nemko group - annual performance 2015

Annual performance

2015ONE Nemko

IT • Telecom • AudioVideo • International approval

Household appliances • Maritime Oil & gas • Healthcare equipment

Testing • Compliance without complexity Better safe than sorry • Internet of things • Time

to market • Added value • Certification • Global • Local Regulatory • IECEE • Conformity • Electro technical products

Inspection • Caring • Third party • Pre compliance • Integrity Competent Improving • CB • International • one world - our approval

Our vision Nemko makes the world a safer place by safeguarding products, the environment, people and systems.

Mission statementNemko creates value by being a customer-oriented and knowledge-driven company. Profitable growth is achieved by assisting our customers with testing, certification and international market access for electrical products.

Values Our values safeguard the way we work

INTEGRITY • COMPETENT • CARING • IMPROVING

Ethical policyThe Nemko Group ethical policy is anchored in our business strategy, our leadership principles and our values. All the business units across the globe have given input to the policy and it guides us in our everyday way of working and in our interaction with all stakeholders.

Table of contents Message from the CEO 4Highlights 2015 5Nemko in figures 6Our services 8 Compliance without complexity 10Nemko in brief 12Board of directors 16Income statement 17Balance sheet 18Cashflow statement 20Auditor’s report 21Contact information 23

Companies around the world trust Nemko to assess their products, systems, installations and personnel for conformity with relevant standards and regulations.

Since 1933, we have ensured that our customers comply with requirements for electrotechnical products anywhere in the world. Our services include pre-compliance, international approval, product and system certifications as well as product testing.

Through our offices, laboratories and extensive partner network in Asia, North America, South America, Europe, Middle East and Africa we are able to serve our customers in a reliable, efficient and open manner.

We provide local presence coupled with global knowledge. One world – our approval.

One world – our approval

Må oppdateres

ANNUAL PERFORMANCE 2015 3

We deliverAs we enter 2016, I am proud to report that it was with sound results, a strengthened organisation and with renewed confidence from the market place.

In 2015, total revenue for the group was up 13 percent and the operating profit margin, adjusted for extraordinary items related to changes in the pension scheme in Norway, was 5 percent. All regions in the group contributed to the results that we achieved in 2015. Our financial strength and solidity improved in 2015 as a result of the capitalisation of the group, and we now have a solid base for further strategic development in the years to come.

GOOD BUSINESS LANDSCAPEThe global testing, inspection and certification (TIC) industry is steadily growing. New products are being launched at shorter intervals, whilst trade and production is becoming more and more global. We see an increase in regulatory changes, laws and new requirements. At the same time, businesses are restructuring and streamlining their organisations, increasingly relying on outsourcing the highly specialised TIC services, thus making companies like Nemko a more integral part of their value chain. We guide our customers through this complexity and support them in enhancing global trade. Our customers want to work with responsible partners and Nemko, through its business model and transparency in the way we work, satisfies these requirements.

With our international approval services we are particularly well positioned to grow together with our customers. In 2015 we have seen an increase in the number of certificates sold, new markets and high demand, especially for our Indian route for international approval.

ONE NEMKOIn 2015, we initiated a number of internal programmes under the umbrella of the ONE Nemko philosophy, supporting our main focus – to deliver as promised!

We have developed and launched our next generation leadership training with the ambition to persistently enhance our intercompany collaboration and to better serve our customers in all markets.

In order to increase company-wide transparency, we have incorporated the identification of individual employee goals derived from company strategic goals through our annual employee dialogues. We have further developed our ONE Nemko culture programme – and in March all employees were encouraged to share how our common cultural statements assist and guide each and every one of us in our daily work.

In our home market, Norway, in cooperation with selected stakeholders, we have initiated a programme aimed at better positioning Nemko with the end-users by increasing their awareness and understanding. This will be launched early in 2016.

CUSTOMER CENTRICAre we yet again facing a major technology shift in the market place? How will transitions, like the internet of things, cloud computing, big data analytics and mobility, further affect our business and that of our customers? I am adamant that we shall relentlessly and consistently improve our listening skills, our anticipation of and adaption to our customers’ needs, both present and future.

Our annual customer satisfaction survey tells us that we are on the right track, with 85 percent of our customers being satisfied or very satisfied with our services. This is an improvement on last years’ good results.

