Assets
| Type | Time | Amount | Unit |
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Revenue
| Type | Start date | End date | Amount | Unit |
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XML
See the xml submitted here:
XML: http://regnskaber.virk.dk/01017262/ZG9rdW1lbnRsYWdlcjovLzAzLzI3L2M4L2Q2LzE5L2JjZDEtNDE2Mi05NjUyLTY5ZWNmOWI4YTAwNg.xml
Separator
The full data:
<?xml version="1.0" encoding="UTF-8"?><xbrl xmlns="http://www.xbrl.org/2003/instance" xmlns:h="http://xbrl.dcca.dk/sob" xmlns:g="http://xbrl.dcca.dk/mrv" xmlns:f="http://xbrl.dcca.dk/arr" xmlns:d="http://xbrl.dcca.dk/cmn" xmlns:e="http://xbrl.dcca.dk/fsa" xmlns:c="http://xbrl.dcca.dk/gsd" xmlns:xlink="http://www.w3.org/1999/xlink" xmlns:b="http://xbrl.dcca.dk/entryBalanceSheetAccountFormIncomeStatementByFunction" xmlns:xbrli="http://www.xbrl.org/2003/instance" xmlns:iso4217="http://www.xbrl.org/2003/iso4217" xmlns:xbrldi="http://xbrl.org/2006/xbrldi" xmlns:link="http://www.xbrl.org/2003/linkbase" xmlns:xsi="http://www.w3.org/2001/XMLSchema-instance" xsi:schemaLocation="http://xbrl.dcca.dk/entryBalanceSheetAccountFormIncomeStatementByFunction http://archprod.service.eogs.dk/taxonomy/20130401/entryDanishGAAPBalanceSheetAccountFormIncomeStatementByFunctionIncludingManagementsReviewStatisticsAndTax20130401.xsd"><link:schemaRef xlink:type="simple" xlink:href="http://archprod.service.eogs.dk/taxonomy/20130401/entryDanishGAAPBalanceSheetAccountFormIncomeStatementByFunctionIncludingManagementsReviewStatisticsAndTax20130401.xsd"/><c:InformationOnTypeOfSubmittedReport contextRef="c11">Ã
rsrapport</c:InformationOnTypeOfSubmittedReport><c:IdentificationNumberCvrOfSubmittingEnterprise contextRef="c11">25578198</c:IdentificationNumberCvrOfSubmittingEnterprise><c:NameOfSubmittingEnterprise contextRef="c11">KPMG P/S</c:NameOfSubmittingEnterprise><c:AddressOfSubmittingEnterpriseStreetAndNumber contextRef="c11">Amerika Plads 38</c:AddressOfSubmittingEnterpriseStreetAndNumber><c:AddressOfSubmittingEnterprisePostcodeAndTown contextRef="c11">2100 København Ã</c:AddressOfSubmittingEnterprisePostcodeAndTown><c:ReportingPeriodStartDate contextRef="c11">2014-01-01</c:ReportingPeriodStartDate><c:ReportingPeriodEndDate contextRef="c11">2014-12-31</c:ReportingPeriodEndDate><c:DateOfApprovalOfReport contextRef="c11">2015-05-29</c:DateOfApprovalOfReport><c:IdentificationNumberCvrOfReportingEntity contextRef="c11">26271010</c:IdentificationNumberCvrOfReportingEntity><c:NameOfReportingEntity contextRef="c11">Spæncom A/S</c:NameOfReportingEntity><c:AddressOfReportingEntityStreetName contextRef="c11">Akacievej</c:AddressOfReportingEntityStreetName><c:AddressOfReportingEntityStreetBuildingIdentifier contextRef="c11">1</c:AddressOfReportingEntityStreetBuildingIdentifier><c:AddressOfReportingEntityPostCodeIdentifier contextRef="c11">2640</c:AddressOfReportingEntityPostCodeIdentifier><c:AddressOfReportingEntityDistrictName contextRef="c11">Høje Taastrup</c:AddressOfReportingEntityDistrictName><c:AddressOfReportingEntityCountryIdentificationCode contextRef="c11">DK</c:AddressOfReportingEntityCountryIdentificationCode><c:AddressOfReportingEntityCountry contextRef="c11">Danmark</c:AddressOfReportingEntityCountry><c:RegisteredOfficeOfReportingEntity contextRef="c11">Høje Taastrup</c:RegisteredOfficeOfReportingEntity><c:TelephoneNumberOfReportingEntity contextRef="c11">+45 88 88 82 00</c:TelephoneNumberOfReportingEntity><c:HomepageOfReportingEntity contextRef="c11">www.spaencom.dk</c:HomepageOfReportingEntity><d:NameOfAuditFirm contextRef="c12">KPMG</d:NameOfAuditFirm><d:IdentificationNumberCvrOfAuditFirm contextRef="c12">25578198</d:IdentificationNumberCvrOfAuditFirm><d:NameAndSurnameOfAuditor contextRef="c12">Mark Palmberg</d:NameAndSurnameOfAuditor><d:DescriptionOfAuditor contextRef="c12">statsaut. revisor</d:DescriptionOfAuditor><c:AddressOfAuditorStreetName contextRef="c12">Amerika Plads</c:AddressOfAuditorStreetName><c:AddressOfAuditorStreetBuildingIdentifier contextRef="c12">38</c:AddressOfAuditorStreetBuildingIdentifier><c:AddressOfAuditorPostCodeIdentifier contextRef="c12">2100</c:AddressOfAuditorPostCodeIdentifier><c:AddressOfAuditorDistrictName