30897870 2024-01-01 2024-12-31 30897870 2024-01-01 2024-12-31 1 30897870 2024-01-01 2024-12-31 1 30897870 2024-12-31 30897870 2023-12-31 fsa:ContributedCapitalMember 30897870 2023-12-31 fsa:RetainedEarningsMember 30897870 2023-12-31 fsa:ProposedDividendRecognisedInEquityMember 30897870 2023-12-31 30897870 2024-01-01 2024-12-31 fsa:RetainedEarningsMember 30897870 2024-01-01 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 30897870 2024-12-31 fsa:ContributedCapitalMember 30897870 2024-12-31 fsa:RetainedEarningsMember 30897870 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 30897870 2023-01-01 2023-12-31 iso4217:DKK The Executive Board has today considered and approved the annual report of Aarhus Logistik ApS for the financial year 01.01.2024 - 31.12.2024. 8696265 8578978 The annual report is presented in accordance with the Danish Financial Statements Act. 5500000 -4500000 In my opinion, the financial statements give a true and fair view of the Entity’s financial position at 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024. 14196265 4078978 I believe that the management commentary contains a fair review of the affairs and conditions referred to therein. 97041 555528 I recommend the annual report for adoption at the Annual General Meeting. 3265692 3439743 Valby 11027614 1194763 2025-06-27 2691834 -333993 Mette Pii 8335780 1528756 To the shareholder of Aarhus Logistik ApS 4000000 2600000 We have audited the financial statements of Aarhus Logistik ApS for the financial year 01.01.2024 - 31.12.2024, 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 31.12.2024 and of the results of its operations for the financial year 01.01.2024 - 31.12.2024 in accordance with the Danish Financial Statements Act. 4335780 -1071244 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. 181000000 175500000 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.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. 181000000 175500000 181000000 175500000 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 of the Danish Financial ​Statements Act. We did not identify any material misstatement of the management commentary. 1877 0 102773 13774 Copenhagen 104650 13774 2025-06-27 3898872 1820080 Flemming Larsen 4003522 1833854 mne27790 185003522 177333854 State Authorised Public Accountant 27825000 27825000 Primary activitiesThe main activities of the Company comprise direct or indirect ownership and investment in real estate, property development, rental of real estate and all business that after management's estimate is related herewith. 26006382 22670602 Description of material changes in activities and financesThe financial year shows a profit of DKK 8,4 million against a profit of DKK 1,5 million in prior year. The result is impacted by a fair value adjustment on property of DKK 5,5 million (2023: DKK -4,5 million). At 31.12.2024 the equity amounts to DKK 57,8 million. The result for the year is considered satisfactory. Uncertainty relating to recognition and measurementThe value of the property is determing on the basis of the calculated capital value. To that extent market interest rates change, an investors interest rate requirements change or the conditions of the properties change, the value of the property may change accordingly. As in previous years, the company's properties are valued at estimated fair value. The valuation of the property is made using a 10-year discounted cash flow model (DCF model). In addition, analyses of market developments and return requirements in the market are carried out on an ongoing basis. Each property is then subjected to an individual assessment, taking into account the DCF calculation and market developments. External valuations have been used for the valuation during the current financial year. Return requirements are set by third parties and reviewed and approved by management. The average return requirements can vary from year to year, although the property is set with unchanged return requirements as a result of the sale and purchase of properties. Due to the volatility of the real estate market, yield requirements have been increasing since the last financial year. There has been no change in the expectation of inflation in the DCF model in relation to the project. Previous valuation. 57831382 53095602 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. 24561115 22089131 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. 24561115 22089131 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. 96000000 95868632 Gross profit or lossGross profit or loss comprises revenue, external expenses and property costs. 96000000 95868632 RevenueRevenue from the sale of services is recognised in the income statement when delivery is made to the buyer. Revenue is recognised net of VAT, duties and sales discounts and is measured at fair value of the consideration fixed. 564694 457762 Fair value adjustments of investment propertyFair value adjustments of investment property comprise adjustments for the financial year of the Entity’s investment properties measured at fair value at the balance sheet date. 5206990 5206990 Other external expensesOther external expenses include expenses relating to the Entity’s normal activities, including expenses for premises, stationery and office supplies, marketing costs, etc. This item also includes writedowns of receivables recognised in current assets. 321582 101732 Property costsProperty costs include costs incurred to operate the Entity’s properties in the financial year, including repair ​and maintenance costs, property tax and electricity, water and heating, which are not charged directly from ​the lessee. 517759 514005 6611025 6280489 Other financial incomeOther financial income comprises dividends etc. received on other investments, interest income, including interest income on receivables from group enterprises, net capital or exchange gains on receivables, payables and transactions in foreign currencies, amortisation of financial assets, and tax relief under the Danish Tax Prepayment Scheme etc. 102611025 102149121 Other financial expensesOther financial expenses comprise interest expenses, including interest expenses on payables to group enterprises, net capital or exchange losses on receivables, payables and transactions in foreign currencies, amortisation of financial liabilities, and tax surcharge under the Danish Tax Prepayment Scheme etc. 185003522 177333854 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). 27825000 Investment propertyOn initial recognition, investment properties are measured at cost consisting of the acquisition price of the properties plus directly related acquisition costs. Subsequent to initial recognition, 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.Fair value is determined by applying the yield-based model as the calculated value in use of expected cash flows from each property. The calculation is based on budgeted net earnings for the next year that has been adjusted to normal earnings, and using a required yield rate that reflects current market yield rates for similar properties. The value is adjusted for factors not reflected in normal earnings, for example, actual vacancy rate, major refurbishments etc. The financial year's adjustments of the properties’ fair value are recognised in the income statement. 