Orifarm Supply A/S. Central Business Registration no Annual report 2014

Transkript

1 Central Business Registration no Annual report 2014

2 Contents Page Company details 3 Statement by Management on the annual report 4 Independent auditor's report 5 Financial highlights 6 Management s Commentary 7 Accounting policies 11 Income statement for Balance sheet at 31 December Statement of changes in equity for Notes 19 2

3 Company details Company Orifarm Supply A/S Energivej Odense S Central Business Registration no Registered in: Odense Board of Directors Ole Michael Friis Hans Bøgh-Sørensen Birgitte Bøgh-Sørensen Executive Board Erik Sandberg, Chief Executive Officer Company auditors Deloitte Statsautoriseret Revisionspartnerselskab The Annual General Meeting adopted the annual report on 27 May 2015 Chairman of the General Meeting: 3

4 Statement by Management on the annual report We have today presented the annual report of Orifarm Supply A/S for the financial year 1 January December The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company s financial position and results. Also, we believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Odense, 21 May 2015 Executive Board Erik Sandberg Chief Executive Officer Board of Directors Ole Michael Friis Hans Bøgh-Sørensen Birgitte Bøgh-Sørensen Chairman of the Board 4

5 Independent auditor's report To the shareholders of Orifarm Supply A/S Report on the financial statements We have audited the financial statements of Orifarm Supply A/S for the financial year 1 January December 2014, which comprise the accounting policies, income statement, balance sheet, statement of change in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. Management's responsibility for the financial statements Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. Auditor's responsibility Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance about whether the financial statements are free from material misstatement. An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditor's judgement, including the assessment of the risks of material misstatements of the financial statements, whether due to fraud or error. In making those risk assessments, the auditor considers internal control relevant to the entity's preparation of the financial statements that give a true and fair view in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as the overall presentation of the financial statements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Our audit has not resulted in any qualification. Opinion In our opinion, the financial statements give a true and fair view of the Company s financial position at 31 December 2014 and of the results of their operations for the financial year 1 January December 2014 in accordance with the Danish Financial Statements Act. Statement on the management commentary Pursuant to the Danish Financial Statements Act, we have read the management commentary. We have not performed any further procedures in addition to the audit of financial statements. On this basis, it is our opinion that the information provided in the management commentary is consistent with the financial statements. Odense, 21 May 2015 Deloitte Statsautoriseret Revisionspartnerselskab 5

6 Lars Knage Nielsen State Authorised Public Accountant Allan Dydensborg Madsen State Authorised Public Accountant 6

7 Financial highlights (mio. DKK) Key figures Revenue Gross profit Operating profit Net financials Profit of the year Inventories Equity Total Assets Investments in property, plant and equipment Ratios Gross margin (%) 2,2 2,6 5,1 6,7 8,7 Operating margin (%) 1,0 0,1 0,4 2,4 4,6 Solvency ratio (%) 8,0 5,8 6,1 13,8 10,1 Return on equity (%) 15,0-34,4-35,0 36,2 73,9 7

