afledte finansielleinstrumenter, der er klassificeret som og opfylderkriterierne for sikring af dagsværdien af etindregnet aktiv eller en indregnet forpligtelse,indregnes i resultatopgørelsen sammen med even-tuelle ændringer i dagsværdien af det sikredeaktiv eller den sikrede forpligtelse.

Change in the fair value of derivative financialinstruments, classified as and meeting thecriteria for hedging the fair value of a recognisedasset or a recognised liability, are recognised inthe profit and loss account together with changesin the fair value, if any, of the hedged asset orthe hedged liability.

Ændring i dagsværdien af afledte finansielleinstrumenter, der er klassificeret som og opfylderbetingelserne for sikring af fremtidige aktiver ogforpligtelser, indregnes i tilgodehavender ellergæld samt på egenkapitalen. Resulterer denfremtidige transaktion i indregning af aktivereller forpligtelser, overføres beløb, som blev ind-regnet på egenkapitalen, fra egenkapitalen ogindregnes i kostprisen for henholdsvis aktivet ellerforpligtelsen. Resulterer den fremtidige trans-aktion i indtægter eller omkostninger, overføresbeløb, som blev indregnet på egenkapitalen, tilresultatopgørelsen i den periode, hvor det sikredepåvirker resultatopgørelsen.

Change in the fair value of derivative financialinstruments, classified as and meeting theconditions of hedging future assets andliabilities, are recognised in receivables orliabilities and in the equity. If the futuretransaction results in recognition of assets orliabilities, amounts are transferred, which wererecognised in the equity, from the equity and arerecognised in the cost price for the asset or theliability, respectively. If the future transactionresults in income or costs, amounts aretransferred, which were recognised in the equity,to the income statement in the period where thehedged influences the income statement.

For eventuelle afledte finansielle instrumenter,som ikke opfylder betingelserne for behandlingsom sikringsinstrumenter, indregnes ændringer idagsværdi i resultatopgørelsen løbende.

For derivative financial statements, if any, whichdo not meet the conditions for treatment ashedging instruments, changes in the fair valueare currently recognised in the income state-ment.

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Koncernregnskab Consolidated financial statementsKoncernregnskabet omfatter modervirksomhedenHydratech Industries A/S samt dattervirksom-heder, hvori Hydratech Industries A/S direkteeller indirekte besidder mere end 50% af stemme-rettighederne eller på anden måde har bestem-mende indflydelse.

The consolidated financial statements includethe parent company Hydratech Industries A/S andits subsidiary enterprises in which HydratechIndustries A/S directly or indirectly holds morethan 50% of the voting rights or in any other wayhas a controlling influence.

Koncernregnskabet er udarbejdet som et sam-mendrag af modervirksomhedens og dattervirk-somhedernes årsregnskaber ved sammenlægningaf ensartede regnskabsposter. Ved konsolidering-en foretages fuld eliminering af koncerninterneindtægter og omkostninger, aktiebesiddelser,interne mellemværender og udbytter samt reali-serede og urealiserede fortjenester og tab vedtransaktioner mellem de konsoliderede virksom-heder.

The consolidated financial statements conso-lidate the financial statements of the parentcompany and the subsidiary enterprises by com-bining uniform accounts items. Intercompanyincome and expenses, shareholdings, internalbalances and dividend, and realised and unrea-lised gains and losses arising from transactionsbetween the consolidated enterprises are fullyeliminated in the consolidation.

Nyerhvervede eller nystiftede virksomheder ind-regnes i koncernregnskabet fra anskaffelsestids-punktet. Sammenligningstal korrigeres ikke fornyerhvervede virksomheder.

New acquired or established enterprises arerecognised in the consolidated financial state-ments from the time of acquisition. Comparativefigures are not adjusted for new acquired, soldor wound up enterprises.

Kapitalandele i dattervirksomheder udlignes medden forholdsmæssige andel af dattervirksom-hedernes dagsværdi af nettoaktiver og forpligtel-ser på anskaffelsestidspunktet.

Investments in subsidiary enterprises are set offby the proportional share of the subsidiaryenterprises’ market value of net assets andliabilities at the acquisition date.

Positive forskelsbeløb mellem anskaffelsesværdiog dagsværdi af overtagne identificerede aktiverog forpligtelser, inklusiv hensatte forpligtelser tilomstrukturering, indregnes under immaterielleanlægsaktiver som goodwill og afskrives syste-matisk over resultatopgørelsen efter en individuelvurdering af den økonomiske levetid, dog maksi-malt 20 år.

Positive differences between acquisition valueand market value of acquired and identifiedassets and liabilities, inclusive of provision forliabilities for restructuring, are recognised inintangible fixed assets as goodwill and amortisedsystematically in the income statement under anindividual assessment of the useful life, how-ever, not more than 20 years.

RESULTATOPGØRELSEN INCOME STATEMENT

Nettoomsætning Net revenueNettoomsætning ved salg af handelsvarer ogfærdigvarer indregnes i resultatopgørelsen,såfremt levering og risikoovergang til køber harfundet sted inden årets udgang, og såfremtindtægten kan opgøres pålideligt og forventesmodtaget.

Nettoomsætningen indregnes eksklusiv moms,afgifter og med fradrag af rabatter i forbindelsemed salget.

The net revenue from sale of merchandise andfinished goods is recognised in the income state-ment if supply and risk transfer to purchaser hastaken place before the end of the year and if theincome can be stated reliably and is expected tobe received.

Net revenue is recognised exclusive of VAT,duties and less discounts related to the sale.

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Vareforbrug Cost of salesVareforbrug omfatter omkostninger, der afholdesfor at opnå årets nettoomsætning.Handelsvirksomhederne indregner vareforbrug, ogde producerende virksomheder indregnerproduktionsomkostninger svarende til åretsomsætning. Herunder indgår direkte og indirekteomkostninger til råvarer og hjælpematerialer, lønog gager, leje og leasing samt afskrivninger påproduktionsanlæg.

Cost of sales comprise costs incurred to achievethe net revenue for the year. The tradingcompanies recognise costs of sales and themanufacturing companies recognised productioncosts corresponding to the revenue for the year.This includes direct and indirect costs of rawmaterials and consumables, wages and salaries,rent and leasing and depreciation of productionplant.

Andre eksterne omkostninger Other external costsAndre eksterne omkostninger omfatteromkostninger til distribution, salg, reklame,administration, lokaler, tab på debitorer,operationelle leasingomkostninger mv.

Other external costs include costs relating todistribution, sale, advertising, administration,premises, loss on bad debts, operating leaseexpenses and similar expenses.

Personaleomkostninger Staff costsPersonaleomkostninger omfatter løn og gager,inklusiv feriepenge og pensioner samt andreomkostninger til social sikring mv. til selskabetsmedarbejdere. I personaleomkostninger er fra-trukket modtagne godtgørelser fra offentligemyndigheder.

Staff costs comprise wages and salaries,including holiday pay and pensions and othercosts for social security etc. for the company’semployees. Repayments from public authoritiesare deducted from staff costs.

Resultat af kapitalandele i dattervirksomheder Results of subsidiary enterprisesI selskabets resultatopgørelse indregnes denforholdsmæssige andel af dattervirksomhedersresultat efter fuld eliminering af internavance/tab og fradrag af afskrivning på goodwillog negativ goodwill.

The proportional share of results of subsidiariesafter full elimination of intercompanyprofits/losses and deduction of amortisedgoodwill and negative goodwill is recognised inthe company's income statement.

Finansielle indtægter og omkostninger Financial income and expensesFinansielle indtægter og omkostninger indeholderrenteindtægter og -omkostninger, finansielle om-kostninger ved finansiel leasing, realiserede ogurealiserede kursgevinster og -tab vedrørendeværdipapirer, gæld og transaktioner i fremmedvaluta, amortisering af finansielle aktiver ogforpligtelser samt tillæg og godtgørelse underacontoskatteordningen mv. Finansielle indtægterog omkostninger indregnes med de beløb, dervedrører regnskabsåret.

Financial income and expenses include interestincome and expenses, financial expenses offinance leases, realised and unrealised gains andlosses arising from investments in financialassets, debt and transactions in foreign curren-cies, amortisation of financial assets and liabi-lities as well as charges and allowances underthe tax-on-account scheme etc. Financial incomeand expenses are recognised in the incomestatement by the amounts that relate to thefinancial year.

Renter og øvrige omkostninger på lån til finan-siering af fremstilling af omsætningsaktiver oganlægsaktiver indregnes ikke i kostprisen.

Interest and other costs of borrowing forfinancing of manufacture of current assets andfixed assets are not recognised in the cost price.

22


Skat TaxÅrets skat, som består af årets aktuelle skat ogforskydning i udskudt skat, indregnes i resultat-opgørelsen med den del, der kan henføres tilårets resultat, og direkte på egenkapitalen medden del, der kan henføres til posteringer direktepå egenkapitalen.

The tax for the year, which consists of thecurrent tax for the year and changes in deferredtax, is recognised in the income statement by theportion that can be attributed to the profit forthe year, and is recognised directly in the equityby the portion that can be attributed to entriesdirectly to the equity.

