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&lt;br /&gt; Annual Report 2008&lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; &lt;br /&gt; CVR No. 66 59 01 19&lt;br /&gt; PART I - Consolidated Annual Report Page&lt;br /&gt; &lt;br /&gt; Business concept 1&lt;br /&gt; &lt;br /&gt; Management&rsquo;s review 2&lt;br /&gt; &lt;br /&gt; Financial highlights and ratios 2&lt;br /&gt; &lt;br /&gt; Annual Report 4&lt;br /&gt; &lt;br /&gt; Financial review <a title="Annual report 2008 page 1" href="http://viewer.zmags.com/publication/7abfdbe8?page=1">Annual Report 2008CVR No. 66 59</a> Annual Report 2008CVR No. 66 59<a title="Annual report 2008 page 2" href="http://viewer.zmags.com/publication/7abfdbe8?page=2">PART I - Consolidated Annual Report </a> PART I - Consolidated Annual Report <a title="Annual report 2008 page 3" href="http://viewer.zmags.com/publication/7abfdbe8?page=3">Business ConceptBusiness conceptTo provid</a> Business ConceptBusiness conceptTo provid<a title="Annual report 2008 page 4" href="http://viewer.zmags.com/publication/7abfdbe8?page=4">Management&rsquo;s reviewFinancial highlights and rati</a> Management&rsquo;s reviewFinancial highlights and rati<a title="Annual report 2008 page 5" href="http://viewer.zmags.com/publication/7abfdbe8?page=5">Management&rsquo;s reviewFinancial highlights and rati</a> Management&rsquo;s reviewFinancial highlights and rati<a title="Annual report 2008 page 6" href="http://viewer.zmags.com/publication/7abfdbe8?page=6">Management&rsquo;s reviewANNUAL REPORTRevenue an</a> Management&rsquo;s reviewANNUAL REPORTRevenue an<a title="Annual report 2008 page 7" href="http://viewer.zmags.com/publication/7abfdbe8?page=7">Management&rsquo;s reviewavisen a-s had entered</a> Management&rsquo;s reviewavisen a-s had entered<a title="Annual report 2008 page 8" href="http://viewer.zmags.com/publication/7abfdbe8?page=8">Management&rsquo;s reviewAt the end of</a> Management&rsquo;s reviewAt the end of<a title="Annual report 2008 page 9" href="http://viewer.zmags.com/publication/7abfdbe8?page=9">Management&rsquo;s reviewcapital reduction of D</a> Management&rsquo;s reviewcapital reduction of D<a title="Annual report 2008 page 10" href="http://viewer.zmags.com/publication/7abfdbe8?page=10">Management&rsquo;s review</a> Management&rsquo;s review<a title="Annual report 2008 page 11" href="http://viewer.zmags.com/publication/7abfdbe8?page=11">Management&rsquo;s reviewtax-at-source payable </a> Management&rsquo;s reviewtax-at-source payable <a title="Annual report 2008 page 12" href="http://viewer.zmags.com/publication/7abfdbe8?page=12">Management&rsquo;s reviewing debt relative to E</a> Management&rsquo;s reviewing debt relative to E<a title="Annual report 2008 page 13" href="http://viewer.zmags.com/publication/7abfdbe8?page=13">Management&rsquo;s reviewThe Board of Directors</a> Management&rsquo;s reviewThe Board of Directors<a title="Annual report 2008 page 14" href="http://viewer.zmags.com/publication/7abfdbe8?page=14">Management&rsquo;s reviewRISK AND RISK MANAGEMENT</a> Management&rsquo;s reviewRISK AND RISK MANAGEMENT<a title="Annual report 2008 page 15" href="http://viewer.zmags.com/publication/7abfdbe8?page=15">Management&rsquo;s reviewtion is becoming more </a> Management&rsquo;s reviewtion is becoming more <a title="Annual report 2008 page 16" href="http://viewer.zmags.com/publication/7abfdbe8?page=16">Management&rsquo;s reviewSecurities ID: </a> Management&rsquo;s reviewSecurities ID: <a title="Annual report 2008 page 17" href="http://viewer.zmags.com/publication/7abfdbe8?page=17">Management&rsquo;s reviewBauneg&aring;rd ApS. Most of</a> Management&rsquo;s reviewBauneg&aring;rd ApS. Most of<a title="Annual report 2008 page 18" href="http://viewer.zmags.com/publication/7abfdbe8?page=18">Management&rsquo;s reviewAnnouncements 20088 Feb</a> Management&rsquo;s reviewAnnouncements 20088 Feb<a title="Annual report 2008 page 19" href="http://viewer.zmags.com/publication/7abfdbe8?page=19">Company DescriptionCOMPANYDESCRIPTIONThe c</a> Company DescriptionCOMPANYDESCRIPTIONThe c<a title="Annual report 2008 page 20" href="http://viewer.zmags.com/publication/7abfdbe8?page=20">Company Descriptionwith entertaining and </a> Company Descriptionwith entertaining and <a title="Annual report 2008 page 21" href="http://viewer.zmags.com/publication/7abfdbe8?page=21">Company Descriptionhold distribution of u</a> Company Descriptionhold distribution of u<a title="Annual report 2008 page 22" href="http://viewer.zmags.com/publication/7abfdbe8?page=22">Company Descriptionemployers&rsquo; needs, the </a> Company