330372872024-01-012024-12-31330372872024-01-012024-12-313330372872024-01-012024-12-314330372872024-01-012024-12-315330372872024-01-012024-12-312330372872024-01-012024-12-31RevPers1330372872024-01-012024-12-31fsa:ContributedCapitalMember330372872024-01-012024-12-31fsa:ProposedDividendRecognisedInEquityMember330372872024-01-012024-12-31fsa:ReserveForDevelopmentExpenditureMember330372872024-01-012024-12-31fsa:RetainedEarningsMember330372872023-01-012023-12-31330372872024-12-31330372872024-01-01fsa:ContributedCapitalMember330372872024-01-01fsa:ProposedDividendRecognisedInEquityMember330372872024-01-01fsa:ReserveForDevelopmentExpenditureMember330372872024-01-01fsa:RetainedEarningsMember330372872023-12-31xbrli:purexbrli:pureiso4217:DKKxbrli:sharesTo the shareholder of Taurus Ejendomsforvaltning ApS Basis for 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. Opinion We have audited the financial statements of Taurus Ejendomsforvaltning ApS for the financial year 1 January 31 December 2024 comprising 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 Company's assets, liabilities and financial position 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. 2025-05-30AarhusAuditor's responsibilities for the audit of the financial statements 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 company 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 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 in Denmark will always detect a material misstatement when it exists. Misstatements may 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 financial statement users made 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 company 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, that 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. 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. , Statement on the Management's review 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. Grundlag for konklusionKonklusion25578198mne49092Dennis Valdeck HansenAllan Holst JensenVille Valtteri RantalaKasper Rosted BygholmPetri PellonmaaKPMG P/SRevisionspåtegningfalse555323376183053019319519071498051463Regnskabsklasse C, mellemstor virksomhed5070178719664000004000004582892750631780566517456364159437815355641461169186888735391443704617 Reporting Class The annual report of Taurus Ejendomsforvaltning ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. Change of reporting class The annual report has been prepared in accordance with the provisions applying to reporting class C (medium-sized). The transition from provisions applying to reporting class B under the Danish Financial Statements Act applied last year did not give rise to any revised recognition or measurement. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of PHM Group Oy. Reclassification Referring to the true and fair view set out in the Danish Financial Statements Act, the Company has reclassified individual items in the income statement. The reclassifications have affected the items staff costs and gross profit but have not affected results before tax, results for the year or equity. Comparative figures have been restated accordingly. Basis of recognition and measurement Income is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including depreciation, amortisation, impairment losses and write-downs, are also recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits will flow to the company, and the value of such assets can be measured reliably. Liabilities are recognised in the balance sheet when it is probable that future economic benefits will flow from the company, and the value of such liabilities can be measured reliably. On initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. On recognition and measurement, account is taken of foreseeable losses and risks arising before the date at which the annual report is presented and proving or disproving matters arising on or before the balance sheet date. Business Combinations For combined enterprises subject to common control, the pooling of interests method is used. The pooling of interests is deemed to be completed at the beginning of the financial year without restatement of comparative figures. The difference between the agreed consideration and the equity value of the acquired enterprise is recognised in equity. Currency The annual report is presented in Danish kroner (DKK). On initial recognition, transactions denominated in foreign currencies are translated using the exchange rates applicable at the transaction date. Exchange rate differences between the exchange rate applicable at the transaction date and the exchange rate at the date of payment are recognised in the income statement as a financial item. Receivables, payables and other monetary items denominated in foreign currencies are translated using the exchange rates applicable at the balance sheet date. The difference between the exchange rate applicable