Annual Report 2014UK

Transcription

Toms Gruppen A/S
Annual Report 2014
Registration no: 56759328
2
Contents
Company details
s. 4
Financial highlights
s. 6
Management’s review
s. 7
Statement by the Board of Directors and the Executive Board
s. 11
Independent auditors’ report
s. 12
Consolidated financial statements and parent company
financial statements for the period 1 January – 31 December 2014
s. 14
Accounting policies
s. 14
Group companies
s. 37
Board of Directors
s. 38
3
Company details
Toms Gruppen A/S
Toms Allé 1
2750 Ballerup, Denmark
Telephone:
+45 44 89 10 00
Fax:
+45 44 89 10 99
Registration no.:
56 75 93 28
Website:
www.tomsgroup.com
Established:
30 January 1924
Registered office:
Ballerup
E-mail:
[email protected]
Ownership
Toms Gruppen A/S is a fully owned subsidiary of Gerda & Victor B. Strand Holding A/S, Ballerup,
Denmark
Subsidiaries
Toms Sverige AB, Sweden
Toms Polska Sp. z o.o., Poland
Anthon Berg Inc., USA
Hanseatische Chocolade GmbH, Germany
Hanseatische Geschäftsführungs GmbH, Germany
Bremer Hachez Chocolade GmbH & Co. KG, Germany
Feodora Chocolade GmbH & Co. KG, Germany
Huchtinger Logistik GmbH & Co. KG, Germany
Hawopral GmbH, Germany
Toms Confectionery Group Pte. Ltd., Singapore
Adopted at the annual general meeting on 27 March 2015
Chairman of the meeting
4
Corporate chart
Toms Gruppen A/S
DKK
Hanseatische
Toms Confectionery
Toms Sverige
Toms Polska Sp. z o.o.
Chocolade GmbH
Anthon Berg Inc.
Group Pte. Ltd.
(100%)
(100%)
(100%)
(100%)
(100%)
Bremer Hachez
Feodora Chocolate
Huchtinger Logistik
Hanseatische
Chocolade GmbH & Co.
Gmbh & Co. KG
GmbH & Co. KG
Geschäftsführungs
KG (100%)
(100%)
(100%)
GmbH (100%)*
Hawopral GmbH
(100%)
*Hanseatische Geschäftsführungs GmbH acts as the General Partner in
Bremer Hachez Chocolade GmbH & Co. KG, Feodora Chocolade GmbH & Co. KG and
Huchtinger Logistik GmbH & Co. KG.
5
DKK m
Revenue
Gross profit
Operating profit/loss before goodwill/trademarks impairment
Operating profit/loss
Net financials
Profit/loss before tax
2014
2013
2012
2011
2010
1.748,9
1.817,4
1.637,2
1.396,1
1.296,5
565,6
592,4
559,7
458,7
446,3
33,9
28,3
68,7
29,1
63,9
-32,5
28,3
68,7
29,1
63,9
-3,9
-1,0
3,2
-3,4
4,2
-36,4
27,2
71,9
25,7
68,1
Profit/loss after tax
-44,2
18,4
51,1
21,2
51,8
Profit/loss for the year
-44,2
18,4
51,1
21,2
51,8
Non-current assets
368,9
463,7
494,0
343,1
357,3
Current assets
570,3
600,3
636,8
622,4
551,3
Total assets
939,2
1.064,0
1.130,8
965,5
908,6
Share capital
Equity
Provisions
Long-term liabilities
Short-term liabilities
Total liabilities and equity
3,5
3,5
3,5
3,5
3,5
445,7
643,2
615,8
559,7
553,8
61,5
79,4
94,3
31,1
45,3
5,9
7,1
9,4
0,0
14,3
426,1
334,3
411,2
374,7
295,2
939,2
1.064,0
1.130,8
965,5
908,6
Cash flow from operating activities
115,4
28,8
73,4
102,5
72,4
Cash flow from investment activities
-40,4
-46,0
-176,4
-26,2
-36,4
-40,4
-46,0
-60,4
-26,2
-34,7
Of this investments in property,
plant and equipment
Cash flow from financing activities
Total increase/decrease in cash and cash equivalents
Average number of employees
-1,2
-1,2
-21,0
-14,3
-14,3
73,8
-18,4
-124,0
62,1
21,7
1.277
1.201
1.258
803
776
48,6%
Financial ratios:
Growth in operating profit
-215,0%
-58,8%
136,1%
-54,4%
Operating margin
-1,9%
1,6%
4,2%
2,1%
4,9%
Return on invested capital
-4,4%
3,6%
11,4%
5,9%
12,2%
Gross margin
32,3%
32,6%
34,2%
32,9%
34,4%
Current ratio
133,8%
179,6%
154,9%
170,0%
186,8%
Solvency ratio
47,5%
60,5%
54,5%
58,0%
61,0%
Return on equity
-8,1%
2,9%
8,7%
3,8%
9,8%
6
Management’s review
Development in activities and financial position
Principal activities of the Company
Toms Gruppen A/S manufacture, market and
Profit for the year
sell confectionery.
The Group’s revenue for 2014 amounted to DKK
1,748.9 million against DKK 1,817.4 million in
Denmark is the largest market, including sales
2013. Revenue decreased by DKK 68.5 million,
to Danish/German border shops. Mainly bran-
corresponding to a decrease of 3.8 per cent.
ded products are sold in Denmark, and Toms
Gruppen A/S is a market leader across the con-
In 2014, production costs in percent of revenue
fectionery category as a total.
amounted to 67.6 per cent compared to 67.4 per
cent in 2013.
In Germany, sales mainly consist of premium
chocolate under the brands of Hachez and Feo-
In 2014, the operating result amounted to DKK
dora.
-32.6 million compared to DKK 28.3 million in
2013. The result was negatively affected by the
In Sweden, sales consist of pick and mix sweets
non-cash impairment of the remaining goodwill
as well as branded goods.
and trademarks, DKK 66.4 million pre tax, relating to the acquisition of Hanseatische Cho-
The international business unit primarily ex-
colade GmbH in 2012 due to the recent finan-
ports to the main markets in Norway, North
cial performance and an adjusted expectation
America, the Netherlands and Australia as well
of future earnings levels from the German en-
as the other Nordic countries, the Far East and
tity. The underlying profit for the Group impro-
Middle East. In several markets, sales handled
ved slightly compared to 2013 primarily due to
through distributors. The business unit is also
strong savings on overheads. Despite the im-
responsible for sales to the travel retail market.
provement of the underlying profit, the level of
profitability was not satisfactory. To be able to
The Group’s production takes place at the
reinvest in the company’s production, brands
Group’s own four factories in Denmark (2), Ger-
and people, a higher profitability level is nee-
many (1), and Poland (1). The facility in Poland
ded.
only handles packaging tasks. During 2014, the
company’s production facility in Sweden was
Net financials show an expense of DKK 3.9 mil-
closed and production transferred to one of the
lion in 2014 compared to an expense of DKK
existing factories in Denmark. The Group is or-
1.0 million in 2013, equivalent to a negative de-
ganized into four main sales units: Denmark,
velopment of DKK 2.9 million due to value ad-
Germany, Sweden and International.