I am proud of what we have achieved together this year and I would like to thank all our employees, customers and business partners for contributing in making 2015 a very good year for Nemko.

Svein Ola UlvenPresident & CEO

4 ANNUAL PERFORMANCE 2015

Highlights 2015Excellent improvement of performance on Nemko Group level. The financial restructuring of the group done in 2015 has substantially improved our solidity and competiveness. Nemko is well positioned for the future.

Svein Ola Ulven is appointed President & CEO of Nemko.

Opened up market access routes to Ecuador, Chile and Colombia.

Expansion of the facility and investment in energy laboratory in Nemko Korea. This strengthens Nemko’s presence in Asia and enables us to take advantage of the growing business within energy testing in the region.

Samsung first company to get the new Nemko Europe certificate, confirming that a third party has tested a product’s compliance with strict European environmental and safety regulations.

Created a new section on our website; www.nemko.com, international approval in order to make market access information more available and provide country specific requirements.

Improvement in annual customer satisfaction score where 85 percent of all customers are satisfied or very satisfied with Nemko’s services.

In close cooperation with both customers and selected business partners we have developed a communication campaign for the Norwegian market in order to increase knowledge and awareness of Nemko and our services. This campaign will be launched early 2016.

Developed and launched a next generation leaders programme, continuing to build competence and capacity within management and leadership. The one-year programme started up in Oslo in December 2015, counts 18 participants, of which 30 percent are women.

Growth of 13% within our market access services stating our ability to help our customers globalize their products and to be a more integrated part of their value chain.

Maintained our strong number three position in the global CB ranking.

Strong 30 percent growth in our telecommunication certification body (TCB) operation.

Approved for hazard based standard IEC 62368-1 within the IECEE/CB scheme and in the process to have this standard added to our OSHA/NRTL scope in region North America.

Have applied to the Gulf Standards Organization (GSO), based in Riyadh, Saudi Arabia, to become a designated notified body for certification of electrical products to be marketed in the Arabic Gulf region, comprising Kuwait, UAE, Bahrain, Oman, Qatar, Saudi Arabia and Yemen.


Nemko in figures

Revenues

0

100 000

200 000

300 000

400 000

500 000

600 000

201520142013

NOK 1 000

Revenue per region

32 %Europe

North America

Asia

38 %

30 %

Number of employees per regionTotal 2015: 445

Men WomenEurope

North America

Asia44 %

38 %

29.2 %

12.4 %

23.4 %

14.8 %

5.4 %

14.8 %

18 %

4 40020 245projects for

In 2015, Nemko completed

customers globally.


Equity ratioOperating profit margin

0

10

20

30

40

50

60

70

201520142013

%

-6

-4

-2

0

2

4

6

201520142013

%

International approval services per region

Africa

Asia

Australia

Europe

Middle East

Middle/South America

19 %8 %

25 %

4 %

32 %

11 %

• The CB scheme has grown by 8.5% from 2014 to 2015

• Maintained no.1 position within audio/video and household appliances

• Nemko no. 2 in recognised CB test certificates

Nemko no. 3 in global CB ranking

*Adjusted before non occuring effects


Our servicesPre-compliance: assessment of the design of a product according to applicable standards

International approval: assessment of a product and/or manufacturer qualification according to country-specific import regulations and sales requirements

Industries we serve

Product and system certification: certification according to various schemes

Product testing: assessment of a product according to a standard

IT, audio & video

Telecom

Household appliances

Healthcare equipment

Maritime, oil & gas

Lighting equipment

Defence industry

Electrical installation material

Fire & security

Building inspection

Machinery

Management system certification


Defence industry

Electrical installation material

Fire & security

Building inspection

Machinery

Management system certification

Recognitions and accreditation status

An excerpt of certifications and marks

STzz

Nemko

17

0470

Other recognitions and accreditations• NCB and 17 accepted CBTLs within the IECEE/CB

scheme

• Member body of the European EEPCA/ECS (ENEC and CCA schemes)

– The Nemko Group holds the following national accreditations

– Testing and calibration according to ISO/IEC 17025 – Product certification according to ISO/IEC 17065 – Management system certification according to

