42169552 2024-04-01 2025-03-31 42169552 2024-04-01 2025-03-31 1 42169552 2024-04-01 2025-03-31 2 42169552 2024-04-01 2025-03-31 1 42169552 2024-04-01 2025-03-31 2 42169552 2023-04-01 2024-03-31 42169552 2025-03-31 42169552 2024-03-31 42169552 2024-03-31 fsa:ContributedCapitalMember 42169552 2024-03-31 fsa:RetainedEarningsMember 42169552 2024-04-01 2025-03-31 fsa:RetainedEarningsMember 42169552 2025-03-31 fsa:ContributedCapitalMember 42169552 2025-03-31 fsa:RetainedEarningsMember iso4217:DKK 2025-08-13 Hendrik Ebe Reitsma The Executive Board has today considered and approved the annual report of Vivada Denmark ApS for the financial year 01.04.2024 - 31.03.2025. The annual report is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.03.2025 and of the results of its operations for the financial year 01.04.2024 - 31.03.2025. We believe that the management commentary contains a fair review of the affairs and conditions referred to therein. We recommend the annual report for adoption at the Annual General Meeting. Aarhus Hendrik Ebe Reitsma Casper Vernooij To the shareholder of Vivada Denmark ApS We have audited the financial statements of Vivada Denmark ApS for the financial year 01.04.2024 - ​31.03.2025, which comprise the income statement, balance sheet, statement of changes in equity and ​notes, including a summary of significant accounting policies. The financial statements are prepared in accordance with the Danish Financial Statements Act.​​ ​​In our opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.03.2025 and of the results of its operations for the financial year 01.04.2024 - 31.03.2025 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further ​described in the "Auditor’s responsibilities for the audit of the financial statements" section of this auditor’s report. We are independent of the Entity in accordance with the International Ethics Standards Board for ​Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical ​requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with ​these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines ​is necessary to enable the preparation of financial statements that are free from material misstatement, ​whether due to fraud or error.​​In preparing the financial statements, Management is responsible for assessing the Entity’s ability to continue ​as a going concern, for disclosing, as applicable, matters related to going concern, and for using the going ​concern basis of accounting in preparing the financial statements unless Management either intends to liquidate ​the Entity or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are ​free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes ​our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted ​in accordance with ISAs and the additional requirements applicable in Denmark will always detect a material ​misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, ​individually or in the aggregate, they could reasonably be expected to influence the economic decisions of ​users taken on the basis of these financial statements.​​​​As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Denmark, ​we exercise professional judgement and maintain professional scepticism throughout the audit. We also:Identify and assess the risks of material misstatement of the financial statements, whether due to ​fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence ​that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a ​material misstatement resulting from fraud is higher than for one resulting from error, as fraud may ​involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control.​Obtain an understanding of internal control relevant to the audit in order to design audit procedures ​that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the ​effectiveness of the Entity’s internal control.​Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates ​and related disclosures made by Management. ​Conclude on the appropriateness of Management’s use of the going concern basis of accounting in ​preparing the financial statements, and, based on the audit evidence obtained, whether a material ​uncertainty exists related to events or conditions that may cast significant doubt on the Entity’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to ​draw attention in our auditor’s report to the related disclosures in the financial statements or, if such ​disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence ​obtained up to the date of our auditor’s report. However, future events or conditions may cause the ​Entity to cease to continue as a going concern.​Evaluate the overall presentation, structure and content of the financial statements, including the disclosures ​in the notes, and whether the financial statements represent the underlying transactions and ​events in a manner that gives a true and fair view.Plan and perform the audit of the financial statements to obtain sufficient appropriate audit evidence regarding the consolidated financial information of the entities or business units as a basis for forming an opinion on the financial statements. We are responsible for the direction, supervision and review of the audit work performed. 