42990264 2023-01-01 2023-12-31 42990264 2023-01-01 2023-12-31 1 42990264 2023-01-01 2023-12-31 1 42990264 2023-01-01 2023-12-31 2 42990264 2022-01-19 2022-12-31 42990264 2023-12-31 42990264 2022-12-31 42990264 2022-12-31 fsa:ContributedCapitalMember 42990264 2022-12-31 fsa:RetainedEarningsMember 42990264 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 42990264 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 42990264 2023-12-31 fsa:ContributedCapitalMember 42990264 2023-12-31 fsa:RetainedEarningsMember iso4217:DKK Copenhagen Joel Davidson Today, the Board of Directors and the Executive Board have discussed and approved the annual report of GADM K/S for the financial year 1 January 2023 – 31 December 2023.The annual report is prepared in accordance with the Danish Financial Statements Act.In our opinion, the financial statements give a true and fair view of the Company’s financial position at 31 December 2023 and of the results of the Company’s operations for the financial year 1 January – 31 December 2023.Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review.We recommend the adoption of the annual report at the annual general meeting. To the shareholder of GADM K/S In our opinion, the Financial Statements give a true and fair view of the financial position of the Company at 31 December 2023, and of the results of the Company’s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act.We have audited the Financial Statements of GADM K/S for the financial year 1 January - 31 December 2023, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). We 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’ Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for Management’s Review.Our opinion on the financial statements does not cover Management’s Review, 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 Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated.Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act.Based on the work we have performed, in our view, Management’s Review 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 in Management’s Review. 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 Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either Auditor’s Responsibilities for the Audit of the Financial Statements 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 judgment and maintain professional skepticism 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 Company’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 Company’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 Company to cease to continue as a going concern.• Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, 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. Hellerup, Copenhagen, PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab 33771231 Maj-Britt Nørskov Nannestad Jacob Dannefer State Authorised Public Accountant State Authorised Public Accountant GADM K/S Nybrogade 2 1203 København K 42990264 Copenhagen Strandvejen 44 2900 Hellerup The company's primary activities and company detailsThe purposes of the partnership are directly or indirectly through ownership in other companies to own, construct, develop, operate and sell real property, and carry out other activities related thereto. Development in the yearThe income statement of the Company for 2023 shows a profit of DKK 14.866.483, and at 31 December 2023 the balance sheet of the Company shows a positive equity of DKK 27.249.021.Subsequent eventsNo events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. -1900422 -77429 20744240 0 18843818 -77429 1700 0 3979036 840033 14866483 -917462 14866483 -917462 14866483 -917462 135000000 81224461 135000000 81224461 135000000 81224461 183485 0 183485 0 827500 32073 1010985 32073 136010985 81256534 100 100 27248921 12382438 27249021 12382538 524952 19999999 0 48861809 777863 12188 1599620 0 2902435 68873996 108761965 68873996 136010985 81256534 100 12382438 12382538 0 14866483 14866483 100 27248921 27249021 Reporting currencyThe financial statements are presented in Danish kroner (DKK). Income StatementRevenueRevenue consists of letting fees from rental of apartments and is recognised in the income statement with the amount that concern the financial year.Gross profitWith reference to section 32 of the Danish Financial Statements Act, the items ‘Revenue’, ‘Cost of sale’, ‘Other external expenses’ and ‘Other operating income’ are consolidated into one item designated ‘Gross margin’.Other external expenses Other external expenses include the year’s expenses relating to the entity’s core activities, including expenses relating to management of the company, due diligence processes, monitoring development projects on future aquisitions, etc.Financial income and expenses Financial income and expenses are recognized in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses, etc.Tax on profit/loss for the yearThe Company is not an individual tax payer, thus, tax of the Company's operating profit/loss is not included in the Financial Statement.Balance sheetInvestment propertyInvestment properties are measured at cost at first recognition. After the first recognition investment properties are measured at fair value. Fair value is measured using a discounted cash flow model based on yield for comparable properties. Annual changes in fair value is recognized in the income statement. true true ReceivablesReceivables are measured at amortized cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realizable value and the carrying amount. LiabilitiesOther liabilities are measured at net realizable value. 2. Staff CostsThe company has no employees. 19.01.2022-DKK202331.12.20223. Financial expenses Interest expenses, affiliated companies 3.979.036 840.000 Interest expenses, bank and others - 33 3.979.036 840.033 Investment 4. Property, plant and equipmentPropertyCost at 01.01.202381.224.461 Additions33.031.299 Cost at 31 December 114.255.760 Value adjustment at - Value adjustment for the year20.744.240 Value adjustment at 31 December 20.744.240 Carrying amount at 31 December 135.000.000 Fair Value LevelThe valuation is based on a DCF-model with an initial yield of 4,81% added inflation of 2,00% and growth in free cash flow of 2,00% per year. The property is a residential property placed in Gartnerbyen in Odense. If valuation was based on an initial yield of 4,61% the value would be DKK 140,480 thousand and if based on an initial yield of 5,01% the value would be DKK 129,154 thousand. The earnings used for the valuation is the estimated rent and cost on a normalised basis. 5. Contractual obligations and contingencies, etc.None Annual report Auditor's report on audited financial statements ParsePort XBRL Converter 2023-01-01 2023-12-31 2022-01-19 2022-12-31 2024-05-23 Caspar Schultz Reporting class B 2022-01-19 2024-05-23 21243434 Citco (Denmark) ApS Nybrogade 12 1203 København K Opinion Basis for Opinion 2024-05-23 mne32198 mne47886 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup