Mediq Holding BV Annual Report 2018
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Mediq Holding BV Annual report 2018 1 CONTENTS Director’s report .......................................................................................................................... 4 Consolidated income statement .............................................................................................. 11 Consolidated statement of comprehensive income .............................................................. 12 Consolidated balance sheet .................................................................................................... 13 Consolidated statement of changes in equity ....................................................................... 14 Consolidated statement of cash flows ................................................................................... 16 Notes to the consolidated financial statements .................................................................... 18 1 Reporting entity ...................................................................................................... 18 2 Basis of preparation ............................................................................................... 18 3 Significant accounting policies ............................................................................... 21 4 Composition of Mediq ............................................................................................. 34 Notes to the consolidated income statement ...................................................................... 345 5 Net sales ................................................................................................................ 35 6 Other income .......................................................................................................... 35 7 Personnel costs ...................................................................................................... 36 8 Depreciation and amortisation ................................................................................ 36 9 Impairment of non-current assets ........................................................................... 37 10 Impairment of trade receivables and other operating expenses ............................ 37 11 Finance income and costs ...................................................................................... 37 12 Discontinued operation ........................................................................................... 38 13 Income tax expense ............................................................................................... 39 14 Share-based payment arrangements ..................................................................... 40 Notes to the consolidated balance sheet ............................................................................... 43 15 Property, plant and equipment ............................................................................... 43 16 Goodwill .................................................................................................................. 44 17 Other intangible assets ........................................................................................... 46 18 Asset Held for sale and Disposal group held for sale ............................................. 47 19 Inventories .............................................................................................................. 47 20 Trade receivables ................................................................................................... 47 21 Other receivables ................................................................................................... 48 22 Cash and cash equivalents .................................................................................... 49 23 Share capital and share premium .......................................................................... 49 24 Reserves ................................................................................................................ 49 25 Borrowings and other non current liabilities ........................................................... 50 26 Derivative financial instruments .............................................................................. 51 27 Deferred taxes ........................................................................................................ 51 28 Retirement and other employee benefit obligations ............................................... 53 29 Provisions ............................................................................................................... 54 30 Trade payables and other current liabilities ............................................................ 55 Notes to the consolidated statement of cash flows .............................................................. 56 31 Reconciliation of cash flow changes with balance sheet changes ......................... 56 Other disclosures ..................................................................................................................... 57 32 Credit facilities and security provided ..................................................................... 57 33 Rights and commitments not shown in the balance sheet ..................................... 57 34 Risk management and financial instruments .......................................................... 57 35 Related party transactions ...................................................................................... 63 2 36 Events after the balance sheet date ....................................................................... 63 Holding company balance sheet ............................................................................................. 64 Holding company income statement ...................................................................................... 64 Notes to the holding company financial statements ............................................................. 65 Notes to the holding company balance sheet ........................................................................ 65 37 Non-current financial assets ................................................................................... 65 38 Equity ..................................................................................................................... 66 39 Emoluments of management board and supervisory board ................................... 68 40 Auditor's fees .......................................................................................................... 69 41 Rights and commitments not shown in the balance sheet ..................................... 69 Other information ...................................................................................................................... 70 Provisions in the articles of association governing the appropriation of profit ............... 71 Independent auditor’s report ......................................................................................... 71 3 DIRECTOR’S REPORT The Management Board of the company hereby presents its financial statements for the financial year ended 31 December 2018. GENERAL INFORMATION Mediq Holding BV (“Mediq”, “the company” or “the group”) is an European healthcare company providing medical devices and care solutions across many countries. Every day we are relied upon by millions of patients and the committed healthcare professionals who care for them. We bring together the health specialists and services that can provide patients with greater autonomy and care. We connect to a patient’s general practitioners (GP) and insurance companies, to their hospital and community. For the hospitals, GPs and other healthcare professionals, this means less time spent on peripheral issues. Or a greater focus on what really matters: patient care. For patients, this means their daily needs are always taken care of. From medical devices and supplementary care to education and 24-hour support. We are constantly expanding our circle of care, making new connections, developing new treatments and new e-health technologies. By creating connections along the entire value chain, we improve the outcomes and affordability of care. Mediq Holding BV was incorporated on 14 January 2013, as holding company for the acquisition of all shares of Mediq NV. Ultimate shareholders are funds managed by Advent International Corporation. At the end of 2018 Mediq is active in 12 countries and has around 2,500 employees. Mediq holds the shares in Mediq BV. Mediq BV is the holding company for a large number of operating companies in various countries. Mediq has a two-tier board, with a Management Board, consisting of Mr. C.P. Wojczewski (CEO) and Mr. P.R. Hitchin (CFO) and a Supervisory Board. The Management Board is part of the Executive Committee who is responsible for managing the daily operations of Mediq. FINANCIAL INFORMATION The operations from Mediq in the 2018 annual accounts consist of our Direct & Institutional businesses. In 2017 we sold our operations in the USA (Byram), our French Business and our tracheostomy business in the Netherlands. In the consolidated income statement for 2017, the results of our operations in the USA were presented as discontinued operations to show these separately from continuing operations. The results of our French Business and our tracheostomy business in the Netherlands are included in the 2017 consolidated income statement as continuing operations until closing of the transactions. In 2018, there were no acquisitions