contextRef="c12">København Ã</c:AddressOfAuditorDistrictName><c:AddressOfAuditorCountryIdentificationCode contextRef="c12">DK</c:AddressOfAuditorCountryIdentificationCode><c:AddressOfAuditorCountry contextRef="c12">Danmark</c:AddressOfAuditorCountry><c:TelephoneNumberOfAuditor contextRef="c12">70707760</c:TelephoneNumberOfAuditor><c:DateOfGeneralMeeting contextRef="c11">2015-05-29</c:DateOfGeneralMeeting><c:NameAndSurnameOfChairmanOfGeneralMeeting contextRef="c11">Henrik Møgelmose</c:NameAndSurnameOfChairmanOfGeneralMeeting><e:ClassOfReportingEntity contextRef="c11">Regnskabsklasse C, stor virksomhed</e:ClassOfReportingEntity><d:TypeOfAuditorAssistance contextRef="c11">RevisionspÃ¥tegning</d:TypeOfAuditorAssistance><d:NameAndSurnameOfMemberOfExecutiveBoard contextRef="c264">Morten Chrone</d:NameAndSurnameOfMemberOfExecutiveBoard><d:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c234">Michael Alan Ogden</d:NameAndSurnameOfMemberOfSupervisoryBoard><d:TitleOfMemberOfSupervisoryBoard contextRef="c234">Chairman</d:TitleOfMemberOfSupervisoryBoard><d:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c250">Pierre Maurice René Brousse</d:NameAndSurnameOfMemberOfSupervisoryBoard><d:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c251">Nicolas Yatzimirsky</d:NameAndSurnameOfMemberOfSupervisoryBoard><d:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c252">Mikael Bundgaard Poulsen</d:NameAndSurnameOfMemberOfSupervisoryBoard><d:TitleOfMemberOfSupervisoryBoard contextRef="c252">Employee representative</d:TitleOfMemberOfSupervisoryBoard><d:NameAndSurnameOfMemberOfSupervisoryBoard contextRef="c253">Jens Marius Jensen</d:NameAndSurnameOfMemberOfSupervisoryBoard><d:TitleOfMemberOfSupervisoryBoard contextRef="c253">Employee representative</d:TitleOfMemberOfSupervisoryBoard><f:SignatureOfAuditorsPlace contextRef="c11">Copenhagen</f:SignatureOfAuditorsPlace><d:NameOfAuditFirm contextRef="c12">KPMG</d:NameOfAuditFirm><d:NameAndSurnameOfAuditor contextRef="c12">Mark Palmberg</d:NameAndSurnameOfAuditor><d:DescriptionOfAuditor contextRef="c12">State Authorised
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decimals="-3">1342000</e:PropertyPlantAndEquipment><e:InvestmentsGross contextRef="c310" unitRef="u7" decimals="-3">122317000</e:InvestmentsGross><e:InvestmentsGross contextRef="c311" unitRef="u7" decimals="-3">122317000</e:InvestmentsGross><e:InvestmentsGross contextRef="c314" unitRef="u7" decimals="-3">122317000</e:InvestmentsGross><e:InvestmentsGross contextRef="c315" unitRef="u7" decimals="-3">122317000</e:InvestmentsGross><e:AccumulatedRevaluationsOfInvestments contextRef="c310" unitRef="u7" decimals="-3">-107299000</e:AccumulatedRevaluationsOfInvestments><e:AccumulatedRevaluationsOfInvestments contextRef="c311" unitRef="u7" decimals="-3">-107299000</e:AccumulatedRevaluationsOfInvestments><e:AccumulatedRevaluationsOfInvestments contextRef="c314" unitRef="u7" decimals="-3">-107299000</e:AccumulatedRevaluationsOfInvestments><e:AccumulatedRevaluationsOfInvestments contextRef="c315" unitRef="u7" decimals="-3">-107299000</e:AccumulatedRevaluationsOfInvestments><e:LongtermInvestmentsAndReceivables contextRef="c314" unitRef="u7" decimals="-3">15018000</e:LongtermInvestmentsAndReceivables><e:LongtermInvestmentsAndReceivables contextRef="c315" unitRef="u7" decimals="-3">15018000</e:LongtermInvestmentsAndReceivables><e:RelatedEntityName contextRef="c758">Modulbeton A/S</e:RelatedEntityName><e:RelatedEntityRegisteredOffice contextRef="c758">Tune, Denmark</e:RelatedEntityRegisteredOffice><e:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity contextRef="c759" unitRef="u9" decimals="1">100</e:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity><e:RelatedEntityName contextRef="c771">Spæncom Betonfertigteile GmbH & Co.KG.