Selskabet er sambeskattet med koncernforbundnedanske selskaber. Den aktuelle danske selskabs-skat fordeles mellem de sambeskattede danskeselskaber i forhold til disses skattepligtigeindkomst, og med fuld fordeling med refusionvedrørende skattemæssige underskud. De sambe-skattede selskaber indgår i acontoskatte-ordningen.

The company is subject to joint taxation withDanish group companies. The current Danishcorporation tax is distributed among the Danishcompanies subject to joint taxation in proportionto their taxable income, and with fulldistribution with refund regarding taxable losses.The companies subject to joint taxation areincluded in the tax-on-account scheme.

BALANCEN BALANCE SHEET

Immaterielle anlægsaktiver Intangible fixed assetsErhvervet goodwill måles til kostpris med fradragaf akkumulerede afskrivninger. Der afskrives over20 år på goodwill, hvilket efter ledelsensvurdering afspejler den økonomiske levetid forgoodwill.

Software måles til kostpris med fradrag afakkumulerede afskrivninger. Den økonomiskebrugstid er vurderet til 3-5 år.

Acquired goodwill is measured at cost lessaccumulated amortisation. Goodwill is amortisedover 20 years, which in management's opinionreflects the useful life of goodwill.

Software is measured at cost with deduction ofaccumulated amortisation. The useful life isestimated to 3-5 years.

Udviklingsomkostninger omfatter omkostninger,herunder lønninger og gager samt afskrivninger,der direkte og indirekte kan henføres til sel-skabets udviklingsaktiviteter, og som opfylderkriterierne for indregning.

Development costs comprise costs, includingwages and salaries, and amortisation, whichdirectly or indirectly can be related to the com-pany’s development activities and which fulfilthe criteria for recognition.

Aktiverede udviklingsomkostninger måles tilkostpris med fradrag af akkumulerede afskriv-ninger eller til genindvindingsværdi, såfremtdenne er lavere.

Capitalised development costs are measured atthe lower of cost less accumulated amortisationor recoverable amount.

Aktiverede udviklingsomkostninger afskrives line-ært efter færdiggørelsen af udviklingsarbejdetover den vurderede økonomiske brugstid. Afskriv-ningsperioden udgør sædvanligvis 5 år og over-stiger ikke 20 år.

Capitalised development costs are amortised ona straight-line basis over the estimated usefullife after completion of the development work.The amortisation period is normally 5 years anddoes not exceed 20 years.

Immaterielle anlægsaktiver nedskrives generelt tilgenindvindingsværdi, hvis denne er lavere endregnskabsmæssig værdi.

Intangible fixed assets are generally writtendown to the lower of recoverable value andcarrying amount.

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Materielle anlægsaktiver Tangible fixed assetsGrunde og bygninger, tekniske anlæg og maskinersamt andre anlæg, driftsmateriel og inventarmåles til kostpris med fradrag af akkumuleredeaf- og nedskrivninger. Der afskrives ikke pågrunde.

Land and buildings, production plant andmachinery and other plant, fixtures andequipment are measured at cost lessaccumulated depreciation and write-downs. Landis not depreciated.

Afskrivningsgrundlaget er kostpris med fradrag afden skønnede restværdi efter afsluttet brugstid.

The depreciation base is cost less estimatedresidual value after end of useful life.

Kostprisen omfatter anskaffelsesprisen samtomkostninger direkte tilknyttet anskaffelsenindtil det tidspunkt, hvor aktivet er klar til atblive taget i brug. For egenfremstillede aktiveromfatter kostprisen omkostninger til materialer,komponenter, underleverandører, direkte lønfor-brug samt indirekte produktionsomkostninger.

The cost includes the acquisition price and costsincurred directly in connection with the acqui-sition until the time when the asset is ready tobe used. As regards self-manufactured assets,the cost price includes cost of materials,components, subcontractors, direct payroll andindirect production costs.

Der foretages lineære afskrivninger baseret påfølgende vurdering af aktivernes forventedebrugstider og restværdi herefter:

Straight-line depreciation is provided on thebasis of an assessment of the expected usefullives of the assets and their residual value asfollows:

Brugstid (useful life) Residual value

Grunde og bygninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................20 år 0%Land and buildings

Produktionsanlæg og maskiner................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................3-10 år 0%Production plant and machinery

Andre anlæg, driftsmateriel og inventar................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................3-5 år 0%Other plant, fixtures and equiptment

Indretning af lejede lokaler................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5-10 år 0%Leasehold improvements

Fortjeneste eller tab ved afhændelse af mate-rielle anlægsaktiver opgøres som forskellen mel-lem salgspris med fradrag af salgsomkostninger ogden regnskabsmæssige værdi på salgstidspunktet.Fortjeneste eller tab indregnes i resultatopgørel-sen under andre driftsindtægter eller andredriftsomkostninger.

Profit or loss on disposal of tangible fixed assetsis stated at the difference between the salesprice less selling costs and the carrying amountat the time of sale. Profit or loss is recognised inthe income statement as other operating incomeor other operating expenses.

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Leasingkontrakter Lease contractsLeasingkontrakter vedrørende materielle anlægs-aktiver, hvor selskabet har alle væsentlige risiciog fordele forbundet med ejendomsretten (finan-siel leasing), indregnes i balancen som aktiver.Aktiverne måles ved første indregning i balancentil opgjort kostpris svarende til dagsværdi eller(hvis lavere) nutidsværdien af de fremtidigeleasingydelser. Ved beregning af nutidsværdienanvendes leasingaftalens interne rentefod somdiskonteringsfaktor eller en tilnærmet værdi fordenne. Finansielt leasede aktiver afskrives somselskabets øvrige tilsvarende materielle anlægs-aktiver.

Lease contracts relating to tangible fixed assets,where the company bears all material risks andbenefits related to ownership (finance leasing),are recognised in the balance sheet as assets.The assets are at the first recognition in thebalance sheet measured at cost price equal tothe lower of fair value and present value of thefuture lease payments. The internal interest rateof the lease agreement is used as discountingfactor or an approximate value hereof whencalculating the present value. Finance leaseassets are depreciated similarly to the company'sother tangible fixed assets.

Den kapitaliserede restleasingforpligtelse indreg-nes i balancen som en gældsforpligtelse, ogleasingydelsens rentedel indregnes over kontrak-tens løbetid i resultatopgørelsen.

The capitalised residual lease liability is recog-nised in the balance sheet as a liability and theinterest portion of the lease payment is recog-nised in the income statement over the term ofthe contract.

Alle øvrige leasingkontrakter betragtes somoperationel leasing. Ydelser i forbindelse medoperationel leasing og øvrige lejeaftaler indreg-nes i resultatopgørelsen over kontraktens løbetid.Selskabets samlede forpligtelse vedrørende ope-rationelle leasing- og lejeaftaler oplyses undereventualposter mv.

All other lease contracts are considered to beoperating leases. Payments related to operatingleases and other rental agreements arerecognised in the income statement over theterm of the contract. The company's totalliability relating to operating leases and rentalagreements is disclosed as contingencies etc.

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Finansielle anlægsaktiver Fixed asset investmentsKapitalandele i dattervirksomheder måles imoderselskabets balance efter den indre værdismetode.

Investments in subsidiary enterprises aremeasured in the parent company balance sheetunder the equity method.

Kapitalandele i dattervirksomheder måles ibalancen til den forholdsmæssige andel afvirksomhedernes regnskabsmæssige indre værdiopgjort efter moderselskabets regnskabspraksismed fradrag eller tillæg af urealiseredekoncerninterne avancer og tab og med tillæg ellerfradrag af resterende værdi af positiv ellernegativ goodwill opgjort efter overtagelses-metoden.

Investments in subsidiary enterprises aremeasured in the balance sheet at the propor-tional share of the enterprises’ carrying equityvalue, calculated in accordance with the parentcompany’s accounting policies with deduction oraddition of unrealised intercompany profits orlosses and with addition or deduction of theresidual value of positive or negative goodwillcalculated in accordance with the acquisitionmethod.

Nettoopskrivning af kapitalandele i dattervirksom-heder overføres under egenkapitalen til reservefor nettoopskrivning efter den indre værdismetode i det omfang, den regnskabsmæssigeværdi overstiger anskaffelsesværdien. Ved køb afdattervirksomheder anvendes overtagelsesmeto-den, jf. beskrivelse ovenfor under koncernregn-skabet.

Net revaluation of investments in subsidiaryenterprises is transferred under the equity toreserve for net revaluation under the equityvalue method to the extent that the carryingamount exceeds the acquisition value. Theacquisition method is used on purchase ofsubsidiary enterprises, see description aboveunder consolidated financial statements.

Dattervirksomheder med negativ regnskabsmæs-sig indre værdi måles til 0 kr., og et eventuelttilgodehavende hos disse virksomheder nedskrivesmed moderselskabets andel af den negative indreværdi, i det omfang det vurderes somuerholdeligt. Såfremt den regnskabsmæssigenegative indre værdi overstiger tilgodehavender,indregnes det resterende beløb under hensatteforpligtelser i det omfang, modervirksomhedenhar en retlig eller faktisk forpligtelse til at dækkedattervirksomhedernes underbalance.

