369196122024-01-012024-12-31369196122024-12-31369196122023-12-31fsa:ContributedCapitalMember369196122023-12-31fsa:SharePremiumMember369196122023-12-31fsa:RetainedEarningsMember369196122023-12-31369196122024-01-012024-12-31fsa:ContributedCapitalMember369196122024-01-012024-12-31fsa:SharePremiumMember369196122024-01-012024-12-31fsa:RetainedEarningsMember369196122024-12-31fsa:ContributedCapitalMember369196122024-12-31fsa:SharePremiumMember369196122024-12-31fsa:RetainedEarningsMember369196122024-01-012024-12-31fsa:OtherShorttermPayablesMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:LiquidationAccountMember369196122024-01-012024-12-31cmn:ConsolidatedMember369196122024-01-012024-12-31cmn:ConsolidatedMember1369196122024-01-012024-12-31cmn:ConsolidatedMember2369196122024-01-012024-12-31cmn:ConsolidatedMember1369196122024-01-012024-12-31cmn:ConsolidatedMember2369196122024-01-012024-12-31cmn:ConsolidatedMember3369196122024-01-012024-12-31cmn:ConsolidatedMember1369196122024-01-012024-12-31cmn:ConsolidatedMember2369196122024-12-31cmn:ConsolidatedMember369196122023-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember369196122023-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember369196122023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember369196122023-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueOfHedgingMember369196122023-12-31cmn:ConsolidatedMemberfsa:ReserveForLoansAndCollateralsMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForLoansAndCollateralsMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueOfHedgingMember369196122024-12-31cmn:ConsolidatedMemberfsa:ContributedCapitalMember369196122024-12-31cmn:ConsolidatedMemberfsa:SharePremiumMember369196122024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueAdjustmentsOfCurrencyGainsMember369196122024-12-31cmn:ConsolidatedMemberfsa:ReserveForCurrentValueOfHedgingMember369196122024-12-31cmn:ConsolidatedMemberfsa:ReserveForLoansAndCollateralsMember369196122023-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember369196122023-12-31cmn:ConsolidatedMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember369196122024-12-31cmn:ConsolidatedMemberfsa:RetainedEarningsMember369196122024-01-012024-12-31cmn:ConsolidatedMember6369196122024-01-012024-12-31cmn:ConsolidatedMember5369196122024-01-012024-12-31cmn:ConsolidatedMember1369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:ManagementMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:SupervisoryCommitteeMember369196122024-01-012024-12-31cmn:ConsolidatedMemberfsa:OtherShorttermPayablesMember369196122023-01-012023-12-31369196122023-01-012023-12-31cmn:ConsolidatedMember369196122023-01-012023-12-31cmn:ConsolidatedMember6369196122023-01-012023-12-31cmn:ConsolidatedMember5369196122023-01-012023-12-31cmn:ConsolidatedMember1369196122022-12-31cmn:ConsolidatedMember369196122023-01-012023-12-31cmn:ConsolidatedMemberfsa:ManagementMember369196122023-01-012023-12-31cmn:ConsolidatedMemberfsa:SupervisoryCommitteeMemberiso4217:DKKxbrli:pure36919612Årsrapport265800020240233000915101000-2658000The Board of Directors and the Executive Board have today considered and approved the annual report of Dane TopCo ApS for the financial year 01.01.2024 - 31.12.2024.-233000-19412000400000The annual report is presented in accordance with the Danish Financial Statements Act.40000010376000-3058000In our opinion, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's and the Parent's financial position at 31.12.2024 and of the results of their operations and the consolidated cash flows for the financial year
01.01.2024 - 31.12.2024.-63300071039000-34529000We believe that the management commentary contains a fair review of the affairs and conditions referred to therein.-16690000171026000392000We recommend the annual report for adoption at the Annual General Meeting.0702824000276000Copenhagen6600060375600015054000Tonny Nielsen1384400099711000-51973000Morten Madsen-31101000-643000-2368000Morten Madsen-14290004407000-49605000Tonny Nielsen-296720002198000409200000Michael Rønnelund Brogaard4561660006262700012512000To the shareholders of Dane TopCo ApS0-56665000421712000We have audited the consolidated financial statements and the parent financial statements of Dane TopCo ApS for the financial year 01.01.2024 - 31.12.2024, which comprise the income statement, balance sheet, statement of changes in equity and notes, including a
summary of significant accounting policies, for the Group as well as the Parent, and the consolidated cash flow statement. The consolidated financial statements and the parent financial statements
are prepared in accordance with the Danish Financial Statements Act.
In our opinion, except for the possible effect of the matter specified in
the "Basis for qualified opinion" section, the consolidated financial statements and the parent financial statements give a true and fair view of the Group's
financial position at
31.12.2024 and of the results of their operations and the consolidated cash flows for the
financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial
Statements Act.4561660002936000421712000The Sale of a significant subsidiary is presented as discontinued operations in the profit and loss statement and the gain from sale of the operations is recognized as other operating income. It has not been possible to obtain sufficient and appropriate audit evidence for the net equity of the subsidiary as per the closing date. Based on this, we are not able to assess the value of the gain of the sale of the subsidiary and the presenation of discontinued operations, both for the profit and loss statement and the cash flow statement.
We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional
requirements applicable in Denmark. Our responsibilities under those standards and requirements are further
described in the "Auditor’s responsibilities for the audit of the 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 qualified opinion.456166000-596010008230000Management is responsible for the preparation of consolidated financial statements and parent 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 consolidated financial statements and parent financial statements that are free from material misstatement,
whether due to fraud or error.
