Årsrapport 30700228 EY Godkendt Revisionspartnerselskab Cortex Park Vest 3 5230 Odense M 2024-05-01 2024-12-31 2023-05-01 2024-04-30 89351413 Astrid Properties ApS Trianglen 4, 3. tv 2100 København Ø 1997-11-01 København EY Godkendt Revisionspartnerselskab 30700228 Cortex Park Vest 3 5230 Odense M 2025-05-20 Carl Edgar Serge Vøgg Regnskabsklasse B Revisionspåtegning Grundlag for konklusion Konklusion true true 2025-05-20 2025-05-20 CaseWare Working Papers Copenhagen Carl Edgar Serge Vøgg Harry Duncan MacDonald Stephan Schmitz Odense Morten Schougaard Sørensen State Authorised Public Accountant mne32129 30417993 46235460 4366984 3524256 112344 191367 25938665 42519837 49900400 -133250000 75839065 -90730163 84509 1431200 1420930 1225606 74502644 -90524569 16377854 -19762404 58124790 -70762165 11600000 0 46524790 -70762165 2100400 2127759 1302800000 1262750000 0 270092 1304900400 1265147851 1304900400 1265147851 0 2253562 244732 557737 414704 2247822 659436 5059121 242653 8445760 902089 13504881 1305802489 1278652732 22000000 22000000 1102403085 1055878295 11600000 0 1136003085 1077878295 124515951 115565844 124515951 115565844 0 1460114 0 1460114 1460114 0 14139503 53765972 572898 1323210 7472671 5979208 17958816 18611353 3679451 4068736 45283453 83748479 45283453 85208593 1305802489 1278652732 22000000 1126640460 0 -70762165 0 22000000 1055878295 0 46524790 11600000 22000000 1102403085 11600000 4313603 3468290 4256 5791 49125 50175 4366984 3524256 3 3 0 145000 84509 1286200 7427747 9466464 8950107 -29228868 2325569 749182894 867807 0 9850400 811695 2325569 739332494 56112 513567106 49900400 563467506 197810 597715 27359 84986 0 626589 225169 56112 2100400 1302800000 0 Today, the Executive Board has discussed and approved the annual report of Astrid Properties ApS for the financial year 1 May - 31 December 2024. 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 of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 May - 31 December 2024. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. To the shareholders of Astrid Properties ApS We have audited the financial statements of Astrid Properties ApS for the financial year 1 May - 31 December 2024, which comprise 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 financial position of the Company at 31 December 2024 and of the results of the Company's operations for the financial year 1 May - 31 December 2024 in accordance with the Danish Financial Statements Act. 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 believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Independence 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. 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 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 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. 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 note 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 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. The company's purpose is to own buying, selling and renting real estate and any other related business. The income statement for 2024 shows a profit of DKK 58,124,790 against a loss of DKK 70,762,165 last year, and the balance sheet at 31 December 2024 shows equity of DKK 1,136,003,085. No events materially affecting the Company's financial position have occurred subsequent to the financial year-end 2024, except for the declaration of extraordinary dividend amounting to DKK 825 million in 2025. The annual report of Astrid Properties ApS for 2024 has been prepared in accordance with the provisions in the Danish Financial Statements Act applying to reporting class B entities and elective choice of certain provisions applying to reporting class C entities. In 2023/2024 the company applied the provisions for reporting class C entities. The change in 2024 did not have any impact on measurement and recognition. The accounting policies used in the preparation of the financial statements are consistent with those of last year. Reporting currency The financial statements are presented in Danish kroner (DKK). The Company has chosen IAS 11/IAS 18 as interpretation for revenue recognition. Revenue comprises rental income from the leases of properties. Revenue is recognised on an accrual basis. Revenue is measured at the fair value of the agreed consideration excluding VAT and taxes charged on behalf of third parties. All discounts and rebates granted are recognised in revenue. With reference to section 32 of the Danish Financial Statements Act, the items "Revenue", "Property expenses", "Other external expenses" and "Other Operating income" are consolidated into one item designated "Gross Margin". Other operating income comprise items secondary nature relative to the Company's core activities, including gains on the sale of fixed assets. Property expenses include expenses relating to renting out the Company's investment property, including expenses relating to running and maintaining such property. Other external expenses include the year's expenses relating to the Company's core activities, including