ISO/IEC 17021 – Personnel certification according to ISO/IEC 17024

• Also, some of the labs have special accreditations by Russian ROSSTANDART, Taiwanese BSMI, Korean NRRA, Australian NATA, German ZLS, Canadian SCC and US OSHA

European notified body statusNemko (0470)

• Low voltage directive 2006/95/EC

• Electromagnetic compatibility (EMC) 2004/108/EC

• Medical devices 93/42/EEC

• Equipment and protective systems intended for use in potentially explosive atmospheres 94/9/EC

• Radio and telecommunications terminal equipment 99/5/EC

• Marine equipment 96/98/EC

• Construction products regulation (CPR) 305/2011


Compliance without complexityOur Nemko Europe certification service provides lasting CE compliance for all electrical and electrotechnical products.

CE marking is mandatory in order to gain access to the European market.

Furthermore, a growing number of directives has made compliance for a manufacturer or OEM (original equipment manufacturer) producer of electrical and electrotechnical products an increasingly complex matter.

A complete compliance solution:

Nemko certificate(electrical safety

and EMC) with the right to use the

certification mark on your product

Updates on relevant standards

and directives

Factory inspection for valid certificates

Prefilled EU Declaration of Conformity (DoC)

Testing of product and verification

of documentation

10 years storage of mandatory CE Technical

Construction File (TCF)

Nemko Europe certificate with the

right to use the certification mark on

your product

In todays’ global market, there is no shortage of alternative products. That is why it is increasingly important to meet customer expectations when it comes to safety, health and environmental sustainability.

With this certification service we have made it easier for our customers to comply with the requirements, to keep track of the documentation and to stay updated with the current legislations at all times.

The Nemko Europe certification service includes the following

EUN


Through our unique combination of local presence, international networks and bi-lateral agreements we obtain regulatory access for our customers products in each and every market globally.

We live in an age of ever-shorter time-to-market requirements and a constant pressure in keeping costs down. Globalization requires products to be sold in more and more countries worldwide. Delays in obtaining access

We are loyal to our ethical guidelines by being compliant with professional frameworks, regulations, standards and agreed processes and by abiding to our ethical policy.

Our leaders will– Set the example. As in any business practice, honesty

and integrity must be top priority for our leaders.

– Have an open door policy and welcome suggestions and concerns from employees. This will allow employees and their leaders to be comfortable in discussing issues and making sound decisions. In addition, employees are herewith in a better position to alert leaders to concerns within their teams.

Our promise

Our ethical commitment

to new markets around the world will be costly and result in lost sales.

Rules and regulations are changing rapidly, making it time consuming to be up-to-date. Interpretation of new regulations and approvals is often difficult and takes time.

Nemko has local expertise and global knowledge.

Our employees will

– Treat everyone fairly, have mutual respect and promote a harmonious team environment.

– Challenge harassment and discrimination.

– Support our colleagues in making the right choices ethically, responsibly and based on our values.

– Not use corporate assets or business relationships for personal use or gain.

– Act ethically, responsibly and in accordance with our ethical policy

– Apply their effort and their intelligence in maintaining our values.

Our common cultural mind-setIn Nemko, we have embraced six statements describing the way we work and interact.

– We have customer focus!

– We create leadership opportunities!

– We are proactive!

– We support each other!

– We share our knowledge!

– We deliver as promised!


Svein Ola UlvenPresident & CEOCFORegion Europe

Yong Beom Choi Region Asia

Rune SlapgardHR, IT, QM & Organisational Development

John BakkenGroup Services

Hannes SkisakerGlobal Sales & Business Development

Grant SchmidbauerRegion North America

Group managementThe Nemko Group is headquartered in Oslo, Norway, with subsidiaries in Canada, China, Denmark, Germany, Hong Kong, Italy, Japan, Korea, Sweden, Taiwan and USA.

We provide local presence coupled with global knowledge.One world – our approval.


Nemko is a private, independent company owned by the NEMKO foundation.

ObjectiveThe objective of the foundation is to promote safety in the sale and use of electro-technical equipment.

HistoryNemko’s history goes back to 1933, when it was established as an independent association to promote product safety for electrical products in Norway. Nemko had the monopoly for testing and approval of electrical products and material manufactured, imported and sold in Norway.

The NEMKO foundation was established 19 December 1990, as a continuation of the former state-owned company Nemko. All such national monopolies were later abolished by the EU – in 1991.