Subsidiary enterprises with a negative carryingequity value are measured to DKK 0 and anyamounts due from these enterprises are writtendown by the parent company’s share of thenegative equity to the extent that it is deemedto be irrecoverable. If the carrying negativeequity value exceeds receivables, the residualamount is recognised under provision forliabilities to the extent that the parent companyhas a legal or actual liability to cover thesubsidiary's deficit.

Andre finansielle anlægsaktiver omfatter desudenværdipapirer og andre tilgodehavender måles tildagsværdi på balancedagen. Dagsværdi er opgjortsom kostpris som det mest pålidelige.

Other financial fixed assets include financialassets and other receivables valued at marketvalue at closing date. Market value is calculatedas cost price as the most reliable price.

26


Varebeholdninger InventoriesVarebeholdninger måles til kostpris efter FIFO-princippet. I tilfælde, hvor nettorealisations-værdien er lavere end kostprisen, nedskrives tildenne lavere værdi.

Inventories are measured at cost using the FIFO-principle. If the net realisable value is lowerthan cost, write-down is provided to the lowervalue.

Kostpris for handelsvarer samt råvarer og hjælpe-materialer opgøres som anskaffelsespris med til-læg af hjemtagelsesomkostninger.

The cost of merchandise as well as raw materialsand consumables is calculated at acquisitionprice with addition of transportation and similarcosts.

Kostpris for fremstillede færdigvarer samt varerunder fremstilling omfatter kostpris for råvarer,hjælpematerialer, direkte løn og indirekte pro-duktionsomkostninger. Indirekte produktionsom-kostninger indeholder indirekte materialer og lønsamt vedligeholdelse af og afskrivning på de i pro-duktionsprocessen benyttede maskiner, fabriks-bygninger og udstyr, omkostninger til fabriks-administration og ledelse samt aktiverede udvik-lingsomkostninger vedrørende produkterne.

The cost of finished goods and work in progressincludes cost of raw materials, consumables,direct payroll cost and indirect production cost.Indirect production costs include indirect mate-rials and payroll and maintenance and depreci-ation of the machines, factory buildings andequipment used in the production process, costof factory administration and management andcapitalised development costs relating to theproducts.

Nettorealisationsværdien for varebeholdningeropgøres som salgspris med fradrag af færdiggørel-sesomkostninger og omkostninger, der afholdesfor at effektuere salget, og fastsættes under hen-syntagen til omsættelighed, ukurans og udvikling iforventet salgspris.

The net realisable value of inventories is statedat sales price less completion costs and costsincurred to execute the sale and is determinedwith due regard to marketability, obsolescenceand development in expected sales price.

Tilgodehavender ReceivablesTilgodehavender måles til amortiseret kostpris,hvilket sædvanligvis svarer til nominel værdi.Værdien reduceres med nedskrivning til imøde-gåelse af forventede tab.

Receivables are measured at amortised costwhich usually corresponds to nominal value. Thevalue is reduced by write-down to meet expectedlosses.

Periodeafgrænsningsposter, aktiver Accruals, assetsPeriodeafgrænsningsposter indregnet under ak-tiver omfatter afholdte omkostninger vedrørendeefterfølgende regnskabsår.

Accruals recognised as assets include costs incur-red relating to the subsequent financial year.

Udbytte DividendUdbytte, som forventes udbetalt for året, visessom en særskilt post under egenkapitalen.

The expected payment of dividend for the year isrecognised as a separate item under equity.

Andre hensatte forpligtelser Other provisions for liabilitiesHensatte forpligtelser omfatter forventede om-kostninger til garantiforpligtelser.

Provisions for liabilities include the expectedcost of warranty commitments.

Garantiforpligtelser omfatter forpligtelser til ud-bedring af arbejder inden for garantiperioden. Dehensatte forpligtelser måles og indregnes påbaggrund af erfaringerne med garantiarbejder.

Warranty commitments include liabilities forimprovement of work within the warrantyperiod. The provision for liabilities is measuredand recognised on the basis of experience withwarranty work.

27


Skyldig skat og udskudt skat Tax payable and deferred taxAktuelle skatteforpligtelser og tilgodehavendeaktuel skat indregnes i balancen som beregnetskat af årets skattepligtige indkomst reguleret forskat af tidligere års skattepligtige indkomstersamt for betalte acontoskatter.

Current tax liabilities and receivable current taxare recognised in the balance sheet as the calcu-lated tax on the taxable income for the year, ad-justed for tax on the taxable income for previousyears and taxes paid on account.

Udskudt skat måles af midlertidige forskelle mel-lem regnskabsmæssig og skattemæssig værdi afaktiver og forpligtelser.

Deferred tax is measured on the temporary dif-ferences between the carrying amount and thetax value of assets and liabilities.

Udskudte skatteaktiver, herunder skatteværdienaf fremførselsberettiget skattemæssigt under-skud, måles til den værdi, hvortil aktivet for-ventes at kunne realiseres, enten ved udligning iskat af fremtidig indtjening, eller ved modregningi udskudte skatteforpligtelser inden for sammejuridiske skatteenhed.

Deferred tax assets, including the tax value oftax loss carry-forwards, are measured at the ex-pected realisable value of the asset, either byset-off against tax on future earnings or by set-off against deferred tax liabilities within thesame legal tax entity.

Udskudt skat måles på grundlag af de skattereglerog skattesatser, der med balancedagens lovgiv-ning vil være gældende, når den udskudte skatforventes udløst som aktuel skat. Ændring iudskudt skat som følge af ændringer iskattesatser indregnes i resultatopgørelsenbortset fra poster, der føres direkte påegenkapitalen.

Deferred tax is measured on the basis of the taxrules and tax rates that under the legislation inforce on the balance sheet date will be appli-cable when the deferred tax is expected tocrystallise as current tax. Changes of deferredtax due to changes in tax rates are recognised inthe income statement, except for items that aretaken directly to equity.

28


Gældsforpligtelser LiabilitiesFinansielle forpligtelser indregnes ved låne-optagelse til det modtagne provenu efter fradragaf afholdte låneomkostninger. I efterfølgendeperioder måles de finansielle forpligtelser tilamortiseret kostpris svarende til denkapitaliserede værdi ved anvendelse af deneffektive rente, således at forskellen mellem pro-venuet og den nominelle værdi indregnes i resul-tatopgørelsen over låneperioden.

Financial liabilities are recognised at the time ofborrowing by the amount of proceeds receivedless borrowing costs. In subsequent periods, thefinancial liabilities are measured at amortisedcost equal to the capitalised value when usingthe effective interest, the difference betweenthe proceeds and the nominal value being recog-nised in the income statement over the term ofloan.

Prioritetsgæld er således målt til amortiseretkostpris, der for kontantlån svarer til lånets rest-gæld, og for obligationslån svarer til en restgældberegnet på grundlag af lånets underliggendekontantværdi på låneoptagelsestidspunktet.

Mortgage debt is measured at amortised costwhich for cash loans is equal to the debt out-standing, and for bond loans is equal to the debtoutstanding calculated on the basis of theunderlying cash value of the loan at the time ofborrowing.

Andre gældsforpligtelser, som omfatter gæld tilleverandører, tilknyttede og associerede virksom-heder samt anden gæld, måles til amortiseretkostpris, hvilket sædvanligvis svarer til nominelværdi.

I finansielle forpligtelser indregnes tillige denkapitaliserede restleasingforpligtelse på finan-sielle leasingkontrakter.

Other liabilities which include debt to suppliers,affiliates and associates and other debt aremeasured at amortised cost which usually corre-sponds to the nominal value.

The capitalised residual lease liability relating tofinance lease contracts are also recognised infinancial liabilities.

Under periodeafgrænsningsposter indregnet underpassiver indgår modtagne betalinger vedrørendeindtægter i de efterfølgende år.

Accruals recognised as liabilities include pay-ments received regarding income in subsequentyears.

29


Omregning af fremmed valuta Foreign currency translationTransaktioner i fremmed valuta omregnes tiltransaktionsdagens kurs. Valutakursdifferencer,der opstår mellem transaktionsdagens kurs ogkursen på betalingsdagen indregnes i resultat-opgørelsen som en finansiel post.

Transactions in foreign currencies are translatedat the rate of exchange on the transaction date.Exchange differences arising between the rate onthe transaction date and the rate on thepayment date are recognised in the incomestatement as a financial income or expense.

Tilgodehavender, gæld og andre monetære posteri fremmed valuta, som ikke er afregnet påbalancedagen, omregnes til balancedagens valu-takurs. Forskellen mellem balancedagens kurs ogkursen på tidspunktet for tilgodehavendets ellergældens opståen indregnes i resultatopgørelsenunder finansielle indtægter og omkostninger.

Receivable, payables and other monetary itemsin foreign currencies that are not settled on thebalance sheet date are translated at theexchange rate on the balance sheet date. Thedifference between the exchange rate on thebalance sheet date and the exchange rate at thetime of occurrence of the receivable or payableis recognised in the income statement asfinancial income or expenses.

Anlægsaktiver, der er købt i fremmed valuta,omregnes til kursen på transaktionsdagen.

Fixed assets acquired in foreign currencies aretranslated at the rate of exchange on thetransaction date.

