Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2021-01-01 2021-12-31 2020-01-01 2020-12-31 28851367 Dantop Ejendomme P/S Fridtjof Nansens Plads 5 2100 København Ø 2005-06-23 Copenhagen EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M 2022-05-20 Carl Edgar Serge Vøgg Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2022-05-20 2022-05-20 CaseWare Working Papers Copenhagen Katia Ciesielska Harry Duncan MacDonald Chair Carl Edgar Serge Vøgg Katia Ciesielska Odense Morten Schougaard Sørensen State Authorised Public Accountant mne32129 25145893 10280401 66185334 20699600 91331227 30980001 514221 321558 72335 35227 1359468 1743769 90558315 29593017 36828779 20060611 53729536 9532406 215419786 172280000 215419786 172280000 6754189 7480649 6754189 7480649 222173975 179760649 27275169 12326016 141313 95772 6581 0 27423063 12421788 7852526 6289284 35275589 18711072 257449564 198471721 10000000 10000000 140635390 86905854 36828779 20060611 187464169 116966465 2412648 2647505 2412648 2647505 63655092 77526137 935668 1033077 64590760 78559214 128311 98951 75210 79239 2778466 120347 2981987 298537 67572747 78857751 257449564 198471721 10000000 77373448 13177403 9532406 20060611 0 13177403 10000000 86905854 20060611 53729536 36828779 0 20060611 10000000 140635390 36828779 109779655 15069857 94709798 62500345 66185334 7975691 120709988 215419786 7480649 440780 1167240 6754189 6754189 Today, discussed and approved the annual report of Dantop Ejendomme P/S for the financial year 1 January - 31 December 2021. The annual report is prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholders of Dantop Ejendomme P/S We have audited the financial statements of Dantop Ejendomme P/S for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including 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 financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the audit of the financial statements" section of our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence We are independent of the Company in accordance with the International Ethics Standards Board for Accountants' Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company's ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance as to 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 the 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 Company's internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management's use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company's ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor's report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor's report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the note disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Management is responsible for the Management's review. Our opinion on the financial statements does not cover the Management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read the Management's review and, in doing so, consider whether the Management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the Management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that the Management's review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of the Management's review. The company's purpose is to own and hold shares in companies, buying, selling and renting real estate and any other related business. Recognition and measurement uncertainties The company holds investment properties measured at fair value. For a description of significant assumptions for the fair value recognition as 31 December 2021 please refer to note 4. The income statement for 2021 shows a profit of DKK 90,558,315 against a profit of DKK 29,593,017 last year, and the balance sheet at 31 December 2021 shows equity of DKK 187,464,169. The profit is influenced by a fair value adjustment of the investment properties and sale of property. The net gain on sale of properties and fair value adjustment is app. DKK 89,802 thousand. Management considers the company's financial performance in the year as expected. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The annual report of Dantop Ejendomme P/S for 2021 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. The accounting policies used in the preparation of the financial statements are consistent with those of last year. On initial recognition, transactions denominated in foreign currencies are translated at the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and the date of payment are recognised in the income statement as financial income or financial expenses. Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rate at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the most recent financial statements is recognised in the income statement as financial income or financial expenses. On initial recognition, derivative financial instruments are recognised at cost in the balance sheet and are subsequently measured at fair value. Positive and negative fair values of derivative financial instruments are presented as separate items in the balance sheet. Rent comprises rental income from the leases of properties. Rent is recognised on an accruals basis. Rent is measured net of all types of discounts/rebates granted. Also, rent is measured net of VAT and other indirect taxes charged on behalf of third parties. With reference to section 32 of the Danish Financial Statements Act, the items 'Revenue', 'Property expenses', 'Other external expenses' and 'Other operating income' are consolidated into one item designated 'Gross margin'. Other operating income comprise items of a secondary nature relative to the Company's core activities, including gains on the sale of fixed assets. Includes costs associated with the operation and administration of investmentproperties, repairment and maintenance, property taxes and other expenses which are not paid by tenants. Other operating expenses comprise items of a secondary nature to the main activities of the Company, including losses on the sale of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. On initial recognition, investment property is measured at cost. Investment property is subsequently measured at fair value, and the value adjustment for the year is recognised in the income statement under the item "Fair value adjustment of investment property". The fair value is based on the expected future cash flows for the investment property. Other receivables comprises of deposits at Grundejernes Investeringsfond. Receivables are measured at amortised cost, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable or a group of receivables are impaired. Provisions are made to the lower of the net realisable value and the carrying amount. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Cash comprise bank balances. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Other provisions comprise expected maintenance liabilities in accordance with section 22 of the Danish Rent Act. Provisions are recognised when, as a result of past events, the Company has legal or a constructive obligation and it is probable that there may be an outlfow of resources embodying economic benefits to settle the obligation. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Payables to credit institutions Mortgage debt is recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, mortgage debt is measured at amortised cost, using the effective interest rate method. Borrowing costs, including capital losses, are recognised as financing costs in the income statement over the term of the loan. Other payables Other payables are measured at net realisable value. The Company has no employees. Fair value estimation The Company's management believes that the selected accounting policies, where investment properties are measured at fair value, provides the best presentation of the Company's assets and liabilities, the financial position, and the results of its operations. The best documentation for the fair value of the Company's investment properties is current prices in an active market for similar investment properties. In the lack of such information, the fair value is determined within a range of probable calculated estimates of the fair value, defined as the value between a qualified willing buyer and a qualified willing seller based on the conditions on the balance sheet date. The company has an ongoing divestment of apartments when these become vacant. The valuation is based on a DCF-model where the most significant parameters are: The latest gained sales prices Estimated annual sales of apartments Estimated growth in sales prices Rate of inflation WACC The valuation is based on a WACC of 5.15% (2020: 4.14%), annual sales of 7.82% (2020: 6.74%) of the portfolio, growth in sales prices 1.80% (2020: 0.39%), inflation rate of 1.80% (2020: 0.39%) and an average sales price per sqm of 40,578 (2020: 34,333). The portfolio is assumed to be sold over the next 20 years with a decreasing number of sqm per year compared to a longer period in prior years. The valuation is sensitive to changes in the parameters and the valuation is based on a high degree of estimates. The properties consist of condos primarily located in the central Copenhagen area. The valuation corresponds to an average price per sqm of DKK 30,829 (2020: 22,129). If the WACC is increased 0.25% the value of the properties would be reduced by DKK 3,5 million and if WACC was reduced by 0.25% the value would be increased by DKK 3,6 million. The fair value measurement is based on level 3 in the fair value hierarchy. Of the long-term liabilities, DKK 58,828 thousand falls due for payment after more than 5 years after the balance sheet date. Maintenance liabilities BRL § 22, DKK 2,413 thousand. Maintenance liabilities related to BRL § 22 are expected to fall due whitin 5 years. As security for the Company's mortgage debt, the Company has provided security in its assets. The total carrying amount of these assets is DKK 215,420 thousand. Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Cornway Ltd. Cyprus Giannou Kranidioti & Spyrou Kyprianou, 1st Floor, Nicosia 1065 Cyprus 28851367 2021-01-01 2021-12-31 28851367 2020-01-01 2020-12-31 28851367 2020-12-31 28851367 2021-12-31 28851367 2021-01-01 2021-12-31 1 28851367 2021-01-01 2021-12-31 2 28851367 2021-01-01 2021-12-31 3 28851367 2021-01-01 2021-12-31 1 28851367 2021-01-01 2021-12-31 1 28851367 2021-01-01 2021-12-31 e:ProposedDividendRecognisedInEquityMember 28851367 2020-01-01 2020-12-31 e:ProposedDividendRecognisedInEquityMember 28851367 2021-01-01 2021-12-31 e:RetainedEarningsMember 28851367 2020-01-01 2020-12-31 e:RetainedEarningsMember 28851367 2021-01-01 e:OtherReceivablesMember 28851367 2021-01-01 2021-12-31 e:OtherReceivablesMember 28851367 2021-12-31 e:OtherReceivablesMember 28851367 2021-01-01 e:LandAndBuildingsMember 28851367 2021-01-01 2021-12-31 e:LandAndBuildingsMember 28851367 2021-12-31 e:LandAndBuildingsMember 28851367 2020-01-01 e:ContributedCapitalMember 28851367 2021-01-01 e:ContributedCapitalMember 28851367 2021-12-31 e:ContributedCapitalMember 28851367 2021-01-01 e:RetainedEarningsMember 28851367 2021-01-01 2021-12-31 e:RetainedEarningsMember 28851367 2021-12-31 e:RetainedEarningsMember 28851367 2020-01-01 e:RetainedEarningsMember 28851367 2020-01-01 2020-12-31 e:RetainedEarningsMember 28851367 2021-01-01 e:ProposedDividendRecognisedInEquityMember 28851367 2021-01-01 2021-12-31 e:ProposedDividendRecognisedInEquityMember 28851367 2021-12-31 e:ProposedDividendRecognisedInEquityMember 28851367 2020-01-01 e:ProposedDividendRecognisedInEquityMember 28851367 2020-01-01 2020-12-31 e:ProposedDividendRecognisedInEquityMember iso4217:DKK