369196122021-01-012021-12-31369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-311cmn:ConsolidatedMember369196122021-01-012021-12-312cmn:ConsolidatedMember369196122021-01-012021-12-313cmn:ConsolidatedMember369196122021-01-012021-12-314cmn:ConsolidatedMember369196122021-01-012021-12-315cmn:ConsolidatedMember369196122021-01-012021-12-314cmn:ConsolidatedMember369196122021-01-012021-12-316cmn:ConsolidatedMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-31RevPers7cmn:ConsolidatedMember369196122021-01-012021-12-31RevPers8cmn:ConsolidatedMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember369196122021-01-012021-12-31fsa:RetainedEarningsMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-310cmn:ConsolidatedMember369196122021-01-012021-12-310cmn:ConsolidatedMember369196122021-01-012021-12-31fsa:ContributedCapitalMembercmn:ConsolidatedMember369196122021-01-012021-12-31fsa:ContributedCapitalMember369196122021-01-012021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember369196122021-01-012021-12-31fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember369196122021-01-012021-12-31fsa:ReserveForLoansAndCollateralsMembercmn:ConsolidatedMember369196122021-01-012021-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember369196122021-01-012021-12-31fsa:RetainedEarningsMember369196122021-01-012021-12-31fsa:SharePremiumMembercmn:ConsolidatedMember369196122021-01-012021-12-31fsa:SharePremiumMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122021-01-012021-12-31cmn:ConsolidatedMember369196122020-01-012020-12-31369196122020-01-012020-12-31cmn:ConsolidatedMember369196122020-01-012020-12-31fsa:RetainedEarningsMembercmn:ConsolidatedMember369196122020-01-012020-12-31fsa:RetainedEarningsMember369196122020-01-012020-12-31cmn:ConsolidatedMember369196122020-01-012020-12-310cmn:ConsolidatedMember369196122020-01-012020-12-310cmn:ConsolidatedMember369196122020-01-012020-12-31cmn:ConsolidatedMember369196122021-12-31369196122021-12-31cmn:ConsolidatedMember369196122021-12-31cmn:ConsolidatedMember369196122021-01-01fsa:ContributedCapitalMembercmn:ConsolidatedMember369196122021-01-01fsa:ContributedCapitalMember369196122021-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMembercmn:ConsolidatedMember369196122021-01-01fsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember369196122021-01-01fsa:ReserveForLoansAndCollateralsMembercmn:ConsolidatedMember369196122021-01-01fsa:RetainedEarningsMembercmn:ConsolidatedMember369196122021-01-01fsa:RetainedEarningsMember369196122021-01-01fsa:SharePremiumMembercmn:ConsolidatedMember369196122021-01-01fsa:SharePremiumMember369196122020-12-31369196122020-12-31cmn:ConsolidatedMember369196122020-12-31cmn:ConsolidatedMemberxbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the shareholder of Dane TopCo ApS Basis of opinion 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 consolidated financial statements and the parent financial statements section of this auditor's report. We are independent of the Group 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. Opinion We have audited the consolidated financial statements and the financial statements of Dane TopCo ApS for the financial year 1 January 2021 - 31 December 2021, which comprise an income statement, balance sheet, statement of changes in equity, cash flows and notes. The consolidated financial statements and the financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, consolidated financial statements and the financial statements give a true and fair view of the Group's and the Company's financial position at 31 December 2021 and of the results of its operations and cash flows for the financial year 1 January 2021 - 31 December 2021 in accordance with the Danish Financial Statements Act. , Opinion We have audited the consolidated financial statements and the financial statements of Dane TopCo ApS for the financial year 1 January 2021 - 31 December 2021, which comprise an income statement, balance sheet, statement of changes in equity, cash flows and notes. The consolidated financial statements and the financial statements are prepared in accordance with the Danish Financial Statements Act. In our opinion, consolidated financial statements and the financial statements give a true and fair view of the Group's and the Company's financial position at 31 December 2021 and of the results of its operations and cash flows for the financial year 1 January 2021 - 31 December 2021 in accordance with the Danish Financial Statements Act. 2022-03-23CopenhagenThe auditor's responsibility for the audit of the consolidated financial statements and the financial statements Our responsibility is to obtain reasonable assurance as to whether the consolidated financial statements and the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these consolidated financial statements and financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in the consolidated financial statements and 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the consolidated financial statements and the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Grpou's and 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Group and the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the consolidated financial statements and the financial statements reflect 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 which we identify during our audit. , Our responsibility is to obtain reasonable assurance as to whether the consolidated financial statements and the financial statements are free from material misstatement, whether due to fraud or error, and to issue an auditors' report that includes our opinion. Reasonable assurance is a high level of assurance, but is no guarantee that an audit conducted in accordance with ISAs and additional requirements applicable in Denmark will always detect material misstatements. Misstatements can arise from fraud or error and can be considered material if it would be reasonable to expect that these - either individually or collectively - could influence the economic decisions taken by the users of financial statements on the basis of these consolidated financial statements and financial statements. As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain an attitude of professional skepticism throughout the audit. We also: * Identify and assess the risk of material misstatements in the consolidated financial statements and 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 a material misstatement resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations or 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 whether the accounting policies used are appropriate and whether the accounting estimates and the related disclosures made by Management are reasonable. * Conclude on whether Management's use of the going concern basis of accounting in preparing the consolidated financial statements and the financial statements is appropriate and, based on the audit evidence obtained, conclude on whether a material uncertainty exists relating to events or conditions, which could cast significant doubt on the Grpou's and 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 auditors' 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 auditors' report. However, future events or conditions may imply that the Group and the Company can no