The executive board has today discussed and approved the annual report of OneLog Hedensted ApS for the financial year 1 January - 31 December 2021.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 company's financial position at 31 December 2021 and of the results of the company's operations for the financial year 1 January - 31 December 2021.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.Management recommends that the annual report should be approved by the company in general meeting.Leif Fredrik Ingemar SöderlundIoanna Maria SpathiDavid James WingroveTo the shareholder of OneLog Hedensted ApSIn our opinion, the Financial Statements give a true and fair view of the financial position of the company at 31 December 2021, and of the results of the company's operations for the financial year 1 January - 31 December 2021 in accordance with the Danish Financial Statements Act. We have audited the financial statements of OneLog Hedensted ApS for the financial year 1 January - 31 December 2021, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies (“financial statements”).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' Code of Ethics for Professional Accountants (IESBA Code) and the additional requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion.Statement on management's review Management is responsible for management's review. Our opinion on the financial statements does not cover management's review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether management's review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that 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 of management's review.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.Hellerup2022-07-01PricewaterhouseCoopersMaj-Britt Nørskov NannestadState Authorized Public Accountantmne32198Christopher KowalczykState Authorized Public Accountantmne47863Business review The company's objects are to own and run investment properties, primarily within logistics.Financial review The company's income statement for the year ended 31 December 2021 shows a profit of DKK 20.905.824, and the balance sheet at 31 December 2021 shows equity of DKK 66.422.760.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the company's financial position.37478263634630235596561430000027307482179346305239307270672678355217207563587772837857472090582413421816209058241342181610385965680300000103859656803000001038596568030000047196385290574404719636596921399548625252611917928494106471573812284941500001500000-2734366272760453669366642276045489593139152778393867139152778393867237873271800653237873271800653023654075048911715963116153697242354085382177003507035508271020454234620925544381261335362734503410647157381228494150000-2734345366936273430209058241500000662727600016124129265536202443403966537352393072706738217735070355214113450722-25860-156784484285544842855354571452355965659016801103859656 Assumptions underlying the determination of fair value of investment properties Investment properties are measured at fair value. The fair value is calculated by using generally accepted valuation methods (DCF's calculations) based on management's expectations for future cash flow, return requirements etc. OneLog Invest (Lux) Sarl acquired the company on 30 November 2021. The fair value of the investment properties as of end of the year reflects the purchase price of DKK 103,859,656. Last year, the fair value of investment properties has been calculated based on the following assumptions: Budget period: (2020: 5 years) Initial Yield: (2020: 5.00%) Growth in terminal period: (2020: 2.00%) Exit Yield: (2020: 6.75%) Sensitivity in determination of fair value of investment properties The fair value of investment properties at the end of the year has last year been assessed by an independent assessor. The estimates applied are based on information and assumptions considered reasonable by Management but which are inherently uncertain and unpredictable. Actual events or circumstances will probably differ from the assumptions made in the calculations as often assumed events do not occur as expected. Such difference may be material.237873271800653237873271800653697242354085The company is jointly taxed with the group entities and is jointly and severally liable with other jointly taxed group entities for payment of income taxes as well as withholding taxes on interest.The following assets have been placed as security with bankers: Mortgage deeds registered to the mortgagor totalling of TDKK 0 (2020: TDKK 39,400), providing security on land and buildings of a carrying amount at 31 December 2021 TDKK 0 (2020: TDKK 80,300). Årsrapport21625744Intertrust (Denmark) A/Sc/o Harbour House, Sundkrogsgade 21DK-2100 København2021-01-012021-12-312020-01-012020-12-3137755710OneLog Hedensted ApSSundkrogsgade21DK-2100København ØDKDanmark2016-05-24CopenhagenPricewaterhouseCoopers33771231Maj-Britt Nørskov NannestadState Authorized Public AccountantStrandvejen44DK-2900HellerupDKDanmark2022-07-01Pilvi PeltomäkiRegnskabsklasse BtrueRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseThe annual report of OneLog Hedensted ApS for 2021 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B, as well as provisions applying to reporting class C entities. The accounting policies applied are consistent with those of last year. The annual report for 2021 is presented in DKK.Income 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 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 