MissionThe foundation shall, through its wholly owned subsidiary Nemko AS, maintain internationally competitive and recognized test laboratories and certification bodies, who, through their expertise and independent positions, can contribute to safety within the sale and use of electro-technical equipment in Norway and worldwide.

Nemko creates value by being a customer-oriented and knowledge-driven company. Profitable growth is achieved by assisting our customers with testing, certification and international market access for electrical products.

How we are organised

Ownership structureThe foundation ownership structure ensures that Nemko has the necessary independence and integrity towards the authorities, accreditation bodies, the customers and the safety of the product.

The foundation is managed by a board of 10 members, of which three are employee representatives elected by the employees of Nemko in Norway and 7 representatives designated by the following Norwegian industry and trade associations:

• Elektroforeningen (Norwegian association of electrical manufacturers, importers and wholesalers)

• Energi Norge (Energy Norway)• Industriens Forening for Elektroteknikk og• Automatisering (The Association for Electrotechnics

and Automation in Industry)• IKT-Norge (The voice of the Norwegian ICT industry)• Elektronikkbransjen (Consumer Electronics Trade

Foundation)• NELFO, foreningen for EL- og IT bedriftene (Norwegian

Electrical Contractors’ Association)• Norsk Industri (Federation of Norwegian Industries)


Our ownership structure

Nemko GroupPresident & CEO

North AmericaEurope Asia DNV Nemko Presafe AS

Nemko USA Inc San Diego

NemkoNorway

Nemko China LtdShanghai (WFOE)

Nemko CCL IncSalt Lake City

NemkoGermany GmbH

Nemko China LtdShenzhen

Nemko Canada Inc Ottawa

NemkoItaly SpA

NemkoHong Kong Ltd

NemkoSweden AB

NemkoTaiwan

Nemko Denmark AS

NemkoKorea Ltd

NemkoJapan Ltd

Norges Elektriske Materiellkontroll (NEMKO)Foundation

Nemko AS

100% 100% 100%

100% 100% 100%

100% 100% 100%

100% 100%

100% 100%

58%

100%

50%

100%


Board of directors

Ingvild MyhreChairman of the board

Arne JordeBoard member

Bjørn Ove SkjeieBoard member

Ove GuttormsenBoard member

Siv Hege SolheimBoard member

Espen EriksenBoard member

Lene MartinsenBoard member

Svein Ola Ulven President & CEO

Nemko AS is owned by the NEMKO foundation, which is a private, independent foundation with the purpose of working for safety in the trade and use of electronic equipment. The Nemko Group has separate subsidiaries in 11 countries in Europe, North America and Asia, and is a world-leading provider of test and certification services within electro-technical products. Nemko’s headquarters are in Oslo. The global network is supplemented by several strategic alliances and partnerships.

In 2015 operating revenue for the group amounted to NOK 527.3 (460.9) million. The group’s operating revenue adjusted for currency rate fluctuations increased by two percent in 2015. The operating result for the group came to NOK 48.7 (15.1) million with an EBITA margin of 9.5 percent and pre-tax result of NOK 52.5 (17.0) million.

In the autumn of 2015 Nemko AS decided to transition from a defined benefit to a defined contribution pension scheme for all employees in Norway. The transition led to a positive effect through the reduction of net pension liabilities of NOK 31 million in 2015.

In 2015 the NEMKO foundation decided to sell the property at Gaustadalléen 30, and in connection with this Nemko AS entered into a five-year lease with the new owner. Part of the sales price was used for recapitalization of Nemko AS, whose liquidity now is significantly strengthened.

For a number of years Nemko has been a leading global supplier of CB certificates and has in 2015 retained third place within the CB scheme. Nemko holds first place in

the TRON (audio/video) and HOUS (household products) product categories. Nemko is also one of the leading providers in the number of certificates recognized by others in the CB scheme. This reinforces Nemko’s strong position in the area of global market access.

In 2015 Nemko launched a new certification service for the European market, Nemko Europe. The service helps customers identify which requirements that apply to safely sell electrical and electro-technical products in Europe. Samsung was the first customer to receive a Nemko Europe certificate, which is a service that is unique to Nemko.