longer remain a going concern. * Evaluate the overall presentation, structure and contents of the financial statements, including note disclosures, and whether the consolidated financial statements and the financial statements reflect 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 which we identify during our audit. Management's responsibility for the financial statements Management is responsible for the preparation of consolidated financial statements and financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management considers necessary to enable the preparation of consolidated financial statements and financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and the financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the financial statements unless Management either intends to either liquidate the Group and the Company or suspend operations, or has no realistic alternative but to do so. Statement on the management commentary Management is responsible for the Management's review. Our opinion on the consolidated financial statements and the financial statements does not cover the Management's review, and we do not express any form of opinion providing assurance regarding the Management's review. Our responsibility in connection with our audit of the consolidated financial statements and the financial statements is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the consolidated financial statements and the financial statements or with the knowledge we have gained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review meets the disclosure requirements in the Danish Financial Statements Act. Based on our procedures, we are of the opinion that the Management's review is in accordance with the consolidated financial statements and the financial statements and has been prepared in accordance with the requirements in the Danish Financial Statements Act. In our opinion, the Management's review is not materially misstated. 3396355633963556mne19708mne23295Lars KronowTim Kjær-HansenThomas Colding-JørgensenRikke Lykke TalchowThomas Colding-JørgensenSonny Hoffmann NielsenMatthieu Servant Julian Gudding GresvigRikke Lykke TalchowDeloitte Statsautoriseret RevisionspartnerselskabDeloitte Statsautoriseret RevisionspartnerselskabBoard MemberBoard MemberChairmanBoard MemberBoard MemberBoard MemberRevisionspåtegningtrue412198000328630000-33780000-35045000-10530000-42700039600003694000866000081350000000-10788000-130266000-5780001160221000110534800039183500039630900081577400000000-14000000000000000-14000000000001253910002217540009000462000125391000221754000291060001262250001118000010446400042124000-34496000-136906000-9163000-158100090970000Regnskabsklasse C, stor virksomhed89780001117200028308300028308300028308300028308300023259000027308000052970003772000847500038780008758000777000067114000591930006711400059193000Equity investments in group enterprises and associates Investments in group enterprises and associates are recognised in the balance sheed at the proportionate share of the equity value of the enterprises, calculated according to the parents accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at tkr. 0, and any amounts receivable from those enterprises are written down by the parents share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Equity investments in subsidiaries and associates are measured by the equity method. Equity investments in subsidiaries and associates are measured at the proportionate share of the enterprises' equity value determined according to the group's accounting policies with deduction or addition of unrealised intercompany profit or loss and with the addition or deduction of the residual value of positive or negative goodwill determined according to the acquisition method. Equity investments in subsidiaries and associates with a negative equity value are measured at DKK 0, and any receivable from these enterprises are written down in so far as the receivable is uncollectible. In so far as the parent company has a legal or actual obligation to cover a negative balance that exceeds the receivable, the residual amount is recognised in provisions. Net revaluation of equity investments in subsidiaries and associates is tied up as reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Dividends from subsidiaries that are expected to be adopted before the annual report for Dane TopCo ApS is approved are not tied up in the revaluation reserve. The acquisition method is used to purchase enterprises, cf. the above description under determination of goodwill., Equity investments in subsidiaries and associates are measured by the equity method. Equity investments in subsidiaries and associates are measured at the proportionate share of the enterprises' equity value determined according to the group's accounting policies with deduction or addition of unrealised intercompany profit or loss and with the addition or deduction of the residual value of positive or negative goodwill determined according to the acquisition method. Equity investments in subsidiaries and associates with a negative equity value are measured at DKK 0, and any receivable from these enterprises are written down in so far as the receivable is uncollectible. In so far as the parent company has a legal or actual obligation to cover a negative balance that exceeds the receivable, the residual amount is recognised in provisions. Net revaluation of equity investments in subsidiaries and associates is tied up as reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Dividends from subsidiaries that are expected to be adopted before the annual report for Dane TopCo ApS is approved are not tied up in the revaluation reserve. The acquisition method is used to purchase enterprises, cf. the above description under determination of goodwill., Investments in group enterprises and associates are recognised in the balance sheed at the proportionate share of the equity value of the enterprises, calculated according to the parents accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at tkr. 0, and any amounts receivable from those enterprises are written down by the parents share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. 125980008407000Reporting Class The Annual Report of Dane TopCo ApS for 2021 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C. The accounting policies applied remain unchanged from last year. Reporting currency The Annual Report is presented in Danish kroner. Translation policies On initial recognition, transactions in foreign currencies are translated at the exchange rates prevailing at the date of transaction. Gains and losses occurring due to differences between the transaction date rates and the rates at the date of payment are recognised as an item under Financial Income and Expenses in the Income Statement. Receivables, debt and other monetary items denominated in a foreign currency are translated at the rate at the balance sheet date. The difference between the rate at the balance sheet date and the rate at the time when the receivable or payable occurred or was recognised in the latest Financial Statements is recognised in the Income Statement under Financial Income and Expenses. Foreign subsidiaries and associates are considered separate entities. The income statements are translated into a