7
justment of currency hedging instruments.
activities include the development of new proBalance sheet and equity development
ducts as well as development of existing produ-
The Group’s total assets at year end amounted
cts and concepts. All development costs were
to DKK 939.2 million against DKK 1,064.0 mil-
expensed.
lion in 2013. At the end of 2014, working capital amounted to DKK 309.3 million against
2015 Outlook
DKK 331.8 million at the end of 2013, which is
Management expects that the market generally
equivalent to 17.7 per cent of revenue and, in
will be in line with 2014 with continued strong
2013, to 18.3 per cent of revenue.
price competition in the retail sector in all of
the Group’s markets. It is estimated that the
Net interest-bearing debt amounted to DKK -3.5
confectionery market will see a modest decline
million at year end. At the end of 2013, the net
in the relevant geographical areas of the Group.
interest-bearing debt amounted to DKK 70.7
million. At 31 December 2014, equity amounted
Management expects a moderate increase in
to DKK 445.7 million, while equity amounted to
both revenue and underlying profit in 2015.
DKK 643.2 million in 2013. The solvency ratio
amounted to 47.5 per cent and 60.5 per cent,
Events after the reporting period
respectively.
No events have occurred after the end of the
financial year, which significantly affect the an-
Uncertainty regarding recognition and me-
nual report.
asurement
Goodwill impairment testing is based on the re-
Particular risks
coverable amount, which is determined as the
value-in-use applying the DCF method. The cal-
General risks
culation is based on assumptions and estimates
The Group’s main operating risks are attribu-
for the future and is therefore subject to uncer-
table to the development of the competitive en-
tainty. At year-end the impairment test led to an
vironment in the confectionery market. In addi-
impairment of the remaining balance of goodwill
tion, risks are associated with the development
and trademarks relating to Germany as detailed
of world market prices of cocoa, cocoa butter,
above.
almonds, hazelnuts, gelatin and sugar.
Investments and cash flow
Financial risks
Net investments amounted to DKK 40.4 million
in 2014 against DKK 46.0 million in 2013. Con-
Interest rate risks
solidated cash flow from operating, investment
The company is not significantly exposed to
and financing activities was DKK 73.8 million
changes in interest rate levels due to low exter-
compared to DKK -18.4 million in 2013. Impro-
nal debt levels.
vements in cash flow were primarily caused by
better operational cash flow compared to 2013.
Currency risks
The Group’s currency risks occur partly becau-
Development activities
se there is an imbalance between income and
Costs are continuously incurred for develop-
expenses in each currency (transaction risk),
ment of the product portfolio. Development
8
and partly because the Group includes compa-
part of the Management’s review.
nies with a functional currency other than DKK
(translation risk).
Transaction risk: The Group incurs significant
costs in foreign currency for the purchase of raw
materials, and the individual companies have
revenues in foreign currencies. The Group’s
currency policy stipulates as a general rule that
cash flows in the major currencies (SEK, NOK,
GBP and USD) must be hedged according to policy. Hedging is mainly done by using forward
contracts and futures.
Translation risk: Net assets in foreign currency
were not hedged, as these would not have a
significant size. For 2014, the income statement
and balance sheet were affected by fluctuations
in EUR, SEK, USD and PLN, however the impact
on the Group’s results were not significant.
Credit risks
The Group’s credit risks are related to the primary financial assets and to derivative financial
instruments with a fluctuating market value.
The Group’s policy for undertaking credit risks
means that all major customers and other business partners must be credit rated. A large proportion of transactions with customers outside
the local markets are insured. Counterparty
risk on derivatives is managed by assessing
the credit risk of counterparties by credit rating
from an international credit rating agency.
Corporate social responsibility
The Group has decided to publish the statutory
report on social responsibility according to section 99a(7) of the Danish Financial Statements
Act on our website.
The Global Compact Report can be found at
www.toms.dk/csr-report2014 and is an integral
9
10
Statement by the Board of Directors and the
Executive Board
The Board of Directors and the Executive Board
solidated cash flows for the financial year 1 Ja-
have today discussed and approved the annual
nuary – 31 December 2014.
report of 2014 for the financial year 1 January –
31 December 2014.
Further more, in our opinion, the Management’s
review gives a fair review of the development in
The annual report has been prepared in accor-
the Group’s and the Company’s operations and
dance with the Danish Financial Statements Act.
financial matters and the results of the Group’s
It is our opinion that the consolidated financial
and the Company’s operations and financial po-
statements and the parent company financi-
sition.
al statements give a true and fair view of the
Group’s and the Company’s financial position
We recommend that the annual report be ap-
at 31 December 2014 and of the results of the
proved at the annual general meeting.
Group’s and the Company’s operations and con-
Ballerup, 23 March 2015
Executive Board
Carsten Lyngsø Thomsen
Anders Hagh
CEO
CFO
Board of Directors
Henrik Brandt
Christian H. Sørensen
Chairman
Vice Chairman
Morten Petersen
Flemming Sundø
Mikael Thinghuus
Lone C. Nielsen
Søren Svenningsen
Joan Wind
Carsten Bennike
11
Independent auditors’ report
To the shareholder of Toms Gruppen A/S
Independent auditors’ report on the con-
whether the consolidated financial statements
solidated financial statements and the pa-
and the parent company financial statements
rent company financial statements
are free from material misstatement.
We have audited the consolidated financial
An audit involves performing procedures to
statements and the parent company financial
obtain audit evidence about the amounts and
statements of Toms Gruppen A/S for the finan-
disclosures in the consolidated financial state-
cial year 1 January – 31 December 2014, which
ments and the parent company financial state-
comprise accounting policies, income state-
ments. The procedures selected depend on
ment, balance sheet, statement of changes in
the auditors’ judgement, including the assess-
equity and notes, for the Group as well as for
ment of the risks of material misstatement of
the parent company and consolidated cash flow
the consolidated financial statements and the
statement. The consolidated financial state-
parent company financial statements, whether
due to fraud or error. In making those risk as-
ments are prepared in accordance with the Da-
sessments, the auditors consider internal con-
nish Financial Statements Act.
trol relevant to the Company’s preparation of
consolidated financial statements and parent
Management’s responsibility for the con-
company financial statements that give a true
solidated financial statements and the pa-
and fair view in order to design audit procedu-
rent company financial statements
res that are appropriate in the circumstances,
Management is responsible for the preparation
but not for the purpose of expressing an opi-
of consolidated financial statements and parent
nion on the effectiveness of the Company’s in-
company financial statements that give a true
ternal control. An audit also includes evaluating
and fair view in accordance with the Danish Fi-
the appropriateness of accounting policies used
nancial Statements Act and for such internal
and the reasonableness of accounting estimates
control that Management determines is neces-
made by Management, as well as evaluating the
sary to enable the preparation of consolidated
overall presentation of the consolidated financi-
financial statements and parent company finan-
al statements and the parent company financial
cial statements that are free from material mis-
statements.
statement, whether due to fraud or error.
