393577202024-01-012024-12-311393577202024-01-012024-12-31393577202024-01-012024-12-311393577202024-01-012024-12-312393577202024-12-31393577202023-12-31fsa:ContributedCapitalMember393577202023-12-31fsa:RetainedEarningsMember393577202023-12-31393577202024-01-012024-12-31fsa:RetainedEarningsMember393577202024-12-31fsa:ContributedCapitalMember393577202024-12-31fsa:RetainedEarningsMember393577202023-01-012023-12-31iso4217:DKKPricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab
21704812049678Strandvejen 4460380977572900 Hellerup
1687848222264733771231543013-75212The Executive Board has today considered and approved the annual report of S 26 ApS for the financial year 01.01.2024 - 31.12.2024. -10800000-10800000The annual report is presented in accordance with the Danish Financial Statements Act.-10256987-10875212In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024.-39090-2339324We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-10217897-8535888We recommend the annual report for adoption at the Annual General Meeting.-10217897-8535888Copenhagen2025-06-306390000074700000Caspar Schultz6390000074700000Ole Meier Sørensen6390000074700000To the shareholders of S 26 ApS129865355023In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance
with the Danish Financial Statements Act.
We have audited the financial statements of S 26 ApS for the financial year 01.01.2024 -
31.12.2024, which comprise the income statement, balance sheet, statements of changes in equity and
notes, including a
summary of significant accounting policies ("the Financial Statements")22373930We conducted our audit in accordance with International Standards on Auditing (ISAs) and the 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 our report. We are independent of the Company 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.1611483111Management 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 under the Danish Financial Statements Act.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 in the relevant law and regulations. We did not identify any material misstatement of the management commentary.35521601381347437465845275Management 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.429590659834096819590680683409Our 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.
1455000014550000Copenhagen-310212871157692025-06-301144787221665769Maj-Britt Nørskov Nannestad0193903mne321980193903State Authorised Public Accountant024132746Primary activitiesThe Company's principal activities consist in a business with real estate and other business that is connected to
this.12907912517209Development in activities and financesThe Company's Income Statement of the financial year 1 January 2024 - 31 December 2024 shows a result of DKK
(10,217,897) and the Balance Sheet at 31 December 2024 a balance sheet total of DKK 68,195,906 and an equity of
DKK 11,447,872.4959442930531243Events after the balance sheet dateAfter the end of the financial year, no events have occurred which may change the financial position of the entity
substantially.5088522057181198This 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.During the year, transactions in foreign currencies have been translated applying the exchange rate at the
transaction date. If currency positions are considered hedge of future cash flows, the value adjustments are
recognised directly in equity.
Receivables and debt denominated in foreign currencies have been recognised at the exchange rate of the balance
sheet date.
Realised and unrealised exchange gains and losses have been recognised in the income statement under other
financial income and expenses.4317290During the year, transactions in foreign currencies have been translated applying the exchange rate at the
transaction date. If currency positions are considered hedge of future cash flows, the value adjustments are
recognised directly in equity.
Receivables and debt denominated in foreign currencies have been recognised at the exchange rate of the balance
sheet date.