monthly average rate of exchange and the balance sheet items are translated into the rates of exchange at the balance sheet date. Currency translation differences that occur when translating foreign subsidiaries' equity at the beginning of the year at the rates of exchange at the balance sheet date and when translating Income Statements from average rates at the rates of exchange at the balance sheet date are recognised directly in equity. Translation adjustment of balances with separate foreign subsidiaries that is considered a part of the total investment in the subsidiary is recognised directly in equity. Similarly, foreign exchange gains and losses on loans and derivative financial instruments entered to assure net investments in foreign subsidiaries are recognised directly in equity. Consolidated Financial Statements The Consolidated Financial Statements comprise the parent company Dane TopCo ApS and subsidiaries in which Dane TopCo ApS directly or indirectly holds more than 50% of the voting rights or in other ways has control. Enterprises in which the Group holds between 20% and 50% of the voting rights and exercises significant but not controlling influence are considered associates. For the consolidation, intercompany income and costs, shareholdings, intercompany balances and dividends as well as realised and unrealised profit and loss are eliminated in connection with transactions between the consolidated enterprises. Equity investments in subsidiaries are eliminated by the proportionate share of the subsidiaries' market value of net assets and liabilities at the time of acquisition. Newly acquired or established enterprises are recognised in the Consolidated Financial Statements from the date of acquisition. Enterprises sold or liquidated are recognised in the Consolidated Income Statement up to the date of disposal. Comparative figures are not corrected for enterprises newly acquired, sold or liquidated. The acquisition method is used to purchase new enterprises whereby the newly acquired enterprises' identified assets and liabilities are measured at fair value at the date of acquisition. General Information Basis of recognition and measurement Income is recognised in the Income Statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortised cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the Income Statement, including depreciation, amortisation, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the Income Statement. Assets are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the Balance Sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the Annual Report, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income Statement Revenue Income from delivery of services is recognised as revenue as the service is delivered. Cost of sales Costs of sales comprise expenses incurred to achieve revenue for the year. Other external expenses Other external expenses comprise expenses regarding administration. Employee benefits expenses Staff expenses comprise wages and salaries, pensions and social security costs. Amortisation and impairment of tangible and intangible assets Amortisation and impairment of intangible and tangible assets has been performed based on a continuing assessment of the useful life of the assets in the Company. Non-current assets are amortised on a straight line basis, based on cost, on the basis of the following assessment of useful life and residual values: Useful life Completed development projects 5 years Acquired intangible assets 10-20 years Goodwill 10-20 years Other fixtures and fittings, tools and equipment 3-5 years Leasehold improvements 10 years Profit or loss resulting from the sale of intangible or tangible assets is determined as the difference between the selling price less selling costs and the carrying amount at the date of sale, and is recognised in the Income Statement under other operating income or expenses. Result of equity investments in subsidiaries and associates The proportionate share of the individual subsidiaries' profit/loss after tax is recognised in the parent company's Income Statement after full elimination of intercompany profit/loss. The proportionate shares of the associates' profit/loss after tax are recognised in both the group's and parent company's Income Statement after elimination of the proportionate share of intercompany profit/loss. Financial income and expenses Financial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. Financial income and expenses include interest revenue and expenses, finance charges in respect of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the tax prepayment scheme. Tax on net profit/loss for the year The parent company is subjected to the Danish rules on compulsory joint taxation of the group's Danish subsidiaries. Subsidiaries are included in the joint taxation from the time when they are included in the consolidation in the Consolidated Financial Statement until they leave the consolidation. The parent company is the administration company of the joint taxation and therefore settles all corporation tax payments with the tax authorities. The current Danish corporation tax is distributed by settling the joint taxation contributions between the jointly taxed enterprises in proportion to their taxable income. In this connection, enterprises with tax losses receive joint taxation contributions from enterprises that have been able to use these losses to reduce their own tax profit. Tax for the year which comprises the current corporation tax for the year and any changes in deferred tax, including as a consequence of a change to the tax rate, is recognised by the part attributable to the profit/loss for the year and directly in equity by the part attributable to items directly in equity. Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance Sheet Intangible assets Acquired goodwill is measured at cost on initial recognition and subsequently at cost less accumulated amortisation and impairment losses. Other intangible assets, including licenses and acquired rights etc., are measured at cost less accumulated amortisation and impairment losses. Clearly defined and identifiable development projects where the technical rate of utilisation, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Other development costs are recognised as costs in the Income Statement as they incur. Capitalised development costs are calculated at the costs directly incurred. Tangible assets Tangible assets are measured at cost on initial recognition and subsequently at cost less accumulated depreciation and impairment losses. The depreciable amount is calculated taking into consideration the residual value of the asset at the end of its useful life, reduced by impairment losses, if any. The depreciation period and the residual value are determined at the data of acquisition. If the residual value exceeds the carrying amount of the asset, depreciation is discontinued. In case of changes in depreciation period or residual value, the effect of a change in depreciation period is recognised prospectively in accounting estimates. Cost includes the purchase price and expenses directly related to the acquisition until the time when the asset is ready for use. The cost of self-constructed assets includes costs for materials, components, subcontractors, direct