8 Ledelsesberetning Præsentation af virksomheden Orifarm Supply A/S er en del af Orifarm koncernen og beskæftiger sig med import, produktion, ompakning og salg af lægemidler. Selskabets aktiviteter er fordelt på de to forretningsområder: Parallelimport af lægemidler samt fremstilling og salg af generiske lægemidler. Parallelimport af lægemidler er koncernens største forretningsområde. Lægemidler importeres fra EU/EØS-lande, hvor originalproducenter afsætter deres præparater til lavere priser, end de forlanger for de identiske præparater i Danmark, Norge, Sverige og Finland. Herved udnyttes princippet om varernes frie bevægelighed inden for EU/EØS, og der skabes konkurrence til gavn for samfundet. Virksomheden påbegyndte i 2001 salg af generiske lægemidler i Norden. Generiske lægemidler kan produceres og markedsføres, når originalproducenternes patentperiode er udløbet, og producentens eneret dermed ophører. Generisk konkurrence reducerer normalt priserne på lægemidler markant, hvilket er til gavn for samfundet som helhed. Orifarm markedsfører en bred palette af generiske præparater, herunder bl.a. en række generiske håndkøbspræparater under paraplybrandet Yellow / Tänk Gult i Danmark og Sverige. Gennem virksomhedens levetid har det været evnen til at udfordre, innovere, agere, satse, forandre, nytænke og optimere, der har skabt resultater. I Orifarm kalder vi det Rethinking the business of healthcare. Dette er virksomhedens mission. Orifarms vision We want to be No.1 in making healthcare a better deal udtrykker virksomhedens overordnede mål, hvor a better deal ikke kun skal forstås som besparelser, men som et partnerskab med kunder og leverandører for at levere løsninger, som imødekommer vore interessenters behov. Vores værdigrundlag er fleksibilitet, ambition, ansvarlighed og fokus på kunden. Virksomhedens mission, vision og værdigrundlag udgør tilsammen Orifarms DNA, og er samarbejdspartneres garanti for, at Orifarm fokuserer på at udvikle, optimere og nytænke forretningen, så Orifarm altid vil være markedets bedste samarbejdspartner. Ved løbende at tilpasse og styrke forretningskonceptet og dermed konkurrenceevnen er Orifarm blevet markedsleder på flere markeder. For at sikre, at varerne frembringes ved de lavest mulige omkostninger og leveres effektivt til kunderne, tilpasser Orifarm løbende både organisation og processer. Samlingen af produktion i Tjekkiet, der startede i 2012, forventes afsluttet i Denne investering påvirkede resultatet for 2012 negativt, men styrker Orifarms markedsposition betydeligt. 8

9 Ledelsesberetning Udvikling i aktiviteter og økonomiske forhold Selskabets nettoomsætning udgjorde i MDKK sammenholdt med MDKK i I 2012 faldt resultatet af den primære drift fra 59 MDKK til 9 MDKK. Et lavere resultatet var forudset, men den faktiske nedgang var større end budgetteret hvorfor årets resultat anses for utilfredsstillende. Årsagen til resultatnedgangen var primært intensiveret priskonkurrence i Danmark og Sverige samt omkostninger til flytning af koncernens produktionsaktiviteter til Tjekkiet. Endvidere er årets resultat negativt påvirket som følge af tab på valutakontrakter. Parallelimport af lægemidler Originalproducenterne og enkelte EU-medlemsstater vanskeliggør handel med lægemidler I tillæg til stigende konkurrence reducerede blandt andre følgende eksterne forhold Orifarms muligheder for at udvikle parallelimportforretningen: Kvotesystemer En række af de globalt største lægemiddelproducenter har indført kvoteordninger for salg af lægemidler i EU. I nogle tilfælde er lægemiddelproducenter gået endnu videre og har standset leverancer til grossister, som reeksporterer lægemidler. Det begrænser Orifarms indkøbsmuligheder og dermed muligheden for at øge salget. Efter Orifarms opfattelse er kvotesystemer i strid med EU-traktaten, idet lægemiddelproducenterne begrænser konkurrencen inden for EU. Eksportforbud Flere EU-medlemsstater har indført eller forsøgt at indføre forbud mod eksport af lægemidler til andre medlemsstater. Da eksportforbud er i strid med EU-traktatens regler om varernes frie bevægelighed og kan ændre hele forretningsgrundlaget, ser Orifarm med stor alvor herpå. EU-Kommissionen orienteres løbende om udviklingen med henblik på indgriben. Dual Pricing En række multinationale lægemiddelproducenter etablerede eller har opretholdt dual-pricing i Spanien. Dual-pricing fungerer således, at lægemiddelproducenterne sælger deres produkter til en kunstig høj pris til de spanske lægemiddelgrossister. Disse grossister kan imidlertid opnå den normale spanske pris, såfremt grossisten kan dokumentere, at lægemidlerne er solgt på det spanske marked og ikke til reeksport. Systemet med dual-pricing medfører derfor, at parallelimportørerne ikke kan udnytte EUprincippet om varernes frie bevægelighed. Dette er efter Orifarms opfattelse i strid med EU-traktatens konkurrenceregler. Direkte leverancer Endeligt forringes Orifarms muligheder for at indkøbe lægemidlerne i eksportlandene yderligere ved, at de multinationale lægemiddelproducenter etablerer direkte leverancer til apotekerne. Således springes grossistleddet over, og parallelimportørerne afskæres dermed muligheden for indkøb hos disse. Direkte leverancer begrænser konkurrencen og varetilgængeligheden på markedet, og det er Orifarms opfattelse, at dette tiltag ligeledes kan være i strid med EU-retten og reglerne om varernes frie bevægelighed. På trods af disse handelsbegrænsninger kan Orifarm alligevel garantere sine kunder en stabil levering af varer ved at opdyrke nye indkøbslande og -kanaler. 9