at the balance sheet date and at the date at which the receivable or payable arose or was recognised in the latest annual report is recognised under financial income or expenses in the income statement. Fixed assets and other non-monetary assets acquired in foreign currencies are translated using historical exchange rates. Leases Leases relating to assets where the company has substantially all the risks and benefits incidental to the ownership of the asset (finance leases) are recognised in the balance sheet. On initial recognition, assets held under finance leases and related lease commitments are measured at the lower of the fair value of the leased asset and the present value of future lease payments. Subsequently, assets held under finance leases are treated like other similar assets. Lease commitments relating to assets held under finance leases are recognised in the balance sheet as payables. Subsequent to initial recognition, lease commitments are measured at amortised cost according to which the interest element of the lease payment is recognised in the income statement over the lease term. Lease payments relating to operating leases are recognised in the income statement on a straight-line basis over the lease term. INCOME STATEMENT Gross profit Gross profit comprises revenue, other operating income and raw materials and consumables and other external expenses. Revenue Income from the sale of services is recognised in the income statement as delivery takes place (delivery method). Revenue is measured at the selling value of the agreed consideration exclusive of VAT and other taxes collected on behalf of third parties and less discounts. Other operating income Other operating income comprises income of a secondary nature in relation to the enterprise’s activities, including rental income, negative goodwill and gains on the sale of intangible assets and property, plant and equipment. Costs of raw materials and consumables Costs of raw materials and consumables comprise raw materials and consumables used for the year as well as any changes in inventories, including any inventory wastage. Write-downs of inventories of raw materials and consumables are also recognised under raw materials and consumables to the extent that these do not exceed normal write-downs. Other external expenses Other external expenses comprise costs relating to distribution, sales and advertising and administration, premises and bad debts to the extent that these do not exceed normal writedowns. Staff costs Staff costs comprise wages and salaries as well as other staff-related costs. Depreciation, amortisation and impairment losses The depreciation and amortisation of intangible assets and property, plant and equipment aim at systematic depreciation and amortisation over the expected useful lives of the assets.Assets are depreciated and amortised according to the straight-line method based on the following expected useful lives and residual values: Useful life Residual value Completed development projects 3 years 0 Other plant, fixtures and fittings, tools and equipment 3-5 years 0 Leasehold improvements 5 years 0 The basis of depreciation and amortisation is the cost of the asset less the expected residual value at the end of the useful life. Moreover, the basis of depreciation and amortisation is reduced by any impairment losses. The useful life and residual value are determined when the asset is ready for use and reassessed annually. Intangible assets and property, plant and equipment are impaired in accordance with the accounting policies referred to in the ‘Impairment losses on fixed assets’ section. Other net financials Interest income and interest expenses, the interest element of finance lease payments, foreign exchange gains and losses on transactions denominated in foreign currencies etc. are recognised in other net financials. Tax on profit/loss for the year The current and deferred tax for the year is recognised in the income statement as tax on the profit/loss for the year with the portion attributable to the profit/loss for the year, and directly in equity with the portion attributable to amounts recognised directly in equity. The company is jointly taxed with Danish consolidated enterprises. In connection with the settlement of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed enterprises in proportion to their taxable incomes. This means that enterprises with a tax loss receive joint taxation contributions from enterprises which have been able to use this loss to reduce their own taxable profit. BALANCE SHEET Development projects Development projects that are clearly defined and identifiable, and where the degree of technical utilization, sufficient resources and a potential future market or development potential in the Company are provable and where the intention is to manufacture, market or use the product or process are recognised as intangible