payroll costs and indirect production costs. The cost of composite asset is disaggregated into components, which are separately depreciated if the useful lives of the individual components differ. Equity investments in group enterprises and associates Investments in group enterprises and associates are recognised in the balance sheed at the proportionate share of the equity value of the enterprises, calculated according to the parents accounting policies with the deduction or addition of unrealised intercompany profits or losses and with the addition or deduction of the remaining value of positive or negative goodwill, calculated according to the purchase method. Subsidiaries having a negative equity value are recognised at tkr. 0, and any amounts receivable from those enterprises are written down by the parents share of the negative equity value to the extent that the amounts are deemed to be uncollectible. If the negative equity value exceeds receivables, the remaining amount is recognised as a provision to the extent that the parent has a legal or constructive obligation to cover the negative balance of the relevant subsidiary. Equity investments in subsidiaries and associates are measured by the equity method. Equity investments in subsidiaries and associates are measured at the proportionate share of the enterprises' equity value determined according to the group's accounting policies with deduction or addition of unrealised intercompany profit or loss and with the addition or deduction of the residual value of positive or negative goodwill determined according to the acquisition method. Equity investments in subsidiaries and associates with a negative equity value are measured at DKK 0, and any receivable from these enterprises are written down in so far as the receivable is uncollectible. In so far as the parent company has a legal or actual obligation to cover a negative balance that exceeds the receivable, the residual amount is recognised in provisions. Net revaluation of equity investments in subsidiaries and associates is tied up as reserve for net revaluation by the equity method in equity, in so far as the carrying amount exceeds the cost. Dividends from subsidiaries that are expected to be adopted before the annual report for Dane TopCo ApS is approved are not tied up in the revaluation reserve. The acquisition method is used to purchase enterprises, cf. the above description under determination of goodwill. Receivables Receivables are measured at amortised cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years. Other short-term investments Other securities and equity investments that are listed are measured at market value at the balance sheet date. Other securities are measured at cost. Equity Proposed dividend for the year is recognised as a separate item in equity. Deferred tax Deferred tax and the associated adjustments for the year are determined according to the balance-sheet liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Other provisions Other provisions include expected costs for 1 and 5 years review of delivered property. Provisions are recognised when the company has a legal or actual obligation and it is probable that redemption will result in a consumption of the company financial resources. Provisions that are expected to be settled later than one year from the balance sheet date are measured at the present value of the expected payments. Other provisions are measured at net realisable value. Current tax liabilities The company are jointly and severally liable as the administration company for subsidiaries corporate taxes to the tax authorities. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortised cost, corresponding to the capitalised value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the Income Statement over the life of the financial instrument. Mortgage debt is accordingly measured at amortised cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortised cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities, comprising deposits, trade payables and other accounts payable, are measured at amortised cost, which usually corresponds to the nominal value. Leasing Lease commitments are classified as financial leasing when the agreement substantially transfers all the risk and rewards of the ownership of the leased asset. Other lease agreements are classified as operating leasning. Accounting policies Cash Flow Statement The Cash Flow Statement shows the Company's cash flows for the year broken down by operating, investing and financing activities, changes for the year in cash and cash equivalents as well as the Company's cash and cash equivalents at the beginning and end of the year. Cash flow from the operating activity is determined as the profit/loss for the year adjusted for changes in working capital and non-cash income statement items such as amortisation and impairment losses and provisions. The working capital comprises current assets less short-term liabilities, exclusive of the items that are included in cash and cash equivalents. Cash flow from the investing activity comprises cash flows from purchase and sale of intangible, tangible and investments. Cash flow from the financing activity comprises cash flows from raising and repaying long-term liabilities and payments to and from the owners. Cash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. 2. Employee benefits expense Wages and salaries 465.124 415.898 400 272 Pensions 37.737 30.012 0 0 Social security contributions 13.157 6.004 0 0 Other employee expense 4.808 4.380 0 0 520.826 456.294 400 272 Hereof remuneration to Supervisory and Executive Board Supervisory Board 1.222 2.610 1.110 1.186 Executive Board 8.032 5.472 353 302 9.254 8.082 1.463 1.488 The amount contains the value of free cars. Avg. number of employees 815 774 1 1 Parent Reserve for Contributed Share exchange Retained capital premium rate adjustment earnings Total Equity 1 January 2021 283.083 65.067 0 -145.307 202.843 Exchange rate adjusment 0 0 14 0 14 Profit (loss) 0 0 0 -16.384 -16.384 Equity 31 December 2021 283.083 65.067 14 -161.691 186.473 Parent Group Reserve for Reserve for Contributed Share exchange loans and Retained capital premium rate adjustment collaterals earnings Total Equity 1 January 2021 283.083 65.067 0 11.028 -156.335 202.843 Exchange rate adjusment 0 0 14 0 0 14 Equity transfers to reserves 0 0 0 386 -386 0 Profit (loss) 0 0 0 0 -16.384 -16.384 Equity 31 December 2021 283.083 65.067 14 11.414 -173.105 186.473 Group Parent 2021 2020 2021 2020 tkr. tkr. tkr. tkr. 11. Goodwill Cost at the beginning of the year 584.059 582.651 0 0 Addition during the year 28.932 1.408 0 0 Cost at the end of the year 612.991 584.059 0 0 Amortisation at the beginning of the year -135.558 -106.390 0 0 Amortisation for the year -30.894 -29.168 0 0 Amortisation at the end of the year -166.452 -135.558 0 0 Carrying amount at the end of the year 446.539 448.501 0 0 Goodwill relates to customer contracts in DEAS A/S obtained in connection with the acquisition of DEAS Holding A/S, the activity in REC Administration A/S, Nordea Ejendomsinvestering A/S, Driftsselskabet OPP Svendborg A/S, certain assets and employees from PrivatBo a.m.b.a and the Nordic direct real estate business from Aberdeen Standard Investments. Goodwill arising from previous