We believe that the audit evidence we have obAuditors’ responsibility
tained is sufficient and appropriate to provide a
Our responsibility is to express an opinion on
basis for our opinion.
the consolidated financial statements and the
parent company financial statements based
Our audit has not resulted in any qualification.
on our audit. We conducted our audit in accordance with International Standards on Audi-
Opinion
ting and additional requirements under Danish
In our opinion, the consolidated financial state-
audit regulation. This requires that we comply
with ethical requirements and plan and perform
ments give a true and fair view of the Group’s
the audit to obtain reasonable assurance as to
and the parent company’s financial position at
12
31 December 2014 and of the results of the
Group’s and the parent company’s operations
and consolidated cash flows for the financial
year 1 January – 31 December 2014 in accordance with the Danish Financial Statements Act.
Statement on the Management’s review
Pursuant to the Danish Financial Statements
Act, we have read the Management’s review. We
have not performed any further procedures in
addition to the audit of the consolidated financial statements and the parent company financial
statements. On this basis, it is our opinion that
the information provided in the Management’s
review is consistent with the consolidated financial statements and the parent company financial statements.
Copenhagen, 23 March 2015
Ernst & Young
Godkendt Revisionspartnerselskab
Jens Thordahl Nøhr
Lisa Hagedorn
State Authorised
State Authorised
Public Accountant
Public Accountant
13
Consolidated financial statements and parent
company financial statements for the period
1 January – 31 December 2014
Accounting policies
The annual report of Toms Gruppen A/S for
curred to generate the year’s earnings, inclu-
2014 has been prepared in accordance with the
ding depreciation, amortisation, provisions and
provisions applying to reporting class C enter-
reversals due to changes in accounting esti-
prises (large) under the Danish Financial State-
mates of amounts previously recognised in the
ments Act.
consolidated financial statements and the parent company financial statements.
The comparative figures of trade receivables and other payables have been restated to
Consolidated financial statements
reflect actual netting of certain balances, the
The consolidated financial statements comprise
change has no effect on the income statement
the parent company, Toms Gruppen A/S, and
or the equity.
subsidiaries in which Toms Gruppen A/S directly or indirectly holds more than 50 per cent of
The accounting policies used in the preparation
the voting rights or which it, in some other way,
of the financial statements are consistent with
controls. Enterprises in which the Group holds
those of last year.
between 20 per cent and 50 per cent of the voting rights and over which it exercises signifi-
Recognition and measurement
cant influence, but which it does not control, are
Assets are recognised in the balance sheet
considered associates, see the group chart.
when it is probable that future economic bene-
On consolidation, intra-group income and ex-
fits will flow to the Group and the income can be
penses, shareholdings, intra-group balances
measured reliably.
and dividends, and realised and unrealised
gains and losses on intra-group transactions are
Liabilities are recognised in the balance sheet
eliminated.
when the Group as a result of a past event has
a legal or constructive obligation and it is proba-
Investments in subsidiaries are set off against
ble that future economic benefits will flow from
the proportionate share of the subsidiaries’ fair
the Group, and the value can be measured re-
value of net assets or liabilities at the acquisi-
liably.
tion date.
In recognising and measuring assets and lia-
Business combinations
bilities, any gains, losses and risks occurring
Enterprises acquired or formed during the year
prior to the presentation of the annual report
are recognised in the consolidated financial
that evidence conditions existing at the balance
statements from the date of acquisition or for-
sheet date are taken into account.
mation. Enterprises disposed of are recognised
in the consolidated income statement until the
Income is recognised in the income statement
date of disposal. The comparative figures are
as it occurs, including value adjustments of fi-
not adjusted for acquisitions or disposals.
nancial assets and liabilities measured at fair
value or amortised cost. In addition, costs in-
Gains or losses on disposal of subsidiaries and
14
associates are stated as the difference between
Foreign subsidiaries and associates are consi-
the sales amount and the carrying amount of net
dered separate entities. The income statements
assets at the date of disposal plus non-amorti-
are translated at the average exchange rates
sed goodwill and anticipated disposal costs.
for the month, and the balance sheet items
Acquisitions of enterprises are accounted for
are translated at the exchange rates at the ba-
using the acquisition method, according to
lance sheet date. Foreign exchange differences
which the identifiable assets and liabilities ac-
arising on translation of the opening equity of
quired are measured at their fair values at the
foreign subsidiaries at the exchange rates at the
date of acquisition. Provision is made for costs
balance sheet date and on translation of the in-
related to adopted and announced plans to re-
come statements from average exchange rates
structure the acquired enterprise in connection
to the exchange rates at the balance sheet date
with the acquisition. The tax effect of the re-
are recognised directly in equity.
statement of assets and liabilities is taken into
account.
Foreign exchange adjustments of intra-group
balances with independent foreign subsidiaries
Any excess of the cost over the fair value of
which are considered part of the investment in
the identifiable assets and liabilities acquired
the subsidiary are recognised directly in equity.
(goodwill), including restructuring provisions, is
Foreign exchange gains and losses on loans and
recognised as intangible assets and amortised
derivative financial instruments designated as
on a systematic basis in the income statement
hedges of foreign subsidiaries are also recogni-
based on an individual assessment of the useful
sed directly in equity.
life of the asset, not exceeding 20 years.
Derivative financial instruments
Goodwill from acquired enterprises can be adju-
Derivative financial instruments are initially re-
sted until the end of the year following the year
cognised in the balance sheet at cost and are
of acquisition.
subsequently measured at fair value. Positive
and negative fair values of derivative financial
Foreign currency translation
instruments are included in other receivables
On initial recognition, transactions denominated
and payables, respectively.
in foreign currencies are translated at the ex-
Changes in the fair value of derivative financial
change rates at the transaction date. Foreign
instruments designated as and qualifying for
exchange differences arising between the ex-
recognition as a hedge of the fair value of a re-
change rates at the transaction date and at the
cognised asset or liability are recognised in the
date of payment are recognised in the income
income statement together with changes in the
statement as financial income or financial ex-
fair value of the hedged asset or liability.
penses.
Changes in the fair value of derivative financial instruments designated as and qualifying
Receivables, payables and other monetary
for recognition as a hedge of future assets and
items denominated in foreign currencies are
liabilities are recognised in other receivables
translated at the exchange rates at the balance
or other payables and in equity. If the forecast
sheet date. The difference between the exchan-
transaction results in the recognition of assets
ge rates at the balance sheet date and at the
or liabilities, amounts previously recognised in
date at which the receivable or payable arose
equity are transferred to the cost of the asset or
or was recognised in the latest financial state-
liability, respectively. If the forecast transaction
ments is recognised in the income statement as
results in income or expenses, amounts pre-
financial income or financial expenses.
viously recognised in equity are transferred to
15
the income statement in the period in which the
premises and office expenses, and depreciation.
hedged item affects profit or loss.