In preparing the consolidated financial statements and the parent financial statements, Management is responsible for assessing the Group's and 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 consolidated financial statements and the parent financial statements unless Management either intends to liquidate
the Entity or to cease operations, or has no realistic alternative but to do so.785200002534000Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and the parent 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 consolidated financial statements and parent 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 consolidated financial statements and the parent 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 ofnot 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 Group's and 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 consolidated financial statements and the parent 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 Group's and 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 consolidated financial statements and the parent 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
Group and the Entity to cease to continue as a going concern.Evaluate the overall presentation, structure and content of the consolidated financial statements and the parent financial statements, including the disclosures
in the notes, and whether the consolidated financial statements and the parent financial statements represent the underlying transactions and
events in a manner that gives a true and fair view.Plan and perform the group audit to obtain sufficient appropriate audit evidence regarding the financial information of the entities or business units within the group as a basis for forming an opinion on the consolidated financial statements and the parent financial statements. We are responsible for the direction, supervision and review of the audit work performed for purposes of the group audit. We remain solely responsible for our audit opinion.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.969000-59601000341800036500001496500014182000Management is responsible for the management commentary.
Our opinion on the consolidated financial statements and the parent 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 consolidated financial statements and the parent financial statements, our responsibility is to read the management
commentary and, in doing so, consider whether the management commentary is materially inconsistent with
the consolidated financial statements and the parent financial statements or our knowledge obtained in the audit or otherwise appears to be materially
misstated.
Moreover, it is our responsibility to consider whether the management commentary provides the information
required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with
the consolidated financial statements and the parent 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.124710003700790003228000300040201200017410000Copenhagen1247400076116000439122000Tim Kjær-Hansen468640000863172000281750000mne23295283083000996000062567000State Authorised Public Accountant625670002766000-159853000Rasmus Christiansen-11158100012726000184464000mne506322340690008983000243617000State Authorised Public Accountant22916200012226000243617000Financial highlights2024DKK'0002023DKK'0002022DKK'0002021DKK'0002020DKK'000Key figuresRevenue183,221915,101913,097777,222657,508Gross profit/loss187,788702,824703,377599,506530,477Operating profit/loss63,063(643)25,96011,56614,990Net financials(41,078)(60,429)(45,332)(23,250)(34,618)Profit/loss for the year(10,309)(59,601)(21,526)(16,384)(24,069)Balance sheet total381,2101,123,8051,111,9951,160,2211,105,348Investments in tangible assets012,7267,01310,4765,228Equity86,434100,813164,491186,473202,843Cash flows from operating activities18,84752,46228,930(1,581)90,970Cash flows from investing activities590,772(131,032)(26,182)(136,906)(9,163)Cash flows from financing activities(570,000)50,413(33,309)42,124(34,496)RatiosGross margin (%)102.4976.8077.0377.1380.68Net margin (%)(5.63)(6.51)(2.36)(2.11)(3.66)Return on equity (%)(11.01)(44.93)(12.27)(8.42)(11.20)Equity ratio (%)22.678.9714.7916.0718.35Financial highlights are defined and calculated in accordance with the current version of "Recommendations &
Ratios" issued by the CFA Society Denmark.Gross margin (%)
:Gross profit/loss * 100RevenueNet margin (%)
:
Profit/loss for the year * 100
RevenueReturn on equity (%)
:Profit/loss for the year * 100
Average equityEquity ratio (%)
:Equity * 100
Balance sheet total229162000973100025400003094000010769000Primary activitiesThe DEAS Asset Management Group is a market-leading Nordic real estate partner offering clients access to the entire value chain from fund management to property management and other real estate services in all market segments.
We cooperated with a wide range of international and national investors in Sweden, Norway, Finland and Denmark under the brands: DEAS Asset Management. The DEAS Asset Management Group has experts in all main real estate asset classes: office, logistics, retail and
residential.
Real estate investments from approximately 465 property investors are managed by a dedicated team of more than 110 real estate specialists who have deep insight into the local markets and offer services and consultancy in connection with real estate.
DEAS Asset Management A/S, a leading pan-Nordic investment- and asset manager (DAM), is active within/offers fund-, investment- and asset management, as well as development and transaction- & advisory services.
The DEAS Asset Management Group has operated from offices in five Nordic cities and the total portfolio amounted to approximately 41 mia. DKK billion in Asset under Management spread over more than 465 properties in all asset classes with a total area of more than 1,9 million sq m.
Changes in business activities
As part of the Group’s strategic refocusing, an agreement regarding the sale of shares in DEAS A/S, including certain subsidiaries forming the DEAS Real Estate Services (DRES) business, was entered into during the second quarter of 2024. The transaction was completed with a change of control effective as of 1 April 2025.
Following the divestment, the Group's primary business activity is concentrated around DEAS Asset Management A/S (DAM), which remains under existing ownership. DAM continues to operate as a leading pan-Nordic investment and asset manager, offering fund, investment, and asset management services as well as development and transaction-related advisory services across all main real estate segments.
The change has significantly reduced the scale of the Group's operations, both in terms of headcount and assets under management.
529600090683800018000Development in activities and financesIn 2024, revenue for the DEAS Asset Management Group decreased by DKK 32.0 million to DKK 183.2 million, compared with DKK 215.4 million in 2023.
Operating profit before depreciation and amortisation amounted to DKK 89.2 million compared with DKK 64.5 million in 2023.
Profits before tax amounted to DKK 22.2 million, compared with DKK -73.3 million in 2023.
The activity level within DEAS Asset Management declined in 2024 due to market conditions, including a weak transaction market, limited development activity, decreasing property valuations, and changes in the client base.
Considering the challenging market environment and the special circumstances, the result for the year is deemedsatisfactory.
The primary reason for the decrease in revenue etc. from 2023 to 2024 in the profit and loss statement is the divestment of DEAS A/S. Capital resources
As of 31 December 2024, liquidity resources amounted to DKK 101.8 million, compared to DKK 64.4 million as of 31 December 2023. Based on the expected proceeds from the divestment of DEAS Asset Management activities — which also include the repayment of interest-bearing debt — management considers the capital resources to be adequate and sufficient.
Management Responsibility and Change of Leadership
The figures and information in this annual report relate to the financial year from January 1 to December 31, 2024, reflecting the management in place during this period.
Following the end of the financial year, a new management team took office on March 1, 2025. This new management team assumes full responsibility for the approval and signing of the annual report.
We confirm that the annual report has been prepared in accordance with applicable accounting regulations and provides a true and fair view of the Group’s financial position and results.