expenses relating to distribution, sale, advertising, administration, premises, bad debts, etc. Staff costs comprise wages and salaries, including holiday allowance and pensions, and other social security costs, etc., for the Company's employees. The item comprises depreciation of land & buldings and fixtures and fittings, an other plant and equipment. The basis of depreciation, which is calculated as cost less any residual value, is depreciated on a straight line basis over the expected useful life. The expected useful lives of the assets are as follows: Land and buildings 30 years Fixtures and fittings, other plant and equipment 5 years Financial income and expenses are recognised in the income statements at the amounts that concern the financial year. Net financials include interest income and expenses etc. Tax for the year includes current tax on the year's expected taxable income and the year's deferred tax adjustments. The portion of the tax for the year that relates to the profit/loss for the year is recognised in the income statement, whereas the portion that relates to transactions taken to equity is recognised in equity. The Company and its Danish group entities are jointly taxed. The total Danish income tax charge is allocated between profit/loss-making Danish entities in proportion to their taxable income (full absorption). Jointly taxed entities entitled to a tax refund are reimbursed by the management company based on the rates applicable to interest allowances, and jointly taxed entities which have paid too little tax pay a surcharge according to the rates applicable to interest surcharges to the management company. Property, plant and equipment Items of land & buldings and fixtures and fittings, an other plant and equipment are measured at cost less accumulated depreciation and impairment losses. Cost includes the acquisition price and costs directly related to the acquisition until the time at which the asset is ready for use. Gains or losses are calculated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses. On initial recognition, investment property is measured at cost. Investment property is subsequently measured at fair value, and the value adjustment for the year is recognised in the income statement under the item "Fair value adjustment of investment property". The fair value is based on the expected future cash flows for the investment property. The Company has chosen IAS 39 as interpretation for impairment write-down of financial receivables. 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 has been impaired, an impairment loss is recognised on an individual basis. Receivables in respect of which there is no objective evidence of individual impairment are tested for objective evidence of impairment on a portfolio basis. The portfolios are primarily based on the debtors' domicile and credit ratings in line with the Company's risk management policy. The objective evidence applied to portfolios is 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. The effective interest rate for the individual receivable or portfolio is used as discount rate. Prepayments recognised under "Assets" comprise prepaid expenses regarding subsequent financial reporting years. Securities and investments consisting in listed shares and bonds are measured at fair value (market price) at the balance sheet date. Investments not admitted to trading on an active market are measured at cost. Cash comprise bank balances. Proposed dividends Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Dividend proposed for the year is recognised as a liability once adopted at the annual general meeting (declaration date). Dividends expected to be distributed for the financial year are presented as a separate item under "Equity". Provisions comprise anticipated expenses relating to warranty commitments, onerous contracts, restructurings, etc. Provisions are recognised when the Company has a legal or constructive obligation at the balance sheet date as a result of a past event and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Provisions are measured at net realisable value or at fair value if the obligation is expected to be settled far into the future. Current tax payables and receivables are recognised in the balance sheet as the estimated income tax charge for the year, adjusted for prior-year taxes and tax paid on account. Deferred tax is measured according to the liability method on all temporary differences between the carrying amount and the tax base of assets and liabilities. However, deferred tax is not recognised on temporary differences relating to goodwill which is not deductible for tax purposes and on office premises and other items where temporary differences, apart from business combinations, arise at the date of acquisition without affecting either profit/loss for the year or taxable income. Where alternative tax rules can be applied to determine the tax base, deferred tax is measured based on Management's intended use of the asset or settlement of the liability, respectively. Deferred tax is