For derivative financial instruments that do not
Other operating costs
qualify for hedge accounting, changes in fair va-
Other operating costs comprise items second-
lue are recognised in the income statement on
ary to the activities of the Company, including
a regular basis.
losses on disposal of intangible assets and property, plant and equipment.
Income statement
Profits/losses from investments in subsiRevenue
diaries and associates
Income from the sale of goods for resale and fi-
The proportionate share of the results after tax
nished goods is recognised in the income state-
of the individual subsidiaries is recognised in the
ment when delivery and transfer of risk to the
income statement of the parent company after
buyer have taken place and provided that the in-
full elimination of intra-group profits/losses.
come can be reliably measured and is expected
The proportionate share of the results after
to be received. Revenue is measured ex. VAT
tax of the associates is recognised in both the
and taxes charged on behalf of third parties.
consolidated income statement and the parent
company income statement after elimination of
Revenue is measured at fair value of the agreed
the proportionate share of intra-group profits/
consideration ex. VAT and taxes charged on be-
losses.
half of third parties. All discounts granted are
recognised in revenue.
Financial income and expenses
Financial income and expenses comprise interest
Production costs
income and expense, gains and losses on secu-
Production costs comprise costs, including de-
rities, payables and transactions denominated
preciation and amortisation and salaries, incur-
in foreign currencies, amortisation of financial
red in generating the revenue for the year. Such
assets and liabilities as well as surcharges and
costs include direct and indirect costs for raw
refunds under the on-account tax scheme, etc.
materials and consumables, wages and salaries,
rent and leases, and depreciation of production
Tax on profit/loss for the year
plants.
Tax for the year comprises current tax for the
year and changes in deferred tax. The tax ex-
Sales and distribution costs
pense relating to the profit/loss for the year is
Costs incurred in distributing goods sold during
recognised in the income statement, and the tax
the year and in conducting sales campaigns,
expense relating to amounts directly recognised
etc., during the year are recognised as distri-
in equity is recognised directly in equity. The
bution costs. Also, costs relating to sales staff,
tax expense recognised in the income state-
advertising, exhibitions and depreciation are re-
ment relating to the extraordinary profit/loss
cognised as distribution costs.
for the year is allocated to this item whereas
the remaining tax expense is allocated to the
Administrative expenses
profit/loss for the year from ordinary activities.
Administrative expenses comprise expenses incurred during the year for company manage-
The parent company, Gerda & Victor B. Strand
ment and administration, including expenses
Holding A/S, is covered by the Danish rules on
for administrative staff, management, office
compulsory joint taxation of the Group’s Danish
16
17
subsidiaries. Subsidiaries form part of the joint
measured at cost less accumulated depreciation
taxation from the date on which they are inclu-
and impairment losses. Land is not depreciated.
ded in the consolidation of the consolidated financial statements and up to the date on which
Cost comprises the purchase price and any
they exit the consolidation.
costs directly attributable to the acquisition until the date when the asset is available for use.
Gerda og Victor B. Strand Holding A/S is the ad-
The cost of self-constructed assets comprises
ministrative company for the joint taxation and
direct and indirect costs of materials, compo-
consequently settles all corporate tax payments
nents, subsuppliers, and wages and salaries.
with the tax authorities.
Interest expense on loans to finance the proThe current Danish corporate tax is allocated
duction of property, plant and equipment which
by settlement of joint taxation contribution bet-
concerns the production period is included in
ween the jointly taxed companies in proportion
costs. All other borrowing costs are recognised
to their taxable income. In this relation, compa-
in the income statement.
nies with tax loss carryforwards receive joint
taxation contribution from companies that have
Where individual components of an item of pro-
used these losses to reduce their own taxable
perty, plant and equipment have different useful
profits.
lives, they are accounted for as separate items,
which are depreciated separately.
Tax for the year comprises current tax, joint taxation contributions for the year and changes
The basis of depreciation, which is calculated as
in deferred tax for the year – due to changes
cost less any residual value, is depreciated on a
in the tax rate. The tax expense relating to the
straight-line basis over the expected useful life.
profit/loss for the year is recognised in the in-
The expected useful lives are as follows:
come statement, and the tax expense relating
to amounts directly recognised in equity is re-
•
Buildings
30 years
cognised directly in equity.
•
Installations in buildings
10 years
•
Fixtures and fittings, tools
and equipment
5-20 years
Balance sheet
•
Cars
3 years
Intangible assets
•
It equipment
3-5 years
Goodwill and trademarks
Depreciation is recognised in the income state-
Goodwill and trademarks are amortised over
ment as production costs, distribution costs and
the estimated useful life determined on the ba-
administrative expenses, respectively.
sis of Management’s experience of the specific
business areas. Goodwill and trademarks are
Gains and losses on the disposal of property,
amortised on a straight-line basis over a ma-
plant and equipment are determined as the dif-
ximum amortisation period of 20 years, lon-
ference between the selling price less selling
gest for strategically acquired enterprises with
costs and the carrying amount at the date of
strong market positions and long-term earnings
disposal. Gains or losses are recognised in the
profiles.
income statement as other operating income or
other operating costs, respectively.
Property, plant and equipment
Land and buildings, plant and machinery and
fixtures and fittings, tools and equipment are
18
Investments in subsidiaries and associates
The recoverable amount is the higher of an as-
Investments in subsidiaries and associates are
set’s net selling price and its value in use. The
measured under the equity method.
value in use is determined as the present value
of the expected net cash flows from the use of
Investments in subsidiaries and associates are
the asset or the group of assets and expected
measured at the proportionate share of the
net cash flows from the disposal of the asset or
enterprises’ net asset values calculated in ac-
the group of assets after the end of the useful
cordance with the Group’s accounting policies
life.
minus or plus unrealised intra-group profits and
losses and plus or minus any residual value of
Other investments
positive or negative goodwill determined in ac-
Other investments recognised under non-cur-
cordance with the acquisition method.
rent assets comprise listed bonds measured at
fair value.
Investments in subsidiaries and associates with
negative net asset values are measured at DKK
Inventories
0 (nil), and any amounts owed by such enter-
Inventories are measured at cost in accordance
prises are written down if the amount owed is
with the FIFO method. Where the net realisable
irrecoverable. If the parent company has a le-
value is lower than cost, inventories are written
gal or constructive obligation to cover a deficit
down to this lower value.
that exceeds the amount owed, the remaining
amount is recognised under provisions.