</e:RelatedEntityName><e:RelatedEntityRegisteredOffice contextRef="c771">Alteno, Germany</e:RelatedEntityRegisteredOffice><e:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity contextRef="c790" unitRef="u9" decimals="1">100</e:ShareHeldByEntityOrConsolidatedEnterprisesInRelatedEntity><e:ProfitLoss contextRef="c771" unitRef="u7" decimals="INF">-501</e:ProfitLoss><e:ContractWorkInProgressGross contextRef="c60" unitRef="u7" decimals="-3">11296000</e:ContractWorkInProgressGross><e:ContractWorkInProgressGross contextRef="c59" unitRef="u7" decimals="-3">9902000</e:ContractWorkInProgressGross><e:AdvanceInvoicingContractWorkInProgress contextRef="c11" unitRef="u7" decimals="-3">43431000</e:AdvanceInvoicingContractWorkInProgress><e:AdvanceInvoicingContractWorkInProgress contextRef="c387" unitRef="u7" decimals="-3">29956000</e:AdvanceInvoicingContractWorkInProgress><e:DeferredTaxLiability contextRef="c361" unitRef="u7" decimals="-3">-372000</e:DeferredTaxLiability><e:DeferredTaxLiability contextRef="c362" unitRef="u7" decimals="-3">1827000</e:DeferredTaxLiability><e:DeferredTaxLiability contextRef="c363" unitRef="u7" decimals="-3">-278000</e:DeferredTaxLiability><e:DeferredTaxLiability contextRef="c364" unitRef="u7" decimals="-3">-386000</e:DeferredTaxLiability><e:DeferredTaxLiability contextRef="c365" unitRef="u7" decimals="-3">-178000</e:DeferredTaxLiability><e:DeferredTaxLiability contextRef="c366" unitRef="u7" decimals="-3">-308000</e:DeferredTaxLiability><e:DeferredTaxLiability contextRef="c373" unitRef="u7" decimals="-3">12448000</e:DeferredTaxLiability><e:DeferredTaxLiability contextRef="c374" unitRef="u7" decimals="-3">7179000</e:DeferredTaxLiability><e:LongtermLiabilitiesOtherThanProvisionsDueAfterFiveYearsAndMore contextRef="c14" unitRef="u7" decimals="-3">47214000</e:LongtermLiabilitiesOtherThanProvisionsDueAfterFiveYearsAndMore><e:LongtermLiabilitiesOtherThanProvisionsDueAfterFiveYearsAndMore contextRef="c383" unitRef="u7" decimals="-3">52767000</e:LongtermLiabilitiesOtherThanProvisionsDueAfterFiveYearsAndMore><e:LongtermLiabilitiesOtherThanProvisionsDueBetweenOneAndFiveYears contextRef="c14" unitRef="u7" decimals="-3">20451000</e:LongtermLiabilitiesOtherThanProvisionsDueBetweenOneAndFiveYears><e:LongtermLiabilitiesOtherThanProvisionsDueBetweenOneAndFiveYears contextRef="c383" unitRef="u7" decimals="-3">19947000</e:LongtermLiabilitiesOtherThanProvisionsDueBetweenOneAndFiveYears><e:LongtermLiabilitiesOtherThanProvisions contextRef="c14" unitRef="u7" decimals="-3">67665000</e:LongtermLiabilitiesOtherThanProvisions><e:LongtermLiabilitiesOtherThanProvisions contextRef="c383" unitRef="u7" decimals="-3">72714000</e:LongtermLiabilitiesOtherThanProvisions><e:LongtermLiabilitiesOtherThanProvisionsDueInOneYear contextRef="c14" unitRef="u7" decimals="-3">5056000</e:LongtermLiabilitiesOtherThanProvisionsDueInOneYear><e:LongtermLiabilitiesOtherThanProvisionsDueInOneYear contextRef="c383" unitRef="u7" decimals="-3">4930000</e:LongtermLiabilitiesOtherThanProvisionsDueInOneYear><e:NumberOfIssuedShares contextRef="c148" unitRef="u1" decimals="INF">112976</e:NumberOfIssuedShares><e:DescriptionOfClassOfIssuedShares contextRef="c148">A</e:DescriptionOfClassOfIssuedShares><e:NominalValueOfIssuedShares contextRef="c148" unitRef="u7" decimals="0">11297600</e:NominalValueOfIssuedShares><e:NumberOfIssuedShares contextRef="c149" unitRef="u1" decimals="INF">308074</e:NumberOfIssuedShares><e:DescriptionOfClassOfIssuedShares contextRef="c149">B</e:DescriptionOfClassOfIssuedShares><e:NominalValueOfIssuedShares contextRef="c149" unitRef="u7" decimals="0">30807400</e:NominalValueOfIssuedShares><h:IdentificationOfApprovedAnnualReport contextRef="c11">The Board of Directors and the Executive Board have today discussed and approved the annual report of Spæncom A/S for the financial year 1 January - 31 December 2014.</h:IdentificationOfApprovedAnnualReport><h:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement contextRef="c11">The annual report has been prepared in accordance with the Danish Financial Statements Act.</h:ConfirmationThatAnnualReportIsPresentedInAccordanceWithRequirementsProvidedForByLegislationAnyStandardsAndRequirementsProvidedByArticlesOfAssociationOrByAgreement><h:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults contextRef="c11">It is our opinion that the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2014 and of the results of the Company's operations for the year 1 January - 31 December 2014.
