1. business and industrial

Annual Report
2014
Contents
The Chairman’s Remarks
Strategy
Management
Member Meetings & Partner Events
Delegations
Prospects for 2015
Members in 2014
Founding Members
Financial Statement
The Chairman’s Remarks
Dear members,
2014 became the year were the Chinese economy surpassed its American counterpart to become the world’s
biggest economy (PPP-terms) and where Xi Jingping, together with the leadership in Beijing, carried the
comprehensive liberalisation of the Chinese economy into 2015. A China en route to a decisive market-based
economy represents prosperous conditions for Danish businesses to pursue the opportunities that the Chinese
market entails. At Danish-Chinese Business Forum, we will advocate for an increased effort among Danish
companies to adapt strategic decisions for them to capture the full potential of the Chinese market.
China remains a market of several challenges;, especially for small- and medium-sized Danish enterprises. Still,
many of our members continued to succeed on the Chinese market in 2014. It is a great pleasure to see that
what we do is working in practice. In 2014, Denmark experienced an increase in Chinese investments, especially in the hi-tech industry. Examples of companies that engaged in partnerships with Chinese investors are
Scape Technology A/S, Dynaudio and Libratone.
Leading a delegation of several prominent Danish companies, Her Majesty Queen Margrethe II together with
His Royal Highness the Prince Consort of Denmark completed a state-visit to China in April. The visit was the
first Danish state visit since Her Majesty Queen Margrethe II became the first monarch to visit China 35 years
ago. Alongside the royal couple 161 Danish companies, the largest business delegation in history,, took part in
the visit. Furthermore, His Royal Highness the Prince Consort visited Suzhou and Nanjing in
November, supporting the activities of some of our members. As part of the visit, His Royal Highness awarded the General Manager of Radiometer China and one of AVK’s key Chinese distributors with The Diploma
of the Danish Export Association and His Royal Highness Prince Henrik's Medal of Honour.
Sino-Danish diplomatic relations remain at an all-time high. Denmark received 13 ministry-level delegations
and 14 Danish minister visited to China in 2014. In September, Prime Minister Helle Thorning-Schmidt made
her second visit to China since entering office in 2011. The Prime Minister met with President Xi Jinping to
upgrade the existing bilateral Strategic Partnership first signed in 2008. The visibility of Danish businesses was
invigorated throughout these visits, and such events remain important to promote Danish key competencies in
China. At Danish-Chinese Business Forum we appreciate the support by the Danish Government and strongly
encourage the continuation of such efforts.
In 2014, Danish-Chinese Business Forum welcomed 22 new members, all of which are highly valuable to the
network, and ended the year with 166 members. In 2014 Danish-Chinese Business Forum also expanded our
membership base in China as Bank of China, Greatop Science & Technology and Mingyang Wind
Power Group joined the network, further deepening the two-way perspective of our organization. At DanishChinese Business Forum, we hope that this trend will continue. The financial result in 2014 ended with a small
surplus of DKK 61.692 and the balance sheet showed equity of DKK 994.383.
I direct my sincere appreciation to all the Danish ministries with whom Danish-Chinese Business Forum have
collaborated with throughout the previous year. The dialogue with the Danish Embassy and Danish Consulate
Generals in China is very much appreciated, as well as our important cooperation with the Danish Chambers
of Commerce in China. My pronounced gratitude should also go to Ambassador Liu Biwei and his staff at the
Chinese Embassy in Denmark together with whom we enjoy working to continuously improve Sino-Danish
relations.
In 2015 and beyond Danish-Chinese Business Forum will continue to strengthen the network and promote
our members’ interests, in China as well as in Denmark. For this purpose members’ contribution to further
advance the work of Danish-Chinese Business Forum remains of paramount importance as it enables us to
optimize our support for your activities. We thank all contributors of valuable insights to the network in 2014,
and continue to welcome a constructive dialogue.
Thorkil K. Christensen, 14 April 2015
1
Strategy
Mission
Goals
Danish-Chinese Business Forum is an independent,
non-political, executive non-profit organisation. Its
purpose is to strengthen commercial and economic
relations between Denmark and China for the benefit of Danish-Chinese Business Forum members.
Danish-Chinese Business Forum strives to add value
for its members and specifically aims to:
 Facilitate match-making between members and
business contacts within and outside the network and official agencies.
Danish-Chinese Business Forum is an executive network association with an informal and direct style of
interaction. Danish-Chinese Business Forum is
building and maintaining active participation and exchange of knowledge among top executives and
managers from large and small companies, educational and research institutions, and municipal, regional and central government bodies.
Vision
Danish-Chinese Business Forum is known as the
best executive networking forum for top management of Danish companies and institutions with interests in China as well as for top management of
Chinese companies and institutions with interests in
Denmark.
2

Provide members with access to business leaders, top governmental officials, and experts.

