391847292021-01-012021-12-31391847292021-01-012021-12-311391847292021-01-012021-12-312391847292021-01-012021-12-31RevPers3391847292021-01-012021-12-31RevPers4391847292021-01-012021-12-31fsa:RetainedEarningsMember391847292021-01-012021-12-31fsa:ContributedCapitalMember391847292021-01-012021-12-31fsa:ReserveForNetRevaluationAccordingToEquityMethodMember391847292021-01-012021-12-31fsa:RetainedEarningsMember391847292020-01-012020-12-31391847292020-01-012020-12-31fsa:RetainedEarningsMember391847292021-12-31391847292021-01-01fsa:ContributedCapitalMember391847292021-01-01fsa:ReserveForNetRevaluationAccordingToEquityMethodMember391847292021-01-01fsa:RetainedEarningsMember391847292020-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the shareholders of Mango Property Holding ApS Basis of opinion 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 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. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Statement on Management's Review Management is responsible for Management's Review. Our opinion on the financial statements does not cover 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 Management's Review and, in doing so, consider whether 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 Management's Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, in our view, Management's Review 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 in Management's Review. Opinion In our opinion, the Financial Statements give a true and fair view of the financial position of the Mango Property Holding ApS at 31 December 2021, and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the Financial Statements of Mango Property Holding ApS for the financial year 1 January 2021 - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”). 2022-07-22HellerupThe auditor's responsibility for the audit of the financial statements 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 judgment and maintain professional skepticism 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 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. , 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 judgment and maintain professional skepticism 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 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's responsibility for the financial statements 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. 3377123133771231mne32198mne47863Maj-Britt Nørskov NannestadChristopher KowalczykLeif Frederik Ingemar SöderlundHolger Leonhard ZillekenPRICEWATERHOUSECOOPERS STATSAUTORISERETPRICEWATERHOUSECOOPERS STATSAUTORISERETRevisionspåtegningfalse6755802836634422452159019112628321Regnskabsklasse B5100151000-106199980023680283203196291036669527830296Reporting Class The annual report of Mango Property Holding ApS for 2021 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B entities and elective choice of certain applying reporting class C entities. Change in financial year With effect from January 2021, Mango Property Holding ApS merged with the following companies in order to simplify the group structure: CVR no.: 37759171 Langkilde Have ApS CVR no.: 38791842 Peanut Holding ApS CVR no.: 37223786 Ejendomsselskabet Arresøvej, Risskov ApS CVR no.: 39378132 Banana Holding II ApS CVR no.: 38221191 Banana Lindgreens Allé ApS CVR no.: 39185989 Orange Property Holding ApS CVR no.: 39211904 Orange 1 ApS CVR no.: 39211939 Orange 2 ApS CVR no.: 39211947 Orange 3 ApS CVR no.: 39186217 Tangerine Holding ApS CVR no.: 39081520 Orange 4 ApS CVR no.: 39186357 Clementine Property Holding ApS CVR no.: 39212048 Orange 9 ApS The merger has been conducted with participation of companies under the same parent company (common control). Assets and liabilities are messured at book-value and comparative figures have been adjusted for the merger. In connection with the merger, there has been a capital increase of the company's equity of T.DKK 248.480. The changes can be specified as follows: Contributed capital Reserve for net reva-luation of investment assets Retained earnings Total Equity 1 January 2020 51.000 10.493.097 15.017.622 25.561.719 Transfer of reserve for net revaluation of investment assets by merger 0 -10.493.097 10.493.097 0 Effect of merger 0 0 248.479.925 248.479.925 Here of Profit (loss) of the year from merged companies 0 0 -50.291.635 -50.291.635 Profit (loss) of the year 0 0 57.551.141 57.551.141 Contribution from group 0 0 8.218.343 8.218.343 Equity 31 December 2020 51.000 0 289.468.493 289.519.493 Increase of capital 1 0 9.354.000 9.354.001 Profit (loss) 0 0 10.349.063 10.349.063 Contribution from group 0 0 10.619.998 10.619.998 Equity 31 December 2021 51.001 0 319.791.554 319.842.555 The accounting policies applied for the merged company remain unchanged from last year. Reporting currency The annual report is presented in Danish kroner. Translation policies Transactions in foreign currencies are translated into DKK at the exchange rate prevailing at the date of transaction. Monetary assets and liabilities in foreign currencies are translated into DKK based on the exchange rates prevailing at the balance sheet day. Realised and unrealised foreign exchange gains and losses are included in the income statement under financial income and expenses. General information Basis of recognition and measurement Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit/loss The Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act. Gross profit is a combination of the items of revenue and other external expenses. Revenue Revenue comprises rental income from the leases of properties. Revenue is recognised on an actual 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. Other external expenses Other external costs include costs for administration, property costs, loss of debtors etc. Property costs include costs incurred in operating the company's property portfolio in fiscal year, including repair and maintenance costs, property