</h:ConfirmationThatFinancialStatementGivesTrueAndFairViewOfAssetsLiabilitiesEquityFinancialPositionAndResults><h:ManagementsStatementAboutManagementsReview contextRef="c11">In our opinion, the Management's review gives a fair review of the development in the Company's operations and financial matters, of the results for the year and of the company's financial position.</h:ManagementsStatementAboutManagementsReview><h:RecommendationForApprovalOfAnnualReportByGeneralMeeting contextRef="c11">We recommend that the annual report be adopted at the annual general meeting.</h:RecommendationForApprovalOfAnnualReportByGeneralMeeting><f:AddresseeOfAuditorsReportOnAuditedFinancialStatements contextRef="c11">To the shareholder of Spæncom A/S</f:AddresseeOfAuditorsReportOnAuditedFinancialStatements><f:IdentificationOfAuditedFinancialStatements contextRef="c11">We have audited the financial statements of Spæncom A/S for the financial year 1 January - 31 December 2014. The financial statement comprise accounting policies, income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act.</f:IdentificationOfAuditedFinancialStatements><f:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements contextRef="c11">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control that Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error.</f:StatementOfExecutiveAndSupervisoryBoardsResponsibilityForFinancialStatements><f:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed contextRef="c11">Our responsibility is to express an opinion on the financial statements based on our audit. We conducted our audit in accordance with International Standards on Auditing and additional requirements under Danish audit regulation. This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance as to whether the financial statements are free from material misstatement.
An audit involves performing procedures to obtain audit evidence about the amounts and disclosures in the financial statements. The procedures selected depend on the auditors' judgement, including the assessment of the risks of material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the auditors consider internal control relevant to the Company's preparation of financial statements that give a true and fair view in order to to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company's internal control. An audit also includes evaluating the appropriateness of accounting policies used and the reasonableness of accounting estimates made by Management, as well as evaluating the overall presentation of the financial statements.
We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.
Our audit has not resulted in any qualification.</f:StatementOfAuditorsResponsibilityForAuditAndAuditPerformed><f:OpinionOnAuditedFinancialStatements contextRef="c11">In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2014 and of the results of the Company's operations for the financial year 1 January - 31 December 2014 in accordance with the Danish Financial Statements Act.</f:OpinionOnAuditedFinancialStatements><f:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements contextRef="c11">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 financial statements. On this basis, it is our opinion that the information provided in the Management's review is consistent with the financial statements.</f:StatementOnManagementsReviewAuditorsReportOnAuditedFinancialStatements><g:ManagementsReview contextRef="c11">Vision and strategy
The core competences of Spæncom are to develop, produce and erect concrete elements. It is the vision of Spæncom to be the preferred partner in all construction projects using concrete elements and to be the largest supplier of highly refined industrialised construction systems.
This vision is pursued by focusing on innovation, high quality and consistency of supply, combined with the ability to compete through value-adding solutions, high productivity and focus on costs.
Results for the year and development
The production volume during the financial year has increased significantly compared to the previous year.
The Company's production of concrete elements takes place from production facilities in Aalborg, Kolding and Vemmelev and constitutes the majority of the Group's activities. The Group's headquarter is situated in Hedehusene.
The revenue of the Company during the financial year amounted to DKK 644.2 million, which is an increase compared to last year when revenue amounted to DKK 557.7 million. The Company's revenue for the year exceeds the expected revenue according to the expectations stated in the annual report for 2013.
During the financial year, overhead costs were held at a low level.
Operating profit amounts to DKK 9.3 million. The level is above the expectations stated in the annual report for 2013 and considered satisfactory.
Net financial items amounting to DKK -10.7 million include value adjustment to the market value of shares and bonds.
Given the effect of the financial items, the net result is not considered satisfactory.
The Group
The Group comprises the parent company Spæncom A/S as well as the subsidiaries Spaencom Betonfertigteile GmbH & Co KG (hereinafter named SBF) and Modulbeton A/S.
SBF
During the financial year, land, buildings and production plant of SBF have been rented to DW Systembau GmbH (a company in the Consolis Group). Results for the year before net financials amount to DKK -0.4 million compared to DKK -0.6 million last year. The results are considered unsatisfactory.
Modulbeton A/S
The company owns the Group's land, buildings and production plant in Tune. Profit before net financials for the year amounts to DKK -0.6 million, which is a slight improvement compared to last year. The profit is considered unsatisfactory.
General risks
Considering the Company's activities within production of concrete elements, the Company is inherently and to a great extent dependent on the general development in the construction industry, which is generally considered to be sensitive to market fluctuations.
Operational risks
To some extent, the Company's costs depend on the development in raw material prices â especially the prices of steel, cement and energy â and to the greatest possible extent, the Company attempts to hedge this risk by entering into long-term agreements with its suppliers. Similarly, the Company's production is relatively wage-intensive, and therefore, the Company's costs are also influenced by the development in wages and salaries.
The Companys production and products are mainly based on well-known and thoroughly tested techniques, and the majority of the tasks are performed under well-known risks; the Company attempts to minimise the risks through certified quality assurance programmes.