Present the latest knowledge, experience, and
visions of leading experts to the members.

Maintain strong ties to the Danish government
and the official Danish representations in China,
and to the Chinese government and the official
Chinese representation in Denmark.

Be a strong voice and influencer of Danish
commercial and trade policy in relation to China.

As the primary lobby organisation in DanishChinese relations, carry forward members’ issues, requests or problems to relevant bodies
such as governmental authorities, organisations
or business contacts.

Have 175 members by the end of 2015.

Reduce withdrawals to less than 10% per year.
Management
Boards of Directors
Thorkil K. Christensen
Senior Vice President &
CFO, Novo A/S
(Chairman)
Claus V. Hemmingsen
CEO, Maersk Drilling, and
Partner & Member of the
Group Executive Board,
A.P. Moller-Maersk A/S
(Vice-chairman)
Tom Behrens-Sørensen
Partner,
Navisino Advisors Ltd.
Kjeld Erik Brødsgaard
Ph.D., Professor, Director,
Asia Research Centre,
Copenhagen Business
School
Henrik Busch
Chairman & Co-owner,
House of Amber ApS
Mogens Heering
Senior Vice President &
Chairman of COWI China,
COWI A/S
Susanne Hyldelund
Under-Secretary, Trade
Council, Ministry of Foreign
Affairs of Denmark
Humphrey Lau
Group Senior Vice
President, CEO of Grundfos China, Grundfos A/S
Mads Pinnerup
Vice President, Business
Support, District Energy
Danfoss A/S
Hans Henrik Pontoppidan
Partner, Corporate Finance
Deloitte A/S
Sven Riskær
CEO,
Pluribus ApS
Nan-Yu Topsoe
Vice President,
Group Strategy, China,
Haldor Topsoe A/S
Liu Biwei
Ambassador, Embassy of the
People’s Republic of China
in Denmark
(Observatory Status)
Secretariat
Tom Jensen
Secretary General

