Bestyrelsen og direktionen har dags dato behandlet og godkendt årsrapporten for regnskabsåret 1. januar - 31. december 2022 for Balder Danmark A/S.The supervisory board and executive board have today discussed and approved the annual report of Balder Danmark A/S for the financial year 1 January - 31 December 2022.Årsrapporten aflægges i overensstemmelse med årsregnskabsloven.The annual report is prepared in accordance with the Danish Financial Statements Act.Det er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2022 og resultatet af koncernens og selskabets aktiviteter samt af koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2022.In our opinion, the consolidated financial statements and parent financial statements give a true and fair view of the company and the group financial position at 31 December 2022 and of the results of the group and the company operations and consolidated cash flows for the financial year 1 January - 31 December 2022.Ledelsesberetningen indeholder efter vores opfattelse en retvisende redegørelse for de forhold, beretningen omhandler.In our opinion, management's review includes a fair review of the matters dealt with in the management's review.Årsrapporten indstilles til generalforsamlingens godkendelse.The annual report is submitted for adoption by the general meeting.Flemming Joseph JensenJesper Bahn DamgaardChristina Holberg FengerHannah Maria ØstergaardKjell Erik Torne SelinformandEva Andrea SigurgeirsdottirFlemming Joseph JensenTil kapitalejeren i Balder Danmark A/STo the shareholder of Balder Danmark A/SDet er vores opfattelse, at koncernregnskabet og årsregnskabet giver et retvisende billede af koncernens og selskabets aktiver, passiver og finansielle stilling pr. 31. december 2022 samt af resultatet af koncernens og selskabets aktiviteter og koncernens pengestrømme for regnskabsåret 1. januar - 31. december 2022 i overensstemmelse med årsregnskabsloven. Vi har revideret koncernregnskabet og årsregnskabet for Balder Danmark A/S for regnskabsåret 1. januar - 31. december 2022, der omfatter resultatopgørelse, balance, egenkapitalopgørelse og noter, herunder anvendt regnskabspraksis, for såvel koncernen som selskabet, samt pengestrømsopgørelse for koncernen (”regnskabet”). In our opinion, the consolidated financial statements and the parent company financial statements give a true and fair view of the group and the parent company's financial position at 31 December 2022 and of the results of the group and the parent company's operations and consolidated cash flows for the financial year 1 January - 31 December 2022 in accordance with the Danish Financial Statements Act. We have audited the Consolidated Financial Statements and the Parent Company Financial Statements of Balder Danmark A/S for the financial year 1 January - 31 December 2022, which comprise income statement, balance sheet, statement of changes in equity and notes, including a summary of significant accounting policies, for both the Group and the Parent Company, as well as consolidated statement of cash flows (“financial statements”).Vi har udført vores revision i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark. Vores ansvar ifølge disse standarder og krav er nærmere beskrevet i revisionspåtegningens afsnit “Revisors ansvar for revisionen af koncernregnskabet og årsregnskabet“. Vi er uafhængige af koncernen i overensstemmelse med International Ethics Standards Board for Accountants' internationale retningslinjer for revisorers etiske adfærd (IESBA’s Code) og de yderligere etiske krav, der er gældende i Danmark, ligesom vi har opfyldt vores øvrige etiske forpligtelser i henhold til disse krav og IESBA Code. Det er vores opfattelse, at det opnåede revisionsbevis er tilstrækkeligt og egnet som grundlag for vores konklusion.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 consolidated financial statements and parent company ” section of our report. We are independent of the group 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.Udtalelse om ledelsesberetningen Ledelsen er ansvarlig for ledelsesberetningen. Vores konklusion om koncernregnskabet og årsregnskabet omfatter ikke ledelsesberetningen, og vi udtrykker ingen form for konklusion med sikkerhed om ledelsesberetningen. I tilknytning til vores revision af koncernregnskabet og årsregnskabet er det vores ansvar at læse ledelsesberetningen og i den forbindelse overveje, om ledelsesberetningen er væsentligt inkonsistent med koncernregnskabet eller årsregnskabet eller vores viden opnået ved revisionen eller på anden måde synes at indeholde væsentlig fejlinformation. Vores ansvar er derudover at overveje, om ledelsesberetningen indeholder krævede oplysninger i henhold til årsregnskabsloven. Baseret på det udførte arbejde er det vores opfattelse, at ledelsesberetningen er i overensstemmelse med koncernregnskabet og årsregnskabet og er udarbejdet i overensstemmelse med årsregnskabslovens krav. Vi har ikke fundet væsentlig fejlinformation i ledelsesberetningen.Statement on management's review Management is responsible for management's review. Our opinion on the consolidated financial statements and parent company 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 consolidated financial statements and parent company financial statements, our responsibility is to read management's review and, in doing so, consider whether management's review is materially inconsistent with the consolidated financial statements and parent company 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 consolidated financial statements and parent company 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.Ledelsen har ansvaret for udarbejdelsen af et koncernregnskab og et årsregnskab, der giver et retvisende billede i overensstemmelse med årsregnskabsloven. Ledelsen har endvidere ansvaret for den interne kontrol, som ledelsen anser for nødvendig for at udarbejde et koncernregnskab og et årsregnskab uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl. Ved udarbejdelsen af koncernregnskabet og årsregnskabet er ledelsen ansvarlig for at vurdere koncernens og selskabets evne til at fortsætte driften, at oplyse om forhold vedrørende fortsat drift, hvor dette er relevant, samt at udarbejde koncernregnskabet og årsregnskabet på grundlag af regnskabsprincippet om fortsat drift, medmindre ledelsen enten har til hensigt at likvidere koncernen eller selskabet, indstille driften eller ikke har andet realistisk alternativ end at gøre dette.Management is responsible for the preparation of consolidated financial statements and parent company 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 the consolidated financial statements and the parent company financial statements that are free from material misstatement, whether due to fraud or error. In preparing the consolidated financial statements and parent company financial statements, management is responsible for assessing the group's and the parent 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 consolidated financial statements and parent company financial statements unless management either intends to liquidate the group or the company or to cease operations, or has no realistic alternative but to do so.Vores mål er at opnå høj grad af sikkerhed for, om koncernregnskabet og årsregnskabet som helhed er uden væsentlig fejlinformation, uanset om denne skyldes besvigelser eller fejl, og at afgive en revisionspåtegning med en konklusion. Høj grad af sikkerhed er et højt niveau af sikkerhed, men er ikke en garanti for, at en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, altid