Årsrapport15915641Christensen Kjærulff, Statsautoriseret RevisionsaktieselskabStore Kongensgade, 681264, København K2019-03-012020-02-292020-03-012021-02-2821615838Greve Ejendomme ApSc/o Christensen Kjærulff StatsautoriseretRevisionsaktieselskab1264København KChristensen Kjærulff, Statsautoriseret Revisionsaktieselskab15915641Iver Haugstedstatsautoriseret revisormne10678Store Kongensgade681264København KDanmark+45 33 30 15 15ck@ck.dk2021-06-30John Stuart RossRegnskabsklasse BRevisionspåtegningRevisorgruppen DanmarkanpartshaverneKøbenhavn2021-06-23Copenhagen2021-06-233539289354575112199499022436612834535975906961048544294804649523322499417587773093870121225915613474665259156134746655642120456299210564212045629921098918811922489891881192248574103925749145850521449304229419413914309027619000029038006201456385465133443307347065065526096911716399959170369126791670831610500000500000-56792603613634932631354360684233313135410668339102957591066833910295759192494102023124072811011710691997752021402309100000013000003536693542321167253650044830904938065630072412509225373922390029236560486912679167083161429480464952429480464952472370314723703190621791219949184173564212049891889891889891881000000141500000728110500000500000500000500000-91343404429590-974510-567926032631354298081999134340259156134746650-6515103613634932631354Today, the board of directors and the managing director have presented the annual report of Greve Ejendomme ApS for the financial year 1 March 2020 - 28 February 2021. The annual report has been presented in accordance with the Danish Financial Statements Act. We consider the accounting policies appropriate and, in our opinion, the financial statements provide a fair presentation of the company’s assets, equity and liabilities, and financial position at 28 February 2021 and of the company’s results of activities in the financial year 1 March 2020 – 28 February 2021. We are of the opinion that the management commentary presents a fair account of the issues dealt with. We recommend that the annual report be approved by the general meeting. John Stuart RossDouglas Garth RossJohn Stuart RossWe have audited the financial statements of Greve Ejendomme ApS for the financial year 1 March 2020 - 28 February 2021, which comprise income statement, statement of financial position, statement of changes in equity, notes and accounting policies. The financial statements have been prepared in accordance with the Danish Financial Statements Act. In our opinion, the financial statements present a fair view of the company's assets, equity and liabilities, and financial position at 28 February 2021 and of the results of the company's activities for the financial year 1 March 2020 - 28 February 2021 in accordance with the Danish Financial Statements Act. Basis for opinion We conducted our audit in accordance with international standards on auditing and the additional requirements applicable in Denmark. Our responsibilities under those standards and requirements are further described in the section “Auditor’s responsibilities for the audit of the financial statements”. We are independent of the company in accordance with international ethical requirements for auditors (IESBA’s Code of Ethics), and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Management is responsible for the preparation of financial statements that provide a fair view in accordance with the Danish Financial Statements Act. Management is also responsible for such internal control as the 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 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 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 including an opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with international standards on auditing, 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 international standards on auditing, and the additional requirements applicable in Denmark, we exercise professional judgment 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 the 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 preparation of the financial statements using the going concern basis of accounting and, based on the audit evidence obtained, whether a material uncertainty exists arising from 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 disclosures in notes, and whether the financial statements reflect the underlying transactions and events in a manner that presents a 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 the internal control that we identify during our audit. Statement on the management commentary Management is responsible for the management commentary. Our opinion on and the financial statements does not cover the management commentary, and we express no assurance opinion thereon. In connection with our audit of the financial statements, it is our responsibility to read the management commentary and to consider whether the management commentary is materially inconsistent with the financial statements or the evidence obtained during the audit, or whether it otherwise appears to contain material misstatement. Furthermore, it is our responsibility to consider whether the management commentary provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we believe that management commentary is consistent with the financial statements and that it has been prepared in accordance with the provisions of the Danish Financial Statement Act. We did not discover any material misstatement in the management commentary. The principal activities of the company Like previous years, the principal activities of the company are rental of commercial property. Unusual circumstances The outbreak of Coronavirus/Covid-19 has posed challenges and risks for the company in the current financial year. The