14799079 2021-12-31 14799079 2020-12-31 14799079 2019-12-31 14799079 2023-12-31 14799079 2022-12-31 14799079 2023-01-01 fsa:ContributedCapitalMember 14799079 2023-01-01 fsa:RetainedEarningsMember 14799079 2023-12-31 fsa:ContributedCapitalMember 14799079 2023-12-31 fsa:RetainedEarningsMember 14799079 2023-01-01 fsa:FixturesFittingsToolsAndEquipmentMember 14799079 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember 14799079 2023-01-01 2023-12-31 14799079 2023-01-01 2023-12-31 1 14799079 2023-01-01 2023-12-31 memberOfBoardIdentifier_executive_board_1 14799079 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_1 14799079 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_2 14799079 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_3 14799079 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_4 14799079 2023-01-01 2023-12-31 memberOfBoardIdentifier_board_of_director_5 14799079 2021-01-01 2021-12-31 14799079 2020-01-01 2020-12-31 14799079 2019-01-01 2019-12-31 14799079 2022-01-01 2022-12-31 14799079 2023-01-01 2023-12-31 fsa:ContributedCapitalMember 14799079 2023-01-01 2023-12-31 fsa:RetainedEarningsMember 14799079 2023-01-01 2023-12-31 fsa:FixturesFittingsToolsAndEquipmentMember iso4217:DKK pure Årsrapport 33771231 PricewaterhouseCoopers Statsautoriseret Revisionspartnerselskab Strandvejen 44 2900 Hellerup 2023-01-01 2022-01-01 2023-12-31 2022-12-31 14799079 CBRE A/S Rued Langgaards Vej 8, 5. 2300 København S + 45 70229601 BDO 20222670 Havneholmen 29 1561 København Denmark 2024-06-26 Anne-Marie Thygesen Regnskabsklasse C, mellemstor virksomhed Revisionspåtegning The Executive and Supervisory Boards have today considered and adopted the Annual Report of CBRE A/S for the financial year 1 January - 31 December 2023. The Annual Report is prepared in accordance with the Danish Financial Statements Act. In our opinion the Financial Statements give a true and fair view of the financial position at 31 December 2023 of the Company and of the results of the Company operations for 2023. In our opinion, 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. 2024-06-26 Copenhagen Per Alexandar H.G. Weinreich Marco Stephan Clemens Hekman Chairman Paul Robert Shackleton Per Alexandar H.G. Weinreich Christopher David Bailey Christian Bro Jansen To the shareholder of CBRE A/S Opinion We have audited the Financial Statements of CBRE A/S for the financial year 1 January - 31 December 2023, which comprise 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 financial position of the Company at 31 December 2023 and of the results of the Company´s operations for the financial year 1 January - 31 December 2023 in accordance with the Danish Financial Statements Act. 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. Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the Financial Statements, Management is responsible for assessing the Company´s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the Financial Statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance 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 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 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. Copenhagen 2024-06-26 BDO Søren Søndergaard Jensen State Authorised Public Accountant mne32069 93000000 74324000 70447000 13214000 6444000 3038000 9675000 5125000 165000 95752000 57603000 53215000 946000 832000 387000 125000 99000 41447000 31772000 26647000 70 78 84 0.559 0.372 0.433 0.552 0.501 Key activities The objective of the Company is transaction procurement, leasing services, property valuations, property management, advisory services and analyses regarding commercial and investment properties, property portfolios, property companies and ESG advisory regarding properties.**Financial review**The income statement of the Company for 2023 shows a profit of TDKK 7,140, and at 31 December 2023 the balance sheet of the Company shows equity of TDKK 57,747.The profit for the year is at management expectations due to the market’s conditions in 2023. CBRE A/S is a part of CBRE, which is the world’s largest commercial real estate services and investment company, with the #1 global market position in leasing, property sales, outsourcing, property management and valuation. CBRE is also the largest commercial property developer in the United States, and has more than USD 150 billion of Assets Under Management within our Investment Management business. Our more than 115,000 employees (excluding Turner & Townsend employees) serve clients in over 100 countries, including over 95 of the Fortune 100.In CBRE A/S we are +100 employees in our two offices in Copenhagen and Aarhus. A material misstatement has been detected related to a VAT receivable included in Other payables as of end December 31, 2022. The misstatement relates to periods before 2022. As a consequence of this the Company has adjusted Other payables with TDKK 4.393. The adjustment has negatively impacted the equity at January 1, 2023. The comparative figures for 2022 has been adjusted accordingly. Expected development of the company CBRE expects the market to remain at the same level in the first half of 2024 as in the second half of 2023 but to improve slightly in the second half of the year. As a result, management expects a profit for 2024 (expected DKK 6-8 mio. Profit/loss before financial income and expenses) slightly higher than 2023 due to the general development in market conditions and uncertainty, because of developments in inflation and interest rates. Research and development CBRE A/S have no R&D activities. External environment CBRE as a company has very ambitious Net Zero goals