vil afdække væsentlig fejlinformation, når sådan findes. Fejlinformationer kan opstå som følge af besvigelser eller fejl og kan betragtes som væsentlige, hvis det med rimelighed kan forventes, at de enkeltvis eller samlet har indflydelse på de økonomiske beslutninger, som regnskabsbrugerne træffer på grundlag af koncernregnskabet og årsregnskabet. Som led i en revision, der udføres i overensstemmelse med internationale standarder om revision og de yderligere krav, der er gældende i Danmark, foretager vi faglige vurderinger og opretholder professionel skepsis under revisionen. Herudover: Identificerer og vurderer vi risikoen for væsentlig fejlinformation i koncernregnskabet og årsregnskabet, uanset om denne skyldes besvigelser eller fejl, udformer og udfører revisionshandlinger som reaktion på disse risici samt opnår revisionsbevis, der er tilstrækkeligt og egnet til at danne grundlag for vores konklusion. Risikoen for ikke at opdage væsentlig fejlinformation forårsaget af besvigelser er højere end ved væsentlig fejlinformation forårsaget af fejl, idet besvigelser kan omfatte sammensværgelser, dokumentfalsk, bevidste udeladelser, vildledning eller tilsidesættelse af intern kontrol. Opnår vi forståelse af den interne kontrol med relevans for revisionen for at kunne udforme revisionshandlinger, der er passende efter omstændighederne, men ikke for at kunne udtrykke en konklusion om effektiviteten af koncernens og selskabets interne kontrol. Tager vi stilling til, om den regnskabspraksis, som er anvendt af ledelsen, er passende, samt om de regnskabsmæssige skøn og tilknyttede oplysninger, som ledelsen har udarbejdet, er rimelige. Konkluderer vi, om ledelsens udarbejdelse af koncernregnskabet og årsregnskabet på grundlag af regnskabsprincippet om fortsat drift er passende, samt om der på grundlag af det opnåede revisionsbevis er væsentlig usikkerhed forbundet med begivenheder eller forhold, der kan skabe betydelig tvivl om koncernens og selskabets evne til at fortsætte driften. Hvis vi konkluderer, at der er en væsentlig usikkerhed, skal vi i vores revisionspåtegning gøre opmærksom på oplysninger herom i koncernregnskabet og årsregnskabet eller, hvis sådanne oplysninger ikke er tilstrækkelige, modificere vores konklusion. Vores konklusioner er baseret på det revisionsbevis, der er opnået frem til datoen for vores revisionspåtegning. Fremtidige begivenheder eller forhold kan dog medføre, at koncernen og selskabet ikke længere kan fortsætte driften. Tager vi stilling til den samlede præsentation, struktur og indhold af koncernregnskabet og årsregnskabet, herunder noteoplysningerne, samt om koncernregnskabet og årsregnskabet afspejler de underliggende transaktioner og begivenheder på en sådan måde, at der gives et retvisende billede heraf. Opnår vi tilstrækkeligt og egnet revisionsbevis for de finansielle oplysninger for virksomhederne eller forretningsaktiviteterne i koncernen til brug for at udtrykke en konklusion om koncernregnskabet. Vi er ansvarlige for at lede, føre tilsyn med og udføre koncernrevisionen. Vi er eneansvarlige for vores revisionskonklusion. Vi kommunikerer med den øverste ledelse om blandt andet det planlagte omfang og den tidsmæssige placering af revisionen samt betydelige revisionsmæssige observationer, herunder eventuelle betydelige mangler i intern kontrol, som vi identificerer under revisionen.Our objectives are to obtain reasonable assurance about whether the consolidated financial statements and parent company 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 consolidated financial statements and parent company 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 consolidated financial statements and parent 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 group's and the parent 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 consolidated financial statements and parent company 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 group's and the parent 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 consolidated financial statements and parent company 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 group and the company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the consolidated financial statements and parent company financial statements, including the disclosures, and whether the consolidated financial statements and parent company financial statements represent the underlying transactions and events in a manner that gives a true and fair view. Obtain sufficient and appropriate audit evidence regarding the financial information for the group's entities or business activities to express an opinion on the consolidated financial statements. We are responsible for directing, supervising and conducting the audit of the group. We alone are responsible for our audit opinion. 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.København2023-06-23PricewaterhouseCoopersBrian PetersenStatsautoriseret revisormne28701Set over en 5-årig periode kan selskabets udvikling beskrives ved følgende hoved- og nøgletal: Nøgletallene er udarbejdet i overensstemmelse med Finansforeningens anbefalinger og vejledning. Der henvises til definitioner i afsnittet for anvendt regnskabspraksis. Seen over a 5-year period, the development of the Company may be described by means of the following financial highlights: The financial ratios are calculated in accordance with the Danish Finance Society's recommendations and guidelines. For definitions, see the summary of significant accounting policies. 73482700041616800034524100033576700028649600027499300011651250007911770001107045000-102010000-88108000-87840000-70093000-4202100084377700056058100087346900013705126000114100230009562865000400098000031540200002737999000130562000220417000258570000-1049283000-1236200000-1492617000-1141210000-964631000-881020000-1265600000-1497517000102120700011301740001219350000288841000-89876000102486000114391000-14697000Pengestrømme Årets forskydning i likviderPengestrømme Årets forskydning i likviderPengestrømme Årets forskydning i likviderPengestrømme Årets forskydning i likviderPengestrømme Årets forskydning i likvider81684850.954.745.768.879.7161.9197.5158.6190.1320.78.910.89.37.513.234.132.529.227.628.619.625.823.61937.9Hoved- og nøgtal er ikke revideret. Key figures have not been audited. Koncernens og selskabets væsentligste aktiviteter Koncernen er den danske del af det svenske børsnoterede selskab Fastighets AB Balder, som er noteret som Large Cap, på børsen i Stockholm. Fastighets AB Balder er blandt nordens største ejendomskoncerner, med aktiviteter i Sverige, Danmark, Finland, Norge, Tyskland og England. Balder Danmark koncernens væsentligste aktiviteter er drift og udlejning af bolig- og erhvervsejendomme, samt udvikling, køb, salg og nybyggeri af boligejendomme. Det geografiske fokus er centreret omkring Storkøbenhavn, som primært afgrænses af Helsingør i nord, Roskilde i vest og Køge i syd. Med udgangen af 2022 udgør det samlede udlejningsareal 351.753 kvm.Business review The Group is the Danish part of the Swedish listed company Fastighets AB Balder, which is noted as Large Cap, on the Swedish stock exchange. Fastighets AB Balder is one of the largest real estate groups in the Nordics, with activities in Sweden, Denmark, Finland, Norway, Germany, and England. The main activities of Balder Danmark are management and letting of residential and commercial properties as well as development, purchase, sale, and new construction of residential properties. The geographical area is centered around Greater Copenhagen which stretches