taxes and electricity, water and heat that is not charged directly to the tenants. Fair value adjustment of investment properties Adjustments of investment properties measured at fair value are recognised as a separate item in the income statement. Financial income and expenses Financial income and expenses are recognised in the Income Statement based on the amounts that concern the financial year. Financial income and expenses include interest income and expenses, financial expenses of finance leases, realised and unrealised capital gains and losses regarding securities, accounts payable and transactions in foreign currencies, repayment on mortgage loans, and surcharges and allowances under the tax prepayment scheme. Dividends from other investments are recognised as income in the financial year in which the dividends are declared. Tax on net profit for the year Tax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity. Balance sheet Investment property Investment property comprises investment in land and buildings for the purpose of achieving a return on the invested capital in the form of regular operating income and a capital gain on resale. On initial recognition, investment properties are measured at cost, which comprises the cost of the property and any directly related expenses. After the initial recognition, investment properties are measured at fair value. Value adjustments of investment properties are recognised in the income statement. Fair value is the amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction on the balance sheet date. The determination of fair value involves material accounting estimates. An independent assessor firm has assessed the fair value of investment properties. The fair value is determined using a DCF model, where the expected future cash flows are discounted to the present value. The calculations are based on the property's budget for the coming years. The estimates applied are based on the 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. Receivables Receivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. Impairment of accounts receivables past due is established on individual assessment of receivables. Cash and cash equivalents Cash comprises cash balances and bank balances. Equity Equity comprises the working capital and a number of equity items that may be statutory or stipulated in the articles of association. Deferred tax Deferred tax and the associated adjustments for the year are determined according to the liability method as the tax base of all temporary differences between carrying amounts and the tax bases of assets and liabilities. Deferred tax assets, including the tax base of tax losses allowed for carryforward, are recognised at the value at which they are expected to be used, either by elimination in tax on future earnings or by set-off against deferred tax liabilities in enterprises within the same legal entity and jurisdiction. Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation applicable at the balance sheet date when the deferred tax is expected to crystallize as current tax. Current tax liabilities Current tax liabilities and current tax receivables are recognised in the balance sheet as estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Liabilities Financial liabilities are recognised initially at the proceeds received net of transaction expenses incurred. In subsequent periods, financial liabilities are measured at amortized cost, corresponding to the capitalized value using the effective interest method, so that the difference between the proceeds and the nominal value is recognised in the income statement over the life of the financial instrument. Other liabilities, comprising deposits, trade payables and other payable, are measured at amortised cost, which usually corresponds to the nominal value. Other payables Other payables are measured at amortized cost, which usually corresponds to the nominal value. Contingent assets and liabilities Contingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 6. Contingent liabilities The company is jointly taxed with DK Cornerstone Holdco ApS, CVR no 37 86 05 22, which acts as management company, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest, royalties and dividends. The Danish group enterprises have joined a accession agreement and all Danish group enterprises are jointly and severally liable for any and all Loans and for all other parts of the Secured Liabilities in the Danish group enterprises. The contingent liability is limited to the maximum equity of the individual companies. The Secured Liabilities is disclosed in the Annual Report for each Danish group enterprise. Reserve for net reva- luation of Contributed investments Retained capital assets earnings Total Equity 1 January 2021 51.000 19.944.320 21.044.248 41.039.568 Changes of equity through changes in accounting policies 0 -19.944.320 268.424.245 248.479.925 Adjusted equity 1 January 2021 51.000 0 289.468.493 289.519.493 Increase of capital 1 0 9.354.000 9.354.001 Profit (loss) 0 0 10.349.063 10.349.063 Contribution from group 0 0 10.619.998 10.619.998 Equity 31 December 2021 51.001 0 319.791.554 319.842.555 Adjusted equity 1 January 2021 due to increase of capital by merger of total T.DKK 248.480. The effect of the merger on equity 1. January 2020 is shown in detail in the description of the merger in the section “Accounting Policies” 5. Long-term liabilities Due Due Due after 1 year within 1 year after 5 years kr. kr. kr. Debt to banks 213.021.885 0 0 Payables to group enterprises 68.564.898 0 68.546.989 Deposits 10.366.695 0 10.366.695 291.953.478 0 78.913.684 2. Financial expenses Interest expenses, group enterprises 4.991.521 3.713.367 Interest expenses, bank and others 975.706 665.243 Other finance expenses 36.669 5.400.994 6.003.896 9.779.604 2021 2020 kr. kr. 1. Other financial income Interest bank 0 -359.561 0 -359.561 4. Investment property Cost