Bonnie Dræby Lind, CRM Manager & Executive Assistant

Søs Boysen, Marketing Manager

Nicolaj Brandt-Møller, Project Manager

Hanne Sørensen Hjortby, Administrative Officer

Wei Ma Lau, Chief Representative, China

Morten Kure, Research Assistant

Mia Louise Moth, Content & Marketing Assistant

Amanda Nyberg, Communications Assistant

Luyi Zhang, Assistant Project Manager
3
Member Meetings & Partner Events in 2014
In 2014, Danish-Chinese Business Forum organised
10 member meetings and 8 partner events, including
one in Beijing. Through these events, experienced
executives and experts shared up-to-date
information, visions and insights relevant to doing
business in China. A few highlights are listed below.
3 & 4 May 2014: E-commerce in China
Mensch and Bech-Bruun, in co-operation with
Danish-Chinese Business Forum, organised events
both in Copenhagen and Århus, focusing on
e-commerce in China - a market, which now is the
largest in the world after having surpassed the US in
2013. Speakers from Mensch, Bech-Bruun, DanishChinese Business Forum and IFU, gave the
participants a tour of the Chinese e-commerce
landscape and shared their insights on opportunities
and challenges, including how to get started, legal
issues and how to build an e-commerce brand.
3 April 2014: Shanghai Free Trade Zone: Explore
the Business & Financial Opportunities
The seminar and lively discussions provided a good
understanding of the development and the business
and financial opportunities in Shanghai Free Trade
Zone. Thorough explanation of the financial reform
provided detailed information on the financial
regulations and the tax and business opportunities in
Shanghai FTZ. The speakers also engaged in a lively
discussion over their views on the future role of the
free trade zone concept in the future economic
development in China. The seminar was organised in
cooperation with the Danish Chamber of Commerce
in China (DCCC) and took place in Beijing.
17 September 2014: Management of Market
Growth and Organisational Expansion
Since their early presence in the Chinese market
Radiometer Medical ApS has experienced significant
growth, and at this member meeting they presented
not only their sales strategy and market development
prospects, but they also went into a deeper
discussion on how Radiometer has experienced and
dealt with organisational challenges spurred from
their growth as well as how they have ensured
compliance in their China organisation.
10 April 2014: From Export to Establishment of
Sales Organisation
Universal Robots hosted this member meeting,
presenting their approach to the Chinese market.
Speakers from the management and board offered
insights on Universal Robot’s entry on the Chinese
market, first through exports via a network of
distributors from 2011, and later through own sales
organisation, established in 2013; the dynamics of
the Chinese B2B market, incl. potential challenges
and pitfalls; as well as Universals Robots
expectations for further market development.
2 October 2014: Leadership and Management in
the 21st Century
Thursday 2 October 2014, Danish Chinese Business
Forum held a member meeting on Leadership and
Management in the 21st Century, hosted by Mercuri
Urval at their premises in Hellerup. Speakers from
DeTao Masters Academy in Beijing, Mercuri Urval
and DEIF shared their thoughts on 21st Century
leadership and strategy in China. At the meeting,
presentations included discussions on which factors
Scandinavian companies should take into account
when employing and developing their management
team for their China Business as well as hands-on
management experience on how to succeed as a
Scandinavian executive in China.
8 May 2014: Brand Building and Market
Development
At this member meeting, centred on how to build a
strong brand and develop the market in China,
speakers from Kopenhagen Fur and Mensch
stressed the importance of having a strong brand in
China that stands for quality, as well as being
constantly aware of the trends and sub-trends that
are evolving. The geographical size of China should
also be carefully considered, as demands and
preferences differ greatly across the country.
Therefore, companies should consider entering one
or few areas of China at a time to ensure that each
area is approached on an individual basis. The member meeting was kindly hosted by Kopenhagen Fur.
Danish-Chinese Business Forum would like to thank
and express gratitude towards all of our members
and partners, who hosted the events, towards the
executives and experts who shared their expertise
and towards all participants, who by engaging in
discussion and knowledge-sharing made each
meeting and partner event a success.
4
Member Meetings & Partner Events in 2014
9 January
Economic & Political Update
Host: Danske Bank, Copenhagen
27 March
Mind the Gap! Hiring the Right Talent for Business with China
Partner event with Copenhagen Business School and University of Copenhagen
Host: Copenhagen Business School, Copenhagen
3 April
Shanghai Free Trade Zone: Explore the Business & Financial Opportunities
Partner event with DCCC
Venue: West Chaoyang Hotel, Beijing
10 April
From Export to Establishment of Sales Organisation - The Case of Universal Robots
Host: Universal Robots, Odense
29 April
China towards 2020: Politics, Economic Reform, and the Urban Transition
Partner event with ThinkChina and Nordea
Host: Nordea, Copenhagen
8 May
Brand Building and Market Development
Host: Kopenhagen Fur A/S, Glostrup
15 May
Chinese Investments and Partnerships with Danish Companies - Perspectives for Growth
Partner event with the Danish Chamber of Commerce
Venue: Børsen, Copenhagen
4 June
Strategy-making in the Light of the Current Development in China
Host: Novo A/S, Hellerup
26 June
Selling to China
Partner event with Danish Export Association, DBDH & Medico Industrien
Venue: Fredericia Exhibition Centre, Fredericia
3&4
September
17 September
E-commerce in China
Partner event with Mensch & Bech-Bruun
Hosts: Mensch, Copenhagen & Bech-Bruun, Aarhus
Management of Market Growth and Organisational Expansion – The Case of Radiometer
Host: Radiometer Medical ApS, Brønshøj
2 October
Leadership and Management in the 21st Century
Host: Mercuri Urval A/S, Helleup
3 October
Sino-Danish Center for Education and Research in Beijing – Opportunities for Danish
Businesses in China
Host: A.P. Møller - Mærsk A/S, Copenhagen
31 October
Corporate Social Responsibility – and Human Rights
Host: Danish-Chinese Business Forum, Copenhagen
12 & 13
November
Targeting the Chinese Mid-Market
Hosts: Asia House, Copenhagen & Danish Export Association, Silkeborg
21 November
Recommendations for China
Host: Deloitte, Copenhagen
25 November
US and China: Shape Your International Growth Strategy
Partner event with Danish-American Business Forum
Host: EY, Frederiksberg
2&3
December
IPR – Recommendations for How to Protect your Brand, Design and Innovations
Partner event with Danish Patent and Trademark Office
Hosts: Danish Patent and Trademark Office, Taastrup & Gorrissen Federspiel, Aarhus
5
Delegations in 2014
In 2014, Danish-Chinese Business Forum received
17 high-level Chinese delegations, including
government delegations and business delegations.
The following is a list of examples:
14 July 2014: City of Xiamen
The Xiamen delegation led by Vice Mayor Mr Kang