to Helsingør in the north, Roskilde in the west and Køge in the south. By the end of 2022 the portfolio’s total lettable area is 351,753 sqm.Usikkerhed ved indregning og måling Koncernens investeringsejendomme måles til dagsværdi. Opgørelsen af dagsværdi sker som omtalt i anvendt regnskabspraksis ved anvendelse af DCF-modellen (discounted cash flow). Det, i den forbindelse, fastsatte afkastkrav for den enkelte ejendom, forventes at afspejle markedets aktuelle afkastkrav for en tilsvarende ejendom. Fastsættelsen af afkastkrav, for at sikre ensartet markedsværdier af identiske ejendomme, er forbundet med en vis usikkerhed.Recognition and measurement uncertainties The Group’s investment properties are measured at fair value. The calculation of fair value takes place as mentioned in the used accounting policy using the DCF-model (discounted cash flow). The determined required return of investments for each property is expected to reflect the market’s current required rate of return for a similar property. Therefore, the specified required return of investment to ensure a uniform market value of similar properties is associated with some uncertainty.Udviklingen i aktiviteter og økonomiske forhold Koncernens omsætning er i 2022 steget til t.DKK 947.910, mod t.DKK 812.168 i 2021, stigningen er primært sket som følge af udvidede aktiviteter i segmentet boligudlejning. Årets resultat efter skat eksklusive værdiregulering udgør t.DKK 248.739, mens årets værdiregulering til dagsværdi efter skat udgør t.DKK 874.401. Koncernens samlede resultat for 2022 viser et overskud efter skat på t.DKK 1.123.140, mod t.DKK 1.186.740 i 2021. Ledelsen finder årets resultat tilfredsstillende. Koncernens balance pr. 31.12.22 udgør t.DKK 18.453.618. mod t.DKK 15.940.809 pr. 31.12.21. Heraf udgør værdien af investeringsejendomme t.DKK 17.298.250 pr. 31.12.22. Koncernens egenkapital pr. 31.12.22 udgør t.DKK 6.298.264, mod t.DKK 5.182.185 pr. 31.12.21.Financial review In 2022 the Group’s revenue has increased to t.DKK 947,910 vs. t.DKK 812,168 in 2021. The increase is primarily due to expanded activities in the residential lease segment. Profit of the year excluding valuation adjustment amounts to t.DKK 248,739. While the value adjustment of the year to fair value after-tax amounts to t.DKK 874,401, the Group’s total result for 2022 shows a profit after tax of t.DKK 1,123,140, compared to t.DKK 1,186,740 in 2021. The management finds the result of the year satisfying. The balance sheet of the Group per 31.12.22 shows equity of t.DKK 18,453,618 against t.DKK 15,940,809 per 31.12.21. Hereof, the value of investment properties amounts to t.DKK 17,298,250 per 31.12.22. The Group’s equity per 31.12.22 amounts to t.DKK 6,298,264, again t.DKK 5,182,185 per 31.12.2021.Betydningsfulde hændelser, som er indtruffet efter regnskabsårets afslutning Der er efter regnskabsårets afslutning ikke indtruffet begivenheder, som væsentligt vil kunne påvirke koncernens finansielle stilling.Significant events occurring after the end of the financial year No events have occurred after the balance sheet date which could significantly affect the the group's financial position.Forventet udvikling Ruslands invasion af Ukraine i februar 2022 samt uro på de finansielle markeder har gennem 2022 medført høj inflation samt stigende renter i hele verden, hvilket medførte fald i ejendomstransaktioner mv. Mod slutningen af 2022 samt starten af 2023 er der faldet lidt mere ro på de finansielle markeder, inflationen er faldende, og presset på forsyningskæderne ser ud til at være lettet og tilbage på et nogenlunde normalt niveau. Det er forsat forventningen at kunne færdigudvikle de igangværende projekter indenfor de kommende år. For Balder Danmark bliver 2023 et år med fokus på den eksisterende portefølje og igangværende bygge- projekter, og et år, hvor vi sandsynligvis vil se et lavere aktivitetsniveau vedrørende ejendomstransaktioner, men en øget omsætning i forhold til 2022 grundet færdiggørelse af igangværende byggeprojekter.Expected development Russia’s invasion of Ukraine in February 2022 combined with instability in the financial markets has resulted in global increases in inflation and interest rates. This, in turn, has caused a decrease in real estate transactions. The financial markets have stabilized somewhat towards the end of 2022 and in the beginning of 2023: inflation is on a downward trend and the stress on global supply chains appears to be easing up and returning to a normal level. The expectation remains to be able to complete the development of the ongoing projects within the coming year. 2023 will be a year for Balder Danmark to focus on the existing stock as well as ongoing development projects. We are likely to see a lower level of real estate transactions but at the same time an increase in revenue compared to 2022 due to the completion of ongoing projects.Viden ressourcer og udviklingsaktiviteter Balders forretningsgrundlag bygger på en fagligt stærk medarbejderstab, som sikrer et højt kompetenceniveau på områderne projektudvikling og forvaltning. Medarbejderstaben er vokset betydeligt det seneste år, som følge af den voksende ejendomsportefølje. Desuden investeres der i disse år både energi, ressourcer og kapital i digitale løsninger, som sikrer bedre, og mere effektive processer og kommunikation til glæde for lejere og medarbejdere.Knowledge resources and development activities The commercial basis of Balder is based on a strong, professional staff who ensures a high level of competencies within the areas of project development and management. The number of employees has increased significantly in the past year due to the increasing property portfolio. Furthermore, during these years, energy, resources, and capital are invested in digital solutions which ensure better and more efficient communication for the benefit of tenants and employees.Filialer i udlandet I koncernen indgår en filial i Stockholm som forestår udlejning af en erhvervsejendom. Denne er påvirket af valutarisici i forhold til indregning i resultat, pengestrømme og egenkapital.Foreign branches The group includes a branch in Stockholm which manages the letting of a commercial property. This branch is affected by foreign exchange risk in relation to adding in the result, cash flow and equity.Finansielle risici Som ejendomskoncern består fremmedfinansieringen af bank- og realkreditlån, med varierende løbetid og rentebinding. Disse lån er således i forskelligt omfang påvirket af den udvikling der sker i renteniveauerne. Der foretages løbende overvågning af disse lån i forhold til at sikre en afdækning af risikoen for udsving i renten.Financial risks As a real estate group, debt financing consists of bank and mortgage loans with varying duration and fixed interest rates. These loans are thus affected by fluctuating interest rates and are therefore monitored on an ongoing basis to ensure that fluctuation risks are hedged against.Samfundsansvar Fastighet AB Balder har på deres hjemmeside offentliggjort årsrapporten for 2022, hvori der er redegjort for koncernens samfundsansvar, herunder Balder Danmark A/S. For den lovpligtige redegørelse for samfundsansvar henvises der derfor til denne rapport via linket https://en.balder.se/sites/balder/files/1969563.pdf Corporate social responsibility The 2022 annual report, which has been published on Fastighet AB Balder’s website, describe the corporate social responsibility of the Group, including Balder Danmark A/S. For the legally required full account of Balder’s corporate social responsibility, please