both on a global level, aiming to be Net Zero by 2040, as well as for Advisory, aiming to be Net Zero by 2030. To reach those ambitious goals, CBRE is reporting internally on the most important parameters that affect our emissions, such as transport and vehicle emissions, emissions from occupying the offices we use and emissions from events. By reporting on these parameters yearly and on a local level we can set the right goals to mitigate the total emissions of the company. CBRE has a Science Based Target that is in line with the SBTi and the global strategy can be found here. Specifically for Denmark we report our consumption to the main sustainability team once a year. This teams reports further to the SBTi according to the guidelines. The strategy can be found here: https://www.cbre.com/about-us/corporate-responsibility/report/low-carbon-future. Our emissions can be found in this document: https://mediaassets.cbre.com/-/media/project/cbre/dotcom/global/about/corporate-responsibility/planet/net-zero-strategy-for-corporate-operations.pdf?rev=40667ed3d7ae48a09a286384ca12e169 Regarding our customers, we strive to consult them on ESG and sustainability in terms of for example ESG strategies, energy reduction and optimization, data collection, sustainable materials, embodied carbon, and more. We are focusing always to be part of the solution to the climate crisis and are proactively consulting our customers towards greener solutions. We have a large team of more than 210 ESG experts who can support all types of ESG projects, and we also have a research team that provides insights to our customers on why ESG makes sense. All our goals that CBRE has as a company can be found on our web page (https://www.cbre.com/press-releases/cbre-releases-17th-annual-corporate-responsibility-report#:~:text=CBRE%27s%202023%20Corporate%20Responsibility%20report,1%20and%202)%20since%202019) and our CSR report is here: https://www.cbreim.com/sustainability CBRE have received a Sustainability Rating from Ecovadis of a level gold in 2023 and we report also to SBTi, TCFD and CDP (where we got a score A- in 2023). Intellectual capital resources As the world's leading adviser within commercial real estate, our business and activities are based on employees who has the best skills, education, training, and knowledge. Most of our employees have a higher education in the form of a bachelor’s or master’s. Everyone follows our mandatory internal continuing education program, which ensures that knowledge is maintained and developed. It’s therefore a fundamental condition for our business to recruit, invest and develop the best professionals in the sector. Uncertainty relating to recognition and measurement Recognition and measurement in the Annual Report have not been subject to any uncertainty. Unusual events The financial position at 31 December 2023 of the Company and the results of the activities of the Company for the financial year for 2023 have not been affected by any unusual events. Subsequent events No events materially affecting the Company's financial position have occurred after the financial yearend. 88294000 110961000 81863000 93381000 499000 342000 5932000 17238000 3467000 824000 72000 267000 9327000 17795000 2187000 4242000 7140000 13553000 7140000 13553000 1743000 1296000 1743000 1296000 1743000 1296000 46816000 36222000 5486000 5906000 1542000 4303000 177000 1285000 0 2672000 1908000 471000 55929000 50859000 45593000 84046000 101522000 134905000 103265000 136201000 2000000 2000000 55747000 48607000 57747000 50607000 1054000 11964000 9183000 23373000 200000 5105000 35081000 45152000 45518000 85594000 45518000 85594000 103265000 136201000 There have been no changes in the share capital during the last 5 years. 2000000 53000000 0 -4393000 0 7140000 2000000 55747000 No events materially affecting the assessment of the Annual Report have occurred after the balance sheet date. 81306000 92764000 557000 617000 81863000 93381000 93 85 Remuneration to the Executive Board has not been disclosed in accordance with section 98 B(3) of the Danish Financial Statements Act. 499000 342000 499000 342000 1974000 184000 1493000 640000 3467000 824000 72000 267000 OtherFinanceExpenses 72000 267000 1524000 5435000 663000 -1299000 -445000 106000 445000 0 2187000 4242000 4031000 946000 4977000 2735000 499000 3234000 1743000 Prepayments consist of prepaid expenses concerning subsequent financial years. Deferred tax asset at 1 January 1285000 -14000 Amounts recognised in the income statement for the year -1108000 1299000 Deferred tax asset at 31 December 177000 1285000 Rental and lease obligations Lease obligations under operating leases. Total future lease payments: Rental obligations in the notice period 3797000 3724000 Total 3797000 3724000 Other contingent liabilities The company is jointly taxed with the other Danish companies in the CBRE group. The Danish companies of the group are jointly and severally liable for the Group's jointly taxed income etc. CBRE A/S is the adminstration company in relation to the joint taxation. Furthermore, the Danish companies of the Group are jointly and severally liable for the Danish withholding taxes in the form of dividend tax, royalty tax and interest tax. Any future corrections to the corporate taxes and withholdings taxes may result in the company's tax increasing. Basis Controlling interest CBRE Group Inc. Ultimate parent company Relam Amsterdam Holdings B.V. Parent company Transactions During the year, the Company had the following transactions with group enterprises: Sale of services to group enterprises, 2023, TDKK 24,479, (2022, TDKK 12,288). Purchase of