Business RisksThe most significant business risk for the DEAS Asset Management Group is the ability to meet investor requirements and expectations for high-quality property management, asset management, and advisory services.
Financial Risks
Credit risks related to financial assets correspond to the values recognized in the balance sheet. The DEAS Group does not face any material risks related to individual investors or business partners.
Liquidity Risks
Capital generation and funding activities are managed centrally within the DEAS Asset Management Group, and the necessary liquidity is continuously secured to support operations.
11300010660001104100054090001066000254658000Profit/loss for the year in relation to expected developmentsThe result for 2024 aligns with the expectations communicated in the 2023 annual report. As anticipated, the Group's profit was significantly affected by the exit of DEAS A/S from the DEAS Group in the third quarter of 2024, combined with continued headwinds in the real estate market. The Group recorded a loss of DKK 14.7 million for the year, which represents an improvement compared to the loss of DKK 59.6 million in 2023.23457100091711000439122000Uncertainty relating to recognition and measurementA reference is made to note 2 for a desciption of the uncertainty to recognition and measurement.4686400003292000283083000OutlookDEAS Asset Management Group has become part of the Fokus Nordic Group in the second quarter of 2025. During the transition period, the client portfolio is expected to be further adjusted, with synergies anticipated once the integration with Fokus Nordic has been fully implemented.
In light of the current challenging conditions in the real estate market, the Group's financial result for 2025 is expected to decline significantly compared to 2024.
Revenue is projected to be in the range of DKK 160,000–165,000 thousand, primarily due to the continued slowdown in real estate transactions and the departure of a major client who has chosen to insource Asset Management services.
The net result for 2025 is expected to fall within the range of DKK 36,000–40,000 thousand, mainly driven by a combination of client attrition, a subdued transaction market, and ongoing cost base adjustments.
1062567000-2967200022755000-111581000
Knowledge resourcesThe DEAS Asset Management Group’s most important knowledge resources are our employees’ expertise, supported by robust technology and well-established processes.
Continuous development and a high level of service are ensured through ongoing training and upskilling of employees, combined with strategic investments in business development and the extensive use of information technology.
We maintain a strong focus on continuously developing and enhancing the services offered to our investors – both in terms of scope and professional depth. This requires a skilled and knowledgeable workforce, as well as ongoing training and development initiatives. Simultaneously, investing in technology remains a key priority for the DEAS Group to stay aligned with developments in the real estate market and to meet the evolving demands of our investors.
3191000Environmental performanceThe DEAS Asset Management Group continues to manage a diverse portfolio of real estate asset classes, thereby influencing people’s everyday lives and well-being. Our primary commitment remains to create lasting value for our investors, tenants, and employees—not only economic value but also through enhancing environmental sustainability.
The Group is environmentally aware and strives to minimize the environmental impact of its daily operations. We continuously explore energy-saving measures and digitalization opportunities to optimize the sustainability of our business activities and reduce our carbon footprint.
At the same time, DEAS Asset Management Group continues to attract and retain highly skilled employees with extensive experience and the necessary professional competencies, ensuring a strong foundation of knowledge and expertise to support both stability and future growth.
141550001333000Statutory report on corporate social responsibilityAt the DEAS Asset Management Group, we aim to base the business activities on the requirements of our investors, knowledge and skills of our employees as well as on a profitable and sustainable foundation. The ambition is that the core services of asset and property 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 Asset Management Group to contribute to the society and community that the Group is part of. The DEAS Asset Management Group regards it as an investment in the future to take responsibility for the social and environmental effects of the business activities.
The DEAS Asset Management Group operates our 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 Asset Management 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 full CSR report for the Deas Asset Management group can be found at: https://fokusnordic.com/135104000016392000-1333000Statutory report on data ethics policyAll data collection and development of new digital concepts in the DEAS Group aims to provide greater knowledge about the business and improve the value for tenants, residents and investors. The DEAS Group has the ambition to have a high standard for using data responsibly and sustainably.
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 which we place on other aspects of the business. The DEAS Group does this by applying recognized guiding principles for the use of data in a data-driven world.
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 our data ethics policy can be ensured in line with societal developments and the ongoing observations and experiences made in the work with data ethics.
163920000Events after the balance sheet dateAn agreement regarding the sale of shares in Dane TopCo ApS, along with certain subsidiaries, has been entered in the fourth quarter of 2024 with the change of control taking effect from 1 April 2025.
This event has not effected the recognition and measurement in the financial statement, however effected the process for the financial statement.
After the balance sheet date, a capital increase has been made by convertion of debt to owners for a total of 190.738.725 DKK. The contributed capital has increase by 1 DKK and share premium of 190.738.724 DKK.
Besides the above, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 64405000-496050001832210002169670000112380500028175000065041000283083000625670001173000062567000-15985300048744000-391500018778800018840001 Events after the balance sheet dateAn agreement regarding the sale of shares in Dane TopCo ApS, along with certain subsidiaries, has been entered in the fourth quarter of 2024 with the change of control taking effect from 1 April 2025.
Barring the above-mentioned event, no other significant events are estimated to have an impact on the financial positions of the Group per 31 december 2024.
After the balance sheet date, a capital increase has been made by convertion of debt to owners for a total of 190,738,725 DKK. The contributed capital has increase by 1 DKK and share premium of 190,738,724 DKK.