refer to the annual report via this link: https://en.balder.se/sites/balder/files/1969563.pdf Kønsmæssig sammensætning af ledelsenGender composition of the managementBeskrivelse af måltal vedrørende det underrepræsenterede kønDescription of target figures for the underrepresented genderInformation om status for opfyldelse af måltal vedrørende det underrepræsenterede køn Balder Danmark har i 2022 i gennemsnit beskæftiget 120 ansatte (inkl. hoteldrift). Balders bestyrelse forholder sig løbende til, at sammensætningen i ledelsen sker på en sådan måde, at den danske koncern kan løse sine ledelsesfunktioner med de bedste forudsætninger. Det er Balders hensigt altid at leve op til og overholde de gældende anbefalinger på området. Der er ikke defineret specifikke politikker omkring måltal for det underrepræsenterede køn. Balder Danmarks bestyrelse består af 3 personer, fordelt med 1 kvinde og 2 mænd, hvilket ifølge Erhvervsstyrelsen er en ligelig fordeling. Selskabets direktion består, på regnskabsaflæggelsestidspunktet af 4 personer, fordelt med 2 kvinder og 2 mænd. Med baggrund i dette er det vores opfattelse, at der er en ligelig fordeling for indeværende og det kommende år.Progress report regarding the achievement of target figures for the underrepresented gender Balder Danmark employed an average of 120 people (including hotel staff) in 2022. The Board of Directors continuously ensure that the composition of the management takes place in such a way that the Danish group can solve its management function in the best way. Balder intends to fulfil the current recommendations for the area. No specific policies have been defined for target figures for the underrepresented gender. Balder Danmark’s board consists of 3 people: 1 woman and 2 men which, according to the Danish Business Authority, is considered an equal distribution. At the time of financial reporting, the company’s management consists of 4 people: 2 women and 2 men. Based on this, it is our perception that there is an equal distribution for the present and the coming year.Redegørelse for virksomhedens politik for dataetikStatement of policy for data ethicsOplysning om virksomhedens arbejde med og politik for dataetiske spørgsmål Som ejendomskoncern bliver anvendelse af data og digitale løsninger i stigende grad et konkurrence- parameter i branchen. Digitaliseringskravet kombineret med behovet for at kunne træffe forretningsbeslutninger på et oplyst grundlag fordrer os at indsamle og behandle data fra bl.a. kunder, leverandører, samarbejdspartnere og medarbejdere. I den sammenhæng er det helt centralt, at denne indsamling og behandling sker på en ansvarlig og etisk måde. På denne baggrund har Balder Danmark udarbejdet følgende seks principper, der danner grundlaget for al indsamling, behandling og anvendelse af data i organisationen: • Ansvarlighed: Balder tager ansvar for behandling af persondata og beskyttelse af personlige oplysninger og sikrer, at alle medarbejdere overholder disse principper. • Gennemsigtighed: Balder er åben og gennemsigtig om, hvilke oplysninger der indsamles, hvordan de behandles, anvendes og deles. • Nytteværdi: Balder sikrer at data, herunder især personoplysninger, udelukkende anvendes således, at anvendelsen står i direkte proportion til formålet. Herigennem sikres bl.a. dataminimering samt respekt for individets rettigheder og friheder. • Sikkerhed: Balder sikrer, at de tekniske og organisatoriske foranstaltninger er på plads for at beskytte persondata mod utilsigtet eller ulovlig behandling. • Retfærdighed: Balder sikrer, at dataanvendelse sker på en retfærdig måde, hvor alle personer er lige og fair behandlet og ikke udsættes for diskrimination. • Fortrolighed: Balder respekterer og opretholder fortrolighed i forhold til persondata, og deler kun oplysninger, når det er nødvendigt og efter samtykke fra den enkelte person.Description of the entity's work with and policy for data ethical questions In property development and management data and digital solutions has increasingly become a parameter of competition. This call for digitalization combined with a need to make data-driven management decisions necessitates collection and manipulation of data from customers, suppliers, partnering entities, employees, etc. In this regard it is essential that the data collection and manipulation is conducted in a responsible and ethical manner. For this reason, Balder Danmark A/S has committed to the following six principles which constitutes the organization-wide foundation of all collection, manipulation, and consumption of data: • Responsibility: Balder takes responsibility for processing personal data, for protection of sensitive information, and ensures that all employees adhere to these principles. • Transparency: Balder is open and transparent about which data points are collected as well as how they are processed, consumed, and shared. • Utility: Balder ensures that no data, in particular personal information, is processed without a clear proportional relation to the value of the use-case. This guarantees data minimization and safeguards personal rights and liberties. • Security: Balder ensures the proper technical and organizational safeguards to protect personal data from unethical and unlawful processing. • Fairness: Balder makes sure that no data processing takes place in an unfair manner and that individuals are treated equally and fair and that no one is discriminated against. • Confidentiality: Balder respects and preserves confidentiality of all personal data and ensures that data is only shared when necessary and with explicit consent from the individual.947910000812168000351320002471700023170001196100000123081000100107000003044470002466430000040542000334020008567100057303000482157000443977000-50539000-3258600065435000497360000028790002747000409000358000413843000391494000-50948000-32944000112102700012122720000015348700001603766000-50948000-3294400000115876200012086940002011600014514000248270002017300060150001698000525080003918000012814100010432000087402000659440001432860000151565800010977470001169159000309720000329918000-18764000-120330001123140000118574000011165110001181192000285000000994000600000001279000600000001729825000015043185000002054990002040000000020110008380004250003270001250001960001250001960001750588500015248219000550000523000008309560000711123200015126600014046000016604000015052300000168560800015732850001673340009151900016733400091519000184030002112900000873000105900081100079300033787600025416700010329353000892735200017845040000155029860001032990300089278750009877300024950700000310001530000098804000249660000001464000612100000008605000812130002642000016313000556900015730000012500000103200000068797000614450004984700022527000504000730007773100044961000959750001546240004320430001432020009245500061080006085780004378230001884300001607320001845361800015940809000105183330009088607000500000500000500000500000624950006494800000244560001365000062866980005112851000621081300051030870001106600068833000629826400051821850006298264000518218400015376000104730000016250630001375056000001174000937000001626237000137599300000660272400062951340000007421000002587399000236526000025873990002365260000919012300086678150002587399000236526000039664000534350000085093100028712100000105723000000156880003106900000820720001231250005140001280000016192820001514052000367000158200000101930002457200010193000245720001696120001411730002681000241100049368000422660000013236180007043430001632670000154116300010513741000937215800042200690003906423000184536180001594080900010518333000908860700050000064948000136500005103087000-172500000-7280000728000000-4330000201160001098121000-93100009310000500000624950002445600062108130005000006426000089360003927284000134200000-6540000654000000130000145140001165336000-98000009800000500000649480001365000051030870005000005112852000688340000-43300001183589000-67078000-93100009310000500000628669800011066000500000389377100010670800001300001228867000-47675000-9800000980000050000051128510006883300011231400001185740000-705814000-79060200088557000724800050588300040238600060150001698000-128142000-104319000383756000299765000-74611000-63862000309145000235903000-679000-900000-1141210000-964631000-72903000-11298600093000009800000-1205492000-1068717000-166259000-975306000222139000204884000112930800015133600001185188000742938000288841000-89876000143202000233078000432043000143202000432043000143202000Selskabets