Descriptionemployers&rsquo; needs, the <a title="Annual report 2008 page 23" href="http://viewer.zmags.com/publication/7abfdbe8?page=23">Statement by the Board of Directors and Managemen</a> Statement by the Board of Directors and Managemen<a title="Annual report 2008 page 24" href="http://viewer.zmags.com/publication/7abfdbe8?page=24">Statement by the Independent AuditorsTHE IND</a> Statement by the Independent AuditorsTHE IND<a title="Annual report 2008 page 25" href="http://viewer.zmags.com/publication/7abfdbe8?page=25">Consolidated income statementNote </a> Consolidated income statementNote <a title="Annual report 2008 page 26" href="http://viewer.zmags.com/publication/7abfdbe8?page=26">Consolidated balance sheet at 31 DecemberAs</a> Consolidated balance sheet at 31 DecemberAs<a title="Annual report 2008 page 27" href="http://viewer.zmags.com/publication/7abfdbe8?page=27">Consolidated balance sheet at 31 DecemberEq</a> Consolidated balance sheet at 31 DecemberEq<a title="Annual report 2008 page 28" href="http://viewer.zmags.com/publication/7abfdbe8?page=28">Consolidated statement of changes in equityDK</a> Consolidated statement of changes in equityDK<a title="Annual report 2008 page 29" href="http://viewer.zmags.com/publication/7abfdbe8?page=29">Consolidated cash flow statementNoteNe</a> Consolidated cash flow statementNoteNe<a title="Annual report 2008 page 30" href="http://viewer.zmags.com/publication/7abfdbe8?page=30">Page 28 </a> Page 28 <a title="Annual report 2008 page 31" href="http://viewer.zmags.com/publication/7abfdbe8?page=31">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 32" href="http://viewer.zmags.com/publication/7abfdbe8?page=32">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 33" href="http://viewer.zmags.com/publication/7abfdbe8?page=33">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 34" href="http://viewer.zmags.com/publication/7abfdbe8?page=34">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 35" href="http://viewer.zmags.com/publication/7abfdbe8?page=35">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 36" href="http://viewer.zmags.com/publication/7abfdbe8?page=36">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 37" href="http://viewer.zmags.com/publication/7abfdbe8?page=37">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 38" href="http://viewer.zmags.com/publication/7abfdbe8?page=38">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 39" href="http://viewer.zmags.com/publication/7abfdbe8?page=39">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 40" href="http://viewer.zmags.com/publication/7abfdbe8?page=40">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 41" href="http://viewer.zmags.com/publication/7abfdbe8?page=41">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 42" href="http://viewer.zmags.com/publication/7abfdbe8?page=42">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 43" href="http://viewer.zmags.com/publication/7abfdbe8?page=43">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 44" href="http://viewer.zmags.com/publication/7abfdbe8?page=44">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 45" href="http://viewer.zmags.com/publication/7abfdbe8?page=45">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 46" href="http://viewer.zmags.com/publication/7abfdbe8?page=46">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 47" href="http://viewer.zmags.com/publication/7abfdbe8?page=47">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 48" href="http://viewer.zmags.com/publication/7abfdbe8?page=48">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 49" href="http://viewer.zmags.com/publication/7abfdbe8?page=49">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 50" href="http://viewer.zmags.com/publication/7abfdbe8?page=50">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 51" href="http://viewer.zmags.com/publication/7abfdbe8?page=51">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 52" href="http://viewer.zmags.com/publication/7abfdbe8?page=52">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 53" href="http://viewer.zmags.com/publication/7abfdbe8?page=53">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 54" href="http://viewer.zmags.com/publication/7abfdbe8?page=54">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 55" href="http://viewer.zmags.com/publication/7abfdbe8?page=55">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 56" href="http://viewer.zmags.com/publication/7abfdbe8?page=56">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 