Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2024-01-01 2024-12-31 2023-01-01 2023-12-31 43338609 Mathilde Properties K/S Trianglen 4, 3. tv 2100 København Ø 2022-06-17 Copenhagen 35432503 EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M 2025-05-20 Carl Edgar Serge Vøgg Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2025-05-20 2025-05-20 CaseWare Working Papers Copenhagen Carl Edgar Serge Vøgg Stephan Schmitz Harry Duncan MacDonald Odense Morten Schougaard Sørensen State Authorised Public Accountant mne32129 4151382 4874687 1428410 1609784 2722972 3264903 0 1693 0 3222 4985563 5557113 1979323 1956148 -4241914 -4243443 0 5000000 -4241914 -9243443 93631671 100058308 93631671 100058308 93631671 100058308 0 127288 31818 170316 0 4800 31818 302404 1826265 1588109 1858083 1890513 95489754 101948821 1 1 8652884 12894798 0 0 8652885 12894799 44742189 47201662 1095953 1026503 45838142 48228165 14203 37611 40753133 40575570 231391 212676 40998727 40825857 86836869 89054022 95489754 101948821 1 22138241 0 -4243443 0 0 5000000 5000000 -5000000 1 12894798 0 -4241914 0 1 8652884 0 Today, the Management has discussed and approved the annual report of Mathilde Properties K/S for the financial year 1 January - 31 December 2024. 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 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024. 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 limited partners of Mathilde Properties K/S We have audited the financial statements of Mathilde Properties K/S for the financial year 1 January - 31 December 2024, 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 2024 and of the results of the Company's operations for the financial year 1 January - 31 December 2024 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' 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. 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. The income statement for 2024 shows a loss of DKK 4,241,914 against a loss of DKK 4,243,443 last year, and the balance sheet at 31 December 2024 shows equity of DKK 8,652,885. The Group company providing intercompany loan of DKK 40,753 thousand will not request the repayment of the loan in 2025, unless sufficient free cash is available for the repayment. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end. The annual report of Mathilde Properties K/S for 2024 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. Reporting currency The financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Revenue comprises rental income from the leases of properties. Revenue is recognised on an accrual basis. Revenue is measured net of all types of discounts/rebates granted. Also, revenue 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. Property expenses include expenses relating to renting out the Company's investment property, including expenses relating to running and maintaining such property. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to administration, bad debts etc. The item comprises depreciation of property, plant and equipment. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Buildings 50 years Land is not depreciated. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses as well as allowances and surcharges under the advance-payment-of-tax scheme, etc. Property, plant and equipment Items of property, plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. The carrying amount of property, plant and equipment is assessed for impairment on an annual basis. Impairment tests are conducted on assets or groups of assets when there is evidence of impairment. The carrying amount of impaired assets is reduced to the higher of the net selling price and the value in use (recoverable amount). The recoverable amount is the higher of the net selling price of an asset and its value in use. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the group of assets and the expected net cash flows from the disposal of the asset or the group of assets after the end of the useful life. Previously recognised impairment losses are reversed when the reason for recognition no longer exists. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. Receivables are measured at amortised cost. An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is determined based on historical loss experience. Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received. The effective interest rate for the individual receivable or portfolio is used as discount rate. Cash comprise cash. 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". The company is not an individual taxpayer thus tax of the company's operating profit/loss is not included in the financial statement. The Company has chosen IAS 39 as interpretation for liabilities. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. The Group company providing intercompany loan of DKK 40,753 thousand will not request the repayment of the loan in 2025, unless sufficient free cash is available for the repayment. The Company has no employees. Of the long-term liabilities, DKK 44,742 thousand falls due for payment after more than 5 years after the balance sheet date. Other contingent liabilities As part of the business of the company it is part in minor legal disputes with a tennant. The expected financial impact is 72 thousand. Outcome is uncertain. The company is jointly taxed with other Danish group entities, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year, as well as withholding taxes on interest and dividends. 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 93,632 thousand. Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Cornway Ltd. Cyprus 19 Gririou Xenopoulou Street, Avra House, 2nd Floor, 1061 Nicosia, Cyprus 43338609 2024-01-01 2024-12-31 43338609 2023-01-01 2023-12-31 43338609 2023-12-31 43338609 2024-12-31 43338609 2024-01-01 2024-12-31 1 43338609 2024-01-01 2024-12-31 2 43338609 2024-01-01 2024-12-31 3 43338609 2024-01-01 2024-12-31 1 43338609 2023-01-01 e:ContributedCapitalMember 43338609 2024-01-01 e:ContributedCapitalMember 43338609 2024-12-31 e:ContributedCapitalMember 43338609 2024-01-01 e:RetainedEarningsMember 43338609 2024-01-01 2024-12-31 e:RetainedEarningsMember 43338609 2024-12-31 e:RetainedEarningsMember 43338609 2023-01-01 e:RetainedEarningsMember 43338609 2023-01-01 2023-12-31 e:RetainedEarningsMember 43338609 2024-01-01 e:ProposedDividendRecognisedInEquityMember 43338609 2024-01-01 2024-12-31 e:ProposedDividendRecognisedInEquityMember 43338609 2024-12-31 e:ProposedDividendRecognisedInEquityMember 43338609 2023-01-01 e:ProposedDividendRecognisedInEquityMember 43338609 2023-01-01 2023-12-31 e:ProposedDividendRecognisedInEquityMember iso4217:DKK