Ved indregning af udenlandske dattervirksom-heder, der ikke er selvstændige enheder, men erintegrerede enheder, omregnes monetære postertil balancedagens kurs. Ikke-monetære posteromregnes til kursen på anskaffelsestidspunkteteller på tidspunktet for efterfølgende op- ellernedskrivning af aktivet. Resultatopgørelsensposter omregnes til transaktionsdagens kurs, idetposter afledt af ikke-monetære poster dog om-regnes til historiske kurser for den ikke-monetærepost.

On recognition of foreign subsidiaries that arenot independent entities, but integrated entities,monetary items are translated at the exchangerate on the balance sheet date. Non-monetaryitems are translated at the rate at the time ofacquisition or at the time of subsequentrevaluation or writedown of the asset. The itemsof the income statement are translated at therate on the transaction date, items derived fromnon-monetary items being translated at thehistoric rates of the non-monetary item.

Opfylder de udenlandske datter- og associeredevirksomheder kriterierne for selvstændige en-heder, omregnes resultatopgørelserne til en gen-nemsnitlig valutakurs for året, og balance-posterne omregnes til balancedagens valuta-kurser. Kursdifferencer, opstået ved omregning afudenlandske dattervirksomheders egenkapital vedårets begyndelse til balancedagens valutakursersamt ved omregning af resultatopgørelser fra gen-nemsnitskurser til balancedagens valutakurser,indregnes direkte på egenkapitalen.

The income statements of foreign subsidiaryenterprises and associates, which fulfil thecriteria for being independent entities, aretranslated at an average exchange rate for theyear, and balance sheet items are translated atthe rate of exchange on the balance sheet date.Exchange differences arising from translation ofthe equity of the foreign subsidiaries at thebeginning of the year to the rates of the balancesheet date and from translation of incomestatements from average rate to the rates of thebalance sheet date are recognised directly in theequity.

Kursregulering af mellemværender med uden-landske dattervirksomheder, der anses for ettillæg eller fradrag til selvstændige dattervirk-somheders egenkapital, indregnes direkte påegenkapitalen.

Exchange adjustment of intercompany accountswith foreign subsidiaries that are deemed to bean addition to or deduction from the equity ofindependent subsidiaries are recognised directlyin the equity.

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PENGESTRØMSOPGØRELSE CASH FLOW STATEMENT

Pengestrømsopgørelsen viser koncernens penge-strømme for året fordelt på driftsaktivitet, inve-steringsaktivitet og finansieringsaktivitet for året,årets forskydning i likvider samt likvider ved åretsbegyndelse og slutning.

The cash flow statement shows the group’s cashflows for the year for operating activities,investing activities and financing activities in theyear, the change in cash and cash equivalents ofthe year and cash and cash equivalents atbeginning and end of the year.

Pengestrømsopgørelsen viser pengestrømmene foråret fordelt på driftsaktivitet, investerings-aktivitet og finansieringsaktivitet for året, åretsforskydning i likvider samt likvider ved årets be-gyndelse og slutning.

The cash flow statement shows the company’scash flows for the year for operating activities,investing activities and financing activities in theyear, the change in cash and cash equivalents ofthe year and cash and cash equivalents atbeginning and end of the year.

Pengestrømme fra driftsaktivitet:Pengestrømme fra driftsaktivitet opgøres somårets resultat reguleret for ikke-kontante drifts-poster, ændring i driftskapital og betalt selskabs-skat.

Cash flows from operating activities:Cash flows from operating activities are com-puted as the results for the year adjusted fornon-cash operating items, changes in net workingcapital and corporation tax paid.

Pengestrømme fra investeringsaktivitet:Pengestrømme fra investeringsaktivitet omfatterbetaling i forbindelse med køb og salg af immate-rielle, materielle og finansielle anlægsaktiver.

Cash flows from investing activities:Cash flows from investing activities include pay-ments in connection with purchase and sale ofintangible and tangible fixed asset and fixedasset investments.

Pengestrømme fra finansieringsaktivitet:Pengestrømme fra finansieringsaktivitet omfatterændringer i størrelse eller sammensætning afselskabskapital og omkostninger forbundethermed samt optagelse af lån samt afdrag pårentebærende gæld og betaling af udbytte tilselskabsdeltagere.

Cash flows from financing activities:Cash flows from financing activities include chan-ges in the size or composition of share capitaland related costs, and borrowings and repaymentof interest-bearing debt and payment of dividendto shareholders.

Likvider:Likvider omfatter kassekredit og likvide behold-ninger.

Cash and cash equivalents:Cash and cash equivalents include bank overdraftand cash in hand.

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PENGESTRØMSOPGØRELSE (fortsat) CASH FLOW STATEMENT (continued)

NØGLETAL KEY FIGURES

De i hoved- og nøgletalsoversigten anførtenøgletal er beregnet således:

The ratios stated in the overview of financialhighlights are calculated as follows:

Bruttomargin: Gross margin:

ningNettoomsæt

100ltatBruttoresu

turnoverNet

100sprofit/losGross

Overskudsgrad: Profit margin:

ningNettoomsæt

100ltatDriftsresu

turnoverNet

100sprofit/losOperating

Afkastningsgrad: Rate of return:

aktiverligeGennemsnit

100skatfør Resultat

assetsof Average

100taxbeforesProfit/los

Soliditetsgrad: Solvency ratio:

ultimoalt,iPassiver

100ultimoint.,minoritetsekskl.lEgenkapita

of yearends,liabilitieTotal

100of yearendinterests,minority excl.Equity

Egenkapitalforrentning: Return on equity:

rminoriteteekskl.legenkapitaligGennemsnit

100rminoriteteekskl.skatefter Resultat

interestsminority excl.equity of Average

100interestsminority excl.tax after sProfit/los

Nøgletallene følger i al væsentlighed Den DanskeFinansanalytikerforenings anbefalinger.

The ratios follow in all material respects therecommendations of the Danish Association ofFinancial Analysts.

32

RESULTATOPGØRELSE 1. JANUAR - 31. DECEMBER INCOME STATEMENT 1 JANUARY - 31 DECEMBER

Koncernen ModerselskabetGroup Parent company

Note 2015 2014 2015 2014tkr. tkr. tkr. tkr.

DKK '000 DKK '000 DKK '000 DKK '000

NETTOOMSÆTNING................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1 698.916 693.778 0 0NET REVENUE

Vareforbrug................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-411.474 -379.590 0 0Cost of sales

Andre driftsindtægter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 36 0 0Other operating income

Andre eksterne omkostninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-55.884 -59.599 -2.935 -1.988Other external expenses

BRUTTORESULTAT................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................231.558 254.625 -2.935 -1.988GROSS PROFIT

Personaleomkostninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2 -211.329 -200.999 -619 -823Staff costs

Af- og nedskrivninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-75.482 -40.528 -41 -25Depreciation, amortisation and write-down

DRIFTSRESULTAT................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-55.253 13.098 -3.595 -2.836OPERATING PROFIT

Indtægter af kapitalandele................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................3 0 0 -60.788 -535Income from equity investments

Indtægter af andre værdipapirer, derer anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 -1 0 0Income from other securities that are fixed

assets

Andre finansielle indtægter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4 6.752 3.188 730 696Other financial income

Finansielle omkostninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5 -29.147 -25.104 -22.852 -20.282Financial expenses

RESULTAT FØR SKAT................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-77.648 -8.819 -86.505 -22.957PROFIT BEFORE TAX

Skat af årets resultat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................6 -3.375 -8.958 5.482 5.180Tax on profit for the year

ÅRETS RESULTAT................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-81.023 -17.777 -81.023 -17.777PROFIT FOR THE YEAR

FORSLAG TIL RESULTATDISPONERINGPROPOSED DISTRIBUTION OF PROFIT

Overført resultat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-81.023 -17.777Retained earnings

I ALT................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-81.023 -17.777TOTAL

33

BALANCE 31. DECEMBER BALANCE SHEET AT 31 DECEMBER


AKTIVER Note 2015 2014 2015 2014ASSETS tkr. tkr. tkr. tkr.

DKK '000 DKK '000 DKK '000 DKK '000

Software................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5.880 3.012 63 87Software

Koncerngoodwill................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................300.000 359.128 0 0Consolidated goodwill

Udviklingsprojekter under opførsel................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................13.747 4.153 0 0Development projects in progress

Immaterielle anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................7 319.627 366.293 63 87Intangible fixed assets

Grunde og bygninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................31.283 31.843 0 0Land and buildings

Tekniske anlæg og maskiner................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................20.635 26.966 0 0Technical plant and machinery

Andre anlæg, driftsmateriel oginventar................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.286 2.399 0 0Ohter plant, fixtures and equipment

Indretning af lejede lokaler................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4.495 2.946 0 0Leasehold improvements

Forudbetalinger og aktiver underopførelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................155 925 0 0Prepayments and assets under construction

Materielle anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................8 58.854 65.079 0 0Tangible fixed assets

Kapitalandele i tilknyttedevirksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 343.588 482.040Equity investments in group enterprises

Andre værdipapirer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................184 190 0 0Other securities

Lejedepositum................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.821 2.917 0 0Rent deposit

Finansielle anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................9 3.005 3.107 343.588 482.040Fixed asset investments

ANLÆGSAKTIVER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................381.486 434.479 343.651 482.127FIXED ASSETS

34



AKTIVER (FORTSAT) Note 2015 2014 2015 2014ASSETS (CONTINUED) Note tkr. tkr. tkr. tkr.