Tao focused on promoting Xiamen among Danish
companies as well as receiving more knowledge
about Denmark in order to promote Denmark
among their local businesses. The delegation was
composed by government staff from different
department including Xiamen Foreign Affair Office
and Xiamen State-owned Assets Supervision and
Administration Commission. Xiamen is hosting a
number of Danish companies and is ready to
welcome more.
25 February 2014: Anshan Municipal People’s
Government
The delegation was led by Mr Zhao, Vice Mayor of
Anshan, and comprised several government staff and
executives from various heat supply companies in
Anshan. Anshan Municipal Government has a
strong focus on sustainable urban development and
energy efficiency and met with Danish-Chinese
Business Forum member companies Danfoss and
COWI. Anshan’s, Danfoss’ and COWI’s on-going
cooperation aims to give the city of Anshan a more
environmental profile by co-developing a world-class
district heating project.
21 August 2014: Tianjin Economic Technological Development Area (TEDA)
The delegation was led by Ms Wang Xuejia, Assistant
Director of TEDA Administrative Commission and
Director of TEDA Development and Reform
Bureau. During the visit, the delegation shared the
successful experience of Danish investment in
TEDA and discussed the trends of development of
Danish companies in China.
30 May 2014: China’s National Development and
Reform Commission (NDRC)
China’s National Development and Reform
Commission is a governmental body in charge of
formulating China’s economic policies, including
formulation of five-year plans, energy, infrastructure
and urbanization policies; thus responsible for
national investment decision-making.
18 September 2014: Guangdong SME Bureau
The delegation was led by Director General Huang
Jianming. During the visit, Danish-Chinese Business
Forum and Guangdong SME Bureau had a
productive meeting concerning Danish-Chinese
collaboration in regards to SMEs doing business in
both countries. Both parties have put substantial
attention on how to help and support local and
foreign small and medium enterprises to develop in
Denmark and China, and Danish SMEs were
encourages to visit the SME Exhibition in
Guangzhou.
The delegation was led by Mr Liu He, Vice Chairman
of NDRC, in charge of a comprehensive reform of
the economic system in NDRC. Danish-Chinese
Business Forum and Confederation of Danish
Industry (DI) conducted a joint roundtable meeting
where the topics evolved around sustainable energy,
green industries, and the low carbon society.
The participating companies included the following
members of Danish-Chinese Business Forum::
A.P. Møller-Mærsk, Bech-Bruun, Danfoss, Dong
Energy, Fiberline Composites, FORCE Technology,
KK-Wind Solutions, and University of Copenhagen.
25 September 2014: Ministry of Environmental
Protection
The delegation from Ministry of Environmental
Protection led by Mr Hao, Deputy Director General
of the Department of Human Resource Management
and Institutional Arrangement, stayed in Denmark
for 3 weeks studying the Danish green technology
and environmental protection, and Danish-Chinese
Business Forum, together with member company
Arrin, organised a comprehensive programme for
the delegation comprising visits to a number of
Danish-Chinese
Business
Forum
member
companies.
6
Prospects for 2015
With real GDP growth of 7.4% in 2014, the data
published by Chinese authorities in January displayed
the weakest performance of the Chinese economy
since 1990. Despite this expected slowdown, the
Chinese economy still delivered the largest growth
rate among emerging economies. Most notably 2014
became the year where China surpassed its American
counterpart to become the world’s largest economy
in PPP-terms.
As Premier Li Keqiang opened the parliament's
annual session he unveiled a growth target around
7% for 2015, promised to fight pollution "with all
our might" and maintained the un-employment
target of 4.5% creating 10 million jobs per year.
These areas will likely be the basis of the 13th fiveyear plans of People's Republic of China to be
unveiled later this year.
Still a Global Growth Factor
In January, The People's Bank of China said it will
accelerate market-oriented interest rate reforms and
increase convertibility of the Renminbi. The central
bank also proclaimed that it would take action to
reduce systemic risks in the financial sector,
indicating that regulators will continue to monitor
for shadow banking and off-balance sheet lending.
Monetary Policy
For the past decade the Chinese economy has been
the main driver for global growth, and it remains
unlikely to change within near future. The slowdown
of the Chinese economy is likely to carry into 2015
and 2016 (cf. Table 1), but falling oil prices and
stronger global economy have supported growth in
China at the beginning of 2015, delivering GDP
projections well above what is expected in the rest of
the world. It should be noted though, that much of
the projections for 2015, both in China and the rest
of the world, depend on the current headwinds in
Europe, the recovery of the US economy and the
conflict with Russia.
Easier credit conditions have led to a rise in
corporate debt level. At the moment China has the
economic capacity to bail out loans but this need for
deleveraging limits the room for stimuli by
expansionary fiscal and monetary policies. In general,
it is expected that the central bank will continue its
careful monetary policy to save its tools for when
they become necessary to keep growth stable.
Table 1. GDP projections: China
2015f
2016f
Global Presence
IMF
7.4 %
6.8 %
World Bank
7.1 %
7.0 %
OECD
7.1 %
6.9 %
In February People's Bank of China governor, Zhou
Xiaochuan, launched a $40 billion Silk Road fund.
The money will be invested both locally and overseas
to create a network of roads, rail roads, airports and
harbours. Also, China is establishing three additional
free trade zones in Guangdong, Fujian and in Tianjin
modelled on the Shanghai Free Trade Zone
established in 2013.
A ‘New Normal’ – Around 7%
The beginning of 2015 has provided leeway for l
eadership in Beijing to accelerate its structural
reforms. Chinese president, Xi Jinping, remains
dominant within the Party lines and appears to carry
his anti-corruption and reform effort into 2015
together with an acceleration of the liberalization
towards a decisive market-driven economy with a
larger service sector and liberalization of state-owned
enterprises.
Highlighting the global influence of China, outbound
direct investment is expected to surpass inbound
investments for the first time in 2015. Europe has
emerged as a popular destination for Chinese
investments, with 153 separate Chinese investments
worth $18 billion.
Most experts see a new China emerging—and
rightfully
so.
China
provides
prosperous
opportunities and will remain an increasingly relevant
market, which requires executives to re-think
strategic decisions for a ‘new normal’ .
As of today, the service industry in China is growing
faster than manufacturing and the gap between
investment and consumption is closing, indicating
that China moves towards a successful rebalancing
of the economy and reforms are showing effects
—a ‘new normal’.
7
Members in 2014
EMCO Controls A/S
Ernst & Young P/S