22670602 ReceivablesReceivables are measured at amortised cost, usually equalling nominal value less writedowns for bad and doubtful debts. 2600000 PrepaymentsPrepayments comprise incurred costs relating to subsequent financial years. Prepayments are measured at cost. CashCash comprises bank deposits. 0 DividendDividend is recognised as a liability at the time of adoption at the general meeting. Proposed dividend for ​the financial year is disclosed as a separate item in equity. 2600000 Deferred taxDeferred tax is recognised on all temporary differences between the carrying amount and the tax-based value of assets and liabilities, for which the tax-based value is calculated based on the planned use of each asset. Deferred tax assets, including the tax base of tax loss carryforwards, are recognised in the balance sheet at their estimated realisable value, either as a set-off against deferred tax liabilities or as net tax assets. 2600000 Mortgage debtAt the time of borrowing, mortgage debt to mortgage credit institutions is measured at cost which corresponds to the proceeds received less transaction costs incurred. Mortgage debt is subsequently measured at amortised cost. This means that the difference between the proceeds at the time of borrowing and the nominal repayable amount of the loan is recognised in the income statement as a financial expense over the term of the loan applying the effective interest method.Other financial liabilitiesOther financial liabilities are measured at amortised cost, which usually corresponds to nominal value. 1000000 1000000 Tax receivable or payableCurrent tax receivable or payable is recognised in the balance sheet, stated as tax computed on this year's taxable income, adjusted for prepaid tax. 4335780 true 4000000 Grundlag for konklusion Konklusion 27825000 true 26006382 2023-01-01 4000000 2023-12-31 33963556 On 26 March 2024 based on a board meeting and an extraordinary general meeting the company paid a dividend of DKK 1,0 million to its shareholder. København S 1 Uncertainty relating to recognition and measurement The value of the property is determing on the basis of the calculated capital value. To that extent market interest rates change, an investors interest rate requirements change or the conditions of the properties change, the value of the property may change accordingly. As in previous years, the company's properties are valued at estimated fair value. The valuation of the property is done using a 10-year discounted cash flow model (DCF model). In addition, analyses of market developments and return requirements in the market are carried out on an ongoing basis. Each property is then subjected to an individual assessment, taking into account the DCF calculation and market developments. External valuations have been used for the valuation during the current financial year. Return requirements are set by third parties and reviewed and approved by management. The average return requirements can vary from year to year, although the property is set with unchanged return requirements as a result of the sale and purchase of properties. Due to the volatility of the real estate market, yield requirements have been increasing since the last financial year. There has been no change in the expectation of inflation in the DCF model in relation to the project. Previous valuation. 2300 2 Other financial income 2024 DKK2023 DKKFinancial income from group enterprises0457,896Other financial income97,04197,63297,041555,528 6 3 Other financial expenses2024 DKK2023 DKKFinancial expenses from group enterprises0171,613Other interest expenses3,225,1773,225,177Other financial expenses40,51542,9533,265,6923,439,743 Weidekampsgade 4 Tax on profit/loss for the year2024​DKK2023​DKKCurrent tax55,284(1,280)Change in deferred tax2,471,984270,820Adjustment concerning previous years164,566(603,533)2,691,834(333,993) Deloitte Statsautoriseret Revisionspartnerselskab 5 Property, plant and equipmentInvestment​property​DKKCost beginning of year133,487,315Cost end of year133,487,315Fair value adjustments beginning of year42,012,685Fair value adjustments for the year5,500,000Fair value adjustments end of year47,512,685Carrying amount end of year181,000,000For the measurement of investment properties, following key assumptions have been applied in the calculation: Budget period6 yearsExit yield5,25%Initial yield5,24%Growth in terminal period2,0%The fair value of investment properties at 31 December 2024 has been assessed by an independent assessor. ​​ ​​The estimates applied are based on information and assumptions considered reasonable by Management, but ​which are inherently uncertain and unpredictable. Actual events or circumstances will probably differ from the ​assumptions made in the calculations as often assumed events do not occur as expected. Such difference may be ​​material. København 6 Non-current liabilities other than provisionsDue after more than 12 months 2024 DKKOutstanding after 5 years 2024 DKKMortgage debt96,000,000-96,000,0000 Valby 7 EmployeesThe Entity has no employees other than the Executive Board. The Executive Officer has not received any ​​remuneration. 2500 8 Contingent liabilitiesThe Entity participates in a Danish joint taxation arrangement where Danish Logistics Bidco ApS serves as the administration company. 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 the jointly taxed entities. The jointly taxed entities' total known net liability under the joint taxation arrangement is disclosed in the administration company's financial statements. Regnskabsklasse B 9 Assets charged and collateralThe company has issued guarantees totalling 96 MDKK, comprised of collateral to mortgage institutions amounting to 96 MDKK, towards book value of 175 MDKK in land and buildings per 31. December 2024. Revisionspåtegning 10 Group relationsParent company: DanLog Denmark ApS Name and registered office of the Parent preparing consolidated financial statements for the largest group: Starwood Real Estate Income Trust Inc, 1601 Washington Avenue, Suite 800, Miami Beach, FL 33139.Copies of the consolidated financial statements of Starwood may be ordered at the following address: Starwood Real Estate Income Trust Inc, 1601 Washington Avenue, Suite 800, Miami Beach, FL 33139. 2024-12-31 2024-01-01 357 Gammel Køge Landevej Aarhus Logistik ApS 30897870 33963556 2300 København S Weidekampsgade 6 Deloitte Statsautoriseret Revisionspartnerselskab Årsrapport 2025-06-27 Christian Ellegaard Gejel