Besides the above, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 98599000122260002 Staff costs2024
DKK'0002023
DKK'000Wages and salaries400400400400Average number of full-time employees11Staff costs related to board fees. 26126000-2550320001630630001008130003 Other financial income2024
DKK'0002023
DKK'000Financial income from group enterprises066Other interest income27602766606960004 Other financial expenses2024
DKK'0002023
DKK'000Financial expenses from group enterprises41346Other interest expenses14,64113,79815,05413,8444399000216780005 Tax on profit/loss for the year2024DKK'0002023DKK'000Current tax0(583)Change in deferred tax(1,565)(846)Adjustment concerning previous years(20)0Refund in joint taxation arrangement(783)0(2,368)(1,429)45477000223740006 Proposed distribution of profit and loss2024
DKK'0002023
DKK'000Retained earnings(49,605)(29,672)(49,605)(29,672)21985000229162000-49605000730500032853000146800002620150007 Financial assetsInvestments in group enterprises
DKK'000Receivables from owners and management
DKK'000Cost beginning of year456,1660Additions012,512Cost end of year456,16612,512Impairment losses for the year(46,966)0Impairment losses end of year(46,966)0Carrying amount end of year409,20012,512A specification of investments in subsidiaries is evident from the notes to the consolidated financial statements.-249890003610008 Receivables from owners and managementThe receivables from owners and management with an amount of T.DKK 12,512 relates to distribution of receivable from Dane LuxCo, that acted as the parent company of the group until the acquisition from Fokus Group Investments A/S at 1 april 2025. -103090005700000009 Deferred tax2024DKK'0002023DKK'000Tax losses carried forward2,534969Deferred tax2,534969
Changes during the year2024DKK'0002023DKK'000Beginning of year9690Recognised in the income statement1,565969End of year2,534969Deferred tax assetsAs per 31 December 2024 the company has recognized a deferred tax asset with a carrying amount of
2,534 T.DKK. On basis of the expectations for the next 1-3 years, Management expects the taxable profit to be
sufficientenough to use the deferred tax asset.001408440003061300010 Non-current liabilities other than provisionsDue after
more than 12
months
2024
DKK'000Outstanding
after 5 years
2024
DKK'000Payables to owners and management 243,617243,617243,617243,617No long-term debt is due after the more than 5 years after the balance sheet date. Payables to owners and management has been partly paid in 2025, and the remaining part of the loan has been converted to equity as per description in note 1. 57905000011 Other payables2024
DKK'0002023
DKK'000Wages and salaries, personal income taxes, social security costs, etc. payable180Other costs payable011318113013762900012 Contingent liabilitiesThe Entity serves as the administration company in a Danish joint
taxation arrangement. According to the joint
taxation provisions of the Danish Corporation Tax Act, the Entity
is therefore liable for income taxes etc. for the
jointly taxed entities, and also for obligations, if any, relating to
the withholding of tax on interest, royalties and
dividends for these entities.19874900073860300013 Assets charged and collateralThe company has in the course of obtaining financing given suretyship statement for certain group companies' liabilities to credit institutions.
The company has given security in its share transfer agreement to Danske Bank A/S.
The company is part of a Danish joint taxation with Dane TopCo ApS as the administrative company. The company is therefore held liable in accordance with the danish Corporation Tax Act.
1176000100061800014 Related parties with controlling interestAs per the balance sheet date, Dane Luxco S.á r.l. owned all shares in the Entity, thus exercising control. After the balance sheet date, all shares were aquired by Fokus Group Investments A/S.17000112380500015 Transactions with related partiesParent
DKK'000Subsidiaries
DKK'000Consultants2,4700Interest Income286392Interest expenses14,455413Receivables12,5128,230Liabilities other than provisions243,61710,769For remuneration to management, refer to the note for staff costs. 11930000Investments in group enterprisesInvestments in group enterprises are measured at cost. Investments are written down to the
lower of recoverable amount and carrying amount.0982630001251200044720001342000-286700013854000021379600099225000016280000368480002640800011543000052462000135730006142100045810005646000051000399000068016000485520000170250004250000170250000101837000-250000167414000-13103200038121000078570000281750000609690006256700010763000-6101000-20700005041300012512000-28157000-2642940009071300086434000184900067360006440500009076736000493500024361700092620002059000-5960100024567600000129400064770003531000310620004236400028804000038121000028308300062567000-39150001884000122260001333000000218600000-2415000000-5310000002860000028175000062567000-6101000012512000-255032000-13330000021860000-24150000-531000-2860000-10309000-264294000Operating profit/loss from discontinued operations-95600026126000-1314700033728000Gaing from sale of subsidiaries-6504100043773000668800032906000-1292000188470003630000005914210000286000Business combinations0590772000-60961900005700000000-57000000039619000-21870001018370001 Events after the balance sheet dateAn agreement regarding the sale of shares in Dane TopCo ApS, along with certain subsidiaries, has been entered in the fourth quarter of 2024 with the change of control taking effect from 1 April 2025.
This event has not effected the recognition and measurement in the financial statement, however effected the process for the financial statement.
After the balance sheet date, a capital increase has been made by convertion of debt to owners for a total of 190,738,725 DKK. The contributed capital has increase by 1 DKK and share premium of 190,738,724 DKK.
Besides the above, no events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. 2 Uncertainty relating to recognition and measurement
In preparing the financial statements, management is required to make estimates and assumptions that affect the reported amounts of assets, liabilities, income, and expenses. These estimates include, but are not limited to, depreciation and impairment of assets, as well as recognition of provisions, contingent liabilities, and contingent assets.
The estimates are based on assumptions that management considers reasonable at the time of preparation. However, such assumptions are inherently subject to uncertainty and unpredictability. Actual results may differ due to incomplete or inaccurate assumptions or as a result of unforeseen events or changes in circumstances. Furthermore, the Group is exposed to risks and uncertainties that may cause actual outcomes to differ materiallyfrom the estimates made.
The preparation of the financial statements includes management’s use of estimates and judgments in areas such as impairment testing, valuation of intangible assets, capitalised internal development costs, provisions for disputes, and expectations regarding future earnings. Management has assessed that the deferred tax asset can capitalized based the assuption and expectation that the tax losses can be use utilized within 1-3 years, which is the expectation based on the current budgets. These estimates are based on assumptions about future events and developments and are therefore subject to uncertainty.
The financial statement notes disclose the key assumptions about the future and other areas of estimation uncertainty at the balance sheet date, where there is a significant risk that material adjustments to the carrying amounts of assets or liabilities could occur within the next financial year.
The Group is environmentally aware and strives to minimize the environmental impact of its daily operations. We continuously explore energy-saving measures and digitalization opportunities to optimize the sustainability of our business activities and reduce our carbon footprint.
At the same time, DEAS Asset Management Group continues to attract and retain highly skilled employees with extensive experience and the necessary professional competencies, ensuring a strong foundation of knowledge and expertise to support both stability and future growth.