services from group enterprises, 2023, TDKK 40.734, (2022 , TDKK 40,810). Royalties to/from group enterprises, 2023, TDKK -13,105, (2022, TDKK -12,363).The company's balances with group enterprises at December 31, 2023 are recognized in the balance sheet. Further, balances with group enterprises comprise trade balances related to the purchase and sale of services. Purchases of services from group enterprises consists of facility services, management fee, marketing services, shared service centres. **Ownership**The following shareholder is recorded in the Company's register of shareholders as holding at least 5% of the votes or at least 5% of the share capital:Relam Amsterdam Holdings B.V., Basisweg 101043 AP, Amsterdam, Netherlands The Group Annual Report of CBRE Group Inc. may be obtained at the following address:400, South Hope Street, 25th Floor, Los Angeles, CA 90071, USA Consolidated Financial Statements The Company is included in the Group Annual Report of the Parent Company of the largest and smallest group: Name Place of registered office CBRE Group Inc. 400, South Hope Street, 25th Floor, Los Angeles, CA 90071, USA The Annual Report of CBRE A/S for 2023 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to medium-sized enterprises of reporting class C. The accounting policies applied remain unchanged from last year. The Financial Statements for 2023 are presented in TDKK. true A material misstatement has been detected related to a VAT receivable included in Other payables as of end December 31, 2022. The misstatement relates to periods before 2022.As a consequence of this the Company has adjusted Other payables with TDKK 4.393. The adjustment has negatively impacted the equity at January 1, 2023.The comparative figures for 2022 has been adjusted accordingly. With reference to section 86(4) of the Danish Financial Statements Act and to the cash flow statement included in the consolidated financial statements of CBRE Group Inc., the Company has not prepared a cash flow statement. Revenues are is recognised in the income statement as earned, including value adjustments of financial assets and liabilities. All expenses, including amortisation, depreciation and impairment losses, are also 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 flow 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 will flow out of the Company, and the value of the liability can be measured reliably. Assets and liabilities are initially 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 maturity period. Amortised cost is calculated as original cost less any repayments and with addition/deduction of the cumulative amortisation of any difference between cost and the nominal amount. In this way, capital losses and gains are allocated over the maturity period. Recognition and measurement take into account predictable losses and risks occurring before the presentation of the Annual Report which confirm or invalidate affairs and conditions existing at the balance sheet date. On initial recognition, foreign currency transactions are translated applying the exchange rate at the transaction date. Foreign exchange differences arising between the exchange rates at the transaction date and at the date of payment are recognised in the income statement as financial income or financial expenses. If foreign currency instruments are considered cash flow hedges, any unrealised value adjustments are taken directly to a fair value reserve under ‘Equity’.Receivables and payables and other monetary items denominated in foreign currencies are translated at the exchange rates at the balance sheet date. The difference between the exchange rates at the balance sheet date and the date at which the receivable or payable arose or was recognised in the latest financial statements is recognised in the income statement as financial income or financial expenses. Services are recognised at the rate of completion of the service to which the contract relates by using the percentage-of-completion method, which means that revenue equals the selling price of the service completed for the year. This method is applied when total revenues and expenses in respect of the service and the stage of completion at the balance sheet date can be measured reliably, and it is probable that the economic benefits, including payments, will flow to the Company. The stage of completion is determined on the basis of the ratio between the expenses incurred and the total expected expenses of the service. Revenue related to real estate services is recognised in the income statement at the final acquisition of the right to the fee, when the agreed services have been delivered, point in time. Revenue from Asset Services is recognized on a straight line basis upon contract signing. The fees are recognised excluding VAT, taxes and discounts in connection with the delivery of services. Other external expenses comprise expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc. With reference to section 32 of the Danish Financial Statements Act, gross profit/loss is calculated as a summary of revenue and other external expenses. Staff costs include wages and salaries, including compensated absence and pensions, as well as othersocial security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities. Amortisation, depreciation and impairment losses comprise amortisation, depreciation and impairment of intangible assets and property, plant and equipment. Financial income and expenses are recognised in the income statement at the amounts that relate to the financial year. Net financials include interest income and expenses, financial expenses