Currency risks
The Company's exposure to exchange rate fluctuations is limited as only a limited part of the transactions are denominated in currencies other than DKK. The main part of the transactions in foreign currencies is denominated in EUR, which is not hedged due to Denmark's fixed exchange rate policy vis-Ã -vis the euro. Transactions in other currencies are hedged if Management finds it appropriate.
The exposure to foreign currencies was insignificant at 31 December 2014.
As a main rule, the net investment in foreign subsidiaries is not hedged. No speculative currency transactions are made.
Interest rate risks
In relation to its mortgage debt, the Company is subject to an interest rate risk. The interest rate exposure is related to fluctuations in the CIBOR rate.
At the time of the closing of the financial year, there were no outstanding interest rate derivatives.
Credit risks
The Company's customers comprise a wide range of the operators in the Danish construction industry in particular, but with a considerable part of the revenue distributed among the large operators in the industry.
As the Company predominantly contracts and invoices in accordance with AB92, projects and debts are normally secured by means of guarantees from reputable guarantors and by means of transports. The maximum credit risk that may occur for trade receivables and other receivables corresponds to the value at which they are recognised in the balance sheet. No single receivable constitutes a significant part.
The Company contracts only with reputable financial institutions controlled by respected financial supervisory authorities.
Liquidity risks
The negative development in the liquidity proves that liquidity management shoul continuously be a focus area for the Company. However, based on budgeted results, Spæncom expects that the current financial resources are adequate and that the short-term liquidity reserves are sufficient. These reserves include the parent company's contribution of working capital if necessary.
Environment
Spæncom has environmental considerations as a high priority, and production takes place in compliance with the applicable environmental legislation and with a focus on possible reduction of the total amount of waste and discharge. Spæncom wishes to promote a cleaner environment by minimising consumption and waste.
Further, Spæncom has a strong focus on working environment and safety and takes part in the Consolis Group's global work regarding the improvement of safety and the working environment.
Development and research
It is a continuous effort to develop processes, methods and products which are of use to the Company and its stakeholders. This is done both within the Company and in cooperation with clients and advisors as well as in cooperation with the Consolis Group, which uses significant resources on the development of products and production methods.
Spæncom does not undertake actual research but participates in various development projects together with universities, technological institutes and other operators within the industry.
Human capital
To ensure the continuing growth of Spæncom A/S, it is essential that Spæncom continuously attracts and maintains highly educated professionals such as engineers, designers and production staff. To ensure a high and at the same time competitive product quality, the Company makes use of state-of-the-art processes in the tender and design phase and today possesses the highest expertise within design and project development in the concrete element industry.
Corporate social responsibility
There are no specific policies regarding voluntary integration of corporate social responsibility as a part of the activities of the Company. Consequently, there is no separate statement regarding corporate social responsibility.
Gender quotation in Management
Currently, the Company's supreme management body, the Board of Directors, consists solely of male members. It is the Company's goal, over time, to have at least one female member on the Board. preferably no later than 2018. The goal has been set based on the Group's industry, in which the workforce consists primarily of men.
At the Company's other management levels, the gender quotation is 75% men and 25% women at present. It is the Company's goal that, over time, each gender should be represented by at least 40%.
The Company strives to maintain and fulfil the goals set for gender quotation at all management levels but will always employ the best qualified candidate. Both male and female employees are encouraged to apply for internally advertised positions and to develop their competences and careers.
Event after the balance sheet date
No events have occurred after the balance sheet date that materially affect the financial position of the Company.
Expectations for 2015
Based on the activities within the building industry and the low price level, the financial year 2015 will also be challenging. Revenue is expected to amount to DKK 570 million. Capacity has now been adjusted to the current activity level. Despite these adjustments, the Company expects a positive EBIT.
Dividends and the annual general meeting
The Board of Directors will recommend to the annual general meeting that no dividends should be paid.
The annual general meeting will be held on Friday 29 May at 13:00 at the Company's premises in Hedehusene (Akacievej 1). </g:ManagementsReview><e:InformationOnReportingClassOfEntity contextRef="c11">The annual report of Spæncom A/S for 2014 has been prepared in accordance with the provisions applying to reporting class C entities (large) under the Danish Financial Statements Act.
The accounting policies used in the preparation of the financial statements are consistent with those of last year.
Pursuant to section 112(1) of the Danish Financial Statements Act, consolidated financial statements have not been prepared as the Company and its group entities are included in the consolidated financial statements of Consolis SAS. Furthermore, in accordance with section 86(4) of the Danish Financial Statements Act, the Company has not prepared a cash flow statement. The cash flow statement is included in the consolidated financial statements of Consolis SAS.</e:InformationOnReportingClassOfEntity><e:DescriptionOfMethodsOfForeignCurrencies contextRef="c11">On initial recognition, transactions denominated in foreign currencies are translated at the exchange rates at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses.
Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses.</e:DescriptionOfMethodsOfForeignCurrencies><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDistributionCosts contextRef="c11">Costs incurred in distributing goods sold during the year and in conducting sales campaigns, etc. are recognised as distribution costs. Also, costs relating to sales staff, exhibitions and depreciation are recognised.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDistributionCosts><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAdministrativeExpenses contextRef="c11">Administrative expenses comprise expenses incurred during the year for management and administration of the Group, including expenses for administrative staff, management, office premises and office expenses and depreciation.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfAdministrativeExpenses><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncomeAndExpenses contextRef="c11">Financial income and expenses comprise interest income and expense, gains and losses on securities, payables and transactions denominated in foreign currencies, amortisation of financial assets and liabilities as well as surcharges and refunds under the on-account tax scheme, etc.