3 Revenue2024
DKK'0002023
DKK'000Fees etc., DEAS, Denmark0672,401AM Fees etc., DAM, Denmark42,73671,200AM Fees etc., DAM, Norway62,38270,100AM Fees etc., DAM, Sweden37,21446,800AM Fees etc., DAM, Finland40,88954,600Total revenue by geographical market183,221915,101All the groups revenue is related to the Asset management activities, thus a split on seperate activities is not prepared.4 Other operating incomeFor 2024 other operating income only consists of profit from the sale of DEAS A/S.
Other operating income in 2023 consists of salary reimbursements 8,928 T.DKK) and profit on sale of equipment 1,448 T.DKK. 5 Fees to the auditor appointed by the Annual General Meeting2024
DKK'0002023
DKK'000Statutory audit services1,5151,541Other assurance engagements381103Other services1,7621,9213,6583,5656 Staff costs2024DKK'0002023DKK'000Wages and salaries79,668538,118Pension costs10,57246,295Other social security costs8,35919,34398,599603,756Average number of full-time employees110907Remunerationof management2024DKK'000Remunerationof management2023DKK'000Executive Board6,4314,935Supervisory Board3969,2626,82714,197110Remunerationof management2024DKK'000Remunerationof management2023DKK'000Executive Board6,4314,935Supervisory Board3969,2626,82714,19764310003960007 Depreciation, amortisation and impairment losses2024
DKK'0002023
DKK'000Amortisation of intangible assets25,11370,380Impairment losses on intangible assets021,844Depreciation on property, plant and equipment1,0137,48726,12699,7118 Other financial income2024
DKK'0002023
DKK'000Other interest income4,399414Fair value adjustments0112Other financial income01,6724,3992,1989 Other financial expenses2024
DKK'0002023
DKK'000Other interest expenses41,36458,784Exchange rate adjustments4,1133,84345,47762,627Part of the interest expenses relate to the financing from the acquisition of both Deas A/S and Deas Asset Management activities in Dane BidCo. As it is not possible to split the interest expenses in discountinued operations, then the interest expenses has been presented in continued operations.10 Tax on profit/loss for the year2024
DKK'0002023
DKK'000Current tax6,5383,955Change in deferred tax5390Adjustment concerning previous years228(1,019)7,3052,93611 Discontinued operations2024DKK'000Revenue395,358Other external exspenses(116,044)Staff costs(280,270)Depreciation, amortisation and impairment losses(35,036)Income from associates6,011Financial income & exspenses2,289Tax on profit2,703Profit/loss for the period(24,989)Post-tax profit/loss from discontinued operations(24,989)The group sold all shares in Deas A/S in 2024 and is not be represented in the market for property management anymore. Deas A/S was sold as per 01.08.2024, thus only consolidated for the first 7 months in accordance with the above specification. The companies sold included subsidiaries of Deas A/S (Kuben Ejendomsadministration A/S, DEAS Ejendomsudvikling A/S, DEAS Asset Management II A/S, Driftsselskabet OPP Svendborg A/S og IQ Energy Nordic ApS).As
this represented an individually market for the group, the activities has be presented as discontinued
operations for 2024. Of the staff costs for the period, 780 employees has been employeed based on an average
calculation. In accordance with the danish financial statements Act., the comparative figures have not been restated.12 Proposed distribution of profit/loss2024
DKK'0002023
DKK'000Retained earnings(10,309)(59,601)(10,309)(59,601)-1030900013 Intangible assetsCompleted development projectsDKK'000Acquired intangible assetsDKK'000GoodwillDKK'000Cost beginning of year41,917554,359637,978Disposals(40,404)(337,391)(518,856)Cost end of year1,513216,968119,122Amortisation and impairment losses beginning of year(26,952)(184,280)(235,966)Disposals on divestments etc 31,765133,659199,930Amortisation for the year(1,513)(15,407)(8,193)Amortisation and impairment losses on assets disposed of(4,813)(10,096)(16,988)Amortisation and impairment losses end of year(1,513)(76,124)(61,217)Carrying amount end of year0140,84457,905Acquired intangible assetsAcquired intangible assets relate to customer contracts, which were obtained in connection with the acquisition of
the activity in Nordea Ejendomsinvestering A/S, the Nordic direct real estate business from Aberdeen Standard
Investments, contracts from Administrea ApS and certain
assets and employees from other investments.GoodwillGoodwill relates to customer contracts obtained in connection with the acquisition of the activity in Nordea Ejendomsinvestering A/S, certain
assets and employees from other 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.14 Development projectsDevelopment Projects in Progress included software products aimed at internal use, as well as applications developed
for use by the Group's customers, capitalized in Deas A/S. During the development, both internal hours as well as external consultants are
used. Transfer of Costs to Assets is completed when the requirements are met. The development projects have been disposed with the sale af Deas A/S. 15 Property, plant and equipmentOther fixtures and fittings, tools and equipmentDKK'000Leasehold improvements
DKK'000Cost beginning of year13,51710,895Disposals on divestments etc. (10,114)(8,586)Cost end of year3,4032,309Depreciation and impairment losses beginning of year(3,557)(8,129)Disposals on divestments etc 5,2996,020Depreciation for the year(1,013)0Depreciation and impairment losses on assets disposed of(2,956)(183)Depreciation and impairment losses end of year(2,227)(2,292)Carrying amount end of year1,1761716 Financial assetsInvestments in associates
DKK'000Receivables from owners and management DKK'000Deposits
DKK'000Cost beginning of year3,74112,2269,731Disposals on divestments etc. (3,741)0(8,752)Additions0286363Cost end of year012,5121,342Revaluations beginning of year5,24400Disposals on divestments etc. (11,255)00Share of profit/loss for the year6,01100Revaluations end of year000Carrying amount end of year012,5121,342Recivables to owners consists of a receivable to Dane LuxCo S.á r.l., that acted as the parent company of the group until 01.04.2025, when Fokus Nordic acquired contol of Dane TopCo ApS.17 Deferred tax2024DKK'0002023DKK'000Intangible assets(5,423)(13,815)Receivables(1,313)(1,412)Provisions0304Liabilities other than provisions06,172Tax losses carried forward13,5738,055Deferred tax6,837(696)Changes during the year2024DKK'0002023DKK'000Beginning of year(696)(2)Recognised in the income statement(539)(636)Recognised directly in equity082Acquistion/Sale of enterprise8,072(140)End of year6,837(696)Deferred tax has been recognised in the balance sheet as follows2024DKK'0002023DKK'000
Deferred tax assets13,5730
Deferred tax liabilities(6,736)(696)6,837(696)Deferred tax assetsDeferred tax assets are recognised provided that the tax loss carryforwards are utilized within a period of 1-3 years.