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. Management is responsible for the management commentary. ​​Our opinion on the financial statements does not cover the management commentary, and we do not express ​any form of assurance conclusion thereon. ​​In connection with our audit of the financial statements, our responsibility is to read the management ​commentary and, in doing so, consider whether the management commentary is materially inconsistent with ​the financial statements or our knowledge obtained in the audit or otherwise appears to be materially misstated. ​​Moreover, it is our responsibility to consider whether the management commentary provides the information ​required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with ​the financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Copenhagen Claus Jorch Andersen State Authorised Public Accountant mne33712 Frederik Juhl Hestbæk State Authorised Public Accountant mne47807 Primary activitiesThe activities of the company are to own capital shares in other companies and related activities. ​ ​The annual result amounts to a gain of DKK 149.2 million, which is considered satisfactory. Uncertainty relating to recognition and measurementThe income from group companies is affected by fair value adjustments to investment properties and therefore ​subject to accounting estimates of the fair value adjustments. ​ ​There is significant uncertainty connected with valuation of investments properties owned by subsidiaries at fair ​value, especially associated with determining the yield. ​ ​The total fair value adjustments in subsidiaries for the year amounts to a gain of DKK 189.3 milion. Events after the balance sheet dateNo events have occurred after the balance sheet date to this date, which would influence the evaluation of this annual report. -2201309 -4472568 159051027 -555615213 83358001 81540209 88015268 85833442 152192451 -564381014 3006321 -3510150 149186130 -560870864 149186130 -560870864 149186130 -560870864 1038373129 570660184 1709121589 1451693733 2747494718 2022353917 2747494718 2022353917 5132630 701750 0 18750 15896682 18865376 894120 0 21923432 19585876 34693984 4327382 56617416 23913258 2804112134 2046267175 40000 40000 943374021 469192632 943414021 469232632 1756716456 1553096456 1756716456 1553096456 0 61010 85564196 23144382 17981640 0 435821 732695 103981657 23938087 1860698113 1577034543 2804112134 2046267175 40000 469192632 469232632 42150000 42150000 382700620 382700620 -15555361 -15555361 149186130 149186130 40000 943374021 943414021 1 Other financial income ​2024/25​DKK2023/24​DKKFinancial income from group enterprises83,229,64580,959,315Other interest income128,324580,894Exchange rate adjustments32083,358,00181,540,209 2 Other financial expenses2024/25​DKK2023/24​DKKFinancial expenses from group enterprises87,900,29385,773,058Other interest expenses114,97560,38488,015,26885,833,442 3 Tax on profit/loss for the year2024/25​DKK2023/24​DKKCurrent tax3,005,9110Adjustment concerning previous years410(3,187,774)Refund in joint taxation arrangement0(322,376)3,006,321(3,510,150) 4 Financial assetsInvestments in group enterprises​DKKReceivables from group enterprises​DKKCost beginning of year2,260,239,1451,451,693,733Additions through business combinations etc.132,249,2560Additions234,118,023257,427,856Cost end of year2,626,606,4241,709,121,589Revaluations beginning of year(1,689,578,961)0Share of profit/loss for the year159,051,0270Dividend(42,150,000)0Other adjustments(15,555,361)0Revaluations end of year(1,588,233,295)0Carrying amount end of year1,038,373,1291,709,121,589The income from group companies is affected by fair value adjustments to investment properties and therefore subject to accounting estimates of the fair value adjustments. The total fair value adjustment of investment properties amounts to a gain of DKK 189.3 milion. Investments in subsidiariesRegistered inCorporate formEquity​interest​%Vivada Properties DK IDenmarkApS100.00Vivada Properties DK IIDenmarkApS100.00Vivada Properties DK IIIDenmarkApS100.00Vivada Properties DK IVDenmarkApS100.00Vivada Properties DK VDenmarkApS100.00Skovlunde Bycenter Lejl. 51DenmarkApS100.00Skovlunde Bycenter Lejl. 41DenmarkApS100.00Vivada Properties DK VIDenmarkApS100.00Vivada Properties DK VII HoldCoDenmarkApS100.00Vivada Properties DK VIIIDenmarkApS100.00Skovlunde Bycenter Lejl. 31DenmarkApS100.00Skovlunde Bycenter Lejl. 21DenmarkApS100.00 5 Non-current liabilities other than provisionsDue after more than 12 months​2024/25​DKKOutstanding after 5 years​2024/25​DKKPayables to group enterprises1,756,716,4561,756,716,4561,756,716,4561,756,716,456 6 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any remuneration. 7 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 for obligations, if any, relating to the withholding of tax on interest, royalties and ​dividend for these entities. 