Goods for resale and raw materials and consumables are measured at cost, comprising
Net revaluation of investments in subsidiaries
purchase price plus delivery costs.
and associates is recognised in the reserve for
net revaluation in equity under the equity met-
Finished goods and work in progress are measu-
hod to the extent that the carrying amount ex-
red at cost, comprising the cost of raw materi-
ceeds costs.
als, consumables, direct wages and salaries and
On acquisition of subsidiaries, the acquisition
indirect production overheads. Indirect produc-
method is applied, see consolidated financial
tion overheads comprise indirect materials and
statements above.
wages and salaries as well as maintenance and
depreciation of production machinery, buildings
Impairment of non-current assets
and equipment as well as factory administration
The carrying amount of intangible assets and
and management. Borrowing costs are not in-
property, plant and equipment is subject to an
cluded in cost.
annual test for indications of impairment other
than the decrease in value reflected by amorti-
The net realisable value of inventories is calcu-
sation or depreciation.
lated as the sales amount less costs of completion and costs necessary to make the sale and
Impairment tests are conducted of individual
is determined taking into account marketability,
assets or groups of assets (cash-generating
obsolescence and development in expected sel-
units) when there is an indication that they may
ling price.
be impaired. Write-down is made to the recoverable amount if this is lower than the carrying
amount.
19
Receivables
Receivables are measured at amortised cost.
relating to goodwill which is not deductible for
tax purposes and on office premises and other
Write-down is made for bad debt losses where
items where temporary differences arise at the
there is an objective indication that a receivable
date of acquisition without affecting either
or a receivable portfolio has been impaired. If
profit/loss for the year or taxable income. Whe-
there is an objective indication that an individu-
re alternative tax rules can be applied to de-
al receivable has been impaired, a write-down is
termine the tax base, deferred tax is measured
made on an individual basis.
based on Management’s planned use of the asset or settlement of the liability, respectively.
Securities
Securities, comprising listed bonds, are measu-
Deferred tax assets, including the tax value of
red at fair value at the balance sheet date.
tax loss carryforwards, are recognised at the
expected value of their utilisation; either as a
Cash at bank and in hand
set-off against tax on future income or as a set-
Toms Gruppen A/S is part of a cash pool arran-
off against deferred tax liabilities in the same
gement together with other group companies.
legal tax entity and jurisdiction.
Balances arising from cash pools are included
in cash at bank and in hand/Bankloans and
Adjustment is made to deferred tax resulting
overdrafts in the balance sheet of the parent
from elimination of unrealised intra-group pro-
company
fits and losses.
Dividends
Deferred tax is measured in accordance with
Proposed dividends are recognised as a liabi-
the tax rules and at the tax rates applicable in
lity at the date when they are adopted at the
the respective countries at the balance sheet
annual general meeting (declaration date). The
date when the deferred tax is expected to cry-
expected dividend payment for the year is dis-
stallise as current tax. The change in deferred
closed as a separate item under equity.
tax as a result of changes in tax rates is recognised in the income statement.
Corporation tax and deferred tax
Current tax payable and receivable is recogni-
Provisions
sed in the balance sheet as tax computed on the
Provisions are recognised when, as a result of
taxable income for the year, adjusted for tax on
past events, the Company has a legal or a con-
the taxable income of prior years and for tax
structive obligation and it is probable that there
paid on account.
may be an outflow of resources embodying eco-
Joint taxation contribution payable and re-
ons are measured at net realisable value. If the
ceivable is recognised in the balance sheet as
obligation is expected to be settled far into the
„Corporation tax receivable“ or „Corporation tax
future, the obligation is measured at fair value.
nomic benefits to settle the obligation. Provisi-
payable“.
Liabilities other than provisions
Deferred tax is measured using the balance
Other liabilities are measured at net realisable
sheet liability method on all temporary differen-
value.
ces between the carrying amount and the tax
value of assets and liabilities. However, deferred
tax is not recognised on temporary differences
20
Cash flow statement
The cash flow statement shows the Company’s
cash flows from operating, investing and financing activities for the year, the year’s changes
in cash and cash equivalents as well as the
Company’s cash and cash equivalents at the
beginning and end of the year.
Cash flows from operating activities
Cash flows from operating activities are calculated as the profit/loss for the year adjusted for
non-cash operating items, changes in working
capital and corporation tax paid.
Cash flows from investment activities
Cash flows from investment activities comprise
payments in connection with acquisitions and
disposals of enterprises and activities and of intangible assets, property, plant and equipment
and investments.
Cash flows from financing activities
Cash flows from financing activities comprise
the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders.
Segment information
Information is provided on business segments
and geographical markets. Segment information is based on the Company’s internal financial
management.
Financial ratios
Financial ratios are calculated in accordance
with the Danish Society of Financial Analysts’
guidelines on the calculation of financial ratios
„Recommendations and Financial Ratios 2010“.
21
Income statement 2014
DKK '000
Parent company
2013
Group
2014
Note
2014
1.328.276
1.312.552
1
Revenue
-913.561
-916.662
11
414.715
395.890
-293.840
-264.257
11
-67.176
-57.722
11
0
-4.184
Other operating costs
53.699
69.727
-28.320
-99.890
1.748.853
1.817.421
-1.183.261
-1.224.986
565.592
592.435
-405.881
-434.986
-184.704
-129.158
-7.546
0
-32.539
28.291
0
0
19.795
5.243
2
Financial income
1.671
17.226
-14.284
-2.480
3
Financial expenses
-5.544
-18.274
30.890
-27.400
-36.412
27.243
-12.523
-16.782
-7.770
-8.876
18.367
-44.182
-44.182
18.367
Production costs
Gross profit
13
Share of profit/loss in subsidiaries after tax
Profit/loss before tax
4
2013
Tax on profit/loss from ordinary activities
Proposed profit appropriation
-151.633
-44.182
170.000
0
18.367
-44.182
Retained earnings
Proposed dividends
22
23
Balance Sheet 31.12.2014
Assets
DKK '000
Parent company
2013
Group
2014
Note
2014
2013
0
0
5
Goodwill
0
0
6
Trademarks
0
0
75.487
69.846
172.345
186.877
8
Plant and machinery
576
114
9
Fixtures and fittings, tools and equipment
16.525
10.025
Property, plant and equipment under construction
264.933
266.862
2.735
2.735
12
Other investments