at the beginning of the year 402.796.219 0 Addition in connection with merger and aquisition of companies 0 336.699.469 Addition during the year, incl. improvements 0 95.500 Disposal during the year 0 -125.000 Transfers during the year from other items 0 66.126.250 Cost at the end of the year 402.796.219 402.796.219 Fair value adjustments at the beginning of the year 240.303.781 0 Change due to merger 0 135.100.531 Adjustments for the year 8.800.000 105.225.866 Fair value adjustments at the end of the year 249.103.781 240.326.397 Carrying amount at the end of the year 651.900.000 643.122.616 Administrative expenses total 2,26% of rentals. Maintenance costs total 2,27% of rentals. Average vacancy on area total 11,57%. Market value per sqm total 33.875 DKK. Rate of return 4,04%. The valuation is based on a rate of return of 4,04%. If valuation was based on 3,79% the value would be T.DKK. 694.901 and if based on 4,29% the value would be T.DKK 613.910. The earnings used for the valutaion is the estimated rent and cost in a normalised basis Change in average rate of return -0,25% Base 0,25% T.DKK T.DKK T.DKK Rate of return 3,79% 4,04% 4,29% Fair value 694.901 651.900 613.910 Change in fair value 43.001 0 -37.990 7. Related parties Related parties with controlling interest: AXA Investment Managers Deutschland GmbH The company is included in the consolidated financial statements of AXA investment Managers Deutschland GmbH. The consolidated financial statements can be obtained upon request from the parent company. 3. Tax expense Current tax expense 1.729.761 1.573.101 Adjustments for deferred tax 3.750.989 14.565.409 Adjustments for current tax of prior period 0 2.240 5.480.750 16.140.750 -51000-19944320-210442483198425552895194938800000657998331303370916441617-268424245019944320-9354000-106519000006431226166755802836634422453009027283228387412130218851634993722919534783100374046856489811870773665190000064312261660038969779604035956108704843960109657768813328346343631034906357551141103490635755114110349063001582981373691891218337098224145065190000064312261654835000510840115483500051084011319791554289468493false89492501280133702366725252600954419120900927691308709817697422916658301443601474418271679730218691325480750161407502800, Kongens LyngbyLyngby Hovedgade 42017-12-212022-07-223918472925326296ÅrsrapportSteffen Freddie LangeMango Property Holding ApSNewsec Property Asset Management Denmark A/S2020-01-012020-12-31Lyngby-Tårbæk, 1732021-12-312021-01-01The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of DKK 10.349.063 and the Balance Sheet at 31 December 2021 a balance sheet total of DKK 675.580.283 and an equity of DKK 319.842.555. The Company has been merged with several companies with effect from January 2021.   The merger has been conducted with participation of companies under the same parent company (common control). In connection with the merger, there has been a capital increase of the company's equity of T.DKK 248.480. Reference is made to accounting policies, section “Change in financial year” for the specification of the companies. In addition, the loans have been refinanced in connection with the merger. , Development in the activities and the financial situation of the Company The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of DKK 10.349.063 and the Balance Sheet at 31 December 2021 a balance sheet total of DKK 675.580.283 and an equity of DKK 319.842.555. The Company has been merged with several companies with effect from January 2021.   The merger has been conducted with participation of companies under the same parent company (common control). In connection with the merger, there has been a capital increase of the company's equity of T.DKK 248.480. Reference is made to accounting policies, section “Change in financial year” for the specification of the companies. In addition, the loans have been refinanced in connection with the merger. The Company's principal activities The Company's principal activities consist in being a holding company, invest in real estate, administration and management of real estate and other related activities. The Company's principal activities The Company's principal activities consist in being a holding company, invest in real estate, administration and management of real estate and other related activities. Development in the activities and the financial situation of the Company The Company's Income Statement of the financial year 1 January 2021 - 31 December 2021 shows a result of DKK 10.349.063 and the Balance Sheet at 31 December 2021 a balance sheet total of DKK 675.580.283 and an equity of DKK 319.842.555. The Company has been merged with several companies with effect from January 2021.   The merger has been conducted with participation of companies under the same parent company (common control). In connection with the merger, there has been a capital increase of the company's equity of T.DKK 248.480. Reference is made to accounting policies, section “Change in financial year” for the specification of the companies. In addition, the loans have been refinanced in connection with the merger. Post financial year events After the end of the financial year, no events have occurred which may change the financial position of the entity substantially. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. 2022-07-22Today, Management has considered and adopted the Annual Report of Mango Property Holding ApS for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. Kgs. LyngbyWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of Mango Property Holding ApS for the financial year 1 January 2021 - 31 December 2021. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2021 and of the results of the Company's operations for the financial year 1 January 2021 - 31 December 2021. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Kgs. Lyngby, 22 July 2022 Executive Board Leif Frederik Ingemar Söderlund Holger Leonhard Zilleken