assets if the value in use can be determined reliably and it is sufficiently certain that future earnings can cover production, sales and administration costs as well as total development costs. Development costs comprise costs, including amortization, that are directly or indirectly attributable to the development activities of the enterprise and meet the recognition criteria. Capitalized development costs are measured at cost on initial recognition and subsequently at the lower of cost less accumulated amortization and the recoverable amount. Property, plant and equipment Property, plant and equipment comprise other fixtures and fittings, tools and equipment. Property, plant and equipment are measured in the balance sheet at cost less accumulated depreciation and impairment losses. Cost comprises the purchase price and expenses resulting directly from the purchase until the asset is ready for use. Interest on loans arranged to finance production is not included in the cost. Property, plant and equipment are depreciated using the straight-line method based on useful lives and residual values, which are stated in the ‘Depreciation, amortisation and impairment losses' section. Gains and losses on the disposal of property, plant and equipment are determined as the difference between the selling price, if any, less selling costs and the carrying amount at the date of disposal less any costs of disposal. Impairment losses on fixed assets The carrying amount of fixed assets which are not measured at fair value is assessed annually for indications of impairment over and above what is reflected in depreciation and amortisation. If the company's realised return on an asset or a group of assets is lower than expected, this is considered an indication of impairment. If there are indications of impairment, an impairment test is conducted of individual assets or groups of assets. The assets or groups of assets are impaired to the lower of recoverable amount and carrying amount. The higher of net selling price and value in use is used as the recoverable amount. The value in use is determined as the present value of expected net cash flows from the use of the asset or group of assets as well as expected net cash flows from the sale of the asset or group of assets after the expiry of their useful lives. Impairment losses are reversed when the reasons for the impairment no longer exist. Receivables Receivables are measured at amortised cost, which usually corresponds to the nominal value, less write-downs for bad debts. Write-downs for bad debts are determined based on an individual assessment of each receivable if there is no objective evidence of individual impairment of a receivable. Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company. Prepayments Prepayments recognised under assets comprise costs incurred in respect of subsequent financial years. Cash Cash includes deposits in bank accounts as well as operating cash. Balances in the company's cash pool arrangement are, due to the nature of the arrangement, not considered as cash and cash equivalents but are included in short-term receivables from group enterprises. Equity The proposed dividend for the financial year is recognised as a separate item in equity. Provisions Other provisions comprise expected expenses incidental to restructuring etc. and are recognised when the company has a legal or constructive obligation at the balance sheet date and it is probable that such obligation will draw on the financial resources of the company. Provisions are measured at net realisable value or fair value if the provision is expected to be settled over the longer term. Current and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the basis of the taxable income for the year, adjusted for tax paid on account. Joint taxation contributions payable and receivable are recognised as income tax under receivables or payables in the balance sheet. Deferred tax liabilities and tax assets are recognised on the basis of all temporary differences between the carrying amounts and tax bases of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is non-amortisable for tax purposes and other items where temporary differences, except for acquisitions, have arisen at the date of acquisition without affecting the net profit or loss for the year or the taxable income. In cases where the tax value can be determined according to different taxation rules, deferred tax is measured on the basis of management’s intended use of the asset or settlement of the liability. Deferred tax assets are recognised, following an assessment, at the expected realisable value through offsetting against deferred tax liabilities or elimination in tax on future earnings. Deferred tax is measured on the basis of the tax rules and at the tax rates which, according to the legislation in force at the balance sheet date, will be applicable when the deferred tax is expected to crystallise as current tax. Payables Long-term payables are measured at cost at the time of contracting such liabilities (raising of the loan). The payables are subsequently measured at amortised cost where capital losses and loan expenses are recognised in the income statement as a financial expense over the term of the payable on the basis of the calculated effective interest rate in force at the time of contracting the liability. Short-term financial payables are measured at amortised cost, normally corresponding to the nominal value of such payables. Other short-term payables are measured at net realisable value. 