8 Assets charged and collateralCredit lines by banks is secured by pledge of shares in subsidiaries. Carrying net amount of pledged shares in ​subsidiaries is DKK 1,038 milion, equivalent to the underlying equity value of subsidiaries.​ 9 Group relationsName and registered office of the Parent preparing consolidated financial statements for the smallest group:​Vivada Nordics B.V., Minervalaan 63, 1077 NR Amsterdam, The Netherlands This annual report has been presented in accordance with the provisions of the Danish Financial Statements ​Act governing reporting class B enterprises with addition of a few provisions for reporting class C.The accounting policies applied to these financial statements are consistent with those applied last year. Consolidated financial statementsReferring to section 112(2) of the Danish Financial Statements Act, no consolidated financial statements have been prepared. 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. Business combinationsNewly acquired or newly established enterprises are recognised in the financial statements from the time ​of acquiring or establishing such enterprises. Divested or wound-up enterprises are recognised in the consolidated income statement up to the time of their divestment or winding-up. ​​The purchase method is applied at the acquisition of new enterprises, under which identifiable assets and ​liabilities of these enterprises are measured at fair value at the acquisition date. Provisions for costs of restructuring of the enterprise acquired are only made in so far as such restructuring was decided by the ​enterprise acquired prior to acquisition. Allowance is made for the tax effect of restatements. Gross profit or lossGross profit or loss comprises revenue and external expenses. Other operating incomeOther operating income comprises income of a secondary nature as viewed in relation to the Entity’s primary ​activities, including profit from the sale of intangible assets and property, plant and equipment, Other external expensesOther external expenses include expenses relating to the Entity’s ordinary activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. Income from investments in group enterprisesIncome from investments in group enterprises comprises the pro rata share of the individual ​enterprises’ profit/loss after full elimination of intra-group profits or losses. Other financial incomeOther financial income comprises interest income, including interest income on receivables from group ​enterprises, 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, including interest expenses on payables to group enterprises, 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.The Entity is jointly taxed with all Danish group enterprises. The current Danish income tax is allocated among the jointly taxed entities proportionally to their taxable income (full allocation with a refund concerning tax losses). Investments in group enterprisesInvestments in group enterprises are recognised and measured according to the equity method. The equity method is considered to be a consolidation method and transaction cost are expensed, when incurred. This​means that investments are measured at the pro rata share of the enterprises’ equity value plus or minus​unrealised intra-group profits or losses. ​​Group enterprises with negative equity value are measured at DKK 0. Any receivables from these enterprises 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 enterprise, 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 group enterprises is transferred to the reserve for net revaluation according to the equity method in equity. ​​Investments in group enterprises are written down to the lower of recoverable amount and carrying amount.The accounting policies applied to material financial statement items of group enterprises are:​​Investment property: Investment properties are measured at fair value which is equivalent to the amount at which the individual property may be sold to an independent buyer at the balance sheet date. The financial year's ​adjustments of the properties’ fair value are recognised in the income statement. ReceivablesReceivables are measured at amortised cost, usually equalling nominal value, less writedowns for bad and ​doubtful debts. 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 receivable or payableCurrent joint taxation contributions payable or joint taxation contributions receivable are recognised in the balance sheet, calculated as tax computed on the taxable income for the year, which has been 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. CashCash comprises cash in hand and bank deposits. Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. true Grundlag for konklusion Konklusion 2025-08-13 2025-08-13 true 2023-04-01 2024-03-31 33963556 København S 2300 6 Weidekampsgade Deloitte Statsautoriseret Revisionspartnerselskab Aarhus Aarhus C 8000 Regnskabsklasse B Revisionspåtegning 2025-03-31 2024-04-01 426 Vestre Ringgade Vivada Denmark ApS 42169552 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab Årsrapport