40143572 2024-04-01 2025-03-31 40143572 2024-04-01 2025-03-31 1 40143572 2024-04-01 2025-03-31 2 40143572 2024-04-01 2025-03-31 1 40143572 2024-04-01 2025-03-31 2 40143572 2023-04-01 2024-03-31 40143572 2025-03-31 40143572 2024-03-31 40143572 2024-03-31 fsa:ContributedCapitalMember 40143572 2024-03-31 fsa:ReserveForCurrentValueOfHedgingMember 40143572 2024-03-31 fsa:RetainedEarningsMember 40143572 2024-04-01 2025-03-31 fsa:ReserveForCurrentValueOfHedgingMember 40143572 2024-04-01 2025-03-31 fsa:RetainedEarningsMember 40143572 2025-03-31 fsa:ContributedCapitalMember 40143572 2025-03-31 fsa:ReserveForCurrentValueOfHedgingMember 40143572 2025-03-31 fsa:RetainedEarningsMember iso4217:DKK 2025-08-13 Hendrik Ebe Reitsma The Executive Board has today considered and approved the annual report of Lisbjerg 1 ApS for the financial year​01.04.2024 - 31.03.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.03.2025and of the results of its operations for the financial year 01.04.2024 - 31.03.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Aarhus Hendrik Ebe Reitsma Casper Vernooij To the shareholder of Lisbjerg 1 ApS We have audited the financial statements of Lisbjerg 1 ApS for the financial year01.04.2024 - ​31.03.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at31.03.2025and of the results of its operations for the financial year 01.04.2024 - 31.03.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of financial statements that are free from material misstatement, ​whether due to fraud or error.​​In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit 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.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.We communicate with those charged with governance regarding, among other matters, the planned scope ​and timing of the audit and significant audit findings, including any significant deficiencies in internal control ​that we identify during our audit. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary. Copenhagen Claus Jorch Andersen State Authorised Public Accountant mne33712 Frederik Juhl Hestbæk State Authorised Public Accountant mne47807 Primary activitiesThe activities of the company are to carry on, directly and indirectly, the acquisition and sale of real estate, the ​administration and management of real estate and other related activities. ​​The annual result amounts to a profit of DKK 17.6 milion, which is considered satisfactory. Uncertainty relating to recognition and measurementThere is significant uncertainty associated with determining the yield. An increase in yield with 0.25% will reduce the total fair value by DKK 26 million. A decrease of the yield with 0.25% will increase the total fair value by DKK 29.1 million. ​ ​The fair value adjustment for the year amounts to a gain of DKK 12.1 million which relates to change in yield used. Use of financial instrumentsThe company has multiple interest swaps, securing a floating interest rate to fixed interest rate on mortgage debt. The principle amount of the mortgage debt relating to the swap agreements amounts to DKK 186.6 milion and the fixed interest rate is 3.1900 % and 2.9700 %, respectively. The swap agreements terminates on 31.12.2026.​​Management works continuesly with the company's financing and interest risk. Management monitors the risk of​interest fluctuations and take means to minimize risk on interest. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 19371854 19640711 12100000 -66759550 31471854 -47118839 133396 19605 14295197 14245058 17310053 -61344292 -247511 -11857632 17557564 -49486660 17557564 -49486660 17557564 -49486660 487900000 475800000 487900000 475800000 487900000 475800000 19761 66267 3572173 3572173 2896 418648 442439 1363038 4037269 5420126 21942310 6979887 25979579 12400013 513879579 488200013 50000 50000 -2451082 -644114 143453026 125895462 141051944 125301348 10561854 8429987 10561854 8429987 186393554 186072673 156000000 156000000 342393554 342072673 6333525 6358174 1151623 1695138 333783 389670 8254120 1651463 3142413 825787 656763 1475773 19872227 12396005 362265781 354468678 513879579 488200013 50000 -644114 125895462 125301348 -2316626 0 -2316626 -509658 0 -509658 0 17557564 17557564 50000 -2451082 143453026 141051944 1 Other financial income ​2024/25​DKK2023/24​DKKOther interest income133,39619,605133,39619,605 2 Other financial expenses2024/25​DKK2023/24​DKKFinancial expenses from group enterprises6,602,6576,587,901Other interest expenses7,692,4677,657,116Exchange rate adjustments734114,295,19714,245,058 3 Tax on profit/loss for the year2024/25​DKK2023/24​DKKChange in deferred tax2,641,525(10,473,392)Adjustment concerning previous years(2,889,036)(1,384,240)(247,511)(11,857,632) 4 Property, plant and equipmentInvestment​property​DKKCost beginning of year452,221,732Cost end of year452,221,732Fair value adjustments beginning of year23,578,268Fair value adjustments for the year12,100,000Fair value adjustments end of year35,678,268Carrying amount end of year487,900,000The company's investment properties consists of one property with a total of 18,956 square meters in ​Aarhus with residential rental. The property are charactierized as newly built in a developing area resulting in low vacancy and high rental potential.