DKK '000 DKK '000 DKK '000 DKK '000

Råvarer og hjælpematerialer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................67.497 65.543 0 0Raw materials and consumables

Varer under fremstilling................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................34.702 58.418 0 0Goods under manufacture

Fremstillede varer og handelsvarer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................15.167 21.143 0 0Finished goods and goods for resale

Forudbetalinger for varer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................8.129 3.919 0 0Prepaid goods

Varebeholdninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................125.495 149.023 0 0Inventory

Tilgodehavender fra salg................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................72.803 98.680 0 0Trade receivables

Tilgodehavende hos tilknyttedevirksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................25.434 20.604 29.407 26.009Receivables from group enterprises

Udskudt skatteaktiv................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................11 13.358 22.857 13.571 15.631Deferred tax asset

Andre tilgodehavender................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................6.284 7.926 0 210Other receivables

Tilgodehavende selskabsskat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................6.270 977 0 0Receivable corporation tax

Periodeafgrænsningsposter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.577 3.196 9 48Prepayments

Tilgodehavender................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................126.726 154.240 42.987 41.898Receivables

Likvide beholdninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................32.755 12.469 11.724 0Cash and cash equivalents

OMSÆTNINGSAKTIVER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................284.976 315.732 54.711 41.898CURRENT ASSETS

AKTIVER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................666.462 750.211 398.362 524.025ASSETS

35



PASSIVER Note 2015 2014 2015 2014EQUITY AND LIABILITIES tkr. tkr. tkr. tkr.

DKK '000 DKK '000 DKK '000 DKK '000

Aktiekapital................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.010 2.009 2.010 2.009Share capital

Overført overskud................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................87.383 166.042 87.383 166.042Retained earnings

EGENKAPITAL................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................10 89.393 168.051 89.393 168.051EQUITY

Andre hensættelser................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4.029 3.626 0 0Other provisions

HENSATTE FORPLIGTELSER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4.029 3.626 0 0PROVISIONS FOR LIABILITIES

Prioritetsgæld................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................8.697 9.485 0 0Bond loans

Gæld til pengeinstitutter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................88.534 88.275 88.534 88.013Debt to banks

Gæld til tilknyttede virksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.307 2.177 2.307 2.177Debt to group enterprises

Anden langfristet gæld................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................92.391 87.079 92.312 87.079Other lont-term debt

Ansvarligt lån................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................124.463 115.243 124.463 115.243Subordinate loan

Leasingforpligtelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4.331 5.320 0 0Lease liabilities'

Langfristede gældsforpligtelser................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................12 320.723 307.579 307.616 292.512Long-term liabilities

36



PASSIVER (FORTSAT) Note 2015 2014 2015 2014EQUITY AND LIABILITIES (CONTINUED) Note tkr. tkr. tkr. tkr.

DKK '000 DKK '000 DKK '000 DKK '000

Kortfristet del af langfristedegældsforpligtelser................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................12 2.198 35.045 0 32.000Current share of long-term liabilities

Gæld til pengeinstitutter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................86.935 55.492 1 532Debt to banks

Modtagne forudbetalinger fra kunder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................9.024 11.989 0 0Prepayments received from customers

Leverandører af varer ogtjenesteydelser................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................104.366 95.422 0 0Trade payables

Gæld til tilknyttede virksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................9.741 7.584 36 29.549Debt to group enterprises

Skyldig selskabsskat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.565 8.176 0 0Corporation tax payable

Anden gæld................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................37.135 57.247 1.316 1.381Other debt

Periodeafgrænsningsposter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................353 0 0 0Periodeafgrænsningsposter

Kortfristede gældsforpligtelser................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................252.317 270.955 1.353 63.462Current liabilities

GÆLDSFORPLIGTELSER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................573.040 578.534 308.969 355.974LIABILITIES

PASSIVER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................666.462 750.211 398.362 524.025EQUITY AND LIABILITIES

Eventualposter mv. 13Contingencies etc.

Pantsætninger ogsikkerhedsstillelser 14Charges and securities

Nærtstående parter 15Related parties

Ejerforhold 16Ownership

Oplysning om usikkerhed vedindregning og måling 17Information on uncertainty with respect to

recognition and measurement (continued)

Honorar til generalforsamlingsvalgterevisorer 18Fee to auditors appointed by the General

Meeting

37

PENGESTRØMSOPGØRELSECASH FLOW STATEMENT

KoncernenGroup

2015 2014tkr. tkr.

DKK '000 DKK '000

Årets resultat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-81.023 -17.777Profit for the year

Årets afskrivninger tilbageført................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................75.482 40.528Reversed depreciation of the year

Skat af årets resultat tilbageført................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................3.376 8.956Reversed tax on profit for the year

Betalt selskabsskat mv.................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-4.781 -5.469Corporation tax paid

Ændring i varebeholdninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................23.528 -8.175Change in inventory

Ændring i tilgodehavender................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................28.234 -32.674Change in receivables

Ændring i kortfristet gæld (ekskl. bank, skat og udbytte)................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-13.780 32.315Change in current liabilities (excl. bank, tax and dividend)

Ændring i garantihensættelser................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................403 -974Change in warranty commitments

PENGESTRØMME FRA DRIFTSAKTIVITETER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................31.439 16.730CASH FLOW FROM OPERATING ACTIVITIES

Køb af immaterielle anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-13.427 -6.416Purchase of intangible fixed assets

Køb af materielle anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-11.932 -17.251Purchase of tangible fixed assets

Afhændede anlægsaktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................292 0Sale of tangible fixed assets

Egenkapitalbevægelser og kursregulering................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4.818 2.510Changes in equity and other adjustments

PENGESTRØMME FRA INVESTERINGSAKTIVITET................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-20.249 -21.157CASH FLOWS FROM INVESTING ACTIVITIES

Provenu ved langfristet låneoptagelse og afdrag på lån................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-19.833 -24.975Proceeds from long-term borrowing and repayment of loans

Andre pengestrømme vedrørende finansieringsaktiviteter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-2.514 -1.792Other cash flows from financing activities

PENGESTRØMME FRA FINANSIERINGSAKTIVITET................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-22.347 -26.767CASH FLOW FROM FINANCING ACTIVITIES

38

PENGESTRØMSOPGØRELSECASH FLOW STATEMENT

KoncernenGroup

2015 2014tkr. tkr.

DKK '000 DKK '000

ÆNDRING I LIKVIDER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-11.157 -31.194CHANGE IN CASH AND CASH EQUIVALENTS

Likvider 1. januar................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-43.023 -11.829Cash and cash equivalents at 1 January

LIKVIDER 31. DECEMBER................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-54.180 -43.023CASH AND CASH EQUIVALENTS AT 31 DECEMBER

Likvider 31. december specificeres således:Specification of cash and cash equivalents at 31 December:

Likvider................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................32.755 12.469Cash and cash equivalents

Gæld til pengeinstitutter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-86.935 -55.492Debt to banks

LIKVIDER, NETTOGÆLD................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-54.180 -43.023CASH AND CASH EQUIVALENTS, NET DEBT

39

NOTERNOTES


2015 2014 2015 2014 Notetkr. tkr. tkr. tkr. Note

DKK '000 DKK '000 DKK '000 DKK '000

Nettoomsætning 1Net revenue

SegmentoplysningSegment details

Indland................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................209.559 201.889 0 0Domestic

Udland................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................489.357 491.889 0 0Foreign

698.916 693.778 0 0

Af konkurrencemæssige grunde er informationer om fordelingen af omsætningen på aktivi-teter ikke oplyst.For reasons of competition, the distribution of revenue on activities is not disclosed.

Personaleomkostninger 2Staff costs

Gennemsnitligt antal medarbejdere................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................564 547 0 0Average number of employees

Løn og gager................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................179.067 172.816 619 823Wages and salaries

Pensioner................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................13.419 14.079 0 0Pensions

Andre omkostninger til social sikring................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................13.783 11.287 0 0Other social security costs

Personaleomkostninger................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5.060 2.817 0 0Staff costs

211.329 200.999 619 823

Vederlag til direktion................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.318 2.139 1.318 2.139Remuneration of board of executives

Vederlag til bestyrelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................613 620 613 620Remuneration of board of directors

1.931 2.759 1.931 2.759

Vederlag til direktion er afholdt af Hydratech Industries Fluid Power A/S.The remuneration of the board of executives is paid by Hydratech Industries Fluid Power A/S.

Ledende medarbejdere i selskabet og dattervirksomheder er omfattet af incitamentsprogram.Management employees in the company and in subsidiaries are included in an incentive programme.

Ledende medarbejdere har 87.565 warrants pr. 31. december 2015, hvilket svarer til 47,1 % af de udstedte warrants i selskabet.Management employees hold 87,565 warrants at 31 December 2015 which is equal to 47,1% of the warrants issued inthe company.