1. Staff costs Wages and salaries 98.152.463 96.838.911 Post-employement benefit expense 6.650.827 6.618.748 Social security contributions 1.517.584 1.572.710 106.320.874 105.030.369 Average number of employees 193 195 Referring to section 98b(3) of the Danish Financial Statements Act, information about the Executive Board remuneration is not disclosed, as the information otherwise will lead to presentation of remuneration for a single member. There has been no remuneration for the Board of Directors. Proposed dividend Reserve for Contributed Retained recognised Development capital earnings in equity expenditure Total Equity 1 January 2024 400.000 19.145.397 7.000.000 0 26.545.397 Dividend paid 0 0 -7.000.000 0 -7.000.000 Profit (loss) 0 -2.695.336 11.500.000 395.473 9.200.137 Equity 31 December 2024 400.000 16.450.061 11.500.000 395.473 28.745.534 6. Completed development projects Cost at the beginning of the year 2.979.509 2.431.764 Addition during the year 224.350 547.745 Cost at the end of the year 3.203.859 2.979.509 Amortisation at the beginning of the year -2.107.543 -1.442.526 Amortisation for the year -589.299 -665.017 Impairment losses and amortisation at the end of the year -2.696.842 -2.107.543 Carrying amount at the end of the year 507.017 871.966 Completed development projects include software products aimed at internal use. During the development external consultants are used. Transfer of costs to assets is completed when the requirements are met. 14. Long-term payables Due within Due between Due after 1 year 1 and 5 years 5 years Lease commitments 1.554.131 2.757.523 0 1.554.131 2.757.523 0 17. Collaterals and securities As security for group enterprises' debt, the Company has issued a company charge comprising goodwill, intellectual property rights, motor vehicles, other plant, fixtures and fittings, tools and equipment, inventories and agricultural stock and trade receivables. The total carrying amount of the comprised assets is DKK 19.417k. The company charge is limited to DKK 8.000k. As security for the guarantee given to customers, the credit institution has security in cash with carrying amount of DKK 1.004k. 3. Other financial expenses Finance leases 192.539 182.763 Other financial expenses 55.864 30.573 248.403 213.336 2. Other financial income Interest, group enterprises 0 210.231 Other financial income 42.893 22.059 42.893 232.290 7. Fixtures, fittings, tools and equipment Cost at the beginning of the year 18.862.527 10.143.863 Addition in connection with merger and purchase of enterprise 0 6.894.387 Addition during the year 2.609.762 3.271.443 Disposal during the year -2.339.640 -1.447.166 Cost at the end of the year 19.132.649 18.862.527 Depreciation at the beginning of the year -10.404.630 -5.722.020 Additions relating to mergers and acquisition of enterprises 0 -2.795.978 Depreciation for the year -2.882.616 -3.039.600 Reversal of impairment losses and depreciation of disposed assets 1.530.319 1.152.968 Impairment losses and depreciation at the end of the year -11.756.927 -10.404.630 Carrying amount at the end of the year 7.375.722 8.457.897 Carrying amount of assets held under finance leases 4.387.699 4.972.564 , 8. Leasehold improvements Cost at the beginning of the year 0 0 Addition during the year, incl. improvements 426.731 0 Cost at the end of the year 426.731 0 Depreciation at the beginning of the year 0 0 Depreciation for the year -67.229 0 Depreciation at the end of the year -67.229 0 Carrying amount at the end of the year 359.502 0 13. Other provisions Other provisions are expected to be distributed as follows: Non-current liabilities 1.554.968 1.471.077 The company has entered into an agreement for the execution of various property services, including cleaning and maintenance, etc. The company has set aside DKKt 1.555 to cover the portion of maintenance related to the regular operation. Typically, this refers to maintenance that is not performed annually. 11. Deferred tax Deffered tax at the beginning of the year -456.364 -326.443 Acquisition of enterprise 0 -398.561 Deferred tax for the year -110.153 268.640 Balance at the end of the year -566.517 -456.364 15. Significant events occurring after end of reporting period After the end of the financial year there have been no events occurring which significantly can affect the company's financial position. 