​​​​​The fair value of investment properties is determined on a broker's assessment on the basis of a DCF model alongside local market conditions, town planning and property repair and condition etc. The DCF model has a terminal growth equaling the inflation level.Applied yield4.44%Budgeted rental income per square meters1,374 DKKBudget period 10 yearsBudgeted vacancy0%Budgeted inflation2%There is significant uncertainty associated with determining the yield. An increase in yield with 0.25% will reduce the total fair value by DKK 26 million. A decrease of the yield with 0.25% will increase the total fair value by DKK 29.1 million. ​ ​The fair value adjustment for the year amounts to a gain of DKK 12.1 million which relates to change in yield used. 5 Non-current liabilities other than provisionsDue after more than 12 months​2024/25​DKKOutstanding after 5 years​2024/25​DKKMortgage debt186,393,554186,554,000Payables to group enterprises156,000,000156,000,000342,393,554342,554,000 6 Derivative financial instrumentsThe company has multiple interest swaps, securing a floating interest rate to fixed interest rate on mortgage debt. The principle amount of the mortgage debt relating to the swap agreements amounts to DKK 186.6 milion and the fixed interest rate is 3.1900 % and 2.9700 %, respectively. The swap agreements terminates on 31.12.2026. 7 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any remuneration. 8 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Vivada Denmark ApS serves as the ​administration company. According to the joint taxation provisions of the Danish Corporation Tax Act, the Entity ​is therefore liable for income taxes etc for the jointly taxed entities, and for obligations, if any, relating to the ​withholding of tax on interest, royalties and dividend for the jointly taxed entities. The jointly taxed entities' total ​known net liability under the joint taxation arrangement is disclosed in the administration company's financial ​statements.​ 9 Assets charged and collateralMortgage debt is secured by way of mortgage on properties. The recognised value of the properties amounts to a ​total of DKK 487,900 thousand. 10 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Vivada Properties DK VII HoldCo ApS, Vestre Ringgade 26, 4 , 8000 Aarhus C , Denmark This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic ​benefits will flow to the Entity, and the value of the asset can be measured reliably. ​​Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a ​result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the ​value of the liability can be measured reliably. ​​On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial ​recognition is effected as described below for each financial statement item. ​​Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm ​or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and ​measurement. ​​Income is recognised in the income statement when earned, whereas costs are recognised by the amounts ​attributable to this financial year. Gross profit or lossGross profit or loss comprises revenue and external expenses. RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. Fair value adjustments of investment propertyFair value adjustments of investment property comprise adjustments for the financial year of the Entity’s investment properties measured at fair value at the balance sheet date. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of intangible assets and property, plant and equipment, and salary refunds. Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for ​premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of ​receivables recognised in current assets. Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair ​and maintenance costs, property tax and electricity, water and heating, which are not charged directly from ​the lessee. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group enterprises, net capital or exchange gains on securities, payables and transactions in foreign currencies. Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group ​enterprises, net capital or exchange losses on securities, payables and transactions in foreign currencies, ​amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the ​income statement by the portion attributable to the profit for the year and recognised directly in equity by the portion attributable to entries directly in equity. Investment propertyOn initial recognition, investment properties are measured at cost consisting of the acquisition price of the ​properties plus directly related acquisition costs. ​​Subsequent to initial recognition, investment properties are measured at fair value which is equivalent to the ​amount at which the individual property may be sold to an independent buyer at the balance sheet date.Fair value is determined by using the DCF model as the calculated value in use of expected cash flows from each property. To determine expected cash flows, the budgeted cash flows for each property for the next years are used, including increases in price and rent levels, and a calculated terminal value which reflects the amount of normalised cash flows expected to be generated by the property after the budget period. The cash flows so calculated are discounted to net present value by using a discount rate that is estimated to reflect current market-required yield rates for similar properties inclusive of expected inflation. The financial year's adjustments of the properties’ fair value are recognised in the income statement. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and ​doubtful debts. PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at ​cost. CashCash comprises cash in hand and bank deposits. Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset.​​Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at ​their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds ​to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the ​goods agreed or completion of the service agreed. true Grundlag for konklusion Konklusion 2025-08-13 2025-08-13 true 2023-04-01 2024-03-31 33963556 København S 2300 6 Weidekampsgade Deloitte Statsautoriseret Revisionspartnerselskab Aarhus Aarhus C 8000 Regnskabsklasse B Revisionspåtegning 2025-03-31 2024-04-01 426 Vestre Ringgade Lisbjerg 1 ApS 40143572 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab Årsrapport