kapitalberedskab vurderes af ledelsen til at være tilstrækkelig, idet det ultimative moderselskab vil yde økonomisk støtte til Balder Danmark A/S ved lån i det omfang, det er nødvendigt for finansiering af selskabets drift og afvikling af selskabets økonomiske forpligtelser, ligesom det ultimative moderselskab samt tilknyttede virksomheders tilgodehavender i Balder Danmark A/S træder tilbage for andre kreditorer i Balder Danmark A/S. The company's capital resources are estimated by Management to be sufficient, because the ultimate parent company will support Balder Danmark A/S financially in form of a loan to the extent necessary to finance its operating activities and to settle its financial obligations and the ultimate parent company and group enterprises will subordinate their receivables from Balder Danmark A/S in favor of other creditors of Balder Danmark A/S.Lejeindtægter, bolig 482.343 407.759 0 0 Rental income, residential Lejeindtægter, erhverv 106.396 105.608 0 0 Rental income, commercial Øvrige huslejerelaterede indtægter 331 2.784 0 0 Other rental income Koncern intern salg, ydelser 0 0 35.132 24.717 Group internal sales, services Salg af ejendomme 333.406 284.653 0 0 Sale of properties Omsætning hotel 25.434 11.364 0 0 Revenue hotel Nettoomsætning i alt 947.910 812.168 35.132 24.717 Total revenue23170001196100000Kompensation Covid-19, hoteldriftKompensation Covid-19, hoteldriftKompensation Covid-19, hoteldriftKompensation Covid-19, hoteldrift59476000454730000049190003553000001015000708000002500020000065435000497360000067965566006796000556600000120930034000300000002845000244700040900035800028790002747000409000358000Investeringsejendomme Investment properties Ændringer af dagsværdien, der indregnes i resultatopgørelsen 1.121.027 1.212.272 0 0 Fair value adjustments recognised in the income statement Dagsværdi af aktiv eller forpligtelse, der måles til dagsværdi, ultimo 17.298.250 15.043.185 0 0 Fair value of an asset or a liability that is measured at fair value, closing Investeringsejendomme11210271212272001729825015043185000046693000376550005815000151900058150001519000192000153000008000260000600060150001698000525080003918000077381000636570008668900064893000507570004064700071200010510003000160001000012814100010432000087402000659440005971300054377000-16584000-13482000250006000275958000-21800005680000-4170000880000-100000-100020116000145140001183589000122886700010981210001165336000-67078000-4767500049030005890000000457500031900039400031900049690000-3975000-340000-34000-3975000285000994000938988800011340380001052392600056532970001121027000677432400017298250000Årets renteomkostninger indregnet i kostprisen udgør t.DKK 3.918.Interest expenses for the year recognised as part of cost ofassets amounts to T.DKK 3,918. Oplysning om forudsætninger for dagsværdiberegninger af aktiver og forpligtelser Tekster i afsnittet kan rettes via 'Rediger' Dagsværdi af investeringsejendom er beregnet i en 10-årig DCF-model. Ejendomsporteføljen består af 35 investeringsejendomme, beliggende i Region Hovedstaden (30), Region Sjælland (4) og Stockholm (1). Ejendommene fordeler sig på følgende anvendelseskategorier: beboelse (17), beboelse under opførelse (4) hotel (5), parkeringshus (5) og erhverv (4). Forudsætninger ved opgørelse af dagsværdi af investeringsejendommene Afkastkrav mellem 2.65% og 5,75% Husleje mellem DKK 1.082 pr. kvm/år og DKK 3.164 pr. kvm/år Inflation 2% Driftsomkostninger mellem DKK 30 pr. kvm./år og DKK 210 pr. kvm./år Disclosure of the assumptions underlying fair value calculations of assets and liabilities Fair value of investment property has been estimated using a 10-year DCF-model. The portfolio consists of 35 investment properties, situated in the Capital Region (30), Region Zealand (4), and Stockholm, Sweden (1). The properties are subdivided into the following uses: residential (17), residential under development (4), hotel (5), parking garage (5), and commercial (4). Assumptions underlying the determination of fair value of investment properties Yield rate between 2,65% and 5,75% Rent between DKK 1,082 sq. m./year and 3,164 sq. m./year Inflation 2% Operating expenses between DKK 30 sq. m./year and DKK 210 sq. m./year14597700027270003560005407000176500001513840004492000356000667790000066779000008757000188900016000017250000021820005920007100012664000-248100023100020549900020110001250001429450002011000125000143600035600043600001872000356000111000016000033800071000-1448000231000424000125000002022093000194209300040000000800000002062093000202209300050891380003880432000-43300013000115876200012086940006247467000508913900083095600007111232000Navn Hjemsted Ejerandel Egenkapital Årets resultat Name Registered office Ownership interest Equity Profit/loss for the year Balder Elsehus ApS KBH/CPH 100 310.719 26.387 Balder Stævnen ApS KBH/CPH 100 171.427 7.167 Balder Agerhusene ApS KBH/CPH 100 152.314 9.185 Balder Lerholmen ApS KBH/CPH 100 154.479 3.051 Balder Fælledudsigten ApS KBH/CPH 100 59.096 11.307 Balder Fælledkanten ApS KBH/CPH 100 408.040 16.135 Balder Hesteskoen ApS KBH/CPH 100 447.537 34.287 Balder Lavetten ApS KBH/CPH 100 450.627 46.666 Balder Øresund Strandpark ApS KBH/CPH 100 1.173.076 46.456 Balder Bastionen ApS KBH/CPH 100 401.385 75.894 Balder Skibbroen ApS KBH/CPH 100 589.517 10.443 Balder Carlsbakken ApS KBH/CPH 100 154.118 9.978 Balder NBG ApS KBH/CPH 100 139.365 44.494 Balder CB A/S KBH/CPH 100 80.154 -2.433 Hotel Østerport, København ApS KBH/CPH 100 -17 -7.396 Balder Østerport ApS KBH/CPH 100 87.049 6.722 Balder Greve ApS KBH/CPH 100 91.214 6.772 Balder Engvej ApS KBH/CPH 100 -2.269 -2.693 Østerfælled Holding ApS KBH/CPH 100 43.971 -27 Balder HPG A/S KBH/CPH 100 73.559 478 Balder Projektudvikling Danmark ApS KBH/CPH 100 -2.998 -412 Balder Administration ApS KBH/CPH 100 6.327 376 ApS Komplementarselskabet Sundbyberg KBH/CPH 100 236 3 K/S Sundbyberg KBH/CPH 100 120.256 3.890 Balder Strandby Huse ApS KBH/CPH 100 30.795 -9.472 Balder Strandby Høje ApS KBH/CPH 100 56.237 11.427 Balder Ofeliahaven ApS KBH/CPH 100 98.951 36.118 Balder Lynghaven ApS KBH/CPH 100 166.841 45.556 Balder Green Hills ApS KBH/CPH 100 274.147 125.220 Balder Rubinhaven ApS KBH/CPH 100 123.841 69.679 Balder Fyrkanten ApS KBH/CPH 100 105.172 38.626 Balder Triumph Holding ApS KBH/CPH 100 67.916 -20 Bovieran Danmark A/S KBH/CPH 100 70.075 19.338 Balder Elsehus ApSKBH/CPH10031071926387Balder Stævnen ApSKBH/CPH1001714277167Balder Agerhusene ApSKBH/CPH1001523149185Balder Lerholmen ApSKBH/CPH1001544793051Balder Fælledudsigten ApSKBH/CPH1005909611307Balder Fælledkanten ApSKBH/CPH10040804016135Balder Hesteskoen ApSKBH/CPH10044753734287Balder Lavetten ApSKBH/CPH10045062746666Balder Øresund Strandpark ApSKBH/CPH100117307646456Balder Bastionen