Årsrapport32285201MartinsenØster Allé 422100 København Ø2023-01-012023-12-312024-01-012024-12-3136503750DIS Sølvgade A/SKristen Bernikows Gade4, 1. sal1456København KKPMG, Statsautoriseret Revisionspartnerselskab25578198Henrik Y. Jensenstatsautoriseret revisormne35442Dampfærgevej282100København ØDanmark2025-04-29Rasmus GregersenRegnskabsklasse BRevisionspåtegningCaseWare fra Revisorgruppen Danmarkaktionæren2025-04-29København K2025-04-29Grundlag for konklusionKonklusion462365554490471015641471145004283059508430404282311544041875000-4139921-1503932221956119153649603160729382763275176509101435497577434321046762101891133082137641541133082137641541108340244678108340244678776142418809100018249050076469100794389052495269101877789054942044261562985141558522384436604002130268748024694316974236528191523227167750134692969173555289189635000200000002000000019736055018405233721736055020405233756172250550100005617225055010000062706246201445649062850811162561466408936782110266945417826253664824424437256113609212956994904534150643822728313930526438227286599011639173555289189635000076028427624051299092685976327517650910250318250318564013633814197810834040077910940411719158899175206334105776146890212489134099698155347215986398-4139921211846477910001824625614664020000000200000002000000020000000184052337176410796133082137641541197360550184052337Today, the Board of Directors and the Managing Director have approved the annual report of DIS Sølvgade A/S for the financial year 2024. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and 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 January – 31 December 2024. Further, in our opinion, the Management's review gives a true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Marlene TorpCharlotte Mark ChristensenPeter Fly Lundby HansenRegitze Marianne HessAnne-Marie Arleth SkovTrine Højbjerg SandPer HjulerMarcel Daniel GrüningerEllen Morrow SaylesWe have audited the financial statements of DIS Sølvgade A/S for the financial year 1 January - 31 December 2024, which comprise a summary of significant accounting policies, income statement, balance sheet, statement of changes in equity and notes, for the Company. The financial statements are prepared under 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 January - 31 December 2024 in accordance with the Danish Financial Statements Act. Basis for conclusion 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 judgment and maintain professional skepticism 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. 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 Statement Act. We did not identify any material misstatement of Management’s Review. Description of key activities of the company Like previous years, the principal activities is directly to own, develop and rent real estate as well as directly or indirectly to carry out other activities that the board of directors deem is connected therewith. The short term debt exceed the company's current assets as of December 31, 2024. The Current portion of long term liabilities as of December 31, 2024 was subsequently paid and re-financed by new long-term debt. The Company has furthermore received a support letter from the parent company, Fonden DIS - Danish Institute for Study, in which Fonden DIS - Danish Institute for Study management confirms that they provide liquidity if necessary, so that the company can fulfill its liabilities as they fall due. Expected development It is the management's expectation that the company will be merged into Fonden DIS - Danish Institute for Study in 2025. Events occurring after the end of the financial year In 2025, the company has refinanced the company's long-term debt, with short term debt to the ulitmate shareholder and taken out a mortgage loan of DKK 560.000.000 at a Danish Mortgage Credit Institution. The annual report for DIS Sølvgade A/S has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in general Income is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Revenue Lease income from investment property Lease income comprises income from the lease of property and from overhead costs collected and is recognised in the income statement for the period relating to the lease payment. Other external costs Other external costs comprise costs incurred for administration, costs concerning investment properties and loss on receivables. Costs concerning investment properties Costs concerning investment properties comprise operating costs, repair and maintenance costs, taxes, charges, and other costs. Value adjustment of investment property Value adjustment of investment property comprises value adjustments of properties at fair value and profit or loss from the disposal of properties. Depreciation, amortisation, and writedown for impairment Depreciation, amortisation, and writedown for impairment comprise depreciation on, amortisation of, and writedown for impairment of intangible and tangible assets, respectively. Other operating costs Other operating costs comprise items of secondary nature as regards the principal activities of the enterprise, including losses on the disposal of intangible and tangible assets. Other operating costs contains costs for withdrawing from agreements before the end of the agreement. Financial income and expenses Financial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the year Tax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity. The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Intangible assets Development projects, patents, and licences Development costs and internally generated rights are recognised in the income statement as costs in the acquisition year. Patents and licenses are measured at cost less accrued amortisation. Patents are amortised on a straightline basis over the remaining patent period and licenses are amortised over the contract period, however, for a maximum of 10 years. Property, plant, and equipment Property, plant, and equipment are measured at cost less accrued depreciation and writedown for impairment. The depreciable amount is cost less any expected residual value after the end of the useful life of the asset. The amortisation period and the residual value are determined at the acquisition date and reassessed annually. If the residual value exceeds the carrying amount, the depreciation is discontinued. If the amortisation period or the residual value is changed, the effect on amortisation will, in future, be recognised as a change in the accounting estimates. The cost comprises acquisition cost and costs directly associated with the acquisition until the time when the asset