Notes
Note 15 Mortgaging, surety, guarantee and contingent liabilities (Group) Sureties Repayments of paid-up capital have been assigned as security for a subsidiarys bank debt as have future dividend payments from an associated company. Maximum Group risk exposure DKK 0.5m. Shares in a subsidiary (DKK 0.5m nom.) have been pledged to a third party. Surety, guarantee and contingent liabilities Reguarantee to bank for overdraft facilities up to DKK 2.5m. No draw-down at 30.09.2005. Surety for share of limited liability partnerships DKK 17.7m. Residual charge for partnership shares, max. DKK 11.5m. Purchase contracts have been signed for two vessels. Contractual commitments stated at DKK 129.4m. Lease commitments totaling DKK 2.5m for residual term of contracts. Irrevocable administration contracts have been signed with a German service partner with a residual term of 1.25 years. Current annual administration charge is DKK 0.2m. Irrevocable tenancies have been agreed for leaseholds in Copenhagen (2 tenancies), Århus and Holstebro. The remaining terms are 5 months and 6 months (Copenhagen), 2 years 10 months (Århus) and 3 months (Holstebro), respectively. The current residual rental payments (annual for Århus) are DKK 0.1m, DKK 0.4m, DKK 0.4m and DKK 0.3m respectively. Guarantees for authorized debt collection business by subsidiaries up to and including an amount of DKK 0.2m. 16 Related parties Related parties with controlling interests in Danish Investment Foundation Nil. Other related parties with whom Danish Investment Foundation has had transactions Companies in the Difko A/S Group. Law offices of Bech-Bruun Dragsted- attorney Jens Jerslev - Board member. Transactions between related parties and the Danish Investment Foundation In 2004/05, there were interest-bearing inter-company balances between companies in the Difko A/S Group. Companies in the Difko A/S Group had administration contracts in 2004/05. Attorney Jens Jerslev provided legal and consultancy services to the company. Related parties - dealings in shares offered by the Difko A/S Group by members of the Boards of Directors and Management and shareholdings at 30.09.2005. Purchases of shares via Difko A/S Group were on commercial terms. Acquisitions and holdings by members of the Boards of Management and Directors have been stated including related persons and companies. During the year, John Andersen (MD) bought shares in Difko Schönhagen I, Difko Port Saint Louis I and Difko Port Saint Louis II. At 30.09.2005, holdings included shares in Difko Accord, Difko Schönhagen I, Difko Port Saint Louis I and Difko Port Saint Louis II, shares in Difko Købmagerhus and shares in Difko 28 and Difko Samsø I. Ole Bjerre (Chairman) acquired shares during the year in Difko Port Saint Louis I, Difko Port Saint Louis II, Difko Schönhagen IV, Difko Muuga, Difko Virtsu, Difko Vergi, Difko 44, Difko 47, Difko 63, Difko 64, Difko 66, Difko 67, Difko 68, Difko 69, Difko 70, Difko 73, Difko 74 and Difko 78. During the year, shares were sold in Difko 59. At 30.09.2005, shares were held in Difko Sønderlylland I, Difko Nord, Difko Port Saint Louis I. Difko Port Saint Louis II, Difko Schönhagen IV, Difko Muuga, Difko Virtsu, Difko Vergi, Difko 39, Difko 44, Difko 47, Difko 57, Difko 63, Difko 64, Difko 66, Difko 67, Difko 68, Difko 69, Difko 70, Difko 73, Difko 74, Difko 75, Difko 77 and Difko 78 and shares in Difko Samsø I. Uffe Jacobsen (Board Member) acquired shares during the year in Difko Port Saint Louis I, Difko Port Saint Louis II, Difko Muuga, Difko Vergi, Difko 44, Difko 47 and Difko 73. At 30.09.2005, he held shares in Difko Action, Difko Greenland, Difko Port Saint Louis I, Difko Port Saint Louis II, Difko Muuga, Difko Vergi, Difko 44, Difko 47, Difko 64, Difko 66, Difko 69, Difko 70, Difko 73 and Difko 78 together with shares in Difko 24 and Difko Samsø I. Jens Mogensen Jensen (Board Member) acquired shares during the year in Difko Holstebro IV. At 30.09.2005, he had holdings in Difko Holstebro IV, Difko 44, Difko 47, Difko 57, Difko 63, Difko 64, Difko 66, Difko 67, Difko 68, Difko 69, Difko 70 and Difko 77 together with shares in Difko Bolig Århus and Difko Købmagerhus. Ove Jensen (Board Member) acquired shares during the year in Difko Herning I. At 30.09.2005, he had holdings in Difko Herning I, Difko 47 and Difko 66, in Rosengårdcentret and shares in Difko Købmagerhus. Steen MøIler (Board Member) acquired shares during the year in Difko Schönhagen V, Difko Dirhami, Difko 47 and Difko 67. At 30.09.2005, he had holdings in Difko Nord, Difko Schönhagen V, Difko Dirhami, Difko 47, Difko 67, Difko 70 and Difko 75. Kim Simonsen (Board Member) has holdings in Difko 70 and Difko 75. He made no acquisitions during the year. Board Members Jens Jerslev, Hanne Borup Jensen and Lisbeth Jensen have no holdings in shares, etc.