relating to finance leases, realised and unrealised capital/exchange gains and losses on securities, liabilities and foreign currency transactions, amortisation of financial assets and liabilities and surcharges and allowances under the Danish Tax Prepayment Scheme, etc. Tax for the year consists of current tax for the year and deferred tax for the year. The tax attributable to the profit for year is recognised in the income statement, whereas the tax attributable to equity transactions is recognised directly in equity. The Company is jointly taxed with the other Danish companies in the CBRE group. The tax effect of the joint taxation with the subsidiaries is allocated to Danish enterprises showing profits or losses in proportion to their taxable incomes (full allocation with credit for tax losses). The company is subject to the Danish rules on compulsory joint taxation of the Group's Danish subsidiaries. Subsidiaries participate in the joint taxation arrangement from the time when they are included in the consolidated financial statements and until the time when they withdraw from the consolidation.The company is subject to the Danish rules on compulsory joint taxation.The company acts as management company for all jointly taxed entities and, in its capacity as such, pays all income taxes to the Danish tax authorities. Property, plant and equipment are measured at cost less accumulated depreciation and less any accumulated impairment losses. Cost comprises the purchase price and any costs directly attributable to the acquisition until the date when the asset is available for use. The cost of self-constructed assets comprises direct and indirect costs of materials, components, sub-suppliers and wages. Depreciation based on cost reduced by any residual value is calculated on a straight-line basis over the expected useful lives of the assets, which are: Other fixtures and fittings, tools and equipment 3-5 years The fixed assets’ residual values are determined at nil. Depreciation period and residual value are reassessed annually. The carrying amounts of property, plant and equipment and investments are reviewed on an annual basis to determine whether there is any indication of impairment other than that expressed by depreciation. Receivables are measured at amortised cost.An impairment loss is recognised if there is objective evidence that a receivable or a group of receivables is impaired. If there is objective evidence that an individual receivable is impaired, an impairment loss for that individual asset is recognised.Receivables for which there is no objective evidence of individual impairment are tested for impairment on a portfolio basis. The portfolios are primarily based on debtors' domicile and credit ratings in accordance with the Company's credit risk management policy. The objective indicators used for portfolios are determined based on historical loss experience.Impairment losses are calculated as the difference between the carrying amount of the receivables and the present value of the expected cash flows, including the realisable value of any collateral received, using the effective interest rate of individual receivables or portfolios of receivables as discount rate. Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years. **Cash and cash equivalents**Cash and cash equivalents comprise cash and deposits at banks.**Equity*****Dividend***Proposed dividends are disclosed as a separate item under equity. Dividends are recognised as a liability when declared by the annual general meeting of shareholders. Deferred tax is measured according to the liability method in respect of temporary differences between the carrying amount of assets and liabilities and their tax base, calculated on the basis of the planned use of the asset and settlement of the liability, respectively. Deferred tax is measured at net realisable value.Deferred tax is measured according to the tax rules and at the tax rates applicable in the respective countries at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax adjustments resulting from changes in tax rates are recognised in the income statement, with the exception of items taken directly to equity.Deferred tax assets, including the tax base of tax losses allowed for carry forward, are measured at the value to which the asset is expected to be realised, either as a set-off against tax on future income or as a set-off against deferred tax liabilities within the same legal tax entity. Any deferred net tax assets are measured at net realisable value. As management company, CBRE A/S is liable for payment of the Group's Danish subsidiaries corporate income taxes to the tax authorities.Current tax liabilities and current tax receivables are recognised in the balance sheet as the estimated tax on the taxable income for the year, adjusted for tax on the taxable income for previous years and tax paid on account.The company and all its Danish group entities are taxed on a joint basis. The current income tax charge is allocated between the jointly taxed entities relative to their taxable income. Tax losses are allocated based on the full absorption method. The jointly taxed entities are eligible for the Danish Tax Prepayment Scheme.Joint taxation contributions payable and receivable are recognised in the balance sheet as 'Joint taxation contributions receivable' or 'Joint taxation contributions payable'. Debts are measured at amortised cost, substantially corresponding to nominal value. Solvency ratio Equity at year end x 100 / Total assets at year end Return on assets Profit/loss of ordinary primary operations x 100 / Total assets at year end