is ready for use. The cost of a total asset is divided into separate components. These components are depreciated separately, the useful lives of each individual components differing, and the individual component representing a material part of the total cost. Depreciation is done on a straight-line basis according to an assessment of the expected useful life and the residual value of the individual assets: Other fixtures and fittings, tools and equipment Useful life 3-5 years Residual value 0-20 % Minor assets with an expected useful life of less than 1 year are recognised as costs in the income statement in the year of acquisition. Profit or loss derived from the disposal of property, land, and equipment is measured as the difference between the sales price less selling costs and the carrying amount at the date of disposal. Profit or loss is recognised in the income statement as other operating income or other operating expenses. Investment properties Investment properties comprises properties that is held to earn rentals, held for capital appreciation or both. At the initial recognition, investment properties are measured at cost, comprising the cost price of the property and any directly related costs. Investment properties are subsequently measured at fair value, corresponding to the amount for which the individual property is estimated to be able to sell for on the balance sheet date to an independent buyer. The property is valued using the income approach where a property's fair value is estimated based on the future net operating income generated by the property, which is discounted by the discount factor The valuation is in accordance with the recommended by the International Valuation Standards Committee. The valuation principles are consistent with the principles in IFRS 13. Costs adding new or improved qualities to an investment property compared to its condition at the time of acquisition, thereby improving the future return on the property, were added to the cost as an improvement. Costs which do not add new or improved qualities to an investment property were recognized in the income statement under the item ”Costs concerning investment property”. Like other property, plant, and equipment except for land, investment property has a limited economic life. The impairment taking place concurrently with the ageing of the investment property is reflected in the continuing measurement of the investment property at fair value. Therefore, no systematic depreciations are made over the useful life of the investment property. Value adjustments are recognized in the income statement under the item ”Value adjustments of property”. Receivables Receivables are measured at amortised cost, which usually corresponds to nominal value. Prepayments Prepayments comprise incurred costs concerning the following financial year. Cash on hand and demand deposits Cash on hand and demand deposits comprise cash at bank. Income tax and deferred tax Current tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, DIS Sølvgade A/S is unlimitedly, jointly, and severally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Adjustments take place in relation to deferred tax concerning elimination of unrealised intercompany gains and losses. Deferred tax is measured based on the tax rules and tax rates applying under the legislation prevailing in the respective countries on the reporting date when the deferred tax is expected to be released as current tax. Changes in deferred tax due to changed tax rates are recognised in the income statement, except for items included directly in the equity. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisions Financial liabilities other than provisions related to borrowings are recognised at the received proceeds less transaction costs incurred. In subsequent periods, the financial liabilities are recognised at amortised cost, corresponding to the capitalised value when using the effective interest rate. The difference between the proceeds and the nominal value is recognised in the income statement during the term of the loan. Mortgage loans and bank loans are thus measured at amortised cost which, for cash loans, corresponds to the outstanding payables. For bond loans, the amortised cost corresponds to an outstanding payable calculated as the underlying cash value at the date of borrowing, adjusted by amortisation of the market value on the date of the borrowing effectuated over the repayment period. Liabilities other than provisions relating to investment properties are measured at amortised cost. Other liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value. Accruals and deferred income Payments received concerning future income are recognised under accruals and deferred income. 1. Capital ressources The short term debt exceed the company's current assets as of December 31, 2024. The Current portion of long term liabilities as of December 31, 2024 was subsequently paid and re-financed by new long-term debt. The Company has furthermore received a support letter from the parent company, Fonden DIS - Danish Institute for Study, in which Fonden DIS - Danish Institute for Study management confirms that they provide liquidity if necessary, so that the company can fulfill its liabilities as they fall due. 10. Disclosures on fair value Investment property Fair value at 31 December 910.001.824 Unrealised change in fair value of the year recognised in the statement of financial activity -4.139.921 11. Contingencies Joint taxation With REI Denmark Copenhagen ApS, company reg. no 36045213 as administration company, the company is subject to the Danish scheme of joint taxation and unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for the total corporation tax. The company is unlimitedly, jointly, and severally liable, along with the other jointly taxed companies, for any obligations to withhold tax on interest, royalties, and dividends. The jointly taxed enterprises' total known net liability to the Danish tax authorities emerges from the financial statements of the administration company. Any subsequent adjustments of corporate taxes or withholding tax, etc., may result in changes in the company's liabilities. 12. Related parties Consolidated financial statements The company is a part of the consolidated financial statements of REI Investment I B.V and ING Groep N.V and can be obtained at the following address: Largest group: ING Groep N. V Bijlmerplein 888 1102 MG Amsterdam P.O Box 1800, 1000 BV Amsterdam Smallest group: REI Investment I B.V. 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