In Asia Nemko has expanded its facilities in Korea, and in August a 660 sqm extension with offices and test facilities was ready. This extension enables further growth ambitions in Korea, particularly aimed at environmental and energy testing, and represents a great opportunity in the region. In October 2015 Nemko’s premises in Salt Lake City destroyed due to fire. No one was injured, and the cause of the fire was not related to Nemko’s activities. The NRTL certification for market access to North America, which is linked to the Salt Lake City office, has been continued without interruption, and the negative consequences of the fire are thus significantly reduced.

For several years Nemko in Norway has worked to strengthen profitability and customer satisfaction, and this purposeful work also continued in 2015. The high level of costs in Norway emphasizes the importance of ensuring cost-effective operations, and also to concentrate services in areas that provide better margins.


Group(NOK 1 000) 2015 2014* 2014

Revenue 436 755 376 941 376 941Other revenue 90 514 83 991 83 991Total revenue 527 269 460 932 460 932

Salary and other personnel costs 256 072 249 144 251 222Other operating and administrative expenses 201 608 174 501 174 501Depreciation 19 522 18 853 18 853Amortization 1 406 1 310 1 310 Total operating costs 478 608 443 808 445 886Operating profit 48 661 17 124 15 046

Finance income 54 746 45 761 45 761Finance costs (50 928) (43 784) (43 784)Net finance 3 818 1 977 1 977Profit before tax 52 479 19 101 17 023

Tax 17 317 6 030 6 591Profit after tax 35 162 13 071 10 432

Minority 427 344 344

Profit after minority 34 735 12 727 10 088 *) Comparative figures after change of principle

Income statement


Group(NOK 1 000) 2015 2014* 2014

ASSETS Fixed assets Deferred tax asset 16 457 28 021 9 000Goodwill 5 679 6 750 6 750Intangible assets 22 136 34 771 15 750

Land and buildings 25 816 24 794 24 794Lab equiment and machines 43 232 49 492 49 492Inventory 7 630 5 636 5 636Office and IT equipment 8 328 6 658 6 658Fixed assets 85 006 86 580 86 580

Investments in joint ventures 3 982 4 497 4 497Net pension assets funded plan - - 38 770Long term receivables 10 587 7 934 7 934Long term receivables Stiftelsen NEMKO - 16 875 16 875Long term receivables joint venture 2 373 3 460 3 460Financial assets 16 942 32 766 71 536Total fixed assets 124 084 154 117 173 866

Current assets Accounts receivables 91 448 79 558 79 558Short term receivables Stiftelsen NEMKO - 550 550Short term receivables intercompany 1 647 - -Short term receivables joint venture 202 90 90Other short term receivables 19 434 12 093 12 093Receivables 112 731 92 291 92 291 Cash and cash equivalents 205 609 49 330 49 330Current assets 318 340 141 621 141 621 Total assets 442 424 295 738 315 487

Balance sheet


Group(NOK 1 000) Noter 2015 2014* 2014

EQUITY Share capital 55 000 50 000 50 000Other paid-in equity 251 825 55 325 55 325Paid-in capital 306 825 105 325 105 325

Other equity (26 607) (64 857) (12 398)Minority interests 1 890 1 518 1 518Retained earnings (24 717) (63 339) (10 880)Equity 282 108 41 986 94 445

LIABILITIES Liabilities to credit institutions 86 77 130 77 130Deferred tax liabilities 4 261 4 067 4 449Pension liabilities 21 405 48 733 15 641Statutory redundancy payments to employees 9 563 9 011 9 011Other long term liabilities 4 214 5 416 5 416Long term liabilities 39 529 144 357 111 647

Accounts payables 12 355 12 948 12 948Short term payables intercompany - 2 135 2 135Short term payables joint venture 2 699 2 279 2 279Tax payables 1 780 1 434 1 434Government taxes etc 19 184 19 654 19 654Other short term payable 84 769 70 945 70 945Short term payables 120 787 109 395 109 395Liabilities 160 316 253 752 221 042 Total liabilities and equity 442 424 295 738 315 487

