M & S/K HOLDING A/S — Credit Rating and Financial Key Figures

CVR number: 17824732

Gormsgade 8, 6700 Esbjerg

mk@michaelkvist.com

tel: 29696000

Income statement (kDKK)

	2011
Fiscal period length	12
Net sales
Gross profit	21 860.46
Employee benefit expenses	-11 301.34
Total depreciation	-6 032.09
EBIT	4 527.03
Other financial income	382.66
Other financial expenses	-3 295.24
Net income from associates (fin.)	997.21
Pre-tax profit	2 451.53
Income taxes	- 350.29
Net earnings	2 101.24

	2011
Goodwill	1 438.49
Intangible assets total	1 438.49
Land and waters	25 913.08
Buildings	15 878.35
Machinery and equipment	1 330.55
Tangible assets total	43 121.98
Holdings in group member companies	4 471.09
Participating interests	2 902.11
Investments total	7 373.20
Long term receivables total
Semifinished products	6 720.21
Raw materials and consumables	12 532.95
Finished products/goods	8 687.22
Inventories total	27 940.38
Current trade debtors	9 969.25
Current amounts owed by group member comp.	1 671.00
Current owed by particip. interest comp.	1 777.98
Prepayments and accrued income	1 038.16
Current other receivables	1 172.62
Short term receivables total	15 629.00
Other current investments	135.15
Cash and bank deposits	2 756.84
Cash and cash equivalents	2 891.99
Balance sheet total (assets)	98 395.04

	2011
Share capital	1 000.00
Shares repurchased	1 400.00
Other reserves	-10 159.48
Retained earnings	20 836.61
Profit of the financial year	2 101.24
Minority interest (BS)	10 585.06
Shareholders equity total	25 763.42
Provisions	2 851.54
Non-current loans from credit institutions	23 458.21
Non-current leasing loans	3 309.83
Non-current liabilities total	26 768.04
Current loans from credit institutions	32 665.76
Advances received	92.14
Current trade creditors	4 947.77
Short-term deferred tax liabilities	175.44
Other non-interest bearing current liabilities	-5 454.12
Current liabilities total	32 426.98
Balance sheet total (liabilities)	87 809.98

CreditReports API