Realised and unrealised exchange gains and losses have been recognised in the income statement under other
financial income and expenses.298128322385Recognition 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. Furthermore, all costs incurred to earn the
profit or loss for year have been recognised in the income statement, including amortisation, depreciation,
write-down and provisions as well as reversals as a consequence of changed accounting estimates of amounts
previously recognised in the income statement.36667320Gross profit or lossThe Company has decided to aggregate certain items of the income statement in accordance with the provisions of
Section 32 of the Danish Financial Statements Act. Gross profit or loss comprises revenue and external expenses.0682594RevenueRental income comprises income from the lease of property etc., and it is reconigsed in the profit and loss account
for the period relating to the lease payment.1466225637560Fair 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.58628141642539Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, operating costs, administration and fees to advisors and
consultants.5674803458823737Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, ncluding
interest income on receivables from group enterprises, net capital or exchange gains on securities, payables
and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish
Tax Prepayment Scheme etc.6819590680683409Other 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.14550000Tax 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated
among the jointly taxed entities proportionally to their taxable income (full allocation with a refund
concerning tax losses).7115769Investment 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.-10217897Tax payable or receivableCurrent tax payable or receivable is recognised in the balance sheet, stated as tax computed on this year's
taxable income, adjusted for prepaid tax.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.14550000CashCash comprises cash in hand and bank deposits.-3102128Mortgage 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.1 Uncertainty related to going concernAs of the balance sheet date, the Company’s current liabilities exceed its current assets. To support the Company’s liquidity position, the parent company has issued a letter of intent, in which it states its present intention to provide continuing financial support to the Company to enable it to meet its liabilities. The support is intended to be provided for the duration of the parent company's ownership of the Company, and up to a maximum period ending on 31 March 2026, whichever is earlier.Ikke væsentlig usikkerhed vedr. fortsat drift2 Other financial income
2024
DKK2023
DKKFinancial income from group enterprises60,3800Other financial income097,75760,38097,757true3 Other financial expenses2024
DKK2023
DKKFinancial expenses from group enterprises409,530632,196Other interest expenses1,125,273915,099Other financial expenses153,045675,3521,687,8482,222,647Grundlag for konklusion4 Tax on profit/loss for the year2024
DKK2023
DKKCurrent tax154,8120Change in deferred tax(193,902)(2,339,324)(39,090)(2,339,324)Konklusion5 Property, plant and equipmentInvestmentpropertyDKKCost beginning of year73,810,810Cost end of year73,810,810Fair value adjustments beginning of year889,190Fair value adjustments for the year(10,800,000)Fair value adjustments end of year(9,910,810)Carrying amount end of year63,900,000The company's tangible fixed assets consist of commercial properties of a total of 4.139 m2. The investment property
is due to the description of accounting policies, measured at fair value using the DCF model.
The value of the investment property is set at fair value on the basis of a "discounted cash flow" valuation model.
The fair value is calculated on the basis of the discounted value of cash flows assuming a price adjustment of income,
costs and an inflation of 2%. A weighted return requirement of 6,45% (5,95% in 2023) has been used for the
valuation. A change of -0,25% points in return requirement means approx. DKK 2,58 million in changed market value
and a change of +0,25% point in return requirement means approx. -2,38 million DKK in changed market value.
In addition, the following significant assumptions have been used in the fair value measurement:
- As part of the valuation of the property, the DCF-model includes a vacancy period of 2 years for part of the property. It is a prerequisite for the valuation that a new tenant moves in.- In the terminal year, it is assumed that costs, maintenance, etc. corresponds to an average of a 10-year-old budget
period.
The investment property is valued on the basis of a valuation from an independent commercial brokertrue6 Non-current liabilities other than provisionsDue within 12 months
2024
DKKDue after more than 12 months
2024
DKKOutstanding after 5 years
2024
DKKDeposits01,290,7911,290,791Payables to group enterprises431,72949,594,4290431,72950,885,2201,290,7912023-01-017 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any
remuneration2023-12-318 Contingent liabilitiesThe company is jointly taxed with other group companies and is jointly liable with the other group companies for
payable and unsettled corporation and withholding taxes.The total amount for payable corporate tax is shown in the
annual report for SF 7 ApS. Any subsequent corrections to the corporate tax and withtholding taxes can lead to a
higher liability for the Company.KøbenhavnKøbenhavn K9 Related parties with controlling interestThe company is included in the consolidated report for the parent company AP Nordic Investment II S.à.r.l.
The consolidated report for AP Nordic Investment II S.à.r.l. can be requested at the following address:
35a Avenue John F. Kennedy
1855 Luxembourg1203Regnskabsklasse BRevisionspåtegning2024-12-312024-01-0112C/O Citco (Denmark) ApS, NybrogadeS 26 ApS39357720339635562300 København SWeidekampsgade 6Deloitte Statsautoriseret RevisionspartnerselskabÅrsrapport2025-06-30Ole Meier Sørensen