years' business combination is at the date of acquisition allocated to the cash-generating units in DEAS Holding A/S. The expected life of the company’s goodwill is assessed to be 10-20 years according to the developments in the historical data. , 9. Completed development projects Cost at the beginning of the year 23.707 20.930 0 0 Addition during the year 2.467 2.777 0 0 Cost at the end of the year 26.174 23.707 0 0 Amortisation at the beginning of the year -12.535 -8.136 0 0 Amortisation for the year -4.661 -4.399 0 0 Amortisation at the end of the year -17.196 -12.535 0 0 Carrying amount at the end of the year 8.978 11.172 0 0 , 10. Acquired intangible assets Cost at the beginning of the year 410.122 410.122 0 0 Addition during the year 109.502 0 0 0 Cost at the end of the year 519.624 410.122 0 0 Amortisation at the beginning of the year -81.492 -60.985 0 0 Amortisation for the year -25.934 -20.507 0 0 Amortisation at the end of the year -107.426 -81.492 0 0 Carrying amount at the end of the year 412.198 328.630 0 0 Acquired intangible assets relate to customer contracts in DEAS A/S obtained in connection with the acquisition of DEAS Holding A/S, the activity in REC Administration A/S, Nordea Ejendomsinvestering A/S, contracts from Administrea ApS, certain assets and employees from PrivatBo a.m.b.a and the Nordic direct real estate business from Aberdeen Standard Investments. The expected life of the company's customer relationships is assessed to be 10-20 years based on the historical data. , 12. Development projects in progress Cost at the beginning of the year 8.407 0 0 0 Addition during the year 4.191 8.407 0 0 Cost at the end of the year 12.598 8.407 0 0 Carrying amount at the end of the year 12.598 8.407 0 0 16. Disclosure in long-term investments in group enterprises and associates Group enterprises Name Registered office Share held in % Equity Profit Dane MidCo ApS Frederiksberg 100,00 386.538 -6.013 386.538 -6.013 Associates Name Registered office Share held in % Equity Profit OPS Frederikshavn Byskole A/S Frederiksberg 50,00 6.663 2.772 Driftsselskabet OPP Vejle A/S Frederiksberg 50,00 3.955 3.164 OPS Skovbakkeskolen A/S Frederiksberg 50,00 1.899 1.378 Driftsselskabet OPP Slagelse Sygehus A/S Frederiksberg 50,00 658 156 OPS Østerbro Skøjtehal A/S Frederiksberg 50,00 904 451 14.079 7.921 , Group Parent 2021 2020 2021 2020 tkr. tkr. tkr. tkr. 17. Long-term investments in associates Cost at the beginning of the year 3.491 3.793 0 0 Addition during the year 0 -302 0 0 Cost at the end of the year 3.491 3.491 0 0 Value adjustments at the beginning of the year 2.939 1.944 0 0 Share of profit in subsidiaries 3.960 3.695 0 0 Dividend -3.350 -2.700 0 0 Value adjustments at the end of the year 3.549 2.939 0 0 Carrying amount at the end of the year 7.040 6.430 0 0 , 15. Long-term investments in group enterprises Cost at the beginning of the year 472.856 472.856 Cost at the end of the year 472.856 472.856 Value adjustments at the beginning of the year -80.319 -66.311 Change due to a foreign currency translation adjustment 14 0 Share of profit in subsidiaries -6.013 -14.008 Value adjustments at the end of the year -86.318 -80.319 Carrying amount at the end of the year 386.538 392.537 26. Long-term liabilities Principal repayments due within 1 year are included under current liabilities. Other liabilities are recognized in long-term liabilities. Payables are due in the following order. Koncern Due Due within 1 year between 1 and 5 years Due after 5 years Other credit institutions 80.300 469.336 0 Borrowing costs -1.953 -5.189 0 Other payables 629 2.903 29.089 Payables to shareholders 0 205.212 0 78.976 672.262 29.089 Moderselskab Due Due within 1 year between 1 and 5 years Due after 5 years Payables to shareholders 0 205.212 0 0 205.212 0 28. Collaterals and securities Parent Company The company is part of a Danish joint taxation as the administrative company. The company is therefore held liable in accordance with the Danish Corporation Tax Act. Besides this the company has not entered into any surety, warranty or other obligations. Group The group's shares in Dane BidCo ApS, DEAS Holding A/S, DEAS A/S and DEAS Asset Management A/S have been provided as security for Dane BidCo ApS’ debt to other credit institutions, amounting to mio.kr. 549.6. The group's bank accounts with a carrying amount of tkr. 2,921 is pledged as security for Dane BidCo ApS 'debt to other credit institutions, amounting to mio.kr. 549.6. The group's receivables at group companies with a carrying amount of tkr. 0 are pledged as security for Dane BidCo ApS' debt to other credit institutions, amounting to mio.kr. 549.6. Dane BidCo ApS has given security in its share transfer agreement to Danske Bank A/S. DEAS A/S has provided a guarantee for the landlord amounting to tkr. 75. DEAS A/S has given suretyship statement for Tryg Garanti amounting to mio.kr. 5.7 regarding guarantee of operation provided by Tryg Garanti for Frederikshavn Kommune. DEAS A/S has given suretyship statement for Driftsselskabet OPP Svendborg A/S regarding this company’s fulfillment of its obligations to OPP Retten i Svendborg P/S. DEAS A/S has in course of fulfillment of OPP Driftsselskabet Vejle A/S’ obligations given suretyship statement for Tryg Garanti amounting to mio.kr. 20 regarding guarantee of operation provided by Tryg Garanti for OPP Vejle P/S. The company has in course of fulfillment of OPP Driftsselskabet Vejle A/S’ obligations given suretyship statement for OPP Vejle P/S amounting mio.kr. 10. DEAS A/S has in course of fulfillment of OPS Skovbakkeskolen A/S’ obligations given suretyship statement for Tryg Garanti amounting mio.kr. 6.5 regarding guarantee of operation provided by Tryg Garanti for Odder Kommune. DEAS A/S has in course of fulfillment of Driftsselskabet OPP Slagelse Sygehus A/S’ obligations given suretyship statement for Euler Hermes to mio.kr. 0.6 regarding guarantee of operation provided by Euler Hermes for OPP Slagelse Sygehus P/S. DEAS A/S has in course of fulfillment of OPS Østerbro Skøjtehal A/S' obligations given suretyship statement for Euler Hermes to mio.kr. 5 regarding guarantee provided by Euler Hermes for København Kommune. Group Parent 2021 2020 2021 2020 tkr. tkr. tkr. tkr. 6. Finance expenses Interests group companies 0 0 8 0 Securities adjustments 37 37 0 0 Borrowing costs 2.091 2.094 0 0 Other finance expenses 31.652 32.914 12.375 11.832 33.780 35.045 12.383 11.832 5. Other finance income Interests from associates 0 107 0 0 Interests from shareholderloan 386 240 0 0 Exchange rate adjustments 1.068 0 0 0 Interests group companies 0 0 0 13 Dividend 8.896 0 0 0 Other finance income 180 80 0 0 10.530 427 0 13 13. Fixtures, fittings, tools and equipment Cost at the beginning of the year 25.832 20.728 0 0 Addition in connection with merger and purchase of enterprise 58 0 0 0 Addition during the year 9.702 5.228 0 0 Disposal during the year -200 -124 0 0 Cost at the end of the year 35.392 25.832 0 0 Depreciation at the beginning of the year -18.129 -14.173 0 0 Depreciation for the year -4.412 -4.015 0 0 Reversal of depreciation of disposed assets 0 59 0 0 Depreciation at the end of the year -22.541 -18.129 0 0 Carrying amount at the end of the year 12.851 7.703 0 0 , Group Parent 2021 2020 2021 2020 tkr. tkr. tkr. tkr. 14. Leasehold improvements Cost at