18 PrepaymentsPrepaid expenses are regarding rent, insurance premiums, subscriptions, education, cars and service agreements.19 Contributed capitalBy establishment of the company 11.06.2015 the share capital showed 50 T.DKK. In 2015 a capital increase of
32,283 T.DKK. In 2016 a capital increase of 500 T.DKK and conversion of debt of 250,000 T.DKK. In 2017 a capital increase of 250 T.DKK results in a share capital of 283.083 T.DKK as of 31.12.2022.
The company’s share capital consists of nominally 283.083 T.DKK divided into 33.083.333 A-shares of nominally
33,083 T.DKK and 250,000,000 B-shares of nominally 250.000 T.DKK. In 2024 a capital decrease was made of 1,333 T.DKK reducing the contributed capital to 281,750 T.DKK.20 Other provisions Other provisions include obligations and liabilities due to claims made against the Group. Of the provisions, DKK 0 (31.12.2023: DKK 21,7 million) is expected to be settled within the next 12 months.21 Non-current liabilities other than provisionsDue within 12
months2023DKK'000Due after
more than 12
months2024DKK'000Outstanding
after 5 years2024DKK'000Payables to owners and management 0243,6170Holiday pay obligation02,0592,059Other payables36100361245,6762,059No long-term debt is due after the more than 5 years after the balance sheet date. Payables to owners and management has been partly paid in 2025, and the remaining part of the loan has been converted to equity as per description in note 1. Holiday pay obligation consists of frozen holiday oligation, that will be payed as the employees retire. Payables to owners consists of a loan to montague private Equity fond IV, that acted as the a parent company of the group until 1 april 2025, when Fokus Group Investments A/S acquired contol of Dane TopCo ApS.22 Other payables2024
DKK'0002023
DKK'000VAT and duties4,20016,969Wages and salaries, personal income taxes, social security costs, etc. payable7,72921,502Holiday pay obligation8,12027,317Other costs payable11,01371,84131,062137,62923 Changes in working capital2024
DKK'0002023
DKK'000Increase/decrease in inventories3770Increase/decrease in receivables37,938(11,884)Increase/decrease in trade payables etc.(4,587)9,01733,728(2,867)24 Unrecognised rental and lease commitments2024
DKK'0002023
DKK'000Total liabilities under rental or lease agreements until maturity 21,029171,17425 Contingent liabilitiesThe company is an administration company in Danish joint taxation. The company is therefore liable according to
the rules of the Corporation Tax Act regarding income taxes etc. for the jointly taxed companies and also for
any obligations to withhold tax on interest, royalties and dividends for these companies.
The group has offices in all four Nordic countries (Frederiksberg, Aarhus, Aalborg, Oslo, Bergen, Trondheim,
Stockholm and Helsinki) and has an obligation to re-establish the offices to a predetermined level (contractually
determined), but since no decisions have been made about vacating these locations (timing) and the uncertainty
surrounding the calculation of the cost of vacating as well as how these negotiations will take place, it is not possible
to calculate the obligation.26 Assets charged and collateralThere are ongoing a case with expert appraisal regarding the delisting rate from 04.04.2012. Management believes that the conclusion from the expert appraisal will not affect the company significantly and there is consequently not any provisions made in the financial statements.
27 Transactions with related partiesParent
DKK'000Consultants 2,470Interest income286Interst expenses14,455Receivables12,512Liabilities other than provisions243,617For the consolidated financial statement, all intra-group transactions have been eliminated, thus no transactions with related parties.28 SubsidiariesRegistered inOwnership
%Dane MidCo ApSDenmark100.00Dane BidCo ApSDenmark100.00Deas Holding A/SDenmark100.00Deas Asset Management A/SDenmark100.00Deas Asset Managment Invest DK I A/SDenmark100.00Fokus Nordic Fund Management DK A/S (Før: Deas Fund Managment DK A/S)Denmark100.00Deas Fund Managment DK filial (Finnish branch)Finland100.00Deas Tontti GP OYFinland100.00Deas Tontti GP OyFinland100.00Deas Asset Management Finland OyFinland100.00Deas Fund Managment OyFinland100.00Deas Property Fund Limited Partner OyFinland100.00Amberia General Partner OyFinland100.00Deas Asset Managment Norway BidCo A/SNorway100.00Deas Asset Management Holding Norway A/SNorway100.00Deas Fund Managment A/SNorway100.00Deas Asset Management Norway A/SNorway100.00Deas Asset Managment Operations A/SNorway100.00Deas Asset Managment Sweden ABSweden100.00Deas Fund Managment DK filial (Swedish brannch) Sweden100.00This annual report has been prepared in accordance with the provisions of the Danish Financial Statements Act
governing reporting class C enterprises (medium).The accounting policies applied to these consolidated financial statements and parent financial statements are consistent with those applied last year.The presentation of Other staff costs, which in previous years were recognised under staff costs, has changed
and is from 2024 recognized under external costs. The comparative figure has been adjusted accordingly. The
changed presentation has had no effect on the loss for the year, the balance sheet total or the total equity. In addition, profit/Loss from sale of tangible assets has previously been recognized as depreciation in the profit and loss statement, which has been changed to other operating income.The presentation of Other staff costs, which in previous years were recognised under staff costs, has changed
and is from 2024 recognized under external costs. The comparative figure has been adjusted accordingly. The
changed presentation has had no effect on the loss for the year, the balance sheet total or the total equity. In addition, profit/Loss from sale of tangible assets has previously been recognized as depreciation in the profit and loss statement, which has been changed to other operating income.Recognition and measurementAssets are recognised in the balance sheet when it is probable as a result of a prior event that future economic
benefits will flow to the Entity, and the value of the asset can be measured reliably.
