HV HOLDING ApS — Credit Rating and Financial Key Figures

CVR number: 34491801

Haugstedgårdsvej 3, 5230 Odense M

Income statement (mDKK)

	2014	2015	2016	2017	2018
Fiscal period length	12	12	12	12	12
Net sales	444.61	516.27	260.16	297.40	314.09
Change in finished goods inventory	0.66	-0.11	4.25
Other operating income		0.10
Purchases during the financial year	- 191.38	- 227.61	- 123.02	- 145.85	- 151.61
External services	- 107.86	- 118.67	-49.45	-54.74	-59.90
Gross profit	146.03	169.98	91.94	96.81	102.59
Employee benefit expenses	- 119.55	- 129.60	-65.48	-72.68	-76.53
Total depreciation	-18.19	-23.21	-6.43	-5.40	-5.58
EBIT	8.28	17.17	20.04	18.73	20.48
Other financial income	1.04	0.52	7.31	2.42	1.90
Other financial expenses	-4.48	-3.55	-1.49	-2.88	-7.53
Reduction non-current investment assets			-0.70	-0.47	-0.48
Income from other inv. held as non-curr. assets					0.36
Net income from associates (fin.)	-0.04	-0.04	0.27	-1.21	-0.86
Pre-tax profit	4.80	14.09	25.43	16.59	13.86
Income taxes	-1.67	-5.41	-4.82	-4.29	-4.73
Net earnings	3.13	8.68	20.61	12.30	9.13

	2014	2015	2016	2017	2018
Development expenditure		0.20	0.46
Intangible rights				0.81	0.92
Intangible assets total		0.20	0.46	0.81	0.92
Land and waters	48.23	35.28	23.18	24.50	24.15
Buildings	29.74	26.38	20.28	29.13	31.49
Machinery and equipment	2.28	2.57	1.27	0.98	1.28
Tangible assets total	80.25	64.22	44.73	54.61	56.91
Participating interests			0.99
Investments total			0.99
Non-current loans receivable	0.61	0.91	0.91	0.48
Long term receivables total	0.61	0.91	0.91	0.48
Raw materials and consumables	12.94	13.19	5.05	4.89	5.09
Finished products/goods	32.38	33.12	18.00	15.71	45.46
Inventories total	45.32	46.31	23.06	20.60	50.54
Current trade debtors	66.27	78.51	27.43	36.08	32.98
Current owed by particip. interest comp.	8.33	8.65	10.32	10.77	8.68
Prepayments and accrued income	1.31	3.12	0.87	1.75	1.71
Current other receivables	2.39	2.48	14.40	21.88	20.41
Current deferred tax assets	24.84	19.57	3.21	1.11
Short term receivables total	103.14	112.32	56.23	71.58	63.79
Other current investments	8.09	7.97	35.51	24.72	20.68
Cash and bank deposits	10.48	8.35	0.38	1.15	0.90
Cash and cash equivalents	18.57	16.32	35.89	25.87	21.58
Balance sheet total (assets)	247.89	240.29	162.26	173.96	193.74

	2014	2015	2016	2017	2018
Share capital	0.10	0.10	0.10	0.10	0.10
Shares repurchased		1.50	4.00	6.60	15.00
Other reserves	-0.57
Retained earnings	54.69	56.25	56.95	67.19	60.32
Profit of the financial year	3.13	8.68	20.61	12.30	9.13
Minority interest (BS)	0.57	3.36	7.36	10.06	12.33
Shareholders equity total	57.91	69.90	89.02	96.25	96.88
Provisions	0.57				1.94
Non-current loans from credit institutions	82.98	50.12	19.03	8.85	7.96
Non-current leasing loans	3.93	0.83
Non-current liabilities total	86.92	50.95	19.03	8.85	7.96
Current loans from credit institutions	35.69	47.24	16.05	17.56	29.67
Current trade creditors	44.29	50.30	22.34	36.69	37.20
Short-term deferred tax liabilities				0.30	1.12
Other non-interest bearing current liabilities	22.50	21.90	15.83	14.29	18.97
Current liabilities total	102.48	119.44	54.22	68.85	86.97
Balance sheet total (liabilities)	247.89	240.29	162.26	173.96	193.74

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