Oslo, 18 April 2016

Ingvild MyhreChairman of the board

Bjørn Ove SkjeieBoard member

Arne JordeBoard member

Ove GuttormsenBoard member

Siv Hege SolheimBoard member

Espen EriksenBoard member

Lene MartinsenBoard member

Svein Ola Ulven President & CEO


Group(NOK 1 000) 2015 2014* 2014

Cash flow from operating activitiesProfit before tax 52 479 19 101 17 023Taxes paid (4 668) (2 003) (2 003)Depreciation and amortization 20 929 20 163 20 163Share of profit from joint ventures 515 1 226 1 226Diff erence in cost and payments in pension (27 435) (2 263) (185)Change in accounts receivables (11 890) 144 144Change in accounts payables (173) 2 796 2 796Change in balance with Stiftelsen NEMKO (1 097) (550) (550)Change in other accruals, including currency effects (9 318) (17 879) (17 879)Net cash flow from operating activities 19 342 20 735 20 735

Cash flow from investing activities Sale of fixed assets - 1 369 1 369Purchase of fixed assets (11 345) (9 336) (9 336)Loan to Stiftelsen NEMKO 16 875 1 250 1 250Net cash flow from investing activities 5 530 (6 717) (6 717)

Cash flow from financing activities Change in long term liability (78 484) (9 388) (9 388)Dividend to minority (333) (149) (149)Emission 201 500 - -Net cash flow from financing activities 122 683 (9 537) (9 537)

Net change in cash and cash equivalents 147 555 4 481 4 481 Cash and cash equivalents per 01.01. 49 330 36 729 36 729Currency effect on net change in cash and cash equivalents 8 724 8 120 8 120

Cash and cash equivalents per 31.12. 205 609 49 330 49 330

Cashflow statement

20 ANNUAL REPORT 2013

Auditor’s report

KPMG AS Telephone +47 04063 P.O. Box 7000 Majorstuen Fax +47 22 60 96 01 Sørkedalsveien 6 Internet www.kpmg.no N-0306 Oslo Enterprise 935 174 627 MVA

KPMG AS, a Norwegian limited liability company and member firm of the KPMG network of independent member firms affiliated with KPMG International Cooperative (“KPMG International”), a Swiss entity. Statsautoriserte revisorer - medlemmer av Den norske Revisorforening

Offices in: Oslo Alta Arendal Bergen Bodø Elverum Finnsnes

Grimstad Hamar Haugesund Knarvik Kristiansand Larvik Mo i Rana

Molde Narvik Sandnessjøen Stavanger Stord Straume Tromsø

Trondheim Tynset Tønsberg Ålesund

To the Annual Shareholders' meeting in Nemko AS INDEPENDENT AUDITOR’S REPORT Report on the Financial Statements We have audited the accompanying financial statements of Nemko AS, which comprise the financial statements of the parent company Nemko AS, showing a profit of NOK 16 538 000, and the consolidated financial statements of Nemko AS and its subsidiaries, showing a profit of NOK 35 162 000. The parent company’s and the consolidated financial statements comprise balance sheet as at 31 December 2015, and the income statement and cash flow statement for the year then ended, and a summary of significant accounting policies and other explanatory information. The Board of Directors and the Managing Director’s Responsibility for the Financial Statements The Board of Directors and the Managing Director are responsible for the preparation and fair presentation of these financial statements in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway, and for such internal control as the Board of Directors and the Managing Director determine 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 these financial statements based on our audit. We conducted our audit in accordance with laws, regulations, and auditing standards and practices generally accepted in Norway, including International Standards on Auditing. Those standards require 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 judgment, 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 auditor considers internal control relevant to the entity’s preparation and fair presentation of the financial statements in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the entity’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.


Independent auditor's report 2015

Nemko AS

p. 2 / 2

We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our audit opinion. Opinion In our opinion, the financial statements are prepared in accordance with the law and regulations and give a true and fair view of the financial position of the parent company Nemko AS and of Nemko AS and its subsidiaries as at 31 December 2015, and of their financial performance and cash flows for the year then ended in accordance with the Norwegian Accounting Act and accounting standards and practices generally accepted in Norway. Report on Other Legal and Regulatory Requirements Opinion on the Board of Directors’ report Based on our audit of the financial statements as described above, it is our opinion that the information presented in the Board of Directors’ report concerning the financial statements, the going concern assumption and the proposal for the allocation of the profit is consistent with the financial statements and complies with the law and regulations. Opinion on Accounting Registration and Documentation Based on our audit of the financial statements as described above, and control procedures, we have considered necessary in accordance with the International Standard on Assurance Engagements (ISAE) 3000, «Assurance Engagements Other than Audits or Reviews of Historical Financial Information», it is our opinion that the management has fulfilled its duty to produce a proper and clearly set out registration and documentation of the company’s accounting information in accordance with the law and bookkeeping standards and practices generally accepted in Norway. Oslo, 22 April 2016 KPMG AS John Thomas Sørhaug Stateauthorized Public Accountant [Translation has been made for information purposes only]