ApSKBH/CPH10040138575894Balder Skibbroen ApSKBH/CPH10058951710443Balder Carlsbakken ApSKBH/CPH1001541189978Balder NBG ApSKBH/CPH10013936544494Balder CB A/SKBH/CPH10080154-2433Hotel Østerport, København ApSKBH/CPH100-17-7396Balder Østerport ApSKBH/CPH100870496722Balder Greve ApSKBH/CPH100912146772Balder Engvej ApSKBH/CPH100-2269-2693Østerfælled Holding ApSKBH/CPH10043971-27Balder HPG A/SKBH/CPH10073559478Balder Projektudvikling Danmark ApSKBH/CPH100-2998-412Balder Administration ApSKBH/CPH1006327376ApS Komplementarselskabet SundbybergKBH/CPH1002363K/S SundbybergKBH/CPH1001202563890Balder Strandby Huse ApSKBH/CPH10030795-9472Balder Strandby Høje ApSKBH/CPH1005623711427Balder Ofeliahaven ApSKBH/CPH1009895136118Balder Lynghaven ApSKBH/CPH10016684145556Balder Green Hills ApSKBH/CPH100274147125220Balder Rubinhaven ApSKBH/CPH10012384169679Balder Fyrkanten ApSKBH/CPH10010517238626Balder Triumph Holding ApSKBH/CPH10067916-20Bovieran Danmark A/SKBH/CPH1007007519338126810000126810000126810000126810000126810000126810000126810000126810000136500008936000237130001334000023535000179330002824600023592000-9310000-9800000-9310000-9800000-3419000-3419000-3419000-341900024456000136500003923000023713000151266000140460000166040000150523000Sjælsø Management ApSKBH/CPH4910507057643Millennium HoldCo ApSKBH/CPH5039706422924291519000211290001059000758150000290000-1500000-2150000-122600001673340001840300087300016733400018403000873000157328500091519000793000112323000758150001800016856080001673340008110001685608000167334000811000987730002495070000031000153000009880400024966000000 Årets renteomkostninger indregnet i kostprisen t.DKK 3.416.Interest expenses for the year recognised as part of cost ofassets amounts to T.DKK 3.416.Virksomhedskapitalen består af 500 aktier à nominelt t.DKK 1. Ingen aktier er tillagt særlige rettigheder.5001The share capital consists of 500 shares of a nominal value of t.DKK 1. No shares carry any special rights.5000005000005000008000050000050000050000080000Hensættelse til udskudt skat 1. januar 2022 1.375.056 1.099.042 -10.320 -10.889 Provision for deferred tax at 1 January 2022 Udskudt skat indregnet i resultatopgørelsen 250.006 275.958 -2.180 568 Deferred tax recognised in income statement Hensættelser til udskudt skat i forbindelse med tilgang ved fusion og køb af virksomhed 0 56 0 0 Provisions for deferred tax through mergers and business combinations Hensættelse til udskudt skat 31. december 2022 1.625.062 1.375.056 -12.500 -10.321 Provision for deferred tax at 31 December 2022 Hensættelse til udskudt skat vedrører: Provisions for deferred tax on: Immaterielle anlægsaktiver -281 -500 0 0 Intangible assets Materielle anlægsaktiver 1.634.500 1.381.366 -5 -18 Property, plant and equipment Varebeholdninger 1.098 2.029 0 0 Inventories Amortisering -387 -288 0 0 Amortisation Underskudsbegrænsning -12.505 -10.338 -12.505 -10.338 Other taxable temporary differences Amortiseret lejerabat 2.638 2.787 0 0 Amortised rental discount Overført til udskudt skatteaktiv 0 0 12.500 10.320 Transferred to deferred tax asset 1.625.063 1.375.056 0 0 Udskudt skatteaktiv Deferred tax asset Opgjort skatteaktiv 0 0 12.500 10.320 Calculated tax asset Regnskabsmæssig værdi 0 0 12.500 10.320 Carrying amount -281000-5000000016345000001381366000-5000-180001098000202900000-387000-28800000-12505000-10338000-12505000-103380002638000278700000Saldo primo 1. januar 2022 937 654 0 0 Balance at beginning of year at 1 January 2022 Hensat i året 237 283 0 0 Provision in year Saldo ultimo 31. december 2022 1.174 937 0 0 Balance at 31 December 2022 Forfaldstidspunkterne for hensatte forpligtelser forventes at blive: The expected due dates of other provisions are: Mellem 1 og 5 år 1.174 937 0 0 Between 1 and 5 years 1.174 937 0 0 Hensatte forpligtelser omfatter forventede omkostninger til garantiforpligtelser i forbindelse med byggeentrepriser. Der er indregnet andre hensatte forpligtelser på t.DKK 1.174 til forventede garantikrav på grundlag af tidligere erfaringer vedrørende niveauet for udbedringer.93700065400000117400093700000117400093700000Provision include expected costs for liability of the guarantor in connection with building contracts. Other provisions include 1,174 t.DKK for expected warranty claims based on former experiences regarding the level of repairs needed.63485690006642388000396640006391057000742100000023652600002587399000025873990002365260000258739900002587399000Periodeafgrænsningsposter udgøres af modtagne forudbetalinger vedrørende indtægter i de efterfølgende år.Deferred income consists of payments received in respect of income in subsequent financial years.Leasingforpligtelser fra operationel leasing. Samlede fremtidige leasingydelser: Operating lease liabilities. Total future lease payments: Inden for et år 1.549 1.146 0 0 Within 1 year Mellem 1 og 5 år 1.207 76 0 0 Between 1 and 5 years 2.756 1.222 0 0 Kontraktlige forpligtelser Koncernen har indgået kontraktlige forpligtelser i forbindelse med opførelse af nye ejendomme, den samlede restforpligtelse på balancedagen udgør t.DKK 466.012. Andre eventualforpligtelser Moderselskabet indgår i sambeskatning med de danske tilknyttede virksomheder. Selskaberne hæfter ubegrænset og solidarisk for danske selskabsskatter samt kildeskatter på udbytte, renter og royalties inden for sambeskatningskredsen. Skyldige selskabsskatter og kildeskatter inden for sambeskatningskredsen udgør t.DKK 10.193 pr. 31. december 2022. Eventuelle senere korrektioner af selskabsskatter og kildeskatter vil kunne medføre, at selskabernes hæftelse udgør et større beløb. Koncernen som helhed hæfter ikke over for andre. Moderselskabet er fælles momsregistreret med nogle dattervirksomheder og hæfter herved for fælles momstilsvar. Den samlede forpligtelse udgør t. DKK 4.000 pr. 31. december 2022. Eventualforpligtelser relateret til tilknyttede virksomheder Moderselskabet har stillet selvskyldnerkaution og givet pant i kapitalandel for dattervirksomheders gæld til pengeinstitutter og kreditinstitutter. Der er afgivet selvskyldnerkaution og pant til pengeinstitutter og kreditinstitutter på vegne af dattervirksomheder. Moderselskabet har stillet selvskyldnerkaution for dattervirksomhedens banklån. Gælden til de omfattede pengeinstitutter udgør t. DKK 850.931 pr. 31. december 2022. Moderselskabet har stillet selvskyldnerkaution for dattervirksomheders gæld til kreditinstitutter. Gælden til de omfattede kreditinstitutter udgør t. DKK 3.571.473 pr. 31. december 2022.Other contractual liabilities The Group has entered into contractual obligations regarding the construction of new properties, the total liability at the balance sheet date amounts to T.DKK 466,012. Other contingent liabilities The parent company is jointly taxed with its danish group entities. The entities are jointly and severally liable for danish income taxes as well as withholding taxes on dividends, interest and royalties payable by the group of jointly taxed entities. Due income taxes and withholding taxes payable by the group of jointly taxed entities totals T. DKK 10,193 thousand at 31 December 2022. Any subsequent corrections of income taxes and withholding taxes may increase the tax payable by the entities. The group as such is not liable to any third parties. The parent company registers VAT jointly with some of its subsidiaries and therefore has joint VAT liability. The total liability amounts to T. DKK 4,000 at 31 December 2022. Contingent liabilities related to group enterprises The parent company has issued an absolute guarantee and provided security in equity shares for the debt of subsidiaries