126.149
101.318
13
Investments in subsidiaries
0
0
14
Deferred tax assets
128.884
104.053
Total financial assets
9.590
2.735
393.817
370.915
Total non-current assets
368.882
463.666
220.871
215.200
Inventories
280.522
292.847
146.005
160.520
Trade receivables
232.877
244.501
195.542
107.183
Amounts owed by affiliated companies
0
0
0
0
Corporation taxes
4.504
1.936
8.946
18.656
Other receivables
22.409
12.700
1.701
1.972
1.972
3.386
352.194
288.331
261.762
262.523
1.283
678
678
1.283
25.213
10.712
27.319
43.683
599.561
514.921
Total current assets
570.281
600.336
993.378
885.836
Total assets
939.163
1.064.002
7
10
27.882
78.331
260
33.997
Total intangible assets
28.142
112.328
Land and buildings
90.831
101.387
220.265
218.404
10.027
11.988
10.027
16.824
331.150
348.603
2.735
2.735
0
0
6.855
0
Total property, plant and equipment
15
Prepayments
Total receivables
16
Securities and investments
24
Balance Sheet 31.12.2014
Equity and liabilities
DKK '000
Parent company
2013
Group
2014
Note
3.500
3.500
469.743
442.195
170.000
0
643.243
445.695
33.259
29.308
18
9.323
5.240
19
42.582
34.548
0
0
0
0
0
0
106.087
17.345
117.126
115.356
4.391
170.000
8.774
11.642
71.175
91.250
307.553
405.593
307.553
993.378
17
2014
Share capital
3.500
3.500
Retained earnings
442.195
469.743
Proposed dividend
0
170.000
445.695
643.243
Deferred tax
30.309
38.275
Other provisions
31.181
41.083
Total provisions
61.490
79.358
Credit institutions
5.851
7.065
Long-term liabilities other than provisions
5.851
7.065
Equity
20
20
2013
Current portion of long-term liabilities other than provisions
1.191
1.194
16.785
106.087
Trade payables
128.728
135.238
Amounts owed to affiliated companies
170.000
0
Corporation taxes
11.642
8.774
Other payables
97.781
83.043
Short-term liabilities other than provisions
426.127
334.336
405.593
Total liabilities other than provisions
431.978
341.401
885.836
Total liabilities and equity
939.163
1.064.002
Bank loans and overdrafts
21
22-24
25-26
Contingent liabilities
Notes without reference
Notes to cashflow statement
25
Statement of changes in equity
DKK '000
Parent company
2013
2014
Group
2014
2013
3.500
3.500
Share capital at 1 January
3.500
3.500
3.500
3.500
Share capital at 31 December
3.500
3.500
612.319
469.743
Retained earnings at 1 January
469.743
612.319
-151.633
-44.182
Retained earnings for the year
-44.182
-151.633
-1.431
-1.491
-1.491
-1.431
1.361
2.507
-4986
-1.361
Foreign currency translation adjustments
Deferred tax on value adjustments at 31 December
Deferred tax on value adjustments at 1 January
2.507
1.361
-1.361
-4.986
-5.497
5.664
Value adjustments on cocoa contracts at 31 December
5.664
-5.497
14.811
5.497
Value adjustments on cocoa contracts at 1 January
5.497
14.811
Value adjustments on hedging instruments at 31 December
5.482
-336
336
5.135
442.195
469.743
-336
5.482
5.135
336
469.743
442.195
Retained earnings at 31 December
Value adjustments on hedging instruments at 1 January
0
170.000
Proposed dividends at 1 January
170.000
0
170.000
-170.000
Dividends declared for the year
-170.000
170.000
170.000
0
0
170.000
643.243
445.695
445.695
643.243
Proposed dividends at 31 December
Equity at 31 December
26
Cash flow statement
DKK '000
Group
Note
2014
2013
-32.539
28.291
-3.873
-1.048
140.818
76.336
104.406
103.579
Inventories
12.325
5.496
Trade receivables
11.624
-82.454
Other receivables
-9.709
-1.456
Net financials
Depreciation, amortisation and impairment losses
Changes for the year to the below items:
Prepayments
1.414
-2.336
Trade payables
-6.510
11.844
Other payables
14.738
-14.720
Value adjustments of financial instruments
18.125
10.488
Provisions
Paid tax
Total cash flow from operating activities
-9.902
-485
-21.092
-1.200
115.419
28.756
Total cash flow from investing activities
25
-40.381
-45.956
Total cash flow from financing activities
26
-1.214
-1.194
Cash flow from operating activities
115.419
28.756
Cash flow from investment activities
-40.381
-45.956
-1.214
-1.194
Increase/decrease in cash and cash equivalents
73.824
-18.394
Cash and cash equivalents, securities and payables to credit institutions, etc., at
beginning of the year
-61.121
-41.296
-1.491
-1.431
Cash and cash equivalents, securities and payables to credit institutions, etc., at
the end of the year
11.212
-61.121
Which is specified as follows:
Securities and investments
Bank loans and overdrafts
678
27.319
-16.785
1.283
43.683
-106.087
Total
11.212
-61.121
Cash flow from financing activities
Value adjustments etc.
27
Notes
'000 dkk
Parent company
2013
2014
Group
Note
1
2014
2013
Segment information
Primary segment: geographical area
761.424
161.811
110.376
294.665
709.452
177.633
104.970
320.497
1.328.276
1.312.552
Revenue
Denmark*
Sweden*
Germany*
Other export, incl. Travel Retail
710.988
275.610
413.667
348.588
762.244
284.047
444.198
326.932
1.748.853
1.817.421
Revenue
Sugar
Chocolate
458.966
1.289.887
534.729
1.282.692
Total
1.748.853
1.817.421
0
1.671
0
17.226
1.671
17.226
5.544
18.274
5.544
18.274
-21.083
-306
13.619
-15.368
0
6.492
-7.770
-8.876
Total
*Excl. Travel Retail
434.908
893.368
393.106
919.446
1.328.276
1.312.552
2
3.448
16.347
3.880
1.363
19.795
5.243
Financial income from subsidiaries
Other financial income
3
14.284
2.480
14.284
2.480
-19.280
-306
2.804
-12.523
-16.782
Financial expenses
Other financial expenses
4
-15.423
0
2.900
Financial income
Tax
Tax on profit for the year
Adjustment of tax relating to previous years
Adjustment of deferred tax
28
Notes
'000 dkk
Parent company
2013
Group
2014
Note
5
2014
2013
Goodwill
1.500
0
-1.500
0
0
0
0
0
0
0
Cost at 1 January
Disposals
Other adjustments
Cost at 31 December
-612
0
0
749
-137
0
0
0
0
0
0
0
Accumulated amortisation at 1 January
Impairment
Amortisation on disposals
Amortisation
Accumulated amortisation at 31 December
0
0
Carrying amount at 31 December
137.253
-136
0
-4.021
133.096
142.118
0
-1.500
-3.365
137.253
-58.922
31
-36.979
0
-9.344
-105.214
-50.602
0
0
749
-9.069
-58.922
27.882
78.331
48.694
-110
0
0
48.584
48.389
0
-269
574
48.694
-14.697
33
-29.388
-4.272
-48.324
-10.631
-4.066
-14.697
260
33.997
The annual impairment tests of goodwill in Toms Gruppen are based on a
discounted cash flow evaluation of expected future earnings for the cashgenerating units. For the German cash-generating unit, management has lowered
the expected earnings level in the forecast due to higher raw material prices and
pressure on sales of branded products. This adjustment has led to full impairment
of goodwill relating to the German activity.
6
Trademarks
0
0
0
0
0
0
0
0
0
0
Cost at 1 January
Additions from acquisitions
Additions
Cost at 31 December
0
0
0
0
0
0
0
0
0
0
Accumulated amortisation at 1 January
Impairment
Amortisation
Accumulated amortisation at 31 December
0
0
The annual impairment tests of trademarks in Toms Gruppen are based on a
discounted cash flow evaluation of expected future earnings for the cashgenerating units. For the German cash-generating unit, management has lowered
the expected earnings level in the forecast due to higher raw material prices and
pressure on sales of branded products. This adjustment has led to full impairment
of trademarks relating to the German activity.