the beginning of the year 8.528 8.528 0 0 Addition during the year 774 0 0 0 Cost at the end of the year 9.302 8.528 0 0 Depreciation at the beginning of the year -5.901 -4.793 0 0 Depreciation for the year -1.135 -1.108 0 0 Depreciation at the end of the year -7.036 -5.901 0 0 Carrying amount at the end of the year 2.266 2.627 0 0 Group Parent 2021 2020 2021 2020 tkr. tkr. tkr. tkr. 24. Provisions for deferred tax Deferred tax at the beginning of the year 2.862 3.470 0 0 Acquisition of enterprise 1.674 -122 0 0 Deferred tax for the year -533 -546 0 0 Adjustment to prior year -48 60 0 0 Balance at the end of the year 3.955 2.862 0 0 Deferred tax relates to: Intangible assets 9.143 2.611 0 0 Property, plant and equipment 923 566 0 0 Current assets 469 600 0 0 Long-term debt -122 -122 0 0 Short-term debt -1.160 -793 0 0 Tax loss carryforwards -5.298 0 0 0 3.955 2.862 0 0 Deferres tax assets are recognised provided that the tax loss carryforwards are utilized within a period of 1-3 years. , 25. Other provisions Other provisions include expected costs for 1 and 5 years review of delivered property. 27. Significant events occurring after end of reporting period Apart from the awareness of the tragic war in Ukraine (mentioned in the Management's Review), no circumstances have occurred after the balance sheet date which have a significant impact on the assessment of the Annual Report. 7. Tax expense Current tax for the year 9.028 10.533 -2.473 -2.039 Adjustment to prior year 224 -1.912 27 -755 Adjustment to prior year deferred tax -43 60 0 0 Deferred tax for the year -549 -546 0 0 8.660 8.135 -2.446 -2.794 8. Resultatdisponering Retained earnings -16.384 -24.069 -16.384 -24.069 -16.384 -24.069 -16.384 -24.069 159900003760000400000520826000456294000272000186473000202843000186473000202843000-283083000-650670000000145307000-283083000-650670000000-11028000156335000000000000000-386000386000221754000174443000 22. Prepaid expenses Prepaid expenses are regarding rent, insurance premiums, subscriptions, education, cars and service agreements. 128510007703000446539000448501000-601300039600003694000-140080001276100013494000 Group Parent 2021 2020 2021 2020 tkr. tkr. tkr. tkr. 1. Fees to auditors Statutory audit 988 608 15 14 Other assurance reports 77 75 0 0 Tax consultancy 10 125 0 125 Other services 221 440 0 0 1.296 1.248 15 139 880313000796710000191150002192900011890001680002266000262700011602210001105348000391835000396309000969238000899088000205362000193466000490900000004641470004729420003220100025228000386538000392537000704000064300003865380003925370007013510007035580002052120001932860002052120001932860002052120001932860001141400011028000Shareholder loanBusiness combinations-9636300047311000927631000832268000386538000392537000-495740005204200018. Long-term receivables from associates Cost at the beginning of the year 0 4.000 0 0 Dispoal during the year 0 -4.000 0 0 Cost at the end of the year 0 0 0 0 Carrying amount at the end of the year 0 0 0 0 , 19. Other long-term receivables Cost at the beginning of the year 0 0 0 0 Addition during the year 4.989 0 0 0 Cost at the end of the year 4.989 0 0 0 Carrying amount at the end of the year 4.989 0 0 0 , 20. Long-term receivables from owners and management Costs at the beginning of the year 11.028 0 0 0 Addition during the year 386 11.028 0 0 11.414 11.028 0 0 Carrying amount at the end of the year 11.414 0 0 0 , 21. Deposits, investments Cost at the beginning of the year 7.770 8.096 0 0 Addition in connection with purchase of enterprise 899 0 0 0 Addition during the year 89 58 0 0 Disposal during the year 0 -384 0 0 Cost at the end of the year 8.758 7.770 0 0 Carrying amount at the end of the year 8.758 8.096 0 0 , 4. Income from investments in group enterprises and associates Share of profit in associations 3.960 3.694 0 0 Share of profit in subsidiaries 0 0 -6.013 -14.008 3.960 3.694 -6.013 -14.008 , 23. Statement of changes in equity By establishment of the company 11th June 2015 the share capital showed tkr. 50. In 2015 a capital increase of tkr. 32.283, in 2016 a capital increase of tkr. 500 and conversion of debt of tkr. 250.000, in 2017 a capital increase of tkr. 250 results in a share capital of tkr. 283.083 as of 31st December 2021. The company’s share capital consists of nominally tkr. 283.083 divided into 33.083.333 A-shares of nominally tkr. 33.083 and 250.000.000 B-shares of nominally tkr. 250.000. , 3. Depriciations and amortisations Development projects 4.661 4.399 0 0 Acquired intangible assets 25.934 20.507 0 0 Goodwill 30.894 29.168 0 0 Fixtures, fittings, tools and equipment 4.412 4.015 0 0 Leasehold improvements 1.135 1.108 0 0 Profit/loss on sale of equipments 78 -4 0 0 67.114 59.193 0 0 , 29. Rental- and leasing contracts Group Parent 2021 2020 2021 2020 tkr. tkr. tkr. tkr. Within 1 year 27.516 19.432 0 0 Between 1 and 5 yoers 36.815 27.951 0 0 After 5 years 149 52 0 0 64.480 47.435 0 0 The liability above includes rent commitments at the office leases. The rental agreement for the headquarter may be terminated at 12 months' notice. The company and the group leases operating equipment concluded under operating leases. The lease term for operating equipment is typically 3-5 years. None of the leases include contingent rent. , 30. Related parties Group Parent Parent Other related parties Parent Other related parties tkr. tkr. tkr. tkr. Consultant 0 -2.708 0 0 Interest 386 -11.926 0 -11.933 Receivables 11.414 0 0 237 Liabilities other than provisions 0 205.212 0 205.212 Related parties with control over Dane TopCo ApS: The company's ultimate parent company Dane Luxco S.ár.l., Luxembourg. 123830003378000035045000118320000000105300004270001300031992000373300004989000000055500055500067500007834000159705000153067000150000180000189340007396000600000000000400000012100067000-16384000000000000000-163840000000000000000000-16384000-16384000-24069000-24069000-16384000-24069000-16384000-24069000-18830000-7724000-15934000-26863000-4340001156600014990000-1036000151170001033000045100003417000395500028620006658000111840001324000000098600005228000600000000000211900000001415500023708000584000000001141400011028000-108038000-91268000-96624000-80240000777222000657508000false6750000783400026788700019553000015000018000078347000216850001004490004349200052880003310000237000751000637700099900005045000255900023458000107880007304000032218000-244600086600008135000-2794000Frederiksberg, 2000Dirch Passers Alle 76 2022-04-2636919612ÅrsrapportBjørn AllentoftDane TopCo ApSDEAS Holding A/S2020-01-012020-12-31147, Frederiksberg2021-12-312021-01-01Main business activity DEAS Group is a market-leading Nordic real estate partner offering clients access to the entire value chain from fund management to property management services in all market segments. We cooporate with a wide range of international and national investors in Sweden, Norway, Finland, and Denmark as well as tenants and residents under two separate brands: DEAS Asset Management and DEAS, both wholly owned companies in the DEAS Group. At DEAS Group, we are experts in all main real estate asset classes: office, logistics, retail and residential. Real estate investments from approximately 1,000 property investors are managed by a dedicated team of more than 900 real estate specialists who have deep insight into the local markets and offer advice on real