Fairytale Company of Denmark ApS
Faurschou A/S
Fiberline Composites A/S
Fischer & Company
Flensby & Partners A/S
FLEYE ApS
FLSmidth A/S
Flügger A/S
FOM Technologies ApS
FORCE Technology
FOSS A/S
Fossflakes A/S
Frederiksdal Kirsebærvin A/S

Geological Survey of Denmark & Greenland – GEUS
Global Blue Danmark A/S
GN Netcom A/S
GN Otometrics A/S
Gorrissen Federspiel
Greatop Science and Technology Development
(Denmark) Aps
Green Seminars
Grundfos A/S

H. Lundbeck A/S
Hagens Fjedre A/S
Haldor Topsøe A/S
Handelsbanken
Healthcare Danmark
House of Amber ApS

IDEAS Denmark A/S
IFU
IMPACT Consulting Ldt.
International Business Academy
Invactor Invest ApS

J. Lauritzen A/S
Jebsen & Co. A/S
JYSK Nordic A/S

Kamstrup A/S
Kelsen Group A/S
KK Wind Solutions A/S
Klarlund A/S
Kloster
Kompetence Partner ApS
Kopenhagen Fur A/S
Kromann Reumert
Kvadrat A/S
A. P. Moller-Maersk A/S
Access People Ltd.
Accura Law Firm
Across Partners Aps
Albatros Travel A/S
Allerup Teknik A/S
Andritz Feed & Biofuel A/S
Arla Foods amba
Arrin A/S
Asia Base A/S
Attention Design ApS
AVK Holding A/S
Axcel

B2B Link China A/S
Baltic Asiatic Holding A/S
Bank of China
Bech-Bruun
Beltoft & Company ApS
Berrifine A/S
Bird & Bird
Bunker Holding A/S
Bycirklen

C&P Inspection A/S
C3 Consulting ApS
Capital Region of Denmark
Central Denmark Region
Chamber of Commerce and Industry of
Southern Sweden
City of Copenhagen
City of Aarhus
Copenhagen Airports A/S
Copenhagen Business College – Niels Brock
Copenhagen Business School
Copenhagen Malmö Port AB
COWI A/S
CSR Capital A/S

Da’core A/S
Dako A/S
Danfoss A/S
Danish Export Association
Danske Bank A/S
Dea Kudibal A/S
DEIF A/S
Deloitte A/S
DISA Industries A/S
dnp denmark as
DONG Energy A/S
Dynaudio A/S

ECCO Sko A/S
Embassy of the People’s Republic of China
in Denmark
8
Members in 2014
Landbrug og Fødevarer
Lassen Ricard
LEGO Group A/S
LINCO Food Systems A/S
Lu Consulting ApS

Mensch P/S
Mercuri Urval A/S
Michael Buur Trærup
Ministry of Business and Growth Denmark
Ministry of Foreign Affairs of Denmark
Ming Yang Wind Power Group Ltd.