7
Land and buildings
215.307
0
0
424
68
215.799
215.799
0
0
28
0
215.827
Cost at 1 January
Disposals
Additions
Transferred
Cost at 31 December
284.518
-942
-12.755
370
0
271.191
284.601
-575
0
424
68
284.518
-134.631
0
0
-5.681
-140.312
0
0
-5.669
Accumulated depreciation at 1 January
Amortisation on disposals
Depreciation
-183.131
9.414
660
-7.303
-176.165
0
396
-7.362
-140.312
-145.981
Accumulated depreciation at 31 December
-180.360
-183.131
75.487
69.846
90.831
101.387
29
Notes
'000 dkk
Parent company
2013
Group
2014
Note
8
935.482
0
17.928
11.099
-4.876
959.633
959.633
0
43.351
15.722
-46.457
972.249
-747.317
0
1.661
-41.632
-787.288
-787.288
0
41.966
-40.050
-785.372
172.345
186.877
2013
Plant and machinery
Cost at 1 January
Additions
Transferred
Disposals
Cost at 31 December
1.189.072
-2.919
45.078
15.722
-66.985
1.179.968
1.158.589
-1.530
35.629
11.099
-14.715
1.189.072
-970.668
2.100
59.532
-50.667
-959.702
-930.359
1.144
11.210
-52.663
-970.668
220.265
218.404
Cost at 1 January
74.162
72.320
Additions
Disposals
Cost at 31 December
-144
1.237
-1.335
73.920
0
1.991
-149
74.162
-62.174
120
1.026
-2.865
-63.893
-59.146
0
148
-3.176
-62.174
10.027
11.988
16.824
9.223
-16.020
12.131
16.118
-11.425
10.027
16.824
55.225
1.703
83.890
54.888
2.860
18.588
140.818
76.336
Depreciation and impairment on disposals
Depreciation
9
2014
Other fixtures and fittings, tools and equipment
10.192
10.192
0
0
0
10.192
0
0
-888
9.304
-9.394
0
0
-222
-9.616
-9.616
0
574
-148
-9.190
576
114
11.575
16.117
-11.167
16.525
9.222
-15.722
16.525
10.025
41.557
1.236
4.879
11 Impairment losses and depreciation/amortisation
The total impairment losses and depreciation/amortisation (including goodwill) has
been included in the following line items:
41.737
Production costs
20
4.110
47.672
45.867
Depreciation and impairment on disposals
Depreciation
10 Property, plant and equipment under construction
Cost at 1 January
Additions
Transferred
Cost at 31 December
Total
30
Notes
'000 dkk
Parent company
2013
Group
2014
Note
2014
2013
12 Other investments
2.735
0
2.735
2.735
0
2.735
0
0
0
0
0
0
2.735
2.735
Cost at 1 January
Additions
Cost at 31 December
2.735
0
2.735
2.735
0
2.735
0
0
0
0
0
0
2.735
2.735
Value adjustment at 1 January
Adjustment during the year
Value adjustment at 31 December
13 Investments in subsidiaries
207.606
3.948
-3.655
207.899
207.899
80.590
-4.021
284.468
-49.248
-828
-18.965
-13.002
3.647
-3.019
-335
-81.750
-81.750
-1.510
-105.057
-3.845
9.012
0
0
-183.150
126.149
101.318
Cost at 1 January
Capital increases
Other adjustments
Cost at 31 December
Value adjustment at 1 January
Profit/loss on ordinary activities before tax
Amortisation of goodwill and trademarks
Share of tax on profit/loss for the year
Transferred to write-down for bad and doubtful debts
Other adjustments
Value adjustment at 31 December
Subsidiaries
Toms Sverige AB
Anthon Berg Inc.
Hanseatische Chocolade GmbH
Toms Confectionery Group Pte. Ltd.
Registered office
Habo, Sweden
Leszno, Poland
New York, USA
Bremen, Germany
Singapore, Singapore
Ownership
100%
100%
100%
100%
Share of profit/loss in 2014 is impacted by impairment of goodwill and trademarks
related to the German subsidiary, cf. note 5 and 6.
14 Deferred tax assets
0
0
0
0
0
0
Deferred tax at 1 January
Adjustments of deferred tax
Deferred tax at 31 december
0
6.855
6.855
0
0
0
Deferred tax relates to:
0
0
0
0
0
0
Loss carried forward
Provisions
-592
5.991
1.456
0
0
0
0
0
6.855
0
31
Notes
'000 dkk
Parent company
2013
Group
2014
Note
2014
2013
15 Inventories
76.667
34.075
110.129
72.882
35.216
107.102
Raw material and packaging
Work in progress
Manufactured goods and goods for resale
96.620
44.945
138.957
109.316
43.096
140.435
220.871
215.200
280.522
292.847
870
-603
267
1.999
-1.129
870
413
-5
3
411
610
-31
-166
413
678
1.283
16 Securities and investments
1.999
-1.129
870
870
-603
267
Cost at 1 January
Disposals
Cost at 31 December
610
-31
-166
413
413
-5
3
411
Value
Value
Value
Value
1.283
678
adjustment
adjustment
adjustment
adjustment
at 1 January
of securities disposed of
during the year
at 31 December
17 Share capital
3.500
3.500
Share capital at 31 December
2.000
750
612
136
2
2.000
750
612
136
2
The share capital consists of:
1 share of DKK 2,000,000
150 shares of DKK 5,000 each
20 shares of DKK 100 each
3.500
3.500
Total
The parent owns treasury shares of nominal DKK 150 thousand, corresponding to
approx. 4% of the share capital.
The shares are valued at nil and are not included in the balance sheet.
No treasury shares have been acquired or disposed of in the fianancial year.
No changes have been made to the share capital during the last five years.
32
Notes
'000 dkk
Parent company
2013
Group
2014
Note
2014
2013
18 Deferred tax
32.528
2.923
-2.192
33.259
-2.562
-1.389
Deferred tax at 1 January
Adjustments of deferred tax
Adjustments from reduction of the Danish corporation tax
38.275
-6.577
-1.389
44.434
-3.967
-2.192
33.259
29.308
Deferred tax at 31 december
30.309
38.275
-50
26.369
0
23.687
Intangible assets
0
23.687
8.424
26.921
8.669
0
-1.361
-368
8.471
0
-2.508
-342
Current assets
Deferred income
Items in equity
Provisions
8.471
1.006
-2.513
-342
8.930
0
-1.768
-4.232
33.259
29.308
30.309
38.275
Deferred tax relates to:
19 Other provisions
204
1.376
7.743
204
1.314
3.722
Pension liabilities due within the next year
Pension liabilities due after the next year
Other
1.440
26.019
3.722
1.442
31.898
7.743
9.323
5.240
31.181
41.083
1.086
2.290
0
20 Bank debts
0
0
Due after 5 years
21 Contingent liabilities
The parent company has operating leases for the company's motor vehicles, trucks and compressors etc.