Furthermore, realised and unrealised gains and losses regarding derivative financial instruments which cannot be classified as hedging agreements are included.
Financial income and expenses are recognised at the amounts relating to the financial year.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfFinanceIncomeAndExpenses><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses contextRef="c11">Tax on profit/loss from ordinary activities
The Company is taxed jointly with all Danish subsidiaries in the Consolis Denmark A/S Group. The current Danish corporation tax is distributed among the jointly taxed Danish companies in direct proportion to their taxable income. Companies utilising taxable losses in other companies settle joint taxation to the parent company corresponding to the tax value of the utilised losses, while companies where taxable losses are utilised by other companies receive joint taxation from the parent company corresponding to the tax value of the utilised losses (full allocation).
Tax for the year comprises current tax for the year and changes in deferred tax. The tax expense relating to the profit/loss for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. The tax expense recognised in the income statement relating to the extraordinary profit/loss for the year is allocated to this item, whereas the remaining tax expense is allocated to the profit/loss for the year from ordinary activities.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxExpenses><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIntangibleAssets contextRef="c11">Intangible assets
Licences are measured at cost less accumulated amortisation and impairment losses.
Amortisation is provided on a straight-line basis over the assets' estimated useful lives of 2-10 years.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfIntangibleAssets><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment contextRef="c11">Land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost less accumulated depreciation and impairment losses. Land is not depreciated.
Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, subsuppliers and wages and salaries.
For capital leases, the cost is measured to the lowest value of the asset's fair value or present value of future minimum lease payments. When calculating the net present value of leases, the interest rate implicit in the lease is used as the discount factor or an approximate value thereof.
The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight-line basis over the expected useful life. The expected useful lives are as follows:
Useful life
Production buildings 25-50 years
Plant and machinery 3-25 years
Other fixtures and fittings, tools and equipment 3-10 years
IT equipment 0-5 years
Depreciation is recognised as production costs, distribution costs and administrative expenses in the income statement.
Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised as other operating income or other operating costs, respectively.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfPropertyPlantAndEquipment><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates contextRef="c11">Investments in subsidiaries are measured at cost. Where the net realisable value is lower than cost, investments are written down to this lower value.
Profit and loss from divestment of group entities is calculated as the difference between the sales price and the carrying amount at the time of sale. </e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisForInvestmentsInSubsidiariesAndAssociates><e:DescriptionOfMethodsOfAmortisationOfNoncurrentAssets contextRef="c11">The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast cash flows from the disposal of the asset or the group of assets after the end of the useful life. </e:DescriptionOfMethodsOfAmortisationOfNoncurrentAssets><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInventories contextRef="c11">The net realisable value of inventories is calculated as the sales amount less costs of completion and costs necessary to make the sale and is determined taking into account marketability, obsolescence and development in expected selling price. </e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfInventories><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfContractWorkInProgress contextRef="c11">Construction contracts
Construction contracts are measured at the sales value of the work performed less on-account invoices and expected losses.
Construction contracts are characterised by the manufactured products containing a high degree of individualisation in terms of design. Furthermore, it is a requirement prior to the commencement of the work that a binding contract has been entered into, which is compensated at cancellation.
The sales value is measured based on the level of completion at the balance sheet date and the total expected income from the individual contract work. The percentage of completion is calculated on the basis of an assessment of the completed work, normally calculated as the relationship between the costs and the total expected costs for the construction contract.
When it is likely that the total construction costs for a construction contract will exceed the total construction income, the expected loss on the construction contract is immediately included as an expense.
When the sales value of a construction contract cannot be measured reliably, the sales value is measured as the costs to be spent on the construction which the Company considers to be the most probable to recover.
Construction contracts for which the sales value of the work performed exceeds the invoicing on account and expected loss are recognise as receivables. Construction contracts for which invoicing on account and expected losses exceed the sales value are recognised as a liability.
Prepayments from customers are recognised as a liability.
Expenses in connection with sales work and obtaining contracts are recognised in the income statement as incurred.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfContractWorkInProgress><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets contextRef="c11">Prepayments comprise costs incurred concerning subsequent financial years.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfDeferredIncomeAssets><e:DescriptionOfMethodsOfInvestmentsAsCurrentAssets contextRef="c11">Profit/loss from investments in subsidiaries and associates
Dividend from individual subsidiaries is recognised in the income statement of the parent company in the financial year when the dividend is declared.</e:DescriptionOfMethodsOfInvestmentsAsCurrentAssets><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax contextRef="c11">Corporation tax and deferred tax
Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account.
Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities based on the planned use of the asset or settlement of the liability. Where alternative tax rules can be applied to determine the tax value, deferred tax is measure based on Management's planned use of the asset or settlement of the liability, respectively.
Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity and jurisdiction.
Deferred tax is measured in accordance with the tax rules and at the tax rates at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement.