10 Ledelsesberetning Generiske lægemidler Forretningsområdet generiske lægemidler fortsatte i 2012 det målrettede arbejde med at gennemføre og justere den strategi, som blev lanceret i Konkurrencen på receptpligtige lægemidler er i 2012 yderligere skærpet i de nordiske lande, hvilket også afspejles i årets resultat. Orifarms Yellow kampagne i Danmark og Tänk Gult kampagne i Sverige er fortsat med succes fra 2011 til 2012, hvor salget af håndkøbslægemidler er øget. Særlige risici Driftsmæssige forhold: Selskabets indtjening er i væsentlig grad afhængig af lovmæssige tiltag, som påvirker prissætningen af lægemidler i både indkøbs- og afsætningslande. Indtjeningen påvirkes desuden af tiltag i afsætningslandene, der har til formål at begrænse lægemiddelforbruget. Ved introduktion af nye produkter er koncernen afhængig af sagsbehandlingstiden hos dels lægemiddelmyndighederne i salgslandene, og dels hos den centrale europæiske registreringsmyndighed, EMA. I visse lande er der fortsat lange sagsbehandlingstider, hvilket forhindrer hurtig introduktion af både nye parallelimporterede og nye generiske lægemidler. Det er koncernens politik at undgå krænkelse af varemærkerettigheder. Orifarm har derfor ingen væsentlige igangværende retssager af denne art. For forretningsområdet generika er det koncernens politik at undgå krænkelse af patentrettigheder. Da patentindehavere imidlertid har en betydelig kommerciel interesse i at forsvare deres markedsmonopol, der går videre, end patentbeskyttelsen giver grundlag for, er tvister eller retssager vanskelige at undgå. Som følge heraf har Orifarm verserende retssager, hvis udfald, såfremt dette er negativt, kan have betydning for virksomhedenss indtjening. Finansielle forhold: Selskabet er eksponeret over for ændringer i renteniveau og valutakurser. En ændring af renteniveauet på et procentpoint påvirker således selskabets indtjening med ca. 4,3 MDKK. Selskabets valutarisici kan væsentligst henføres til kursændringer på SEK i forhold til EUR. Selskabets finansielle risici, herunder likviditetsstyring og kreditgivning, styres centralt. Der tilstræbes en lav risikoprofil. Kultur og medarbejdere Det er Orifarms målsætning at være en førende udbyder af parallelimporterede og generiske lægemidler i Norden. Vi tror på, at der en sammenhæng mellem vore resultater og medarbejdernes kompetencer og engagement. Derfor arbejdes der kontinuerligt på at udvikle medarbejdernes viden og kompetencer, hvilket understøtter Orifarms resultat- og udviklingsorienterede kultur. Orifarm er bevidst om sit sociale ansvar og finder det derfor vigtigt at have en stor bredde i medarbejderskaren. Internt i virksomheden arbejdes der derfor på at integrere både medarbejdere med anden etnisk baggrund og medarbejdere med handicap. Internationaliseringen i koncernen er øget markant de senere år, og der foretages international rotation af medarbejdere for at sikre integrering og deling af både kultur og viden. 10