to financial institutions and credit institutions. Guarantees and securities to financial institutions and credit institutions have been issued on behalf of subsidiaries. The parent company has provided an absolute guarantee for the subsidiary’s bank loan. Debt to the covered financial institutions amounts to T.DKK 850,931 as of 31 December 2022. The parent company has issued an absolute guarantee to credit institutions for the debt of the subsidiaries. Debt to the covered credit institutions amounts to T.DKK 3,571,040 as of 31 December 2022.Til sikkerhed for koncernens gæld til realkreditinstitutter, t.DKK 6.670.874 er der givet pant i grunde og bygninger, hvis regnskabsmæssige værdi pr. 31. december 2022 udgør t.DKK 13.441.940. Til sikkerhed for koncernens gæld til pengeinstitutter, t.DKK 850.931 er der givet pant i grunde og bygninger, hvis regnskabsmæssige værdi pr. 31. december 2022 udgør t.DKK 1.819.730. Til sikkerhed for koncernens gæld til kreditinstitutter, t.DKK 105.723 er der givet pant i varebeholdinger hvis regnskabsmæssige værdi pr. 31. december 2022 udgør t.DKK 98.773. Til sikkerhed for datterselskabers gæld til kreditinstitutter er afgivet pant i kapitalandele. Gælden til de omfattede kreditinstitutter udgør t. DKK 3.434.167 pr. 31. december 2022. Til sikkerhed for datterselskabers gæld til pengeinstitutter er afgivet pant i kapitalandele. Gælden til de omfattede pengeinstitutter udgør t. DKK 850.931 pr. 31. december 2022.Land and buildings at a carrying amount of T.DKK 13,441,940 at 31 December 2022 have been provided as security for the groups mortgage debt totalling T.DKK 6,670,940. Land and buildings at a carrying amount of T.DKK 1,819,730 at 31 December 2022 have been provided as security for the groups bank debt totalling T.DKK 850,931. Inventories at a carrying amount of T.DKK 98,773 at 31 December 2022 have been provided as security for the groups credit institutions debt totalling T.DKK 105,723. Security in equity shares in subsidiaries has been provided as collateral to credit institutions for debt of subsidiaries. Debt to the covered credit institutions amounts to T.DKK 3,434,167 as of 31 December 2022. Security in equity shares in subsidiaries has been provided as collateral to credit institutions for debt of subsidiaries. Debt to the covered credit financial institutions amounts to T.DKK 850,931 as of 31 December 2022.Fastighets AB Balder, Moderselskab Parkgatan 49 411 38 SE-Göteborg Følgende kapitalejere er noteret i selskabets ejerbog som ejende minimum 5% af stemmerne eller minimum 5% af virksomhedskapitalen:Fastighets AB Balder, Parent Company Parkgatan 49 411 38 SE-Göteborg According to the company’s register of shareholders, the following shareholder holds at least 5% of the votes or at least 5% of the share capital:Der har ikke i årets løb, bortset fra koncernens transaktioner på markedsvilkår, været gennemført transaktioner med direktionen, væsentlige aktionærer, tilknyttede virksomheder eller andre nærtstående parter.There have been no transactions with the Executive Board, significant shareholders, group enterprises or other related parties except for intercompany transactions on arms length. 115300017930002700003230001100001400011000014000770001010000013000450000004300000014400000-6015000-1698000128141000104320000-1118148000-1209525000-20116000-14514000309720000329918000367000614000150856000-64448000-3277000032988000-41053000181110001152400020597000885570007248000Årsrapport34058016Balder Danmark A/Sc/o Balder Danmark A/S1620 København V2022-01-012022-12-312021-01-012021-12-3134058016Balder Danmark A/SVesterbrogade1E, 5.1620København VDKDanmark2011-11-28KøbenhavnPricewaterhouseCoopers33771231Brian PetersenStatsautoriseret revisorStrandvejen442900HellerupDKDanmark2023-06-23Jesper Bahn DamgaardRegnskabsklasse C, stor virksomhedRevisionspåtegningCaseWare-FSRfalsefalsefalsefalseÅrsrapporten for Balder Danmark A/S for 2022 er aflagt i overensstemmelse med årsregnskabslovens bestemmelser for store virksomheder i regnskabsklasse C. Den anvendte regnskabspraksis er ens for såvel moderselskabsregnskabet som koncernregnskabet. Årsrapporten for 2022 er aflagt i DKK.The annual report of Balder Danmark A/S for 2022 has been prepared in accordance with the provisions of the Danish Financial Statements Act applying to large enterprises of reporting class C . The accounting policies are identical for both the parent company financial statements and the consolidated financial statements. The annual report for 2022 is presented in DKK.I resultatopgørelsen indregnes indtægter i takt med, at de indtjenes. Herudover indregnes værdireguleringer af finansielle aktiver og forpligtelser. I resultatopgørelsen indregnes ligeledes alle omkostninger, herunder afskrivninger og nedskrivninger. Aktiver indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil tilflyde koncernen og moderselskabet og aktivets værdi kan måles pålideligt. Forpligtelser indregnes i balancen, når det er sandsynligt, at fremtidige økonomiske fordele vil fragå koncernen og moderselskabet, og forpligtelsens værdi kan måles pålideligt. Ved første indregning måles aktiver og forpligtelser til kostpris. Efterfølgende måles aktiver og forpligtelser som beskrevet for hver enkelt regnskabspost nedenfor. Visse finansielle aktiver og forpligtelser måles til amortiseret kostpris, hvorved der indregnes en konstant effektiv rente over løbetiden. Amortiseret kostpris opgøres som oprindelig kostpris med fradrag af eventuelle afdrag samt tillæg/fradrag af den akkumulerede amortisering af forskellen mellem kostpris og nominelt beløb. Ved indregning og måling tages hensyn til forudsigelige tab og risici, der fremkommer, inden årsrapporten aflægges, og som be- eller afkræfter forhold, der eksisterede på balancedagen.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 group's and the parent company's 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 group's and the parent company's 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.Nyerhvervede virksomheder indregnes i regnskabet fra overtagelsestidspunktet. Solgte eller afviklede virksomheder indregnes i regnskabet frem til afståelsestidspunktet. Sammenligningstal korrigeres ikke for nyerhvervede virksomheder. Ophørte aktiviteter præsenteres særskilt, jf. nedenfor. Overtagelsestidspunktet er det tidspunkt, hvor selskabet faktisk opnår kontrol over den overtagne virksomhed. Ved køb af nye virksomheder, hvor selskabet opnår bestemmende indflydelse over den købte virksomhed, anvendes overtagelsesmetoden. De tilkøbte virksomheders identificerede aktiver, forpligtelser og eventualforpligtelser måles til dagsværdi på overtagelsestidspunktet. Identificerbare immaterielle aktiver indregnes, hvis de kan udskilles eller udspringer fra en kontraktlig ret. Der indregnes udskudt skat af de foretagne omvurderinger. Positive forskelsbeløb (goodwill) mellem på den ene side købsvederlaget, værdien af minoritetsinteresser i den overtagne virksomhed og dagsværdien af eventuelle tidligere erhvervede kapitalandele, og på den anden side dagsværdien af de overtagne identificerbare aktiver, forpligtelser og eventualforpligtelser indregnes som goodwill under immaterielle aktiver. Goodwill afskrives lineært i resultatopgørelse efter en individuel vurdering af den økonomiske levetid. Negative forskelsbeløb (negativ goodwill) indregnes i resultatopgørelsen på overtagelsestidspunktet. Ved overtagelsen henføres goodwill til den pengestrømsfrembringende enhed, der efterfølgende danner grundlag for nedskrivningstest. Goodwill og dagsværdireguleringer i forbindelse