Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2024-01-01 2024-12-31 2023-01-01 2023-12-31 25596374 GR BRF ApS Trianglen 4, 3. tv 2100 København Ø 2013-12-18 Copenhagen 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 Harry Duncan MacDonald Stephan Schmitz Odense Morten Schougaard Sørensen State Authorised Public Accountant mne32129 3615639 3563716 1355947 1257488 2259692 2306228 3043639 2015204 1896847 1864488 4406 1786 2894620 2721877 1665018 1648261 2644946 1817568 -85933 -39147 2730879 1856715 2730879 1856715 76962053 70519908 76962053 70519908 23239050 20195411 23239050 20195411 100201103 90715319 38140448 37554049 552723 171894 184437 46777 16545 27134 38894153 37799854 38894153 37799854 139095256 128515173 80000 80000 12194757 9463878 12274757 9543878 1289540 822750 163390 163274 827989 827989 2280919 1814013 55967554 56022870 1798991 1990781 57766545 58013651 70181 69617 262008 939322 65833102 57444681 607744 690011 66773035 59143631 124539580 117157282 139095256 128515173 80000 7607163 1856715 80000 9463878 2730879 80000 12194757 Today, the Executive Board has discussed and approved the annual report of GR BRF ApS 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 shareholders of GR BRF ApS We have audited the financial statements of GR BRF ApS 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. 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'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 is primarily engaged in investment in real estate and related activities. The income statement for 2024 shows a profit of DKK 2,730,879 against a profit of DKK 1,856,715 last year, and the balance sheet at 31 December 2024 shows equity of DKK 12,274,757. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end 2024. The annual report of GR BRF ApS 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. Pursuant to section 112(1) of the Danish Financial Statements Act, the Company has not prepared consolidated financial statements. The financial statements of GR BRF ApS are included in the consolidated financial statements of Neptune Ejendomme ApS, Copenhagen, Denmark, (reg. no. 39058286) 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 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'. 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 entity's core activities, including expenses relating to advertising, administration, bad debts etc. The item comprises depreciation of buildings. Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately. 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. The income statement includes the proportional share of the underlying companies' profit or loss after elimination of internal profit/loss and after tax. In group entities, the full elimination of internal profit and loss is carried out without regard to ownership shares. Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its group entities are jointly taxed. The income tax charge is allocated between profit making and loss making Danish entities in proportion to their taxable income). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Property, plant and equipment Items of property is 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. Equity investments in group entities are measured according to the equity method. On initial recognition, equity investments in subsidiaries are measured at cost, i.e. plus transaction costs. The cost is allocated in accordance with the acquisition method. The cost is adjusted by shares of profit/loss after tax calculated in accordance with the Group's accounting policies less or plus unrealised intra-group gains/losses. Identified increases in value, if any, compared to the underlying entity's net asset value are amortised in accordance with the accounting policies for the assets and liabilities to which they can be attributed. Dividend received is deducted from the carrying amount. Equity investments in group entities measured at net asset value are subject to impairment test requirements if there is any indication of impairment. The carrying amount of property and investments in group entities is assessed for impairment on an annual basis. Impairment tests are conducted on 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, which usually corresponds to the nominal value. Provisions are made for bad debts on the basis of objective evidence that a receivable are impaired. Provisions are made to the lower of the net realisable value and the carrying amount. Cash comprises 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 maintenance liabilites in accordance with section 22 of the Danish Rent Act. Provisions are recognised when, as a result of past events, the Company has a legal or a constructive obligation and it is probable that there may be an outflow 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. 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 Company has no employees. Of the long-term liabilities, DKK 52,789 thousand falls due for payment after more than 5 years after the balance sheet date. Other provisions comprise maintenance liabilities. Maintenance liabilities BRL § 22, DKK 163 thousand. Maintenance liabilities relatede to BRL § 22 are excepted to fall due after 5 years. Other contingent liabilities Guarantee has been provided in respect of the mortgage loans and bank commitments in some of the other companies in the Neptune Ejendomme ApS Group. As part of the business of the company it is part in minor legal disputes with a tennant. 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 as well as withholding taxes on interest and dividends. The following assets have been provided as collateral for mortgages: Property, plant and equipment with a carrying value of DKK 76,962 thousand. Letters of indemnity regarding the property Le Brunnsvej 8 totalling DKK 1 thousand are held by the Company. The Company has provided letter of support to GR BRF Næstvedgade ApS. Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Neptune Ejendomme ApS Trianglen 4, 3. tv, Copenhagen www.cvr.dk 25596374 2024-01-01 2024-12-31 25596374 2023-01-01 2023-12-31 25596374 2023-12-31 25596374 2024-12-31 25596374 2024-01-01 2024-12-31 1 25596374 2024-01-01 2024-12-31 2 25596374 2024-01-01 2024-12-31 3 25596374 2024-01-01 2024-12-31 1 25596374 2023-01-01 e:ContributedCapitalMember 25596374 2024-01-01 e:ContributedCapitalMember 25596374 2024-12-31 e:ContributedCapitalMember 25596374 2024-01-01 e:RetainedEarningsMember 25596374 2024-01-01 2024-12-31 e:RetainedEarningsMember 25596374 2024-12-31 e:RetainedEarningsMember 25596374 2023-01-01 e:RetainedEarningsMember 25596374 2023-01-01 2023-12-31 e:RetainedEarningsMember iso4217:DKK