11 Ledelsesberetning Samfundsansvar Selskabet har ikke en nedskrevet politik på området. Selskabet påvirker kun i meget begrænset omfang det omgivende miljø. De lægemidler, som ikke kan sælges, bliver destrueret hos et kvalificeret og godkendt firma. Overflødig emballage med videre bliver i videst muligt omfang sorteret og genanvendt. Udviklingsaktiviteter Selskabets to forretningsområder har begge væsentlige udviklingsaktiviteter, hvilket både omfatter produkt- og procesudvikling. Begivenheder efter regnskabsårets afslutning Der er fra balancedagen og frem til i dag ikke indtrådt forhold, som forrykker vurderingen af årsrapporten. Forventet udvikling Selskabet forventer et væsentligt forbedret resultat i 2013 sammenlignet med

12 Accounting policies This annual report has been presented in accordance with the provisions of the Danish Financial Statements Act governing reporting class C enterprises (large). Referring to section 86 (4) of the Danish Financial Statements Act, Orifarm Supply A/S has not prepared any cash flow statements. The accounting policies applied for these financiel statements are consistent with those applied last year. Recognition and measurement Assets are recognised in the balance sheet when it is probable as a result of a prior event that future economic benefit will flow to the Company, and the value of the assets can be measured reliably. Liabilities are recognised in the balance sheet when the Company has a legal or constructive obligation as a result of a prior event, and it is probable that future economic benefits will flow out of the Company, and the value of the liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial recognition is effected as described below for each financial statement item. Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and measurement. Income is recognised in the income statement when earned, whereas costs are recognised by the amounts attributable to this financial year. Foreign currency translation On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Receivables, payables and other monetary items denominated in foreign currency that have not been settled at the balance sheet date are translated using the exchange rate at the balance sheet date. Exchange differences that arise between the rate at the transaction date and the one in effect at the payment date or the rate at the balance sheet date are recognised in the income statement as financial income or financial expenses. Property, plant and equipment, intangible assets, inventories and other non-monetary assets that have been purchased in foreign currencies are translated using historical rates. On recognition of foreign subsidiaries, which are separate entities, all amounts are translated at the closing rates. Exchange differences arising from translation of foreign subsidiaries' equity at the balance sheet date are recognized directly in equity. Derivative financial instruments On initial recognition in the balance sheet, derivative financial instruments are measured at cost and subsequently at fair value. Derivative financial instruments are recognised under other receivables or other payables, respectively. Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging of the fair value of a recognised asset or a recognised liability are recorded in the income statement together with changes in the value of the hedged asset or the hedged liability. 12

13 Accounting policies Changes in the fair value of derivative financial instruments classified as and complying with the requirements for hedging future transactions are classified directly on equity. When the hedged transactions are realised, the accumulated changes are recognised as part of cost of the relevant financial statement items. For derivative financial instruments that do not qualify as hedging instruments, changes in fair market value are recognised currently in the income statement as financial income or financial expenses. Income statement Revenue Revenue from the sale of manufactured goods and goods for resale is recognised in the income statement when delivery is made and risk has passed to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the determined consideration. Cost of sales Cost of sales includes direct and indirect costs incurred to generate revenue. The cost of sales is recognized raw materials, consumables and cost of production staff. Other external expenses Other external expenses comprise expenses for distribution, sale, advertising, administration, premises, etc. Staff costs Staff costs comprise wages and salaries, social security costs, pension contributions, etc. for the Company s staff. Financial income and expenses These items comprise interest income and interest expenses, realised as well as unrealised capital gains and losses on liabilities and transactions in foreign currencies. Income taxes Tax for the year, which consists of current tax for the year and changes in deferred tax, is recognized in the income statement by the portion attributable to the profit/loss for the year and recognized directly in equity by the portion attributable to entries directly in equity. The portion of the tax taken to the income statement, which relates to extraordinary profit/loss for the year, is allocated to this entry whereas the remaining portion is taken to the year s profit/loss from ordinary activities. Current tax payable or receivable is recognized in the balance sheet, stated as tax calculated on this year s taxable income, adjusted for prepaid tax. Deferred tax is recognized on all temporary differences between the carrying amount and tax-based value of assets and liabilities, for which the tax-based value of assets is calculated based on the planned use of each asset. Deferred tax is measured based on the tax regulations and tax rates at the balance sheet date to apply when the deferred tax is expected realized as current tax. Changes in deferred tax due to change in tax rates is recognized in the income statement. Deferred tax assets, including the tax base of tax loss carryforwards, are recognized in the balance sheet at their estimated realisable values, either as a set-off against deferred tax liabilities or as net tax assets. The Company is jointly taxed with the ultimative Parent company and all the ultimative Parent company's Danish subsidiaries. The current Danish income tax is allocated among the jointly taxed companies proportionally to their taxable income (full allocation with a refund concerning tax losses). 13