5. Distribution of profit Proposed dividend 11.500.000 7.000.000 Reserve for development expenditure 395.473 0 Retained earnings -2.695.336 4.820.358 9.200.137 11.820.358 0-7000000001063208741050303690-400000-19145397-7000000287455342654539712. Prepayments Prepaid expenses are regarding rent, insurance premiums, subscriptions, education, cars and service agreements. 73757228457897121899926123879596The annual report of Taurus Ejendomsforvaltning ApS for 2024 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. Change of reporting class The annual report has been prepared in accordance with the provisions applying to reporting class C (medium-sized). The transition from provisions applying to reporting class B under the Danish Financial Statements Act applied last year did not give rise to any revised recognition or measurement. Pursuant to section 86 (4) of the Danish Financial Statements Act, no statement of cash flows for the enterprise has been prepared, as the relevant information is included in the consolidated financial statements of PHM Group Oy. 50701787196635950205553233761830530252318353381405614611691868887275752337022152757523564325597034101119875010. Short-term receivables from group enterprises PHM Group has entered into a cash pool agreement with Nordea, where PHM Group Oy is the account holder and the group’s subsidiaries are sub-account holders. Nordea can settle withdrawals and balances with each other, so that the net amount constitutes an outstanding balance between Nordea and PHM Group Oy. Taurus Ejendomsforvaltning ApS' accounts in the cash pool arrangement, which are recognized under short-term receivables from group enterprises, show a balance of DKK 28.981 thousand as of December 31, 2024 (as of December 31, 2023: balance of DKK 22.728 thousand). , 9. Deposits Cost at the beginning of the year 1.868.887 514.357 Additions relating to mergers and acquisition of enterprises 0 261.011 Additions during the year 4.004 1.093.519 Disposals during the year -411.722 0 Cost at the end of the year 1.461.169 1.868.887 Carrying amount at the end of the year 1.461.169 1.868.887 , 16. Contingent liabilities Rental obligations The company has entered into operating lease agreements with a total remaining lease obligation of DKKt 8.322, of which DKKt 2.100 is due within the next 12 months. Guarantee commitments The company has provided guarantees totalling DKK 1.400k through a credit institution to customers regarding entered customer agreements. Joint taxation The company is taxed jointly with the other Danish companies in the group and is liable for income taxes on a pro rata basis and must comply with any obligations to withhold tax at source on interest, royalties and dividends for the jointly taxed companies. The maximum liability totals an amount corresponding to the share of the capital in the company which is owned directly or indirectly by the ultimate parent. The total tax liability for the jointly taxed companies at the balance sheet date has not yet been determined. For further information, please see the financial statements of the management company PHM Danmark ApS. , 18. Related parties The company is included in the Consolidated Financial Statements of the parent company PHM Group Holding Oyj, Finland. The Consolidated Financial Statements of PHM Group Holding Oyj will be published on the website www.phmgroup.com/investors/reports/ The company has the following related party transactions in the financial year 2024: Controlling parties Other related parties DKKt DKKt Revenue 4 133 Allocation of administration services 297 84 Subcontracting 0 -8.711 Allocation of IT-costs -453 0 Included in gross profit -152 -8.494 The company has the following balances with related parties as of December 31, 2024: Controlling parties Other related parties DKKt DKKt Receivables 28.996 14 Payables -70 -1.054 During the financial year, there has been no remuneration for the Board of Directors. Taurus Ejendomsforvaltning ApS is a wholly-owned subsidiary of PHM Danmark ApS, which is a wholly-owned subsidiary of PHM Group Oy. PHM Group Oy is wholly-owned by PHM Group Holding Oyj, which is a wholly-owned subsidiary of PHM Group TopCo Oy. TopCo’s three most significant shareholders in terms of shares and voting rights on 31 December 2024 were as follows: Norvestor Fund VIII SCSp, 50.03% of votes and 37.28% of shares; Intera Fund III Ky, 7.42% of votes and 9.31% of shares; and Mivi Capital Oy, 6.82% of votes and 8.56% of shares. The remaining shares and votes in TopCo are held by other investors and the key employees of PHM. 428932322900194104011850540121123231554968147107712174631604089200137-269533611500000-39547311820358011834398151635641203990815144610773522484578971150000070000001554968147107739547302484032133361645006119145397false1062210451224743122817080115541311102886112466937692034392177842580317290099192653763327443983074567519951279013711153350113890348263426133432062695336-4820358-3954730Valby, 2500Bellidavej 202025-05-303303728720283416ÅrsrapportAllan Holst JensenTaurus Ejendomsforvaltning ApSDEAS A/S2023-01-012023-12-312024-12-312024-01-01Development in activities and the financial situation The income statement of the Company for 2024 shows a profit of DKK 9.200.137 against DKK 11.820.358 in 2023. The balance sheet of the reporting date shows an equity of DKK 28.745.534 against DKK 26.545.397 last year.  