Navisino Partners Ltd.
Nic. Christiansen Holding A/S
Nilfisk-Advance A/S
Nordea A/S
Nordic Flex House IVS
Nordisk Dæk Import A/S
Norvidan Overseas A/S
Novo A/S
Novo Nordisk A/S
Novozymes A/S
Nyborg Municipality

O-Net Wavetouch Denmark A/S
Oakstream ApS
Ole Wolff Elektronik A/S
OSA – One Stop Advice ApS

Palsgaard A/S
PensionDanmark
Plougmann & Vingtoft A/S
Pluribus ApS
Prime Cargo A/S
PSU China

Radiometer Medical ApS
Reeslev Copenhagen ApS
Region of Southern Denmark
Rockwool International A/S
Ronald A/S
Rosendahl Design Group A/S
Rovsing A/S
Royal Greenland A/S
Rønne & Lundgren Law Firm

SAS – Scandinavian Airlines Denmark A/S
Scandinavian Cortex Office, City of Odense
Scandinavian Farms Invest A/S
SE
SmithStreetSolutions
SP Group A/S
Stanton Chase International P/S
Struers A/S
Sunarc Technology A/S
Svendborg Brakes A/S

Tajco Group A/S
Technical University of Denmark (DTU)
The Bridge
The Leadership and Coaching Group ApS
The Universe Foundation
Thermo King Container - Denmark A/S
Topsil Semiconductor Materials A/S
Trayton Group
Tue Tyge Møller