14 Accounting policies The jointly taxed companies are subject to the rules of section 11B of the Danish Companies Act governing interest deduction limitation. It has been agreed in the joint taxation that reduced interestdeduction is recognized in the company in which the interestdeduction has been reduced. Balance sheet Property, plant and equipment PPE are measured at cost less accumulated depreciation and impairment losses. Cost comprises the acquisition price, costs directly attributable to the acquisition, and preparation costs of the asset until the time when it is ready to be put into operation. The basis of depreciation is cost less estimated residual value after the end of useful life. Straightline depreciation is made on the basis of the following estimated useful lives of the assets: Other fixtures and fittings, tools and equipment: 3-5 years. When property, plant and equipment are subject to impairment, PPE are written down to the lower of recoverable amount and carrying amount. Profit and losses from the sale of property, plant and equipment are calculated as the difference between selling price less selling cost and carrying amount at the time of sale. Profit and losses are recognized in the income statement. Investments in group enterprises Investments in group enterprises are recognised and measured under the equity method. This means that investments are measured at the pro rata share of the enterprises equity plus or minus unamortised goodwill or negative goodwill and plus or minus unrealised intra-group profits and losses. The Company's share of the enterprises' profits or losses after elimination of urealisered intra-group profits or losses is recognised in the income statement. Group enterprises with negative equity are measured at zero value, and any receivables from these enterprises are written down by the Company's share of such negative equity if it is deemed irrecoverable. If the negative equity value exceeds the amount receivable, the remaining amount is recognised under provisions if the Company has a legal or constructive obligation to cover the liabilities of the relevant enterprise. Net revaluation of investments in group enterprises is taken to reserve for net revaluation under the equity method if the carrying amount exceeds cost. Investment in group enterprises are written down to the lower of recoverable amount and carrying amount. Inventories Inventories are measured at the lower of cost using the FIFO method and net realisable value. Cost of goods for resale, raw materials and consumables consists of purchase price plus landing costs. Cost of manufactured goods and work in progress consists of costs of raw materials, consumables and direct labour costs as well as indirect production costs. Indirect production costs comprise indirect materials and labour costs, costs of maintenance of and depreciation and impairment losses on machinery, factory buildings and equipment applied for the manufacturing process as well as costs of factory administration and management. Finance costs are not included in cost. 14

15 Accounting policies The net realisable value of inventories is calculated as the estimated selling price less completion costs and costs incurred to execute sale. Receivables Gross profit x 100 Gross margin: Net turnover Receivables are measured at amortised cost, usually equalling nominal value less write-downs for bad receivables. Operating income x 100 Operating margin: Prepayments Equity x 100 Solvency ratio: Total assets Prepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. Profit for the year x 100 Return on equity: Other financial liabilities Other financial liabilities are measured at amortized cost, usually equaling nominal value of the liability. Information regarding segments Referring to section 96 (1) in the Danish Financial Statements Act the Company has omitted to show revenue allocated on segments on accounts of competitive consideration, because the revenue essentially is internal revenue. Reference is made to the information regarding segments for the Group in the consolidated financial statements for Orifarm Group A/S. Financial highlights Net turnover Average equity Financial highlights and ratios are calculated in as follow: 15