40

NOTERNOTES



DKK '000 DKK '000 DKK '000 DKK '000

Indtægter af kapitalandele 3Income from equity investments

Tilknyttede virksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 -60.788 -535Group enterprises

0 0 -60.788 -535

Andre finansielle indtægter 4Other financial income

Renteindtægter fra tilknyttedevirksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.260 2.524 730 696Interest income from group enterprises

Finansielle indtægter i øvrigt................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5.492 664 0 0Other financial income

6.752 3.188 730 696

Finansielle omkostninger 5Financial expenses

Renteomkostninger til tilknyttedevirksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................295 907 574 232Interest expenses, group enterprises

Finansielle omkostninger i øvrigt................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................28.851 24.197 22.278 20.050Other financial expenses

29.146 25.104 22.852 20.282

Skat af årets resultat 6Tax on profit for the year

Beregnet skat af årets skattepligtigeindkomst................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1 8.932 0 0Calculated tax on taxable income for the year

Regulering skat vedrørende tidligereår................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................68 805 68 -244Adjustment of tax for previous years

Regulering af udskudt skat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................3.306 -779 -5.550 -4.936Adjustment of deferred tax

3.375 8.958 -5.482 -5.180

41

NOTERNOTES

NoteNote

Immaterielle anlægsaktiver 7Intangible fixed assets

KoncernenGroup

SoftwareKoncern-Goodwill

Udviklings-projekter under

opførelseSoftware Consolidated

goodwillDevelopment

projects inprogress

Kostpris 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................9.120 521.156 4.153Cost at 1 January 2015

Valutakursregulering til ultimokurs................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................217 0 0Exchange adjustment at closing rate

Overførsler til/fra andre poster................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4.855 0 0Transfers to/from other items

Tilgang................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................545 0 9.594Additions

Kostpris 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................14.737 521.156 13.747Cost at 31 December 2015

Afskrivninger 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................7.673 165.291 0Amortisation at 1 January 2015

Praksisændring................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................20 0 0Change of policy

Valutakursregulering til ultimokurs................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................165 0 0Exchange adjustment at closing rate

Årets afskrivninger ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................999 28.768 0Amortisation

Afskrivninger 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................8.857 194.059 0Amortisation at 31 December 2015

Regnskabsmæssig værdi 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5.880 327.097 13.747Carrying amount at 31 December 2015

42

NOTERNOTES

NoteNote

Immaterielle anlægsaktiver (fortsat) 7Intangible fixed assets (continued)

ModerselskabetParent company

SoftwareSoftware

Kostpris 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................112Cost at 1 January 2015

Tilgang................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................17Additions

Kostpris 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................129Cost at 31 December 2015

Afskrivninger 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................25Amortisation at 1 January 2015

Årets afskrivninger ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................41Amortisation

Afskrivninger 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................66Amortisation at 31 December 2015

Regnskabsmæssig værdi 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................63Carrying amount at 31 December 2015

43

NOTERNOTES

NoteNote

Materielle anlægsaktiver 8Tangible fixed assets

KoncernenGroup

Grunde ogbygninger

Tekniskeanlæg og maskiner

Andreanlæg,

driftsmateriel oginventar

Land andbuildings

Technical plantand machinery

Other plant,fixtures and

equipment

Kostpris 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................47.177 135.093 16.178Cost at 1 January 2015

Valutakursregulering til ultimokurs................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................648 4.340 685Exchange adjustment at closing rate

Overførsler til/fra andre poster................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................991 699 0Transfers to/from other items

Tilgang................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 2.625 1.216Additions

Afgang................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 -99 -372Disposals

Kostpris 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................48.816 142.658 17.707Cost at 31 December 2015

Af- og nedskrivninger 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................15.332 108.164 13.685Depreciation and write-down at 1 January 2015

Praksisændring................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 -82 71Change of policy

Valutakursregulering til ultimokurs................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................71 2.617 448Exchange adjustment at closing rate

Afskrivninger solgte aktiver................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 -64 -333Depreciation of assets sold

Årets afskrivninger ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.130 11.388 1.550Depreciation

Af- og nedskrivninger 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................17.533 122.023 15.421Depreciation and write-down at 31 December 2015

Regnskabsmæssig værdi 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................31.283 20.635 2.286Carrying amount at 31 December 2015

44

NOTERNOTES

NoteNote

Materielle anlægsaktiver (fortsat) 8Tangible fixed assets (continued)

KoncernenGroup

Indretning aflejede lokaler

Forudbetalingerog aktiver under

opførelseLeasehold

improvementsPrepayments and

assets underconstruction

Kostpris 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................9.440 924Cost at 1 January 2015

Valutakursregulering til ultimokurs................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................381 0Exchange adjustment at closing rate

Overførsler til/fra andre poster................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.176 -1.875Transfers to/from other items

Tilgang................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.160 1.106Additions

Kostpris 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................12.157 155Cost at 31 December 2015

Af- og nedskrivninger 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................6.484 0Depreciation and write-down at 1 January 2015

Valutakursregulering til ultimokurs................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................333 0Exchange adjustment at closing rate

Årets afskrivninger ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................845 0Depreciation

Af- og nedskrivninger 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................7.662 0Depreciation and write-down at 31 December 2015

Regnskabsmæssig værdi 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4.495 155Carrying amount at 31 December 2015

Værdien af indregnede materielle anlægsaktiver, der ikke ejes af selskabet: 3.799 tkr.Recognised assets not owned by the company

Af tekniske anlæg og maskiner 20.635 tkr., udgør 3.799 tkr. finansielle leasingaktiver. Oversættelse

45

NOTERNOTES

NoteNote

Finansielle anlægsaktiver 9Fixed asset investments

KoncernenGroup

Andreværdipapirer

Other securities

Kostpris 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................500Cost at 1 January 2015

Kostpris 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................500Cost at 31 December 2015

Opskrivninger 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-310Revaluation at 1 January 2015

Årets opskrivninger ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-6Revaluation for the year

Opskrivninger 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-316Revaluation at 31 December 2015

Saldo 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................184Balance at 31 December 2015

Regnskabsmæssig værdi 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................184Carrying amount at 31 December 2015


Kapitalandele itilknyttede

virksomhederEquity

investments ingroup enterprises

Kostpris 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................602.861Cost at 1 January 2015

Kostpris 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................602.861Cost at 31 December 2015

Opskrivninger 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-120.821Revaluation at 1 January 2015

Valutakursregulering til ultimokurs................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.336Exchange adjustment at closing rate

Udloddet resultat ................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-80.000Dividend

Årets resultat................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-33.691Revaluation and write-down for the year

Opskrivninger 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-232.176Revaluation at 31 December 2015

Årets nedskrivning................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0Write-down for the year

Ned- og afskrivninger 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0

46

NOTERNOTES

NoteNote

Finansielle anlægsaktiver (fortsat) 9Fixed asset investments (continued)

Write-down and amortisation at 31 December 2015

Saldo 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................370.685Balance at 31 December 2014

Regnskabsmæssig værdi 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................370.685Carrying amount at 31 December 2015

Heraf udgør resterende forskelsbeløb (ikke afskrevet koncerngoodwill)................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................327.097Engelsk

Kapitalandele i dattervirksomheder (tkr.)Investments in subsidiaries (DKK '000)

Navn og hjemsted Egenkapital Årets resultatStemme og

ejerandel %Company Equity Profit for the

yearVotes and

ownership %

Hydratech Industries Fluid Power A/S................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................18.123 -24.248 100,00Hydratech Industries Wind Power A/S................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................26.831 16.343 100,00Hydratech International ApS, Danmark................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................48.311 2.046 100,00Hydratech Fluid Power Asia Pacific Private Ltd.,Singapore................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-4.796 -2.494 100,00Hydratech Hong Kong Ltd., Hong Kong................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................198 188 100,00Hydratech Industries Fluid Power, Inc., USA................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-18.782 -17.267 100,00Hydratech Industries Fluid Power (Suzhou) Co.,Ltd., Kina................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................65.012 1.466 100,00Hydratech Industries India Pvt Ltd.,Indien................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................96 -2.555 100,00Hydratech Industries Wind Power Ltd, Kina................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-5.823 -2.228 100,00Hydratech Industries Wind Power USA Inc.................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................314 1.790 100,00Hydratech Industries Fluid Power ASA, Norge................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................-461 -522 100,00

47

NOTERNOTES

NoteNote

Egenkapital 10Equity

KoncernenGroup

AktiekapitalOverkurs ved

emissionOverførtoverskud I alt

Share capital Overkurs vedemission

Retainedearnings

Total

Egenkapital 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.009 0 166.042 168.051Equity at 1 January 2015

Kapitalforhøjelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1 6 0 7Capital increase

Salg af egne kapitalandele................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 22 22Sale of own equity investments

Andre reguleringer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 2.336 2.336Other adjustments

Overførsel til/fra andre poster................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 -6 6 0Transfers to/from other items

Forslag til årets resultatdisponering................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 -81.023 -81.023Proposed distribution of profit

Egenkapital 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.010 0 87.383 89.393Equity at 31 December 2015


AktiekapitalOverkurs ved

emissionOverførtoverskud I alt

Share capital Overkurs vedemission

Retainedearnings

Total

Egenkapital 1. januar 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.009 0 166.042 168.051Equity at 1 January 2015

Kapitalforhøjelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1 6 0 7Capital increase

Salg af egne kapitalandele................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 22 22Sale of own equity investments

Andre reguleringer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 2.336 2.336Other adjustments

Overførsel til/fra andre poster................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 -6 6 0Transfers to/from other items

Forslag til årets resultatdisponering................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 0 -81.023 -81.023Proposed distribution of profit

Egenkapital 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.010 0 87.383 89.393Equity at 31 December 2015

48

NOTERNOTES

NoteNote

Egenkapital (fortsat) 10Equity (continued)

2015tkr.