Liabilities are recognised in the balance sheet when the Entity has a legal or constructive obligation as a
result of a prior event, and it is probable that future economic benefits will flow out of the Entity, and the
value of the liability can be measured reliably.
On initial recognition, assets and liabilities are measured at cost. Measurement subsequent to initial
recognition is effected as described below for each financial statement item.
Anticipated risks and losses that arise before the time of presentation of the annual report and that confirm
or invalidate affairs and conditions existing at the balance sheet date are considered at recognition and
measurement.
Income is recognised in the income statement when earned, whereas costs are recognised by the amounts
attributable to this financial year. Consolidated financial statementsThe consolidated financial statements comprise the Parent and the group enterprises (subsidiaries) that are controlled by the Parent. Control is achieved by the Parent, either directly or indirectly, holding more than 50% of the voting rights or in any other way possibly or actually exercising controlling influence.
Enterprises in which the Group, directly or indirectly, holds between 20% and 50% of the voting rights and exercises significant, but not controlling, influence are regarded as associates.Basis of consolidationThe consolidated financial statements are prepared on the basis of the financial statements of the Parent and its subsidiaries. The consolidated financial statements are prepared by combining uniform items. On consolidation, intra-group income and expenses, intra-group accounts and dividends as well as profits and losses on transactions between the consolidated enterprises are eliminated. The financial statements used for consolidation have been prepared applying the Group’s accounting policies.Subsidiaries’ financial statement items are recognised in full in the consolidated financial statements. Minority interests’ pro rata shares of the profit/loss and the net assets are disclosed as separate items in Management's proposal for the distribution of net profit/loss and equity, respectively.Investments in subsidiaries are offset at the pro rata share of such subsidiaries’ net assets at the acquisition date,with net assets having been calculated at fair value.RevenueRevenue from the sale of services is recognised
in the
income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and
sales
discounts and is measured at fair value of the consideration fixed.Own work capitalisedWork performed by entity regards salaries and related cost capitalised as development projects.
Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary
activities. Other operating income regards employee remuneration etc.
Cost of salesCosts of sales comprise expenses incurred to achieve revenue for the year.
Other external expensesOther external expenses comprise expenses regarding administration.
Staff costsStaff costs comprise wages and salaries, and social security contributions, pension contributions, etc
. for entity
staff.Depreciation, amortisation and impairment lossesDepreciation, amortisation and impairment losses relating to property, plant and equipment and intangible
assets comprise depreciation, amortisation and impairment losses for the financial year.Income from investments in group enterprisesIncome from investments in group enterprises comprises dividends etc. received from the
individual group enterprises in the financial year.Income from investments in associatesIncome from investments in associates comprises the pro rata share of the individual
associates’
profit/loss after pro rata elimination of intra-group profits or losses.Other financial income from group enterprisesOther financial income from group enterprises comprises interest income etc. on receivables from group
enterprises.Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including
inet 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.Other financial expensesOther financial expenses comprise interest expenses, net capital or exchange losses on securities, payables and transactions in foreign currencies,
amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc.Tax on profit/loss for the yearTax for the year, which consists of current tax for the year and changes in deferred tax, is recognised in the
income statement by the portion attributable to the profit for the year and recognised directly in equity by
the
portion attributable to entries directly in equity.GoodwillGoodwill is the positive difference between cost and fair value of assets and liabilities arising from
acquisitions. Goodwill is amortised straight-line over its estimated useful life, which is fixed based on the experience gained by
Management for each business area. For one amount of goodwill, it has not been
possible to estimate useful
life reliably, for which reason such useful life has been set at 10 years. For other
amounts of goodwill, useful life
has been determined based on an assessment of whether the enterprises
are strategically acquired enterprises
with a strong market position and a long-term earnings profile and whether the amount of goodwill includes
intangible resources of a temporary nature that cannot be
separated and recognised as separate assets. Useful
lives are reassessed annually. The amortisation periods
used are 10-20 years.
Goodwill is written down to the lower of recoverable amount and carrying amount.Intellectual property rights etc.Intellectual property rights etc. comprise development projects completed and in progress with related
intellectual property rights and acquired intellectual property rightsDevelopment projects on clearly defined and identifiable products and processes, for which the technical rate
of utilisation, adequate resources and a potential future market or development opportunity in the enterprise
can be established, and where the intention is to manufacture, market or apply the product or process in
question, are recognised as intangible assets. Other development costs are recognised as costs in the income
statement as incurred. When recognising development projects as intangible assets, an amount equalling
the costs incurred less deferred tax is taken to equity in the reserve for development costs that is reduced
as the development projects are amortised and written down.
The cost of development projects comprises costs such as salaries and amortisation that are directly and
indirectly attributable to the development projects.
Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible
assets and depreciation on property, plant and equipment used in the development process are recognised
in
cost based on time spent on each project.
Completed development projects are amortised on a straight-line basis using their estimated useful lives
which are determined based on a specific assessment of each development project. If the useful life cannot
be estimated reliably, it is fixed at 10 years. For development projects protected by intellectual property
rights,
the maximum period of amortisation is the remaining duration of the relevant rights. The amortisation
periods
used are 10-20 years. Intellectual property rights acquired are measured at cost less accumulated amortisation. Patents are
amortised
on a straight-line basis over their remaining duration, and licences are amortised on a straight-line basis over the term of the agreement.
Intellectual property rights etc. are written down to the lower of recoverable amount and carrying amount.Property, plant and equipmentLand and buildings, plant and machinery, and other fixtures and fittings, tools and equipment are
measured at
cost less accumulated depreciation and impairment losses. Land is not depreciated.
Cost comprises the acquisition price, costs directly attributable to the acquisition and preparation costs of
the
asset until the time when it is ready to be put into operation.