virus outbreak has led to uncertainty both politically/socially and for the company. The virus outbreak has only affected the current year's result to a lesser extent and management estimates that this will also be the case in the future. The company's current and planned activities do not give rise to any special financial risks, and the company's liquidity resources are expected to be adequately secured. Development in activities and financial matters The gross profit for the year totals DKK 3.539.289 against DKK 3.545.751 last year. Net profit or loss for the year totals DKK 2.591.561 against DKK 3.474.665 last year. Management considers the net profit for the year satisfactory. The company owns a property on Greve Main 20, Greve. A determination of the return from the individual properties is based on the expected rental income from fully leased properties less expected operating costs, administration costs, and maintenance costs. The subsequent value is adjusted for recognised vacant-period lease for a reasonable period of time and expected costs of improvements and large maintenance projects, etc., plus added deposits and prepaid lease payments. Compared to the previous financial year, the methods of measurement remain unchanged. The determination of the market value (carrying value) is based on the following rates of return: Weighted average rate of return 6,35% Sensitivity analysis: Changes in the rates of return have a material effect on the measurement of investment properties. An increase in the rate of return could mean a decrease in market value. The market development may result in changed requirements to the return on real property. The survey below shows how the measurement of the property portfolio is affected when the rates of return are increased and decreased, respectively with 0,5%: Rate of return Value of property portfolio Carrying amount Adjustment -0,5% 61.243.528 56.421.204 4.754.990 +0,5% 52.302.867 56.421.204 -4.067.910 6. Charges and security As security for mortgage debts, DKK 20.249.410, mortgage has been granted on land and buildings representing a book value of DKK 56.421.204 at 28 February 2021. 7. Contingencies Contingent liabilities Commitments and other contingent liabilities: The company has entered into lease agreement concerning the property Greve Main 20. The lease is non-terminable for the tenant and the owner until 30 April 2026. Joint taxation With Roden Holdings ApS, company reg. no 38 74 97 49 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. The annual report for Greve Ejendomme ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. Changes in the accounting policies Value adjustment of instruments to secure future cash flows shall be recognized on a fair value reserve under equity if the company chooses to attribute the instruments to accounting cash flow hedging. The change in classification has no effect on the net profit or loss for the year, nor on the statement of financial position, neither for the current financial year, nor the previous financial year. Except for the above, the accounting policies remain unchanged from last year. The comparative figures have not been adjusted to the changed accounting policies, as the transitional rules apply, but a transfer from reatined earnings to the fair value reserve under equity has been done in the beginning of the year. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost, allowing a constant effective interest rate to be recognised during the useful life of the asset or liability. Amortised cost is recognised as the original cost less any payments, plus/less accrued amortisations of the difference between cost and nominal amount. In this way, capital losses and gains are allocated over the useful life of the liability. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Derivatives At their initial recognition, derivatives are recognised at cost in the statement of financial position. Hereafter, they measured at fair value. Positive and negative fair values of derivatives are recognised under other receivables and payables, respectively. Changes in the fair value of derived financial instruments classified as and meeting the criteria for hedging the fair value of a recognised asset or a recognised liability are recognised in the income statement together with changes in the fair value of the hedged asset or the hedged liability. Changes in the fair value of derived financial instruments classified as hedging of future cash flows are recognised in other receivables or other payables, and in equity. If the future transaction results in the recognition of assets or liabilities, amounts previously recognised in equity are transferred to the cost of the asset or the liability, respectively. If the future transaction results in income or costs, amounts recognised in equity on a continuing basis are transferred to the income statement for the period in which the hedged item affected the income statement. For derived financial statements that are no longer recognised as hedging instruments, changes in fair value are recognised in the income statement on a current basis. Gross profit Gross profit comprises the revenue, changes in inventories of finished goods, and work in progress, work performed for own account and capitalised, other operating income, and external costs. The enterprise will be applying IAS 11 and IAS 18 as its basis of interpretation for the recognition of revenue. Revenue is recognised in the income statement if delivery and passing of risk to the buyer have taken place before the end of the year and if the income can be determined reliably and inflow is anticipated. Recognition of revenue is exclusive of VAT and taxes and less any discounts relating directly to sales. Other external costs comprise costs incurred for administration. Costs concerning investment properties comprise operating costs, repair and maintenance costs, taxes, charges, and other costs. Costs concerning the heating accounts are recognised in the statement of financial position as a balance with lessees. Value adjustment of investment property Value adjustment of investment property comprises value adjustments of properties at fair value and profit or loss from the disposal of properties. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Impairment loss relating to non-current assets The carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. Investment property At the initial recognition, investment property is measured at cost, comprising the cost of the property and directly associated costs, if any. Hereafter, investment properties are measured individually at an estimated fair value. The properties are measured using a returnbased model, by which the expected future cash flows for the following year, along with a rate of return determined by an external assessor, form the basis for the fair value of the properties. Compared to the previous financial year, the method of measurement remains unchanged. Costs adding new or improved qualities to an investment property compared to its condition at the time of acquisition, thereby improving the future return on the property, are added to the cost as an improvement. Costs which do not add new or improved qualities to an investment property are recognised in the income statement under the item ”Costs concerning investment property”. Like other property, plant, and equipment except for land, investment property has a limited economic life. The impairment taking place concurrently with the ageing of the investment property is reflected in the continuing measurement of the investment property at fair value. Value adjustments are recognised in the income statement under the item ”Value adjustments of property”. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. In order to meet expected losses, impairment takes place at the net realisable value. The company has chosen to use IAS 39 as a basis for interpretation when recognising impairment of financial assets, which means that impairments must be made to offset losses where an objective indication is deemed to have occurred that an account receivable or a portfolio of accounts receivable is impaired.If an objective indication shows that an individual account receivable has been impaired, an impairment takes place at individual level. Accounts receivable for which there is no objective indication of impairment at the individual level are evaluated at portfolio level for objective indication of impairment. The portfolios are primarily based on the debtors' domicile and credit rating in accordance with the company's and the group's credit risk management policy. Determination of the objective indicators applied for portfolios are based on experience with historical losses. Impairment losses are calculated as the difference between the carrying amount of accounts receivable and the present value of the expected cash flows, including the realisable value of any securities received. The effective interest rate for the individual account receivable or portfolio is used as the discount rate. Prepayments and accrued income Prepayments and accrued income recognised under assets comprise incurred costs concerning the following financial year. Cash on hand and demand deposits Cash on hand and demand deposits comprise cash at bank. Equity Reserve for hedging transactions The reserve for hedging transactions arises when hedging instruments are subject to fair value adjustments. The reserve is dissolved once the value adjustments have been applied or reversed. The reserve is distributable. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Income tax receivable” or “Income tax payable”. According to the rules of joint taxation, Greve Ejendomme ApS is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Financial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Also, capitalised residual leasing liabilities associated with financial leasing contracts are recognised in the financial liabilities. Liabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. 216158382020-03-012021-02-28216158382019-03-012020-02-29216158382020-02-29216158382021-02-28216158382020-03-012021-02-281216158382020-03-012021-02-282216158382020-03-012021-02-281216158382020-03-012021-02-281216158382020-03-012021-02-28e:RetainedEarningsMember216158382019-03-012020-02-29e:RetainedEarningsMember216158382020-03-01e:OtherReceivablesMember216158382021-02-28e:OtherReceivablesMember216158382020-03-01e:InvestmentPropertyMember216158382020-03-012021-02-28e:InvestmentPropertyMember216158382021-02-28e:InvestmentPropertyMember216158382020-03-01e:ContributedCapitalMember216158382021-02-28e:ContributedCapitalMember216158382020-03-01e:RetainedEarningsMember216158382020-03-012021-02-28e:RetainedEarningsMember216158382021-02-28e:RetainedEarningsMember216158382021-02-28e:LongtermMortgageLoansMember216158382021-02-28e:OtherLongtermPayablesMember216158382019-03-01e:ContributedCapitalMember216158382020-02-29e:ContributedCapitalMember216158382019-03-01e:RetainedEarningsMember216158382019-03-012020-02-29e:RetainedEarningsMember216158382020-02-29e:RetainedEarningsMember216158382020-03-01e:ReserveForCurrentValueOfHedgingMember216158382020-03-012021-02-28e:ReserveForCurrentValueOfHedgingMember216158382021-02-28e:ReserveForCurrentValueOfHedgingMember216158382019-03-01e:ReserveForCurrentValueOfHedgingMember216158382019-03-012020-02-29e:ReserveForCurrentValueOfHedgingMember216158382020-02-29e:ReserveForCurrentValueOfHedgingMemberiso4217:DKK