57" href="http://viewer.zmags.com/publication/7abfdbe8?page=57">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 58" href="http://viewer.zmags.com/publication/7abfdbe8?page=58">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 59" href="http://viewer.zmags.com/publication/7abfdbe8?page=59">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 60" href="http://viewer.zmags.com/publication/7abfdbe8?page=60">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 61" href="http://viewer.zmags.com/publication/7abfdbe8?page=61">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 62" href="http://viewer.zmags.com/publication/7abfdbe8?page=62">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 63" href="http://viewer.zmags.com/publication/7abfdbe8?page=63">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 64" href="http://viewer.zmags.com/publication/7abfdbe8?page=64">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 65" href="http://viewer.zmags.com/publication/7abfdbe8?page=65">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 66" href="http://viewer.zmags.com/publication/7abfdbe8?page=66">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 67" href="http://viewer.zmags.com/publication/7abfdbe8?page=67">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 68" href="http://viewer.zmags.com/publication/7abfdbe8?page=68">Notes to the consolidated financial statements</a> Notes to the consolidated financial statements<a title="Annual report 2008 page 69" href="http://viewer.zmags.com/publication/7abfdbe8?page=69">Board of Directors and ManagementCorporate </a> Board of Directors and ManagementCorporate <a title="Annual report 2008 page 70" href="http://viewer.zmags.com/publication/7abfdbe8?page=70">Group StructureAt 31 December2008S&Oslash;ndagsavi</a> Group StructureAt 31 December2008S&Oslash;ndagsavi<a title="Annual report 2008 page 71" href="http://viewer.zmags.com/publication/7abfdbe8?page=71">Group addressesParentcompany: S&oslash;ndagsavisen</a> Group addressesParentcompany: S&oslash;ndagsavisen<a title="Annual report 2008 page 72" href="http://viewer.zmags.com/publication/7abfdbe8?page=72">S&Oslash;ndagsavisen a-s FINANCIAL STATEMENTSOF THE</a> S&Oslash;ndagsavisen a-s FINANCIAL STATEMENTSOF THE<a title="Annual report 2008 page 73" href="http://viewer.zmags.com/publication/7abfdbe8?page=73">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 74" href="http://viewer.zmags.com/publication/7abfdbe8?page=74">PARENT INCOME STATEMENTNote </a> PARENT INCOME STATEMENTNote <a title="Annual report 2008 page 75" href="http://viewer.zmags.com/publication/7abfdbe8?page=75">PARENT BALANCE SHEETAssetsNote </a> PARENT BALANCE SHEETAssetsNote <a title="Annual report 2008 page 76" href="http://viewer.zmags.com/publication/7abfdbe8?page=76">PARENT BALANCE SHEETEquity and Liabilities</a> PARENT BALANCE SHEETEquity and Liabilities<a title="Annual report 2008 page 77" href="http://viewer.zmags.com/publication/7abfdbe8?page=77">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 78" href="http://viewer.zmags.com/publication/7abfdbe8?page=78">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 79" href="http://viewer.zmags.com/publication/7abfdbe8?page=79">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 80" href="http://viewer.zmags.com/publication/7abfdbe8?page=80">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 81" href="http://viewer.zmags.com/publication/7abfdbe8?page=81">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 82" href="http://viewer.zmags.com/publication/7abfdbe8?page=82">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 83" href="http://viewer.zmags.com/publication/7abfdbe8?page=83">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 84" href="http://viewer.zmags.com/publication/7abfdbe8?page=84">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 85" href="http://viewer.zmags.com/publication/7abfdbe8?page=85">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 86" href="http://viewer.zmags.com/publication/7abfdbe8?page=86">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 87" href="http://viewer.zmags.com/publication/7abfdbe8?page=87">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 88" href="http://viewer.zmags.com/publication/7abfdbe8?page=88">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 89" href="http://viewer.zmags.com/publication/7abfdbe8?page=89">NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT</a> NOTES TO THE PARENT COMPANY'S FINANCIAL STATEMENT<a title="Annual report 2008 page 90" href="http://viewer.zmags.com/publication/7abfdbe8?page=90">Photographer: Carsten Lundager</a> Photographer: Carsten Lundager