estate services. In DEAS A/S, which is Denmark's leading provider within property management, we are active within administration, operation and maintenance, technical advisory services and energy, climate and sustainability advisory, facility management & services, letting as well as public-private partnerships (PPPs). In DEAS Asset Management A/S, a leading pan-Nordic investment and asset management partner, we are active within fund management, investment and asset management as well as development and transaction & advisory services. In DEAS Group, we operate from offices in eight Nordic cities and the total portfolio under management amounts to more than DKK 37 billion in AuM spread over more than 2,600 properties in all asset classes with a total area of 13 million sqm. Ambition and strategy At DEAS Group, our ambition is to create value for our investors, tenants and residents through our focus areas, which is our starting point for everything we do. Our three focus areas are: Stakeholder Management, Social Impact and Innovation. Our investors, tenants and residents are to experience our belief that properties should to a greater extent support the way we live - and not just be the framework for our lives. A cornerstone herein is digital innovation and automation to transform data into knowledge, ensure transparency and ultimately improve the services and advice we provide to our investors, tenants and residents. As part of DEAS Group's strategy focusing on profitable growth in property and asset management in Denmark and nearby markets, Aberdeen Standard Investment's Nordic direct real estate activities in fund management and asset management was acquired end of May 2021. This meant that DEAS Group's activities were expanded to also to include Sweden, Norway and Finland. And with the appointment of Rikke Lykke as the new Group CEO of DEAS Group on 1 August 2021, DEAS Group would like to further strengthen its international perspective, as Rikke Lykke will assist and accelerate strategic development at an international level. Quality assurance DEAS Group's quality management system is certified according to the ISO Standard 9001:2015. This ensures that our clients receive a high level of quality and uniform delivery of service across core services and key processes. An ISAE 3402 IT Audit Statement, an ISAE 3000 GDPR Type II Statement on GDPR Processes, and an ISAE 3402 Type II Statement concerning controls in selected financial processes have also been obtained. Digitalization, research, and development In 2021, DEAS Group invested further in digitization. In Q4, a new digital unit was established to ensure that DEAS Group is at the forefront of the digital field and thus realizing digital opportunities to support investors, tenants and residents. In addition, a number of internal systems have been upgraded and integrated several investors on the rental portal Findbolig.nu. Additional investors have been added to our data cube with detailed information on properties, units and leases that enable our investors to produce their own analyses, whilst we provide better insight into the development of their property portfolio. Robotics Process Automation (RPA) technology has been introduced in 2021, and some daily processes are now performed by robots for the benefit of employees and investors. In addition, investments in a significant upgrade and improvement of the rental portal Findbolig.nu have been initiated, and the new portal is expected to be launched in the first half of 2022. Digitalization will be a focal point in 2022. It will ensure DEAS Group's leading position in digital property and asset management in Denmark and the other Nordic countries, and at the same time ensure that DEAS Group delivers digital solutions that create value for investors, tenants and residents. Environment and Sustainability In DEAS Group, we manage a variety of real estate asset classes, and in this way our work has an impact on people's everyday lives and well-being. Our most important undertaking is to create value for our investors, tenants and residents. Not only economic value, but also in relation to environmental sustainability. At DEAS Group, we want to promote long-term sustainability in the individual asset as well as in a national and global context. This is summarized through our three strategic focus areas, which are supported by five priorities with specific objectives and initiatives to increase sustainability in our core services and in the business. In 2021, progression has been achieved on the five priorities within building certifications, energy labelling and well-being, biodiversity and partnerships. The results in 2021 provide a good starting point for 2022, where we will continuously offer new services and have a strong focus on building certification. In addition, social sustainability will be a priority. We will act on the needs we see, and support the sense of community. In other words, we will give even more focus to how we can make a positive difference. With our sustainability strategy, a framework and direction have been set for how we will promote sustainable change. But we are aware that we are not getting far on our own. Therefore, we base both the strategy and the concrete priorities on cooperation and partnerships with investors, residents, tenants and suppliers. For elaboration of our CSR strategy, including our 5 priorities, we refer to our CSR report - www.deasgroup.com/csrreport. Developments in the year The year that went by and follow-up to the prior year's expected development With a view to expand in the Nordic market, DEAS Group as of 31 May 2021 took over Aberdeen Standard Investments (ASI)'s Nordic direct real estate business in 2021, which includes operations in Sweden, Norway, Finland and Denmark. DEAS Asset Management A/S, an independent subsidiary in the DEAS Group, manages the acquired portfolio and asset management activities and the approx. 70 employees connected with the transaction. The transaction positions DEAS Group as a significant player in the Nordic market within fund, investment, transaction and asset management, working professionally and purposefully to provide investors with the best possible risk-adjusted returns. The existing activities within property management were unchanged compared to 2020. Although new clients were added within the business segments property and asset management, the organic top line growth has been reduced due to a client's insourcing of a number of administrative functions for a portfolio of shopping centres from October 1, 2020. Adjusted for these factors, revenue increased in line with expectations. The annual satisfaction survey among DEAS Group's residential tenants shows that tenants in general are satisfied with DEAS Group's services. In 2021, revenues for the DEAS Group increased by DKK 119.7 million to DKK 777.2 million compared with DKK 657.5 million DKK in 2020. Operating profit before depreciation and amortisation amounted to DKK 78.7 million compared with DKK 74.2 in 2020. The operating result for 2021 was affected by significant non-recurring costs, e.g. in connection with the acquisition of ASI's Nordic real estate activities. Profits before tax amounted to -DKK 7.7 million compared with -DKK 15.9 million in 2020. Shareholder's equity at