Management considers the result for the year to be satisfactory considered transition costs borne in 2024 for integration project because of the merger with Ejendomsvirke A/S. Expectations for 2025 Management expects an improvement in the profit for the next fiscal year through mainly organic growth. Net profit after tax is expected to be in the range of DKK 11–13 million.  Description of key activities of the company The company's activities comprise of property & facility management for mainly professional and private investors.   In addition to traditional property & facility management, the company offers corporate administration, residential leasing, property services, and construction management.   Taurus' vision is to set higher standards for professional property & facility management while also being one of the industry's preferred workplaces. 2024 2023 2022 2021 2020 Gross profit 121.900 123.880 51.761 46.652 36.192 Net financial income and expenses -206 19 -89 -87 -51 Profit/loss for the year 9.200 11.820 1.743 2.947 3.439 Total assets 55.532 61.831 15.260 18.032 22.002 Investment in non-current assets 2.610 3.271 1.796 1.650 1.494 Total equity 28.746 26.545 6.245 7.502 8.555 Acid test ratio 2,04 1,80 1,11 1,31 1,61 Solvency ratio (%) 51,76 42,93 40,90 41,60 38,90 Return on equity (ROE) (%) 33,28 72,10 25,36 36,71 41,30 Avg. number of full-time employees 193 195 95 80 62 Taurus Ejendomsforvaltning ApS has completed a merger with Ejendomsvirke A/S with Taurus Ejendomsforvaltning ApS as the continuing company. The merger was completed with accounting effect from 1 January 2023. The pooling of interests was completed without restatement of comparative figures. Futhermore classification errors in prior year have not been adjusted in the comparative figures for 2022 and prior years. The ratios in the financial highlights have been calculated as follows: Acid test ratio: (Total current assets) / (Short-term liabilities) Solvency ratio (%): (Equity) / (Total assets) Return on equity (%): (Profit/loss for the year) / (Avg. equity) Description of key activities of the company The company's activities comprise of property & facility management for mainly professional and private investors.   In addition to traditional property & facility management, the company offers corporate administration, residential leasing, property services, and construction management.   Taurus' vision is to set higher standards for professional property & facility management while also being one of the industry's preferred workplaces. Development in activities and the financial situation The income statement of the Company for 2024 shows a profit of DKK 9.200.137 against DKK 11.820.358 in 2023. The balance sheet of the reporting date shows an equity of DKK 28.745.534 against DKK 26.545.397 last year.  Management considers the result for the year to be satisfactory considered transition costs borne in 2024 for integration project because of the merger with Ejendomsvirke A/S. Expectations for 2025 Management expects an improvement in the profit for the next fiscal year through mainly organic growth. Net profit after tax is expected to be in the range of DKK 11–13 million.  Events occurring after the end of the financial year After the end of the financial year there have been no events occurring which significantly can affect the company's financial position. 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 2024 and of the results of the Company's operations for the financial year 1 January 2024 - 31 December 2024. 2025-05-30Today, Management has considered and adopted the Annual Report of Taurus Ejendomsforvaltning ApS for the financial year 1 January 2024 - 31 December 2024. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. AarhusWe recommend that the Annual Report be adopted at the Annual General Meeting. Today, Management has considered and adopted the Annual Report of Taurus Ejendomsforvaltning ApS for the financial year 1 January 2024 - 31 December 2024. 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 2024 and of the results of the Company's operations for the financial year 1 January 2024 - 31 December 2024. 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. Aarhus, 30 May 2025 Executive Board Allan Holst Jensen Board of Directors Ville Valtteri Rantala Kasper Rosted Bygholm Petri Pellonmaa