DINEX EMISSION HOLDING A/S — Credit Rating and Financial Key Figures

CVR number: 17084941

Fynsvej 39, 5500 Middelfart

Income statement (mDKK)

	2012	2013	2014	2015	2016
Fiscal period length	12	12	12	12	12
Net sales	545.99	738.17	944.78	810.99	913.64
Other operating income	3.93	2.68	3.18	39.85	21.47
Costs of manufacturing	- 383.49	- 523.05	- 724.55	- 620.23	- 672.04
Gross profit	162.49	215.12	220.23	190.76	241.60
Costs of management	-61.61	-69.64	-96.73	- 102.80	- 129.71
Costs of distribution	-56.65	-65.25	- 116.88	- 104.58	-97.11
Other operating expenses	-7.67	-8.30	-7.64	-8.05	-8.79
Total depreciation	-50.03	-52.04	-67.56	-24.75	-54.41
EBIT	40.49	74.61	2.16	15.18	27.47
Other financial income	2.14	1.53	16.38	22.15	28.55
Other financial expenses	-26.51	-31.62	-58.53	-42.17	-52.42
Net income from associates (fin.)		0.00	-0.81	-1.69	-2.97
Pre-tax profit	12.21	36.06	-38.19	-6.54	0.63
Income taxes	-4.19	-7.65	15.12	9.66	-9.52
Net earnings	8.02	28.41	-23.08	3.13	-8.88

	2012	2013	2014	2015	2016
Development expenditure	12.71	18.55	27.46	35.33	43.61
Intangible rights	3.92	9.62	7.96	5.68	3.24
Goodwill	106.25	100.20	104.72	99.62	94.79
Intangible assets total	122.88	128.36	140.15	140.62	141.65
Land and waters	189.21	188.68	207.96	141.80	131.43
Buildings	158.64	178.77	202.93	168.79	193.12
Machinery and equipment	45.06	42.15	40.12	29.61	31.81
Advance payments and construction in progress	4.06	12.66	12.45	77.53	22.19
Tangible assets total	396.97	422.26	463.46	417.73	378.54
Participating interests			2.56	5.16	10.31
Investments total			2.56	5.16	10.31
Non-current loans receivable	0.02	0.02	0.02	0.02	0.02
Deferred tax assets	9.41	16.43	32.96	45.00	58.13
Long term receivables total	9.43	16.45	32.98	45.02	58.15
Semifinished products	14.01	29.37	17.13	14.57	12.66
Raw materials and consumables	46.22	77.23	87.62	64.04	67.31
Finished products/goods	102.93	112.83	91.41	74.97	75.27
Advance payments	0.09
Inventories total	163.24	219.43	196.15	153.57	155.24
Current trade debtors	83.29	149.23	169.12	155.59	165.16
Prepayments and accrued income	12.44	8.13	3.92	5.97	6.69
Current other receivables	35.06	34.01	36.61	64.69	25.38
Current deferred tax assets	1.44	1.52	5.02	5.84	3.18
Short term receivables total	132.23	192.90	214.66	232.09	200.41
Cash and bank deposits	7.16	22.34	13.67	13.86	36.22
Cash and cash equivalents	7.16	22.34	13.67	13.86	36.22
Balance sheet total (assets)	831.90	1 001.74	1 063.63	1 008.06	980.52

	2012	2013	2014	2015	2016
Share capital	50.00	50.00	50.00	50.00	50.00
Shares repurchased	0.10	0.10	0.10	0.10	0.10
Other reserves	-29.18	-30.16	-22.89		14.40
Retained earnings	113.66	109.97	140.22	114.41	102.93
Profit of the financial year	8.02	28.41	-23.08	3.13	-8.88
Minority interest (BS)	29.18	30.16	22.89	19.98	13.24
Shareholders equity total	171.78	188.48	167.24	187.61	171.79
Provisions	27.45	33.63	26.21	15.68	26.36
Capital loans				15.00
Non-current loans from credit institutions	248.37	284.38	246.89	125.20	111.38
Non-current leasing loans	33.75	32.41	28.86	15.77	6.98
Non-current other liabilities	2.70	3.60	0.90
Non-current liabilities total	284.82	320.39	276.65	155.96	118.36
Current loans from credit institutions	68.13	83.74	89.90	461.17	464.34
Advances received				8.50
Current trade creditors	56.11	87.04	107.56	83.93	95.97
Current owed to group member	4.88
Short-term deferred tax liabilities	3.07	1.96	7.32	15.09	20.32
Other non-interest bearing current liabilities	186.47	256.34	365.86	80.11	83.38
Current liabilities total	318.66	429.08	570.64	648.80	664.01
Balance sheet total (liabilities)	802.72	971.58	1 040.74	1 008.06	980.52

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