year-end 31 December 2021 amounts to DKK 186.5 million DKK compared with DKK 202.8 million as per 31 December 2020. This year's financial results are regarded as being satisfactory. Expectations for 2022 For 2022, the DEAS Group expects an increase in revenue due to both organic growth within the core businesses areas of property and asset management, as well as growth from acquired companies and activities. As a result of the increase in revenue, an increase in operating profits for 2022 is also expected, adjusted for one-off costs in connection with acquired activities. Capital resources The liquidity resources as per 31 December 2021 amounts to DKK 125.4 million compared with DKK 221.8 million as per 31 December 2020. The management considers the capital resources to be adequate and sufficient. Special risks Business risks DEAS Group's most significant business risk is linked to the ability to meet investors' requirements for expert property management, asset management and consulting while providing excellent service. Financial risks Credit risks related to financial assets correspond to the values recognised in the balance sheet. The DEAS Group does not have any significant risks related to individual investors or business partners. Liquidity risks The DEAS Group's generation of capital and raising of funds is centrally managed and the required cash resources are ensured on an ongoing basis. Knowledge resources DEAS Group's most important knowledge resources are its employees, know-how, technology, and processes. The continued development and high level of service is ensured by a continuous updating of the employees' knowledge and skills, as well as investment in business development and extensive use of information technology. A continuous development and improvement of the services to investors, both in scope and in professional depth are in focus. It requires training and development of employees, and the requisite skills and a high level of expertise of the employees. DEAS Group complies with The Danish Property Federation's (EjendomDanmark) “Ethical Guidelines for Property Management,” and it is required that all employees become familiar with and comply with these guidelines and act accordingly. Data ethics All data collection and development of new digital concepts in DEAS Group aim to provide greater knowledge about the business and improve the value for tenants, residents and investors. DEAS Group has an ambition to have a high standard for using data responsibly and sustainably. DEAS Group has prepared a Policy for Data Ethics, which can be found at www.DEAS.dk. The policy is an integral part of the employees work as well as in the relations with suppliers, tenants, residents and investors. The policy ensures that the same high demands on orderliness and integrity in the work with data as we place on other parts of the business. DEAS Group does this by applying recognized guiding principles for the use of data in a data-driven world. DEAS Group's data ethics policy is owned and enforced by the Executive Board. All employees are encouraged to be positively involved in data ethics issues and to raise the concerns and observations they may have in this work, so that a relevant and continuous development of data ethics policy can be ensured in line with societal developments and the ongoing observations and experiences made in the work with data ethics. Statutory Corporate Responsibility Report At DEAS Group, we aim to operate the business activities based on the needs of investors as well as on a profitable and sustainable foundation. The ambition is that the core services of property and asset management, and the many additional related services, are provided in the best possible way, including in a socially responsible manner. It is the desire of DEAS Group to contribute to the society and community that the Group is part of. The DEAS Group regards it as an investment in the future to take responsibility for the social and environmental effects of the business activities. The DEAS Group operates a business based on maintaining a high level of business ethics and integrity. It is a fundamental part of the culture to exhibit propriety and professionalism in behaviour and attitudes in both internal and external relationships. It is the DEAS Group's policy to comply with applicable legislation and regulations, as well as ethical standards and regulations that apply to property and asset management activities and the many additional services offered in connection with this. The link www.deasgroup.com/csrreport at the Group's website, describes the policies, actions and results achieved around each CSR topic. Share of the under-represented gender Target for the Supervisory Board DEAS Group (Dane TopCo ApS) is a private limited company and the Supervisory Board consists of five members. Currently one of the five Supervisory Board members are female. It is the company's objective to provide an equal representation of gender among the top management. Gender equality in other management levels of the Group It is the Supervisory Board's assessment that members from the top management must be selected based upon management experience, strategy experience, knowledge of corporate governance, social responsibility and, for the company, an appropriate network. It is the DEAS Group's assessment that a balanced gender ratio leads to increased employee satisfaction. The DEAS Group works to increase the number of the under-represented gender in all management levels within the organisation by recruitment and promotion, if candidates with the right qualifications can be found. By the end of 2021, the under-represented gender, here female, is 33% in the management group, an increase of 5% points compared to the end of 2020. The target for the under-represented gender in all management levels in the organisation is an equal 50/50 distribution. Events after the balance sheet date DEAS Group is aware of tragic war in Ukraine. The effect of the war on the Danish economy is uncertain however management do not expect that the war will have a negative impact on DEAS Group's activities, however the development will be monitored closely.The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Group's and the Company's operations and the Group's cash flows for the financial year 1 January 2021 - 31 December 2021. 2022-03-23Today, the Supervisory Board and the Executive Board have considered and adopted the Annual Report of Dane TopCo ApS for the financial year1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. FrederiksbergWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, the Supervisory Board and the Executive Board have considered and adopted the Annual Report of Dane TopCo ApS for the financial year1 January 2021 - 31 December 2021. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Consolidated Financial Statements and the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Group's and the Company's operations and the Group's cash flows for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Frederiksberg, 23 March 2022 Executive Board Rikke Lykke Talchow Thomas Colding-Jørgensen Supervisory Board Sonny Hoffmann Nielsen Matthieu Servant Julian Gudding Gresvig Formand Medlem Medlem Rikke Lykke Talchow Thomas Colding-Jørgensen Medlem Medlem