Total liablilities amount to DKK 8.9 million.
The parent company has purchase contracts related to raw material consumption.
Total liabilities amount to DKK 151.2 million. The contracts are fixed price contracts.
Hanseatische Chocolade GmbH has purchase contracts related to raw material consumption.
Total liabilities amount to DKK 40.2 million. The contracts are fixed price contracts.
Hanseatische Chocolade GmbH has operating leases for the company's motor vehicles.
Total liabilities amount to DKK 2.4 million
Hanseatische Chocolade GmbH has rental liabilities for the amount of DKK 2.7 million
Huchtinger Logistik GmbH & Co. KG owns a warehouse property, which serves as a collateral for the
associated mortgage (logged in the land title register under its original value of DKK 2.0 million).
Per 31.12.2014 the mortgage had a carrying amount of DKK 0.7 million, whereas the property had
a book value of DKK 1.2 million.
Toms Sverige AB has operating leases for the company's motor vehicles.
Total liablilities amount to DKK 1.5 million.
The parent company has provided security for Toms Polska Sp. Z o.o. in Poland in the amount of
DKK 0.6 million.
The former owners of Hanseatische Chocolade GmbH have filed for arbitration in a dispute with Toms
Gruppen regarding undistributed profits. Management expects a ruling in the case in favour of Toms
Gruppen.
In the acquired subsidiary, Hanseatische Chocolade GmbH, a lawsuit filed in 2009 on Restrictive
Practices is pending. The former owners of Hanseatische Chocolade GmbH have guaranteed to indemnify
Toms Gruppen A/S and provided security in the form of bank guarantees.
33
Notes
'000 dkk
Parent company
2013
Group
2014
Note
2014
2013
22 Staff costs
296.529
23.298
717
280.003
21.825
548
Wages and salaries
Pensions
Other social security costs
422.597
32.162
21.034
433.388
33.036
22.770
320.544
302.376
Total
475.793
489.194
603
554
1.277
1.201
6.593
2.090
8.683
12.585
2.268
14.853
12.585
2.268
14.853
6.593
2.090
8.683
Average number of employees
Their remuneration:
Parent Executive Board
Parent Board of Directors
The company´s Executive Board and executive employees are covered by an incentive plan.
In the remuneration for the Parent Executive Board is included a severance payment to the former CEO.
23 Fee paid to auditors
Ernst & Young P/S:
405
16
67
39
380
16
410
27
Fee regarding statutory audit
Other assurance engagements
Tax and VAT related engagements
Other non-audit engagements
380
16
410
27
405
16
67
39
527
833
Total
833
527
340
0
0
291
631
368
0
0
67
435
Others:
0
0
0
0
0
0
0
0
0
0
Fee regarding statutory audit
Other assurance engagements
Tax and VAT related engagements
Other non-audit engagements
Total
24 Related parties
Toms Gruppen A/S' related parties are:
Control:
Gerda og Victor B. Strands Fond and its Board of Directors
Gerda og Victor B. Strand Holding A/S and its Board of Directors
Basis
Ultimate parent company
Direct parent company
Other related parties:
Toms Sverige AB, Sweden
Toms Polska Sp. z o.o., Poland
Anthon Berg Inc., USA
Hanseatische Chocolade GmbH, Germany
Hanseatische Geschäftsführungs GmbH, Germany
Bremer Hachez Chocolade GmbH & Co. KG, Germany
Feodora Chocolade GmbH & Co. KG, Germany
Huchtinger Logistik GmbH & Co. KG, Germany
Hawopral GmbH, Germany
Toms Confectionery Group Pte. Ltd., Singapore
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Subsidiary
Related parties also include Board of Directors, the Board of Management and executive employees.
34
Notes
DKK '000
Group
2014
2013
25 Total cash flow from investing activities
Acquisitions of property, plant and equipment
Total
-41.664
1.283
-46.520
564
-40.381
-45.956
-1.214
-1.194
-1.214
-1.194
26 Total cash flow from financing activities
Change in long-term liabilities other than provisions
Total
35
Definitions and Terms
Definitions
Return on invested capital
Operating profit in percent of the average of total assets less cash less short term liabilities excluding interest bearing debt.
Working Capital
Inventories and trade receivables plus other receivables minus trade payables and other payables
Operating margin
Operating profit in percent of revenue
Return on equity
Profit from ordinary activities after tax in percent of
average equity
Current ratio
Current assets in percent of current liabilities
Gross marign
Gross profit in percent of revenue
Solvency ratio
Equity at year end in percent of total equity and liabilities at year end
Terms
Sugar confectionary
Wine gums, liquorice, toffees, sweets etc.
International
Internal segment. Includes export (except Sweden
and Travel Retail).
Travel Retail
Ferry and airport sales
36
Group companies
Toms Sverige AB
Toms Sverige AB
Hamngatan 17
302 43 Halmstad
Sweden
(100 per cent owned by Toms Gruppen A/S)
Anthon Berg Inc.
99 Madison Avenue, 17th Floor,
New York, NY 10016,
USA
Ul. Okrezna 27
64-100 Leszno
Hanseatische Chocolade GmbH
Westerstrasse 32
28199 Bremen
Germany
Toms Confectionery Group Pte. Ltd.
(Incorporated in Singapore)
103 Defu Lane 10, #06-01
FNA Group Building
Singapore 539223
37
Board of Directors
Henrik Brandt (Chairman)
President & CEO Royal Unibrew A/S
Ferd Holding AS
(BM)
Hansa Borg Skandinavisk Holding A/S
med datterselskaber
(BM)
Gerda og Victor B. Strands Fond
(BM)
Dansk Industris Selskabsretsudvalg
(CH)
Christian Hother Sørensen
(Deputy Chairman)
Executive Vice President,
Scandinavian Tobacco Group A/S
DI’s Internationale Markedsudvalg
(BM)
Flemming Sundø
Mikael Thinghuus
CEO Royal Greenland A/S
RG Pelagic A/S
(BM)
Grønt Udviklings- og
Demonstrationsprogram (GUDP)
(CH)
Upernavik Seafood A/S
(VCH)
Ice Trawl Greenland A/S
(BM)
World Ocean Council
(BM)
Morten Petersen
CEO for Dki group
Carsten Bennike
Executive Vice president, Chr. Hansen Holding
Ingrediensforum, DI
(BM)
Søren Svenningsen
Blacksmith
(ER)
Lone C. Nielsen
Coordinator Masterdata
(ER)
Joan Wind
Factory Employee
(ER)
38
Executive Board
Carsten Lyngsø Thomsen
Anders Hagh
CEO
CFO
Toms Sverige AB
(CH)
DI’s Fødevareudvalg
(BM)
Toms Sverige AB
(BM)
Auditors
Ernst & Young P/S
Osvald Helmuths Vej 4
Postbox 250
DK - 2000 Frederiksberg
(CH)
Chairman
(VCH) Vice Chairman
(BM)
Board Member
(ER)
Employee Representative
39
40

Annual Report 2014UK

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