Indirect production costs in the form of indirectly attributable staff costs and amortisation of intangible
assets
and depreciation on property, plant and equipment used in the manufacturing process are recognised
in cost
based on time spent on each asset.
Interest expenses on loans for the financing of the manufacture of property, plant and equipment are
included
in cost if they relate to the manufacturing period. All other finance costs are recognised in the income
statement.
The basis of depreciation is cost less estimated residual value after the end of useful life. Straight-line
depreciation is made on the basis of the following estimated useful lives of the assets:Useful life
Other fixtures and fittings, tools and equipment3-5 years Leasehold improvements10 yearsFor leasehold improvements and assets subject to finance leases, the depreciation period cannot exceed
the contract period.
Estimated useful lives and residual values are reassessed annually.
Items of property, plant and equipment are written down to the lower of recoverable amount and carrying
amount.Investments in associatesInvestments in associates are recognised and measured according to the equity method. This
means that investments are measured at the pro rata share of the associates’ equity value plus unamortised
goodwill and plus or minus unrealised pro rata intra-group profits and losses. Reference is made to the above section on
business combinations for more details about the accounting policies applied to acquisitions of investments in
associates.
Associates with negative equity value are measured at DKK 0. Any receivables from these associates are
written down to net realisable value based on a specific assessment. If the Parent has a legal or constructive
obligation to cover the liabilities of the relevant associate, and it is probable that such obligation will involve
a loss, a provision is recognised that is measured at present value of the costs necessary to settle the
obligations at the balance sheet date.
Upon distribution of profit or loss, net revaluation of investments in associates is transferred to the reserve for
net revaluation according to the equity method in equity.
Investments in associates are written down to the lower of recoverable amount and carrying amount.
Investments in associates fall within the definitions of both participating interests and associates, yet in these consolidated financial statements they have been presented as investments in associates because this designation reflects more accurately the Group’s involvement in the relevant entities.
ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and
doubtful debts.
Contract assetsContract work in progress is measured at the selling price of the work performed. The selling price is measured by
reference to the stage of completion at the reporting date and total expected income from the work in progress
.
Where it is difficult to determine a reliable selling price, the selling price is measured at the lower of costs incurred
and the net realisable value.
Work in progress is recognised in the balance sheed under receivables or payables depending on the net value of
the selling price less invoicing on account.
Prepayments from customers are recognised under liabilities.
Advertising from promotional costs and costs of negotiating contracts are expensed incurred.
Accrued income recognised in assets comprises prepaid costs regarding subsequent financial years.InventoriesInventories are measured at the lower of cost using the FIFO method and net realisable value.
Cost consists of purchase price plus delivery costs. Cost of manufactured goods and work in progress consists
of costs of raw materials, consumables, direct labour costs and indirect production costs.
The net realisable value of inventories is calculated as the estimated selling price less completion costs and
costs incurred to execute sale.Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based
value of
assets and liabilities, for which the tax-based value is calculated based on the planned use of each
asset. However, no deferred tax is recognised for amortisation of goodwill disallowed for tax purposes and
temporary
differences arising at the date of acquisition that do not result from a business combination and
that do not have
any effect on profit or loss or on taxable income.
Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at
their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets.Tax 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.Joint taxation contributions payable or receivable Current joint taxation contributions payable or receivable are recognised in the
balance sheet, stated as tax computed on this year's taxable income, adjusted for
prepaid tax. For tax losses, joint taxation contributions receivable are only recognised if such losses are
expected to be used under the joint taxation arrangement.PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at
cost.Other investments (current assets)Other current asset investments comprise of unlisted investments measured at the lower of cost and net realisable value.CashCash comprises cash in hand and bank deposits.Other provisionsOther provisions comprise anticipated costs of disputs and claims from clients and suppliers.
Other provisions are recognised and measured as the best estimate of the expenses required to settle the
liabilities at the balance sheet date. Provisions that are estimated to mature more than one year after the
balance sheet date are measured at their discounted value.
Once it is probable that total costs will exceed total income from a contract in progress, provision is made
for the total loss estimated to result from the relevant contract.Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds
to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at
amortised
cost. This means that the difference between the proceeds at the time of borrowing and the nominal
repayable
amount of the loan is recognised in the income statement as a financial expense over the term
of the loan
applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value.Prepayments received from customersPrepayments received from customers comprise amounts received from customers prior to delivery of the
goods agreed or completion of the service agreed.Cash flow statementThe cash flow statement shows cconsolidated cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
No cash flow statement has been prepared for the Parent as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act.The cash flow statement shows cconsolidated cash flows from operating, investing and financing activities, and cash
and cash equivalents at the beginning and the end of the financial year.
Cash flows from operating activities are presented using the indirect method and calculated as the operating
profit/loss adjusted for non-cash operating items, working capital changes, and financial income, financial expenses and income tax paid.
Cash flows from investing activities comprise payments in connection with acquisition and divestment of
enterprises, activities and fixed asset investments, and purchase, development, improvement and sale,
etc. of intangible assets and property, plant and equipment.
Cash flows from financing activities comprise changes in the size or composition of the contributed capital
and related costs, and the raising of loans, repayments of interest-bearing debt, including lease liabilities, purchase of treasury shares and payment of dividend.
Cash and cash equivalents comprise cash and short-term securities with an insignificant price risk.
No cash flow statement has been prepared for the Parent as its cash flows are included in the consolidated cash flow statement, refer to section 86(4) of the Danish Financial Statements Act.true2025-07-092025-07-0933963556Deloitte Statsautoriseret RevisionspartnerselskabRevisionspåtegningRegnskabsklasse C, mellemstor virksomhed2023-12-312023-01-0133963556Weidekampsgade 6Deloitte Statsautoriseret Revisionspartnerselskab2300 København S2024-12-312024-01-01Dane TopCo ApS36919612ÅrsrapportKøbenhavn S23006WeidekampsgadeKøbenhavnKøbenhavn Ø2100Grundlag for konklusion med forbeholdKonklusion med forbehold123Østbanegade2025-07-09Tonny Nielsen