16 Income statement (1.000 DKK) Note Revenue Other operating income Use of materials Gross profit Other external expenses Staff costs Income before depreciation Depreciation and impairment losses Operating income Financial income Financial expenses Profit before tax Tax Profit for the year Distribution of profit Retained earnings

17 Balance sheet (1.000 DKK) Note Other intangible assets 5 81 Intangible assets Equipment Tangible fixed assets Fixed assets Raw materials and consumables Manufactured goods and goods for resale Inventories Receivables from group enterprises Trade receivables Income taxes Deferred tax assets Other receivables Accruals 4 0 Receivables Cash Current assets Total assets

18 Balance sheet (1.000 DKK) Note Share capital Retained earnings Total equity Payables to group enterprises Long-term liabilities Bank debt Trade payables Payables to group enterprises Income taxes Other debt Short-term liabilities Liabilities Total equity and liabilities Pledged assets and contingent liabilites etc. 12 Other Notes

19 Statement of changes in equity for 2014 (1.000 DKK) Share capital Retained earnings Total Equity at 1 January Profit for the year Equity at 31 December

20 Notes (1.000 DKK) Staff costs Salaries and wages Pension costs Other social security costs Of this, total remuneration for Executive Board Average number of employees Depreciation and impairment losses Other intangible assets Equipment Profit from sale of equipment Financial income Financial income from group enterprises Other financial income Financial expenses Financial expenses from group enterprises Other financial expenses Tax on profit for the year Current tax Change in deferred tax Reimbursement of loss used in joint taxation Effect of changed tax rates Adjustment concerning previous years

21 Notes (1.000 DKK) 6. Intangible assets Other intangible assets Cost at Cost at Depreciation at Depreciation of the year 76 Depreciation at Carrying amount at Tangible fixed assets Equipment Cost at Additions 45 Cost at Depreciation at Depreciation of the year 440 Depreciation at Carrying amount at Investments in group enterprises 8. Financial assets Cost at Cost at Net revaluation at Net revaluation at Carrying amount at Investments in group enterprises comprises: Registred office: Owner's share Orifarm Supply s.r.o. Czech Republic 5,00% 21

22 Notes (1.000 DKK) 9. Other receivables Recognized in other receivables is VAT receivable from foreign tax authority which amount to 57,5 mio. DKK. 10. Share capital The share capital is divided into multipla of DKK. The shares is not divided into share classes. There has not been changes in share capital in the past five financial years Deferred tax Deferred tax are due to following financial statement items: Intangible assets 1 19 Provisions Tangible fixed assets Carryforward of tax loss including reduced interest deduction The net asset value is recorded as follows: Deferred tax assets Pledged assets and contingent liabilities etc. The Group has provided guarantees under which the guarantors assume joint and several liability for group enterprises net debt with bank and credit institution. The Groups total net debt in relation to this guarantee is booked at t.dkk at The Company is a party to litigations regarding alleged infringement of trademark rights. Management believes that these legal proceedings will not lead to significant losses. The Company is jointly taxed with all Danish subsidiaries, with Habico Holding A/S as the administration company. The Company therefore held liable under the Corporation Tax Act rules accordingly from 1. July 2012, for any obligation to withhold tax on interest, royalties and dividends for the jointly taxed companies. 13. Related parties Related parties with controlling interest in Orifarm Supply A/S: The Parent company Orifarm Supply Holding A/S, Odense, Central Business Registration No Other related parties and Orifarm Supply A/S have had transactions within All transactions with related parties are eliminated in the overlying consolidated statements. 14. Ownership The company has registered the following shareholders to hold more than 5% of the voting share capital or of the nominal value of the share capital: Orifarm Supply Holding A/S, Energivej 15, 5260 Odense S. 22

23 Notes (1.000 DKK) 15. Consolidation Orifarm Supply A/S are included in the consolidated financial statements of Orifarm Group A/S, Odense, Central Business Registration No Orifarm Supply A/S are additionally included in the ultimative consolidated financial statements of Habico Holding A/S, Odense, Central Business Registration No