31272564 2019-01-01 2019-12-31 31272564 2019-01-01 2019-12-31 0 31272564 2019-01-01 2019-12-31 1 31272564 2019-01-01 2019-12-31 0 31272564 2019-01-01 2019-12-31 1 31272564 2018-01-01 2018-12-31 31272564 2019-12-31 31272564 2018-12-31 31272564 2019-01-01 2019-12-31 0 31272564 2018-01-01 2018-12-31 1 31272564 2019-01-01 2019-12-31 2 31272564 2018-01-01 2018-12-31 3 31272564 2019-01-01 2019-12-31 4 31272564 2018-01-01 2018-12-31 5 31272564 2019-01-01 2019-12-31 0 31272564 2018-01-01 2018-12-31 1 31272564 2019-01-01 2019-12-31 0 31272564 2018-01-01 2018-12-31 1 31272564 2019-01-01 2019-12-31 2 31272564 2018-01-01 2018-12-31 3 31272564 2019-01-01 31272564 2018-01-01 31272564 2019-01-01 2019-12-31 0 iso4217:EUR 2019-01-01 2019-12-31 31272564 <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Independent auditor’s report</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">To the shareholders of MGM 1F ApS</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Opinion</td></tr><tr><td colspan="1">We have audited the financial statements of MGM 1F ApS for the financial year 1 January –31 December 2019, which comprise an income statement, statement of comprehensive income, balance sheet, statement of changes in equity, cash flow statement and notes, including accounting policies. The financial statements are prepared in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr><tr><td colspan="1">In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2019 and of the results of the Company’s operations and cash flows for the financial year 1 January – 31 December 2019 in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of the Danish Financial Statements Act.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Basis for opinion</td></tr><tr><td colspan="1">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 our report. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.</td></tr><tr><td colspan="1">Independence</td></tr><tr><td colspan="1">We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ Code of Ethics for Professional Accountants (IESBA Code) and additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these rules and requirements.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement on the Management’s review</td></tr><tr><td colspan="1">Management is responsible for the Management’s review.</td></tr><tr><td colspan="1">Our opinion on the financial statements does not cover the Management’s review, and we do not express any assurance conclusion thereon.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Moreover, it is our responsibility to consider whether the Management’s review provides the information required under the Danish Financial Statements Act.</td></tr><tr><td colspan="1">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 Statements Act. We did not identify any material misstatements of the Management’s review.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Management’s responsibilities for the financial statements</td></tr><tr><td colspan="1">Management is responsible for the preparation of financial statements that give a true and fair view in accordance with International Financial Reporting Standards as adopted by the EU and additional requirements of 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.</td></tr><tr><td colspan="1">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.</td></tr></table> <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Auditor’s responsibilities for the audit of the financial statements</td></tr><tr><td colspan="1">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 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.</td></tr><tr><td colspan="1">As part of an audit conducted in accordance with ISAs and additional requirements applicable in Denmark, we exercise professional judgement and maintain professional scepticism throughout the audit. We also</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr><tr><td colspan="1">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.</td></tr></table> Copenhagen 2020-05-26 MGM 1F ApS Ewaldsgade 7 2200 Copenhagen N 2020-05-26 Helene Egede Scotwin <table xmlns="http://www.w3.org/1999/xhtml" style="border-right: 0px; border-top: 0px; border-left: 0px; width: 650px; border-bottom: 0px; border-collapse: collapse" width="100%"><tr><td colspan="1">Statement by the Supervisory and Executive Boards on the Financial Statements</td></tr><tr><td colspan="1">The Supervisory and Executive Boards have presented the Financial Statements of MGM 1F (in the following “the Company”) for the year ended 31 December 2019. The Financial Statements were discussed and adopted on today’s date.</td></tr><tr><td colspan="1">The Financial Statements have been presented in accordance with the International Financial Reporting Standards as adopted by the EU and Danish disclosure requirements for financial statements.</td></tr><tr><td colspan="1">We consider that the accounting policies used are appropriate and the accounting estimates made are reasonable. To the best of our belief, the Financial Statements include the information which is relevant for an assessment of the Company’s financial position. Against this background, it is our opinion that the Financial Statements give a true and fair view of the Company’s assets and liabilities, financial position, and results of operations and cash flow for the year ended 31 December 2019.</td></tr><tr><td colspan="1">We believe that the Management’s Review contains a fair review of the affairs and conditions referred to therein.</td></tr><tr><td colspan="1">We recommend that the Financial Statements be adopted by the Annual General Meeting of shareholders.</td></tr></table> Copenhagen 2020-05-26 1516615 306325 6083139 -142781 65374 618465 6466810 905119 5561691 5561691 5561691 7085275 -6083139 -13144 -618465 -1279388 6000 795850 -477538 Årsrapport 34082200 KPMG Acor Tax Partnerselskab Tuborg Havnevej 18, 5 2900 Hellerup 2018-01-01 2018-12-31 Revisionspåtegning Tommas Jakobsen chairman Peer Thomas Borg vice chairman Tommas Jakobsen Peer Thomas Borg 1367486 375608 -674371 0 56910 580454 -319857 0 -319857 -319857 -319857 260598 674371 3731 -580454 -1877452 0 2196012 318560 0 0 22308857 29603 48544 0 33900 22420904 22420904 352586 3932514 4285100 0 0 905119 905119 4189450 50256 12949695 530 13858 26896 17230685 18135804 22420905 33900 14973047 14973047 0 96 42545 16363 511438 570443 15543490 352586 -1629178 -1276592 4177437 9232069 0 13409506 204254 450313 2716337 5846 0 33824 3410573 16820080 15543489 511438 Current liabilities -397243 Current liabilities 325065 Lease incentives 32573 Lease incentives 7207 Capital expenditure -1285244 Capital expenditure -2567971 Repayments of receivables from group enterprises 6000 Repayments of receivables from group enterprises 0 Repayment of Postbank loan -205438 Repayment of Postbank loan -203369 Repayments/acceptance on intercompany liabilities 1001289 Repayments/acceptance on intercompany liabilities 2399382 511438 192878 Ernst & Young Godkendt Revisionspartnerselskab 30700228 Kaare K. Lendorf State Authorised Public Accountant mne33819 Dirch Passers Allé 36 2000 Frederiksberg