The Company is jointly taxed with the Danish companies in the Consolis Denmark A/S Group. Refund of taxes are made between the companies.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfTaxPayablesAndDeferredTax><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfProvisions contextRef="c11">Other provisions
Provisions comprise anticipated costs related to losses on work in progress, restructurings, etc. Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation and it is probable that there may be an outflow of resources embodying economic benefits to settle the obligation. Provisions are measured at net realisable value. If the obligation is expected to be settled far into the future, the obligation is measured at fair value. </e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfProvisions><e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions contextRef="c11">Liabilities other than provisions
Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. In subsequent periods, the financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan.
Other liabilities are measured at net realisable value.</e:DescriptionOfMethodsOfRecognitionAndMeasurementBasisOfLiabilitiesOtherThanProvisions><e:InformationOnSegments contextRef="c11">Segment information
Information is provided on business segments and geographical markets. Segment information is based on the Company's accounting policies, risks and internal financial management.</e:InformationOnSegments><e:DescriptionOfMethodsOfStatingKeyFiguresAndFinancialRatiosIncludedInManagementReview contextRef="c11">Explained key figures.
Return on assets
Profit before net financials x 100 / Average assets
Current ratio
Current assets total x 100 / Current liabilities
Solvency ratio
Equity at year end x 100 / Total assets
Return on equity
Profit from ordinary activities after tax x 100 / Average equity</e:DescriptionOfMethodsOfStatingKeyFiguresAndFinancialRatiosIncludedInManagementReview><e:DisclosureOfRevenue contextRef="c11">Own production
430,835
388,659
Erection, freight and external deliveries
213,396
169,005
Total revenue
644,231
557,664</e:DisclosureOfRevenue><e:ExplanationOfPrepayments contextRef="c11">Prepayments, DKK 1,566 thousand, consist of prepaid costs for rent, insurance premiums, subscriptions and interest as well as adjustments to the fair value of derivative financial instruments with positive fair value (2013: DKK 1,184 thousand).</e:ExplanationOfPrepayments><e:DisclosureOfContingentLiabilities contextRef="c11">Lease commitments (operating leases) due within 5 years amount to a total of DKK 22,068 thousand. Lease commitments due above 5 years amount to a total of DKK 335 thousand.
Spæncom A/S is a party to ongoing litigation. Management believes that the outcome of these lawsuits will not affect the Company's financial position beyond the receivables and obligations recognised in the balance sheet at 31 December 2014.
</e:DisclosureOfContingentLiabilities><e:DisclosureOfMortgagesAndCollaterals contextRef="c11">Performance guarantees amount to DKK 93,496 thousand (2013: DKK 113,926 thousand).
Book value of the properties where the mortgage and credit institutions and scrumptious credit institutions have backed amounts to DKK 103,934 thousand (2013: 107,208 thousand).
In 2005, the company provided guarantees to the subsidiary Spaencom Betonfertigteile GmbH & Co. of EUR 3,313 thousand, corresponding to DKK 24,716 thousand.
The following properties have been provided as collateral for mortgage debt of DKK 100,000 thousand:
- Borgergade 102, title no. 0009a, Tjæreby By, Tårnborg
- Letvadvej 37, title no. 0003df, Sofiendal By, Skalborg
- Letvadvej 37, title no. 0002gz, Sofiendal By, Skalborg
- Soneberg 7, title no. 0002d, RÃ¥dvad By, Harte
Modulbeton A/S' property at Lundevej 17, title no. 0009fi, Tune by, Tune has also been provided as collateral.</e:DisclosureOfMortgagesAndCollaterals><e:DisclosureOfTreasuryShares contextRef="c11">The Company has acquired 2,321 A-shares and 7,466 B-shares, corresponding to 2.32 %. The total payment for the shares amounted to DKK 4,384 thousand, which has been transferred from retained earnings under equity. These shares have not been cancelled and are therefore held as treasury shares. The Company may choose to sell these shares at a later time. The shares have been acquired as part of the Company's strategy.</e:DisclosureOfTreasuryShares><e:InformationOnRelatedEntities contextRef="c11">Spæncom A/S' related parties comprise the following:
Controlling interest
Consolis Denmark A/S holds the majority of the share capital in the Company.