measured according to the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Deferred tax assets are recognised at the expected value of their utilisation; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Changes in deferred tax due to changes in the tax rate are recognised in the income statement. The Company has chosen IAS 39 as interpretation for liabilities. Financial liabilities are recognised at the date of borrowing at the net proceeds received less transaction costs paid. On subsequent recognition, financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest rate. Accordingly, the difference between the proceeds and the nominal value is recognised in the income statement over the term of the loan. Financial liabilities also include the capitalised residual lease liability in respect of finance leases. Other liabilities are measured at net realisable value. Note 7 provides more details on security for loans, etc. as regards property, plant and equipment. The Company invests in investment property. Investment property is recognised at fair value with value adjustment through the income statement, see the provisions in section 38 of the Danish Financial Statements Act. Fair value estimation The fair value of investment property has been estimated for every single property by discounting the expected, future cash flows, using a relevant discount factor. Expected future cash flows are based on budgets for 12 years period, and an estimated terminal value for the remaining life of the property concerned. The discount factor comprises the inflation and a risk premium for the property concerned. Significant fair value assumptions Investment properties consists of several properties located in Copenhagen, Greve, Kaastrup and Roskilde. Total square meters is 49,669 (Copenhagen: 6,165, Greve: 21,494, Kaastrup: 17,822, Roskilde: 4,188). The most significant fair value assumptions are the rental income per square metre (an average of DKK 1,442 for 2024 against DKK 1,418 for 2023), the discount rate, WACC (an average of 6.69% for 2024 against approx. 6.82% for 2023) and vacany is included at 0%. The most significant non-observable input in determining the fair value includes: 2024 2023/24 Property type/category WACC % (Estimated for 2023/24) 6.69% 6.82%* Annual rent per square metre, DKK 1,442 1,418 Maintenance per square metre, DKK 50 50* Vacancy % 0% 0% Inflation % 2% 2% Fair value per square metre, DKK 26,230 25,227 Total fair value 1,302,800,000 1,262,750,000 Sensitivity analysis The fair value of the investment properties at 31/12 2024 is DKK 1,302,000 thousands. The fair value is an estimate made by management on the basis of information available and actual expectations as to the future. Below is an illustration of the most significant assumptions. If the WACC was decreased with 0.25% the value would increase by DKK 73,705 thousands (2023: 58,158 thousands). If the WACC was increased with 0.25% the value would decrease by DKK 65,853 thousands (2023: 98,907 thousands). The company is jointly taxed with other Danish group entites in the Neptune Ejendomme Group, and is jointly and severally liable with other jointly taxed group entities for payment of income taxes for the income year, as well as withholding taxes on interest and dividends. The Company has not provided any security or other collateral in assets at 31 December 2024. Information about consolidated financial statements Parent Domicile Requisitioning of the parent company's consolidated financial statements Cornway Ltd. Cyprus 19 Gririou Xenopoulou Street, Avra House, 2nd Floor, 1061 Nicosia, Cyprus 89351413 2024-05-01 2024-12-31 89351413 2023-05-01 2024-04-30 89351413 2024-04-30 89351413 2024-12-31 89351413 2024-05-01 2024-12-31 1 89351413 2024-05-01 2024-12-31 2 89351413 2024-05-01 2024-12-31 3 89351413 2024-05-01 2024-12-31 1 89351413 2024-05-01 e:LandAndBuildingsMember 89351413 2024-05-01 2024-12-31 e:LandAndBuildingsMember 89351413 2024-12-31 e:LandAndBuildingsMember 89351413 2024-05-01 e:InvestmentPropertyMember 89351413 2024-05-01 2024-12-31 e:InvestmentPropertyMember 89351413 2024-12-31 e:InvestmentPropertyMember 89351413 2024-05-01 e:FixturesFittingsToolsAndEquipmentMember 89351413 2024-05-01 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 89351413 2024-12-31 e:FixturesFittingsToolsAndEquipmentMember 89351413 2023-05-01 e:ContributedCapitalMember 89351413 2024-05-01 e:ContributedCapitalMember 89351413 2024-12-31 e:ContributedCapitalMember 89351413 2024-05-01 e:RetainedEarningsMember 89351413 2024-05-01 2024-12-31 e:RetainedEarningsMember 89351413 2024-12-31 e:RetainedEarningsMember 89351413 2023-05-01 e:RetainedEarningsMember 89351413 2023-05-01 2024-04-30 e:RetainedEarningsMember 89351413 2024-05-01 e:ProposedDividendRecognisedInEquityMember 89351413 2024-05-01 2024-12-31 e:ProposedDividendRecognisedInEquityMember 89351413 2024-12-31 e:ProposedDividendRecognisedInEquityMember 89351413 2023-05-01 e:ProposedDividendRecognisedInEquityMember 89351413 2023-05-01 2024-04-30 e:ProposedDividendRecognisedInEquityMember iso4217:DKK xbrli:pure