Universal Robots A/S
University of Copenhagen

VIA University College
Vink Plast ApS
VisitDenmark
Væksthus Sjælland

Wrist Group A/S

Zastrow & Co. ApS
ZESO Architects ApS

Aalborg University
Aarhus University

Honorary Members:
Nils Foss, Former Chairman of Danish-Chinese
Business Forum
Li Ruiyu, Former Ambassador of the People’s
Republic of China to Denmark
Xie Hangsheng, Former Ambassador of the
People’s Republic of China to Denmark
Zhen Jianguo, Former Ambassador of the People’s Republic of China to Denmark
9
Founding Members
Christian Frigast
CEO
Lars Peter Søbye
CEO
Hans Henrik Pontoppidan
CEO
Niels Foss
Founder
Hans B. Schlaikier
Managing Director
Jebsen & Co. A/S
Claus V. Hemmingsen
Partner
Thorkil K. Christensen
Senior Vice President, CFO
Niels B. Christiansen
CEO
Per Have
Senior Vice President
Carsten Bjerg
Group President, CEO
Peter H. Kürstein
President
10
Michael Rasmussen
Member, Group Executive
Management
Poul Drusebjerg
Vice President
Danish-Chinese Business Forum
Robert Jacobsens Vej 76A-1, st., 2300 København S
CVR No. 29 05 16 31
Annual Report
for the year ended 31 December 2014
Contents
Organisation's details
13
Statement by the supervisory and executive Boards on the Annual Report
14
Independent auditor's reports
15
Management's review
16
Financial statement
Accounting policies
17
Income statement
19
Balance sheet
20
Notes
60789640/2014/
Organisation's details
Danish-Chinese Business Forum
Robert Jacobsens Vej 76A-1, st.
2300 København S
www.dcbf.dk
Tel: +45 33 32 97 78
Fax: +45 33 32 97 75
Board of Directors
Thorkil Kastberg Christensen, Chairman
Claus V. Hemmingsen, Vice Chairman
Tom Behrens-Sørensen
Kjeld Erik Brødsgaard
Henrik Busch
Mogens Heering
Susanne Hyldelund
Humphrey Lau
Mads Pinnerup
Hans Henrik Pontoppidan
Sven Riskær
Nan-Yu Topsøe
Secretary General
Tom Jensen
Auditors
Ernst & Young Godkendt Revisionspartnerselskab
2000 Frederiksberg, Denmark
Tel: +45 70 10 80 50
Fax: +45 35 87 22 00
Bankers
Nordea Bank Danmark A/S
Sydbank A/S
60789640/2014/
Statement by the Board of Directors and the Secretary General on the annual report
Today, the Board of Directors and the Secretary General have discussed and approved the annual report of
Danish-Chinese Business Forum for the financial year 1 January - 31 December 2014.
The annual report is prepared in accordance with the Danish Financial Statements Act.
In our opinion, the financial statements give a true and fair view of the Organisation's financial position at
31 December 2014 and of the results of its operations for the financial year 1 January - 31 December
2014.
In our opinion, the Management's review includes a fair review of the matters dealt with in the
Management's review.
Copenhagen, 14 April 2015
Secretary General:
...................................................
Tom Jensen
Board of Directors:
...................................................
Thorkil Kastberg Christensen
chairman
...................................................
Claus V. Hemmingsen
vice chairman
...................................................
Tom Behrens-Sørensen
...................................................
Kjeld Erik Brødsgaard
...................................................
Henrik Busch
...................................................
Mogens Heering
...................................................
Susanne Hyldelund
...................................................
Humphrey Lau
...................................................
Mads Pinnerup
...................................................
Hans Henrik Pontoppidan
...................................................
Sven Riskær
...................................................
Nan-Yu Topsøe
14
Independent auditor's reports
To the members of Danish-Chinese Business Forum
Report on financial statements
We have audited the financial statements of Danish-Chinese Business Forum for the financial year 1 January - 31
December 2014, which comprise a summary of significant accounting policies, income statement, balance sheet and
notes. The financial statements have been prepared in accordance with the Danish Financial Statements Act.
Management's responsibility for the financial statements
Management is responsible for the preparation of financial statements that give a true and fair view in accordance with
the Danish Financial Statements Act. Further, Management is responsible for such internal control as it determines is
necessary to enable the preparation of financial statements that are free from material misstatement, whether due to
fraud or error.
Auditor's responsibility
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 according to Danish audit regulations.
This requires that we comply with ethical requirements and plan and perform the audit to obtain reasonable assurance
about 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 auditor's judgement, including an assessment of the risks of
material misstatement of the financial statements, whether due to fraud or error. In making those risk assessments, the
auditor considers internal control relevant to the entity's preparation of financial statements that give a true and fair
view. The purpose is to design audit procedures that are appropriate in the circumstances, but not to express an opinion
on the effectiveness of the entity's internal control. An audit also includes evaluating the appropriateness of accounting
policies used, the reasonableness of accounting estimates made by management as well as 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 audit
opinion.
Our audit has not resulted in any qualification.
Opinion
In our opinion, the financial statements give a true and fair view of the Organisation's financial position at 31 December
2014 and of the results of its operations for the financial year 1 January - 31 December 2014 in accordance with the
Danish Financial Statements Act.
Statement on the Management's review
In accordance with 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.
Copenhagen, 14 April 2015
Ernst & Young
Godkendt Revisionspartnerselskab
Robert Christensen
state authorised public accountant
15
Management's review
Business activities and mission
Danish-Chinese Business Forum is an independent, executive, non-profit organisation that aims to
strengthen commercial ties between Denmark, southern Sweden and China.
Business review
The Organisation's income statement for the year ended 31 December 2014 shows a net profit of DKK
