VP SECURITIES A/S — Credit Rating and Financial Key Figures

CVR number: 21599336

Nicolai Eigtveds Gade 8, 1402 København K

vp@vp.dk

tel: 43712003

Income statement (mDKK)

	2013	2014	2015	2016	2017
Fiscal period length	12	12	12	12	12
Net sales	366.12	398.80	411.28	413.83	438.44
Other operating income			1.09
External services	- 113.68	- 152.62	- 127.07	- 112.73	- 126.47
Gross profit	252.43	246.18	285.30	301.10	311.96
Employee benefit expenses	- 159.95	- 162.48	- 121.91	- 133.90	- 131.93
Other operating expenses				-0.66
Total depreciation	-2.38	-2.84	-2.89	-6.24	-19.35
EBIT	90.10	80.86	160.50	160.30	160.68
Other financial income	3.33	3.35	2.92	4.19	7.07
Other financial expenses	-2.00	-0.54	-3.32	-1.22	-1.38
Net income from associates (fin.)			-1.08
Pre-tax profit	91.43	83.68	159.01	163.28	166.37
Income taxes	-22.92	-20.58	-36.44	-36.05	-36.33
Net earnings	68.52	63.10	122.57	127.23	130.03

	2013	2014	2015	2016	2017
Development expenditure			77.29	95.99	188.66
Intangible rights	0.02
Intangible assets total	0.02		77.29	95.99	188.66
Buildings	4.84	5.59	4.10	2.25	7.40
Machinery and equipment	6.33	4.97	3.98	3.44	2.34
Tangible assets total	11.17	10.56	8.09	5.68	9.74
Participating interests			3.36
Investments total			3.36
Long term receivables total
Inventories total
Current trade debtors	43.13	40.79	43.72	42.22	41.32
Current owed by particip. interest comp.			0.01
Prepayments and accrued income	11.37	12.40	14.35	13.08	11.83
Current other receivables	7.31	7.62	7.86	7.09	7.70
Current deferred tax assets	3.79	1.45	17.88
Short term receivables total	65.60	62.27	83.81	62.40	60.85
Other current investments	68.92	95.18	97.96	153.15	240.00
Cash and bank deposits	121.51	111.83	76.80	168.72	136.84
Cash and cash equivalents	190.43	207.00	174.75	321.87	376.83
Balance sheet total (assets)	267.22	279.84	347.30	485.94	636.09

	2013	2014	2015	2016	2017
Share capital	40.00	40.00	40.00	40.00	40.00
Shares repurchased	60.00	60.00
Other reserves	61.18	61.18	138.47	152.14	235.85
Retained earnings	-19.28	-9.86	-23.18	85.71	129.23
Profit of the financial year	68.52	63.10	122.57	127.23	130.03
Shareholders equity total	210.41	214.41	277.85	405.08	535.11
Provisions			15.44	19.98	39.83
Non-current other liabilities					39.83
Non-current liabilities total					39.83
Current trade creditors	9.46	14.42	13.43	13.78	25.33
Short-term deferred tax liabilities		4.78		7.92	0.32
Other non-interest bearing current liabilities	47.34	46.22	40.59	39.18	35.50
Current liabilities total	56.81	65.42	54.02	60.88	61.15
Balance sheet total (liabilities)	267.22	279.84	347.30	485.94	675.91

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