DKK '000

Aktiekapital 1. januar 2011................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.400Share capital on 1. January 2011

Kapitalforhøjelse 30. august 2011................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................4Capital increase on 30 August 2011

Kapitalforhøjelse 31. januar 2013................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................561Capital increase on 31 January 2013

Kapitalforhøjelse 30. juni 2014................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................38Capital increase on 30 June 2014

Kapitalforhøjelse 16. december 2014................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................5Capital increase on 16 December 2014

Kapitalforhøjelse 2. juli 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1Capital increase on 2 July 2015

Aktiekapital 31. december 2015................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.010Share capital on 31. December 2015

2015 2014tkr.

DKK '000

tkr.DKK '000

AktiekapitalShare capital

Anpartskapitalen er fordelt således:Share capital:

Aktier, 2.009.492 stk. a nom. 1 kr.................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.010 2.0092,009,492 shares in the denomination of DKK 1

2.010 2.009

Egne aktierOwn shares

Beholdningen af egne aktier er således:Portfolio af own shares:

Aktier, 0 stk. a nom. 1 kr.................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................0 shares in the denomination of DKK 1

0 1

0 1

Egne aktier i % af selskabskapitalen:Own shares, percentage of share capital

Aktier................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................Shares

0,0 0,1

0,0 0,1

Der er i årets løb solgt 754 stk. egne aktierThere is sold 754 own shares during the year.

49

NOTERNOTES

NoteNote

Udskudt skatteaktiv 11Deferred tax asset

Hensættelse til udskudt skat omfatter udskudt skat vedrørende materielle anlægsaktiver,omsætningsaktiver, regnskabsmæssige hensættelser samt skattemæssige underskud.The provision for deferred tax includes deferred tax relating to tangible fixed assets, current assets, accountingprovisions, and tax losses.

50

NOTERNOTES

NoteNote

Langfristede gældsforpligtelser 12Long-term liabilities

KoncernenGroup

1/1 2015gæld i alt

31/12 2015gæld i alt

Afdragnæste år

Restgældefter 5 år

1/1 2015total liabilities


Repaymentnext year

Debtoutstanding

after 5 years

Prioritetsgæld................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................10.288 9.506 809 5.461Mortgage debt

Gæld til pengeinstitutter................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................120.275 88.534 0 0Debt to banks

Leasingforpligtelse................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................7.562 5.720 1.389 0Lease liability

Gæld til tilknyttede virksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.177 2.307 0 0Debt to group enterprises

Anden langfristet gæld................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................87.079 92.391 0 79Other long-term debt

Ansvarligt lån................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................115.243 124.463 0 0Subordinate loan

342.624 322.921 2.198 5.540


1/1 2015gæld i alt

31/12 2015gæld i alt

Afdragnæste år

Restgældefter 5 år



Repaymentnext year

Debtoutstanding

after 5 years

Banklån................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................120.013 88.534 0 0Bank loan

Anden langfristet gæld................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................87.079 92.312 0 0Other long-term debt

Gæld til tilknyttede virksomheder................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................2.177 2.307 0 0Debt to group enterprises

Ansvarligt lån................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................115.243 124.463 0 0Subordinate loan

324.512 307.616 0 0

Koncernen / GroupAnsvarligt lån på 124.463 tkr. træder tilbage for andre gældsforpligtelser, der er indregnet ibalancen med netto 88.534 tkr.The subordinate loan of DKK ('000) 124.463 is subordinated to other liabilities which arerecognised in the balance sheet by a net amount of DKK ('000) 88.534.

Moderselskabet / Parent companyAnsvarligt lån på 124.463 tkr. træder tilbage for andre gældsforpligtelser, der er indregnet ibalancen med netto 88.534 tkr.The subordinate loan of DKK ('000) 124.463 is subordinated to other liabilities which are recognised in the balancesheet by a net amount of DKK ('000) 88.534.

51

NOTERNOTES

NoteNote

Eventualposter mv. 13Contingencies etc.

Hydratech International ApS, Hydratech Industries Fluid Power A/S, Hydratech Industries FluidPower, Inc., Hydratech Hydraulic Technology (Suzhou) ltd., Hydratech Industries Fluid WindA/S og Hydratech Industries A/S har stillet selvskyldnerkaution overfor Skandinaviska EnskildaBanken AB (SEB) for ethvert mellemværende, som de enkelte selskaber har i koncernen. Detsamlede mellemværende udgør 146.488 tkr. pr. 31. december 2015.

Koncernen har udover finansielle leasingkontrakter indgået:

Operationelle leasingkontrakter med en gennemsnitlig månedlig leasingydelse på 623 tkr. ogen forpligtelse i restløbetiden på 23.845 tkr.

Koncernen har indgået følgende huslejekontrakter:Lejekontrakt med en månedlig leje på 51 tkr. og en forpligtelse i uopsigelighedsperioden på1.446 tkr.

Lejekontrakt med en månedlig leje på 382 tkr. og en forpligtelse i uopsigelighedsperioden på47.578 tkr.

Hydratech International ApS, Hydratech Industries Fluid Power A/S, Hydratech Industries Fluid Power Inc.,Hydratech Hydraulic Technology (Suzhou) Ltd., Hydratech Industries Fluid Wind Power A/S, and HydratechIndustries A/S have issued payment guarantees to Skandinaviska Enskilda Banken AB (SEB) for all balances that theindividual companies in the Group have. The total balance is DKK ('000) 148,488 at 31 December 2015.

In addition to finance lease contracts, the Group has signed:Operating lease contracts with an average monthly lease payment of DKK ('000) 623 and a liability during theresidual term of DKK ('000) 23.845.

The Group has signed the following tenancy greements:Tenancy agreement with a monthly rent of DKK ('000) 51 and a liability during the period of non-terminability ofDKK ('000) 1.446.

Tenancy agreement with a monthly rent of DKK ('000) 382 and a liability during the period of non-terminability ofDKK ('000) 47.578.

Hæftelse i sambeskatningenKoncernens danske selskaber hæfter solidarisk for skat af koncernens sambeskattede indkomstog for visse eventuelle kildeskatter som udbytteskat og royaltyskat samt for fællesregistreringaf moms.Joint taxation liabilityThe Danish companies of the group are jointly and severally liable for tax on the Group income subject to jointtaxation and for certain possible withholding taxes such as dividend tax and royalty tax, and for the jointregistration of VAT.

52

NOTERNOTES

NoteNote

Pantsætninger og sikkerhedsstillelser 14Charges and securities

Til sikkerhed for engagement med SEB er deponeret løsørepantebrev i diverse driftsmaterielpå nom. 1.380 tkr., ejerpantebrev i Frilandsvej 7, nom. 4.975 tkr. og ejerpantebrev i Sigenvej2, nom. 4.240 tkr. Den regnskabsmæssige værdi af ejendomme pr. 31. december 2015 udgør26.030 tkr.

Til sikkerhed for gæld til realkreditinstitutter, 10.288 tkr., er der givet pant i grunde ogbygninger, hvis regnskabsmæssige værdi pr. 31. december 2015 udgør 26.030 tkr.

Aktiekapitalen i Hydratech Industries Fluid Power A/S, Hydratech International ApS, HydratechIndustries Fluid Power Inc. og Hydratech Industries Wind Power A/S er lagt til sikkerhed forethvert mellemværende med SEB.

SG-Finans har i forbindelse med finansiering af driftsmidler taget ejendomsforbehold i disse,indtil købekontrakten er endeligt indfriet.

As security for engagement with SEB, the company has deposited a chattel mortgage on different operatingequipment of a nominal amount of DKK ('000) 1,380, an owner's mortgage on Frilandsvej 7 of a nominal amount ofDKK ('000) 4,975, and an owner's mortgage on Sigenvej 2 of a nominal amount of DKK ('000) 4,240. The carryingamount of the properties is DKK ('000) 26,030 at 31 December 2015.

As security for debt to mortgage banks of DKK ('000) 10,288, a charge has been issued on land and buildings with acarrying amount of DKK ('000) 26,030 at 31 December 2015.

The share capital of Hydratech Industries Fluid Power A/S, Hydratech International ApS, Hydratech Industries FluidPower Inc., and Hydratech Industries Wind Power A/S has been provided as security for all balances with SEB.

SG-Finans has, in connection with the financing of operating equipment, reserved ownershp hereof until thepurchase contract is paid in full.

53

NOTERNOTES

NoteNote

Nærtstående parter 15Related parties

Hydratech Industries A/S’ nærtstående parter omfatter følgende:

Bestemmende indflydelseHTHH ApS, Sigenvej 2, 9760 Vrå, der er hovedaktionærAnpartsselskabet af 4. juli 2008 ApS, Avderødvej 27C, 2980 Kokkedal, der er ultimativtmoderselskab.