Ownership
The following shareholder is registered in the Company's register of shareholders as holding minimum 5 % of the voting rights or minimum 5 % of the share capital:
Consolis Denmark A/S
Akacievej 1
2640 Hedehusene
The Company is included in the consolidated financial statements of:
Consolis Holding SAS
31 place Ronde, Quatier Valmy La Défense
92800 Puteaux
France
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dimension="e:ClassesOfInvestmentsDimension">e:InvestmentsInGroupEnterprisesMember</xbrldi:explicitMember></scenario></context><!--Kapandele tilknyttede forrige ultimo--><context id="c315"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2013-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfInvestmentsDimension">e:InvestmentsInGroupEnterprisesMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat IM aktuel ultimo--><context id="c361"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:IntangibleAssetsMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat IM forrige ultimo--><context id="c362"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2013-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:IntangibleAssetsMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat Mat aktuel ultimo--><context id="c363"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:PropertyPlantAndEquipmentMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat Mat forrige ultimo--><context id="c364"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2013-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:PropertyPlantAndEquipmentMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat Fin aktuel ultimo--><context id="c365"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:LongtermInvestmentsAndReceivablesMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat Fin forrige ultimo--><context id="c366"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2013-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:LongtermInvestmentsAndReceivablesMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat underskud aktuel ultimo--><context id="c373"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:TaxLossesMember</xbrldi:explicitMember></scenario></context><!--Udskudt skat underskud forrige ultimo--><context id="c374"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2013-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:DeferredTaxItemsDimension">e:TaxLossesMember</xbrldi:explicitMember></scenario></context><!--Gald realkredit forrige ultimo--><context id="c383"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2013-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:ClassesOfLongTermLiabilitiesDimension">e:LongtermMortgageLoansMember</xbrldi:explicitMember></scenario></context><!--HTAL aar2--><context id="c387"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2013-01-01</startDate><endDate>2013-12-31</endDate></period></context><!--HTAL aar3--><context id="c389"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:TwoYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL ultimo aar3--><context id="c391"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:TwoYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL aar4--><context id="c392"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:ThreeYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL ultimo aar4--><context id="c394"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:ThreeYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL aar5--><context id="c395"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:FourYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL ultimo aar5--><context id="c397"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:FourYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL LGRAD 1--><context id="c598"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:typedMember dimension="g:IdentificationOfKeyFigureOrFinancialRatioDimension"><g:keyFigureOrFinancialRatioIdentifier>1</g:keyFigureOrFinancialRatioIdentifier></xbrldi:typedMember></scenario></context><!--HTAL LGRAD 2--><context id="c599"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:typedMember dimension="g:IdentificationOfKeyFigureOrFinancialRatioDimension"><g:keyFigureOrFinancialRatioIdentifier>1</g:keyFigureOrFinancialRatioIdentifier></xbrldi:typedMember><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:PreviousYearMember</xbrldi:explicitMember></scenario></context><!--HTAL LGRAD 3--><context id="c600"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:typedMember dimension="g:IdentificationOfKeyFigureOrFinancialRatioDimension"><g:keyFigureOrFinancialRatioIdentifier>1</g:keyFigureOrFinancialRatioIdentifier></xbrldi:typedMember><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:TwoYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL LGRAD 4--><context id="c601"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:typedMember dimension="g:IdentificationOfKeyFigureOrFinancialRatioDimension"><g:keyFigureOrFinancialRatioIdentifier>1</g:keyFigureOrFinancialRatioIdentifier></xbrldi:typedMember><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:ThreeYearsAgoMember</xbrldi:explicitMember></scenario></context><!--HTAL LGRAD 5--><context id="c602"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:typedMember dimension="g:IdentificationOfKeyFigureOrFinancialRatioDimension"><g:keyFigureOrFinancialRatioIdentifier>1</g:keyFigureOrFinancialRatioIdentifier></xbrldi:typedMember><xbrldi:explicitMember dimension="d:RetrospectiveInformationDimension">d:FourYearsAgoMember</xbrldi:explicitMember></scenario></context><!--REVISOR1 forrige i aaret--><context id="c704"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2013-01-01</startDate><endDate>2013-12-31</endDate></period><scenario><xbrldi:typedMember dimension="d:IdentificationOfAuditorDimension"><d:auditorIdentifier>1</d:auditorIdentifier></xbrldi:typedMember></scenario></context><!--Datterselskab1--><context id="c758"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:TypeOfRelatedEntityDimension">e:SubsidiaryMember</xbrldi:explicitMember><xbrldi:typedMember dimension="e:IdentificationOfRelatedEntityDimension"><e:relatedEntityIdentifier>1</e:relatedEntityIdentifier></xbrldi:typedMember></scenario></context><!--Datterselskab ultimo1--><context id="c759"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:TypeOfRelatedEntityDimension">e:SubsidiaryMember</xbrldi:explicitMember><xbrldi:typedMember dimension="e:IdentificationOfRelatedEntityDimension"><e:relatedEntityIdentifier>1</e:relatedEntityIdentifier></xbrldi:typedMember></scenario></context><!--Datterselskab2--><context id="c771"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><startDate>2014-01-01</startDate><endDate>2014-12-31</endDate></period><scenario><xbrldi:explicitMember dimension="e:TypeOfRelatedEntityDimension">e:SubsidiaryMember</xbrldi:explicitMember><xbrldi:typedMember dimension="e:IdentificationOfRelatedEntityDimension"><e:relatedEntityIdentifier>2</e:relatedEntityIdentifier></xbrldi:typedMember></scenario></context><!--Datterselskab ultimo2--><context id="c790"><entity><identifier scheme="http://www.dcca.dk/cvr">26271010</identifier></entity><period><instant>2014-12-31</instant></period><scenario><xbrldi:explicitMember dimension="e:TypeOfRelatedEntityDimension">e:SubsidiaryMember</xbrldi:explicitMember><xbrldi:typedMember dimension="e:IdentificationOfRelatedEntityDimension"><e:relatedEntityIdentifier>2</e:relatedEntityIdentifier></xbrldi:typedMember></scenario></context><!--Aktier--><unit id="u1"><measure>xbrli:shares</measure></unit><!--DKK 1000000--><unit id="u7"><measure>iso4217:DKK</measure></unit><!--Antal--><unit id="u9"><measure>xbrli:pure</measure></unit></xbrl>