from the company and the value of the liability can be measured reliably. On initial recognition, assets and liabilities are measured at cost. On subsequent recognition, assets and liabilities are measured as described below for each individual accounting item. Certain financial assets and liabilities are measured at amortised cost using the effective interest method. Amortised cost is calculated as the historic cost less any installments and plus/less the accumulated amortisation of the difference between the cost and the nominal amount. On recognition and measurement, allowance is made for predictable losses and risks which occur before the annual report is presented and which confirm or invalidate matters existing at the balance sheet date.In pursuance of section 32 of the Danish Financial Statements Act, the company does not disclose its revenue. Gross profit reflects an aggregation of revenue, changes in inventories of finished goods and work in progress and other operating income less costs of raw materials and consumables and other external expenses.Revenue from rental income is recognised in the income statement at amounts relating to the financial year when revenue can be measured reliably and it is probable that the economic benefits will flow to the company. Revenue is recognised exclusive of VAT and net of discounts Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relating to sales.Other external expenses comprise expenses for premises, sales and office expenses etcValue adjustments of investment property comprise the year's changes in the fair value of investment property.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.The company is subject to the Danish rules on compulsory joint taxation. Tax for the year, which comprises the current tax charge for the year and changes in the deferred tax charge, is recognised in the income statement as regards the portion that relates to the profit/loss for the year and directly in equity as regards the portion that relates to entries directly in equity.Investment properties constitute land and buildings held to earn a return on the invested capitalby way of current operating income and/or capital appreciation on sale. On acquisition investment properties are measured at cost comprising the acquisition price and costs of acquisition. The cost of own constructed investment properties comprises the acquisition price and expenses directly related to the acquisition, includingcosts of acquisition and indirect expenses for labour, materials, components and supsuppliers up until the time when the asset is ready for use. After the initial recognition investment properties are measured at fair value. Value adjustments of investment properties are recognised in the income statement. Fair value is the amount for which the property could be exchanged between knowledgeable, willing parties in an arm's length transaction on the balance sheet date. The determination of fair value involves material accounting estimates.Receivables are measured at amortised cost.Prepayments recognised under 'Current assets' comprises expenses incurred concerning subsequent financial years.Cash and cash equivalents comprise cash and deposits at banks.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. 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.Financial liabilities are recognised on the raising of the loan at the proceeds received net of transaction costs incurred. On subsequent recognition, the financial liabilities are measured at amortised cost, corresponding to the capitalised value, using the effective interest method. Accordingly, the difference between the net proceeds and the nominal value is recognised in the income statement over the term of the loan. Mortgage debt is thus measured at amortised cost, which for cash loans corresponds to the outstanding debt. For bond loans, amortised cost corresponds to an outstanding debt calculated as the underlying cash value of the loan at the time of borrowing, adjusted by amortisation of the value adjustment of the loan at the time of borrowing. Financial liabilities also include the capitalised residual finance lease commitment. Other liabilities, which include trade payables, payables to group entities and other payables, are measured at amortised cost, which is usually equivalent to nominal value.Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years.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’.377557102021-01-012021-12-31377557102021-01-012021-12-311377557102021-01-012021-12-312377557102020-01-012020-12-31377557102021-01-012021-12-31g:RetainedEarningsMember377557102020-01-012020-12-31g:RetainedEarningsMember377557102020-12-31377557102021-12-31377557102021-01-012021-12-311377557102021-01-012021-12-312377557102021-01-012021-12-313377557102021-01-01g:ContributedCapitalMember377557102021-12-31g:ContributedCapitalMember377557102021-01-01g:RetainedEarningsMember377557102021-01-012021-12-31g:RetainedEarningsMember377557102021-12-31g:RetainedEarningsMember377557102021-12-31g:LongtermPayablesToGroupEnterprisesMember377557102020-12-31g:LongtermPayablesToGroupEnterprisesMember377557102021-01-01g:InvestmentPropertyMember377557102021-01-012021-12-31g:InvestmentPropertyMember377557102021-12-31g:InvestmentPropertyMember377557102021-01-01g:ReserveForCurrentValueOfHedgingMember377557102021-01-012021-12-31g:ReserveForCurrentValueOfHedgingMember377557102021-12-31g:ReserveForCurrentValueOfHedgingMemberiso4217:DKKxbrli:pure