61,692, and the balance sheet at 31 December 2014 shows equity of DKK 994,383.
Post balance sheet events
No events have occurred after the financial year-end, which could significantly affect the Organisation's
financial position.
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Accounting policies
The Annual Report of Danish-Chinese Business Forum has been prepared in accordance with the provisions
of the Danish Financial Statements Act as regards reporting class A enterprises.
The accounting policies are consistent with those of last year.
Reporting currency
The Annual Report is presented in Danish kroner.
Foreign currency translation
Transactions denominated in foreign currencies are translated into Danish kroner at the exchange rates at
the date of the transaction.
Monetary items denominated in foreign currencies are translated into Danish kroner at the exchange rates
at the balance sheet date. Realised and unrealised exchange gains and losses are recognised in the income
statement as financial income/expenses.
Income statement
Members fee
Income from members fee is included in the income statement in the period it concerns.
Other external expenses
Other external expenses include expenses related to sale, administration and office.
Amortisation/depreciation and write-downs
Amortisation/depreciation and write-downs include amortisation/depreciation and write-downs of intangible
assets and property, plant and equipment. Fixed assets are amortised/depreciated using the straight-line
method, based on the cost, measured by reference to the below assessment of the useful life of the assets:
Useful life
Other fixtures and fittings, tools and equipment
3-10 years
Gains or losses on the sale of fixed assets are recognised in the income statement under
'Amortisation/depreciation'.
Net financials
Financial income and expenses are recognised in the income statement at the amounts that relate to the
reporting period. Net financials include interest income and expenses.
17
Accounting policies - continued
Balance sheet
Property, plant and equipment
Property, plant and equipment comprise land and buildings, leasehold improvements, production equipment,
machinery and other fixtures, fittings, tools and equipment. Property, plant and equipment are measured at
cost less accumulated depreciation and write-downs.
Investments
Securities and investments are measured at the market value at the balance sheet date if they are listed, or
at an approximate fair value if they are not listed.
Receivables
Receivables are measured at amortised cost, which usually corresponds to the nominal value. The value is
reduced by write-downs for bad debts.
Prepayments
Prepayments recognised under 'Assets' comprise prepaid expenses regarding subsequent reporting years.
Financial liabilities
Other debt is subsequently measured at amortised cost corresponding to the nominal unpaid debt.
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Income statement
for the year ended 31 December
Notes
Members fee
2014
DKK
2013
DKK
4,200,340
4,131,500
Other external expenses
1
928,499
1,108,258
Staff costs
2
3,236,076
2,958,787
4,996
4,585
Profit before net financials
30,769
59,870
Other financial income
51,353
69,438
Other financial expenses
20,430
36,438
Net profit for the year
61,692
92,870
932,691
839,821
61,692
92,870
994,383
932,691
30,000
0
Retained earnings
964,383
932,691
Total appropriation
994,383
932,691
Amortisation/depreciation and write-downs of intangible
assets and property, plant and equipment
Appropriation of profit
Profit to be appropriated:
Retained earnings
Net profit for the year
Available for appropriation
the Board of Directors recommends the following
appropriation of the profit:
Other reserves
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Balance sheet
at 31 December
2014
DKK
2013
DKK
10,413
15,409
10,413
15,409
10,413
15,409
177,826
0
196,407
142,936
12,200
0
Receivables
386,433
142,936
Other investments
671,407
685,079
Investments
671,407
685,079
Cash
396,183
565,169
Total current assets
1,454,023
1,393,184
Total Assets
1,464,436
1,408,593
Notes
Assets
Fixed assets
Other fixtures and fittings, tools and equipment
Other fixtures, fittings, tools and equipment
3
Total fixed assets
Current assets
Trade receivables
Other receivables
4
Prepayments
Equity and liabilities
Equity
Other reserves
5
30,000
0
Retained earnings
5
964,383
932,691
994,383
932,691
11,805
58,130
458,248
417,772
Short-term liabilities
470,053
475,902
Total liabilities other than provisions
470,053
475,902
1,464,436
1,408,593
Total equity
Liabilities other than provisions
Membership fees
Other payables
6
Total Equity and liabilities
Other financial obligations
7
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Notes
2014
DKK
2013
DKK
Total sales cost
129,823
147,658
Total administration cost
418,061
607,796
8,695
23,523
368,203
323,437
3,717
5,844
928,499
1,108,258
3,207,453
2,925,735
28,623
33,052
3,236,076
2,958,787
Balance at 1/1 2014
47,829
47,829
Additions in the year
0
0
Disposals in the year
0
0
Cost at 31/12 2014
47,829
47,829
32,420
27,835
4,996
4,585
Depreciation and write-downs at 31/12 2014
37,416
32,420
Carrying amount at 31/12 2014
10,413
15,409
Note 1.
Other external expenses
Total entertainment expenses
Total office expenses
Total staff charges
Note 2.
Staff costs
Wages and salaries
Other social security costs
Note 3.
Other fixtures, fittings, tools and equipment
Cost
Depreciation and write-downs
Balance at 1/1 2014
Depreciation in the year
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Notes
31/12 2014
DKK
31/12 2013
DKK
98,900
98,900
1,167
0
VAT receivable
77,591
24,142
Interest receivable
18,749
19,894
196,407
142,936
anniversary of the Sino-Danish diplomatic relations)
30.000
0
Total other reserves
30.000
0
932.691
839.821
31.692
92.870
964.383
932.691
Accrued charges
58,095
69,894
Outstanding salaries
76,424
45,755
314,925
293,487
8,804
8,636
458,248
417,772
411,508
584,977
Note 4.
Other receivables
Deposits
Travel expenses
Note 5.
Statement of changes in equity
Other reserves
Transfer this year (Celebration of the 65 years
Retained earnings
Balance at 1/1 2014
Transfer this year
Total retained earnings
Note 6.
Other payables
Vacation pay obligation
Owed vacation pay
Note 7.
Other financial obligations
Rent payments concerning a contract, which can be terminated
by 1 March 2017.
22