VES HOLDING ApS — Credit Rating and Financial Key Figures

CVR number: 27290876

Borupvang 5 B, 2750 Ballerup

Income statement (mDKK)

	2012	2013	2014	2015	2016
Fiscal period length	12	12	12	12	12
Net sales	0.27	266.44	275.12	287.83	299.82
Change in finished goods inventory	-0.03
Other operating income	0.00	2.44	3.40	2.90	3.42
Purchases during the financial year					-38.19
Costs of manufacturing		-25.10	-25.34	-30.05
External services	-0.03	-35.66	-33.66	-36.65	-31.46
Gross profit	0.21	208.13	219.51	224.03	233.59
Employee benefit expenses	-0.10	-93.64	-94.45	-94.06	-96.52
Other operating expenses	-0.03	-35.66	-33.66	-36.65
Total depreciation	-0.03	-25.78	-26.79	-27.13	-27.85
EBIT	0.08	88.71	98.27	102.84	109.22
Other financial income	0.00	2.95	1.62	0.60	1.00
Other financial expenses	-0.01	-7.69	-9.41	-9.38	-9.64
Pre-tax profit	0.07	83.97	90.47	94.06	87.48
Income taxes	-0.02	-20.64	-20.17	-20.90	21.74
Net earnings	0.06	63.33	70.30	73.16	109.22

	2012	2013	2014	2015	2016
Development expenditure	0.01	4.12	3.35	2.57	1.80
Intangible rights	0.21	187.40	169.84	151.57	133.30
Goodwill	0.04	36.13	32.58	29.04	25.49
Intangible assets total	0.25	227.65	205.77	183.18	160.59
Buildings	0.00	0.46	0.39	0.26	0.14
Machinery and equipment	0.01	20.79	26.92	0.45	32.97
Other tangible assets				30.04
Tangible assets total	0.01	21.26	27.31	30.75	33.11
Investments total		1.79	1.80	1.97	1.98
Non-current other receivables	0.00
Long term receivables total	0.00
Finished products/goods	0.01	6.85	8.22	7.87	8.84
Inventories total	0.01	6.85	8.22	7.87	8.84
Current trade debtors	0.01	13.84	11.31	10.83	12.32
Current amounts owed by group member comp.	0.01	55.72	59.60	73.49	67.82
Current owed by particip. interest comp.					0.27
Prepayments and accrued income	0.00	0.52	0.72	1.00	0.90
Current other receivables	0.01	6.24	4.97	3.98	2.73
Current deferred tax assets	0.00				1.69
Short term receivables total	0.02	76.32	76.60	89.30	85.73
Cash and bank deposits	0.01	5.39	9.07	12.76	10.40
Cash and cash equivalents	0.01	5.39	9.07	12.76	10.40
Balance sheet total (assets)	0.30	339.26	328.77	325.82	300.66

	2012	2013	2014	2015	2016
Share capital	0.00	0.74	0.74	0.74	0.74
Shares repurchased	0.06	70.64	73.57	81.94	85.85
Other reserves	-0.00	-0.70	-4.79	-4.97	-3.42
Retained earnings	-0.04	-52.92	-64.03	-76.55	- 120.56
Profit of the financial year	0.06	63.33	70.30	73.16	109.22
Minority interest (BS)	0.00	1.78	1.27	1.43	1.66
Shareholders equity total	0.08	82.87	77.06	75.75	73.50
Provisions	0.05	50.73	42.20	38.60	34.44
Non-current loans from credit institutions	0.14	179.64	177.58	178.23	161.00
Non-current liabilities total	0.14	179.64	177.58	178.23	161.00
Current loans from credit institutions	0.00	0.77	1.32	1.18	1.08
Current trade creditors	0.00	1.38	1.99	2.37	1.90
Current owed to group member	0.00	2.99	0.27	0.22	0.21
Short-term deferred tax liabilities		0.19	1.08	1.45
Other non-interest bearing current liabilities	0.02	17.58	23.94	23.69	24.49
Accruals and deferred income	0.00	1.32	2.06	2.91	4.04
Current liabilities total	0.02	24.23	30.66	31.81	31.72
Balance sheet total (liabilities)	0.30	337.47	327.50	324.40	300.66

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