NEMKO GROUPNemko AS - Head OfficeGaustadalléen 30P.O. Box 73 Blindern, 0314 Oslo, NorwayPhone: +47 22 96 03 30Fax: +47 22 96 05 50

DNV NEMKO PRESAFEDNV Nemko Presafe ASGaustadalléen 30P.O. Box 73 Blindern0314 Oslo, NorwayPhone: +47 67 57 88 00

EUROPENemko GermanyNemko GmbH & Co. KGPostfach 1250,76318 Pfinztal/Reetzstr. 5876327 Pfinztal (Karlsruhe area)GermanyPhone: +49 7240 63 0Fax: + 49 7240 6312

Nemko ItalyNemko Spa a Socio UnicoVia del Carroccio 4, (ang. Via Cavallotti)20853 Biassono (MB), ItalyPhone: +39 039 220 1201Fax: +39 039 220 1221

Nemko SwedenNemko Sweden ABAlviks StrandGustavslundsvägen 14316751 Bromma, SwedenPhone: +46 8 473 00 61Mobile: +46 708 11 97 17

Nemko DenmarkNemko Denmark ASHejrevej 343120 Dronningmølle, DenmarkMobile: +45 22 20 02 45

ASIANemko ShanghaiNemko China Ltd Shanghai (WFOE)18G, Zao-Fong Universe BuildingNo.1800 Zhongshan West Road, Xuhui DistrictShanghai 200235, ChinaPhone: +86 21 54453132Fax: +86 21 54453215

Nemko ShenzhenNemko Shanghai Ltd., Shenzhen BranchUnit CD, Floor 10, Financial Base Tower 2Kefa Road 8#, Hi-Technology Park, Nanshan District,Shenzhen 518057, ChinaPhone: +86 755 82210420Fax: +86 755 82213363

Nemko Hong KongNemko Hong Kong Ltd.Unit 23, 19/F, Tuen Mun Central Square No. 22 Hoi Wing RoadTuen Mun, N.T., Hong KongPhone: +852-2675 0288Fax: +852-2675 0550

Nemko TaiwanNemko AS, Taiwan Branch5F, No. 411, Section 2,Tiding Blvd., Neihu, Taipei, 11493 TaiwanPhone: +886-2-8797-8790Fax: +886-2-8797-8791

Nemko KoreaNemko Korea Co. Ltd.159, Osan-ro (300-2, Osan-ri)Mohyeon-myeon, Cheoin-gu, Yongin-si,Gyeonggi-do (Seoul area), Korea, 449-852Phone: +82 31 330 1700Fax: +82 31 322 3971

Nemko JapanNemko Japan Ltd.559-1, Akeno, Obata-cho,Ise-shi, Mie-ken, 519-0501, JapanPhone: +81 596 37 7775Fax: +81 596 37 7737

NORTH AMERICANemko San DiegoNemko USA, Inc.2210 Faraday Ave.Suite 150 Carlsbad, CA 92008Phone: +1 760 444 3500Fax: +1 760 444 3005

Nemko Salt LakeNemko-CCL, Inc.2964 West 4700 South, Suite 200, Salt Lake City, Utah 84129Phone: +1 801 972 6157Fax: +1 760 444 3505

Nemko CanadaNemko Canada, Inc.303 River Road, OttawaOntario K1V1H2, CanadaPhone: +1 613 737 9680Fax: +1 613 737 9691

Nemko MontrealNemko Canada, Inc.292 Labrosse AvenuePointe-ClaireQuebec H9R5L8, CanadaPhone: +1 514 694 2684Fax: +1 514 694 3528

Contact information

Read more about us at nemko.com

Design and project managem

ent: Markhi AS

ONE WORLD OUR APPROVAL

MILJØMERKET

241 TRYKKSAK 716

nemko group - annual performance 2015

Engineering