Notes
(DKK 1,000) Note 17 Adjustments for non-cash items Amortization/depreciation and write-down in the year, incl. profit on disposals Results from capital holdings Net financial items Provisions Other non-cash items Tax charge on profit for the year Total adjustments for non-cash items 18 Changes in working capital Accounts receivable Creditors Total changes in working capital -16,379 -1,046 -17,425 -4,223 4,551 328 9,869 -1,710 -9,321 -390 2,410 8,645 9,503 4,968 -1,708 -4,183 -100 93 6,740 5,810 2004/05 Group 2003/04
Breakdown of profits by company
(DKK 1,000) Danish Investment Foundation excl. share of results of subsidiaries Difko A/S excl. share of results of subsidiaries Dansk Aktie- og Anpartsbørs A/S Difko Administration A/S Difko Ejendomme A/S, Group Difko Inkasso A/S Difko Skibsprojekt A/S Difko Vind A/S Other Group companies 2004/05 3,923 1,315 1,620 2,518 584 3,094 2,728 6,541 293 22,616 2003/04 795 -1,034 1,887 4,819 1,453 2,519 2,480 -2,410 1,407 11,916
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Copenhagen Dag Hammarskjölds Alle 13 DK-2100 København Ø Tel. +45 33 33 90 20 Fax +45 33 33 91 40 difko@difko.dk www.difko.com Århus Grønnegade 80, 3. sal DK-8000 Århus C. Tel. +45 86 19 98 00 Fax +45 86 18 30 61 difko@difko.dk www.difko.com Holstebro Sønderlandsgade 44 DK-7500 Holstebro Tel. +45
BOARD OF MANAGEMENT JOHN ANDERSEN, MANAGING DIRECTOR AUDITORS DELOITTE D A T A STATSAUTORISERET REVISIONSAKTIESELSKAB THE FOUNDATION THE DANISH INVESTMENT FOUNDATION SØNDERLANDSGADE 44 DK-7500 HOLSTEBRO CO. REG. NO: 60379912 DOMICILE: HOLSTEBRO, JUTLAND 29TH FISCAL YEAR: 01.10.2004 30.09.2005
M A N A G E M Mission, vision and values R E P O R T E N T Strategic objectives Charter The Danish Investment Foundations mission is to support the objectives listed in our charter: · To promote wide popular investment for the benefit of both Danish society and investors. · To invest d
Business areas R E P O R T The Danish Investment Foundation operates a series of subsidiaries via Difko A/S in two core areas investment projects and administration. Organization M A N A G E M E N T Difko Difko is now sub-divided into the following five companies: Difko Invest acqu
Difko as a workplace R E P O R T Key figures and ratios (DKK 1,000) Group Income Statement Net revenues External costs Gross earnings Operating profit Results of capital holdings Financials Pre-tax earnings 2005 Earnings 2005 127,837 -43,104 84,733 20,229 1,710 9,322 31,261 22,616 91,557 -36,47
Highlights of the year R E N T E M E A G M A N P O R T The Danish Investment Foundation and the Difko Groups results and financial trends in 2004/05 were significantly up on budget and are regarded as very satisfactory. This progress meant strengthening and further development of the basis for
Highlights of the year R E P O R T Balance sheet Outlook M A N A G E M E N T Difko initiative for investment survey A new survey shows that eight out of ten of those investing in partnerships are satisfied with their investments and would invest in partnerships in future. Danes are ge
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R E P O R T Difko Invest A/S Difko Invest consisted of three companies during the fiscal year: Difko Skibsprojekt, Difko Vind and Difko Ejendomsprojekt, each of which purchases and develops investment projects in the shipping, wind turbine and real estate sectors respectively. The three sectors
Difko Ejendomme A/S R E P O R T Difko Inkasso A/S Income Statement (DKK 1,000) Note Net revenues External costs Gross earnings 1 Costs of employment Earnings before depreciation 2 Amortization/depreciation and write-down Operating profit 3 4 Results of holdings in associated companies Financia
Balance Sheet at 30 September (DKK 1,000) Note Assets 6 7 8 Intangible fixed assets Tangible fixed assets Financial fixed assets Total fixed assets 9 Accounts receivable Projects for resale/receivables from sold projects Inter-subsidiary balances Cash funds Total current assets Total assets 0 470 17
Cash flow (DKK 1,000) Note Operations Profit for the year 17 18 Adjustments for non-cash items Changes in working capital Cash flow from operations before financial items Net financial items Cash inflow from ordinary operations Tax paid Cash inflow from operations Investment activities Acquisition -
Notes (DKK 1,000) Note 5 Tax charge on profit for the year Forecast tax charge on profits for the year Adjustments - deferred tax Adjustments - previous years Deferred tax - adjustments for previous years Adjustments of deferred tax - corporation tax decreased from 30 28% Tax liability - associate
Notes (DKK 1,000) Note Holdings in subsidiaries 8 Financial fixed assets Capital holdings and securities Acquisition price 01.10 Additions Disposals Acquisition price 30.09 Revaluation 01.10 Revaluation in year Revaluation on disposals Revaluation 30.09 Write down 01.10 Revaluation and write-down in
Notes (DKK 1,000) Note 9 Accounts receivable Accounts receivable - sales and services Deferred tax assets Corporation tax Accrals Other accounts receivable Total accounts receivable 300 61 390 0 740 1,491 300 0 0 746 35 1,081 7,410 2,070 0 1,753 37,803 49,036 7,408 0 0 1,767 21,412 30,587 Parent Fou
Notes Note 15 Mortgaging, surety, guarantee and contingent liabilities (Group) Sureties Repayments of paid-up capital have been assigned as security for a subsidiarys bank debt as have future dividend payments from an associated company. Maximum Group risk exposure DKK 0.5m. Shares in a subsidiary (