KoncernSelskabet og koncernen indgår i koncernregnskabet for Anpartsselskabet af 4. juli 2008,Avderødvej 27C, 2980 Kokkedal, hvilket er modervirksomheden, hvori selskabet indgår somdattervirksomhed.

Det pågældende koncernregnskab kan rekvireres ved henvendelse til modervirksomheden.

Øvrige nærtstående parter, som virksomheden har haft transaktioner medHydratech Industries A/S' nærtstående parter med betydelig indflydelse omfatter datter- ogassocirede virksomheder samt selskabernes bestyrelse, direktion og ledende medarbejderesamt disse personers relaterede familiemedlemmer. Nærtstående parter omfatter endvidereselskaber, hvori førnævnte personkreds har væsentlige interesser.

Transaktioner med nærtstående parterHydratech Industries A/S' har ikke haft væsentlige transaktioner, der ikke er indgået påmarkedsmæssige vilkår.Hydratech Industries A/S' related parties include:

Controlling interestHTHH ApS, Sigenvej 2, 9760 Vrå, which is principal shareholder.Anpartsselskabet af 4. juli 2008 ApS, Avderødvej 27C, 2980 Kokkedal, which is the ultimative majority holder.

GroupThe company and the Group are included in the consolidated financial statements of Anpartsselskabet af 4. juli2008 ApS, Avderødvej 27C, 2980 Kokkedal, which is the parent company of which the company is a subsidiary.The financial statements of this Group may be obtained by contacting the parent company.

Other related parties having performed transactions with the companyHydratech Industries A/S' related parties having a significant influence comprise subsidiaries as well as thecompanies’ board of Directors, board of executives and executive officers and their relatives. Related partiesinclude also companies in which the above mentioned group of persons has material interests.

Transactions with related partiesHydratech Industries A/S' did not carry out any significant transactions which were not performed on an arm'slength basis.

54

NOTERNOTES

NoteNote

Ejerforhold 16Ownership

Følgende aktionærer er noteret i selskabets særlige aktionærfortegnelse over betydeligekapitalposter som ejende minimum 5% af stemmerne eller aktiekapitalen:

The following shareholders are recorded in the company's register of shareholders of significant shareholdings asowning more than 5% of the votes or the share capital:

HTHH ApSSigenvej 29760 Vrå

AVN Gruppen A/SDalager 12605 Brøndby

55

NOTERNOTES

NoteNote

Oplysning om usikkerhed ved indregning og måling 17Information on uncertainty with respect to recognition and measurement (continued)

GoodwillKoncernen har indregnet goodwill med en samlet værdi på 300 mio. kr. Der er udarbejdet ennedskrivningstest til vurdering af værdiansættelsen af den indregnede goodwill.

Tidligere har nedskrivningstesten været opdelt i to CGU'er, svarende til aktiviteten i de todatterselskaber Hydratech Industries Fluid Power A/S og Hydratech Industries Wind PowerA/S. Koncernens strategi er nu at udnytte ressourcer, viden og produktionsfaciliteter på tværs afforretningsområderne. Som følge heraf er der mere intern samhandel mellem divisionerne, ogderved skal nedskrivningstesten foretages ud fra en CGU.

De væsentligste forudsætninger i nedskrivningstesten er følgende:Fælles forudsætninger:• WACC er fastsat til 11,68 %.• Der anvendes en prognoseperiode på 7 år og efterfølgende en terminalperiode.

For Fluid gælder følgende væsentlige forudsætninger:• Der er en generel forventning til de svære markedsforhold inden for off-shore segmentetikke forbedres inden for en kortere årrække. Den generelle omsætningsvækst vil værebaseret på øget intern samhandel som følge af øget vækst i Vind divisionen. • Der forudsættes uændret dækningsgrad i prognoseperioden. • Reduktion af faste omkostninger, således disse står i forhold til aktivitetsniveauet iprognoseperioden.

For Wind gælder følgende væsentlige forudsætninger:• Væksten i omsætningen forventes at stige med gennemsnitlig 5 % i perioden indtil 2020,hvorefter vækstraten forventes på noget lavere niveau. • Omsætningen forventes at udvikle sig i samme takt som vindmøllemarkedet generelt. • Der forudsættes uændret dækningsgrad i prognoseperioden.• Fokusering på faste omkostninger, således disse står i forhold til aktivitetsniveauet iprognoseperioden.

For Service gælder følgende væsentlige forudsætninger:• Det lave aktivitetsniveau inden for off-shore segmentet har medført en stigning i markedetfor servicering af eksisterende dele. Set i forhold til vindmøllens udvikling vil der i denkommende fremtid være et stigende marked for servicering af eksisterende dele. Detforventes at give øget vækst i omsætningen på gennemsnitlig 15 %. • En forbedring af dækningsgraden i perioden frem til terminalperioden. • Fokusering på faste omkostninger, således disse står i forhold til koncernens aktivitet.

Beregningen af værdien af den bogførte goodwill er følsom overfor ændringer i de anvendteforudsætninger. Såfremt den forventede stigning i intern omsætning og reduktion i fasteomkostninger afviger væsentligt fra det forventede, kan det vise sig nødvendigt at foretageen ikke ubetydelig nedskrivning af goodwillen.

På baggrund af ovenståedne forudsætninger og den foretagne nedskrivningstest er detledelsens vurdering, at der ikke er noget nedskrivningsbehov på den indregnede goodwill.

Note

56

NOTERNOTES

Note

Oplysning om usikkerhed ved indregning og måling (fortsat) 17Information on uncertainty with respect to recognition and measurement (continued)

SkatteaktivKoncernen har indregnet skatteaktiver med en værdi på 13,3 mio. kr. Selskabet har iledelsesberetningen redegjort for, at ledelsen forventer, at der vil være en positiv udviklingaf driften i 2016 og de kommende år, hvilket er en forudsætning for indregning afskatteaktivitet på 13,3 mio. kr.

GoodwillThe Group has recognised goodwill of a total amount of DKK 300 m. An impairment test has been carried out toassess the valuation of the recognised goodwill.

The impairment test was earlier divided into two CGUs, corresponding to the activities in the two subsidiariesHydratech Industries Fluid Power A/S and Hydratech Industries Wind Power A/S. The Group strategy is now to utilize resources, knowledge and production facilities across the business areas.As aresult hereof, the inter-division transactions have grown and the impairment test must be made on the basis of oneCGU.

Most important assumptions for the impairment test:Common assumptions:• WACC is determined at 11.68 %.• A forecast period of 7 years and a subsequent terminal period are used.

For Fluid, the following material assumptions apply:• There is a general expectation that the difficult market conditions within the off-shore segment will not improvewithin the next few years. The general revenue growth will be based on higher in-house trading as a result ofhigher growth in the Wind division. • It is assumed that the contribution margin will be unchanged during the forecast period. • A reduction of overhead costs to match the level of activity in the forecast period.

For Wind, the following material assumptions apply:• The growth in revenue is expected to increase by on average 5 % in the period until 2020 whereafter the growthrate is expected to be at a somewhat lower level. • Revenue is expected to develop at the same rate as the wind market in general • The contribution margin is expected to be unchanged during the forecast period• Focus on overhead costs to match the level of activity in the forecast period.

For Service, the following material assumptions apply:• The low level of activity within the off-shore segment has led to an increase in the market for servicing ofexisting components. When seen in relation to the wind power development, there will in the near future be anincreasing market for servicing of existing components. This is expected to give growth in revenue of on average 15%. • An improved contribution margin in the period until the terminal period. • Focus on overhead costs to match the level of activity of the Group.

The calculation of the value of booked goodwill is sensitive to changes in the assumptions used. If the expectedincrease in in-house revenue and reduction of overhead costs differs materially from the expected amounts, it maybecome necessary to write down goodwill by a not insignificant amount.

Based on the above assumptions and the impairment test carried out, it is management’s opinion that it is notnecessary to write down the recognised goodwill.

Tax AssetThe Group has recognised tax assets at a value of DKK 13.3 m. The company has in the management’s reviewexplained that management expects a positive development in operations in 2016 and the coming years which is acondition for recognition of the tax assets of DKK 13.3 m.

57

NOTERNOTES



DKK '000 DKK '000 DKK '000 DKK '000

Honorar til generalforsamlingsvalgte revisorer 18Fee to auditors appointed by the General Meeting

Specifikation af honorar:

Lovpligtig revision................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.512 1.568 630 176Statutory audit

Erklæringsopgaver med sikkerhed................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................33 0 0 0Assurance engagements

Skatterådgivning................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................367 259 326 141Tax consultancy

Andre ydelser................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................779 834 174 61Other services

2.691 2.661 1.130 378

Samlet honorar:BDO.................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.311 2.101 427 347Deloitte................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................767 264 703 31Udenlandske datterselskabsrevisorer................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................613 296 0 0

Total fee:BDO................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................1.311 2.101 427 347Deloitte................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................767 264 703 31Auditors of foreign subsidiaries................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................................613 296 0 0

Documents

HYDRATECH INDUSTRIES A/S ÅRSRAPPORT · Hydratech Industries A/S ... Rasmus Sandorff Jacobsen Chairman of the Meeting The English part of this document is an unofficial translation