med overtagelse af en udenlandsk enhed med en anden funktionel valuta end koncernens præsentationsvaluta behandles som aktiver og forpligtelser, tilhørende den udenlandske enhed, og omregnes ved første indregning til den udenlandske enheds funktionelle valuta med transaktionsdagens valutakurs. Købsvederlaget for en virksomhed består af dagsværdien af det aftalte vederlag i form af overdragne aktiver, påtagne forpligtelser og udstedte egenkapitalinstrumenter. Hvis en del af købsvederlaget er betinget af fremtidige begivenheder eller opfyldelse af aftalte betingelser, indregnes denne del af købsvederlaget til dagsværdi på overtagelsestidspunktet. Efterfølgende reguleringer af betingede købsvederlag indregnes i resultatopgørelsen. Omkostninger, afholdt i forbindelse med virksomhedskøb, indregnes i resultatopgørelsen i afholdelsesåret. Hvis der på overtagelsestidspunktet er usikkerhed om identifikation eller måling af overtagne aktiver, forpligtelser, eventualforpligtelser eller fastlæggelsen af købsvederlaget, sker første indregning på baggrund af foreløbigt opgjorte. Hvis det efterfølgende viser sig, at identifikation eller måling af købsvederlaget, overtagne aktiver, forpligtelser eller eventualforpligtelser ikke var korrekt ved første indregning, reguleres opgørelsen med tilbagevirkende kraft, herunder goodwill, indtil 12 måneder efter overtagelsen, og sammenligningstal tilpasses. Herefter indregnes eventuelle korrektioner som fejl. For sammenslutninger af virksomheder underlagt den samme interesses kontrol anvendes sammenlægningsmetoden. Sammenlægningen anses for gennemført på erhvervelsestidspunktet uden tilpasning af sammenligningstal. Forskelsbeløbet mellem det aftalte vederlag og den erhvervede virksomheds regnskabsmæssige indre værdi indregnes i egenkapitalen.Recently acquired entities are recognised in the financial statements from the date of acquisition. Sold entities are recognised in the financial statements until the date of disposal. Comparative figures are not restated in respect of recently acquired entities. Discontinued operations are presented separately, see below. The date of acquisition is the time when the company actually gains control over the acquiree. The acquisition method is applied to the acquisition of new entities where the company gains control over the acquiree. The acquirees' identifiable assets, liabilities and contingent liabilities are measured at fair value at the date of acquisition. Identifiable intangible assets are recognised if they are separable or emanate from a contractual right. Deferred tax on the revaluations made is recognised. Positive differences (goodwill) between, on the one side, the purchase consideration, the value of non-controlling interests in the acquiree and the fair value of any previously acquired investments and, on the other side, the fair value of the acquired identifiable assets, liabilities and contingent liabilities are recognised as goodwill under ‘Intangible assets’. Goodwill is amortised on a straight-line basis in the income statement based on an individual assessment of its useful life. Negative differences (negative goodwill) are recognised in the income statement at the date of acquisition. On acquisition, goodwill is ascribed to / classed with the cash-generating unit, which subsequently forms a basis for impairment testing. Goodwill and fair value adjustments in connection with the acquisition of a foreign entity with another functional currency than the group's presentation currency are accounted for as assets and liabilities belonging to the foreign entity and are translated on initial recognition into the foreign entity's functional currency using the exchange rate at the date of the transaction. The purchase consideration for an entity consists of the fair value of the agreed consideration in the form of assets transferred, liabilities assumed and equity instruments issued. If part of the purchase consideration is conditional upon future events or the fulfilment of agreed conditions, this part of the purchase consideration is recognised at fair value at the date of acquisition. Subsequent adjustments of conditional purchase consideration are recognised in the income statement. Expenses defrayed in connection with acquisitions are recognised in the income statement in the year in which they are defrayed. If, at the date of acquisition, the identification or measurement of acquired assets, liabilities and/or contingent liabilities or the size of the purchase consideration are associated with uncertainty, initial recognition will be based on preliminarily calculated amounts. If it subsequently turns out that the identification or measurement of the purchase consideration, acquired assets, liabilities and/or contingent liabilities was not correct on initial recognition, the calculation will be adjusted with retrospective effect, including goodwill, until 12 months after the acquisition, and comparative figures will be restated. Subsequently, any adjustments made will be recognised as error. 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 date of acquisition without restatement of comparative figures. The difference between the agreed consideration and the equity value of the acquired enterprise is recognised in equityKoncernregnskabet omfatter modervirksomheden Balder Danmark A/S og dattervirksomheder, hvori Balder Danmark A/S direkte eller indirekte besidder mere end 50% af stemmerettighederne eller på anden måde har bestemmende indflydelse. Virksomheder, hvori koncernen besidder mellem 20% og 50% af stemmerettighederne og udøver betydelig, men ikke bestemmende indflydelse, betragtes som associerede virksomheder. Koncernregnskabet er udarbejdet som et sammendrag af moderselskabets og dattervirksomheders årsregnskaber ved sammenlægning af ensartede regnskabsposter. Ved konsolideringen foretages eliminering af koncerninterne indtægter og omkostninger, aktiebesidelser, interne mellemværender og udbytter samt realiserede og urealiserede fortjenester og tab ved transaktioner mellem konsoliderede virksomheder. Kapitalandele i dattervirksomheder udlignes med den forholdsmæssige andel af dattervirksomheders dagsværdi af nettoaktiver og forpligtelser på anskaffelsestidspunktet. Nyerhvervede eller nystiftede virksomheder indregnes i koncernregnskabet fra det tidspunkt, hvor der opnås kontrol. Solgte eller afviklede virksomheder, indregnes i den konsoliderede resultatopgørelse frem til afståelsestidspunktet. Sammenligningstal korrigeres ikke for nyerhvervede, solgte eller afviklede virksomheder. Erhvervede virksomheder indregnes i koncernregnskabet efter overtagelsesmetoden med omvurdering af alle identificerede aktiver og forpligtelser til dagsværdi på overtagelsesdagen. Dagsværdien er opgjort på baggrund af handler på et aktivt marked, alternativt beregnet ved anvendelse af almindeligt accepterede værdiansættelsesmodeller. Ved beregning af dagsværdi på investeringsejendomme er anvendt en discounted cash flowmodel på baggrund af en tilbagediskontering af den fremtidige indtjening. Driftsmidler er opført til dagsværdi på baggrund af indhentede valuarvurderinger, som bygger på en samlet vurdering af maskinparken. Kapitalandele i associerede virksomheder måles i balancen til den forholdsmæssige andel af virksomhedernes indre værdi opgjort efter moderselskabets regnskabspraksis og med forholdsmæssig eliminering af urealiserede koncerninterne avancer og tab. I resultatopgørelsen indregnes den forholdsmæssige andel af de associerede virksomheders resultat efter eliminering af forholdsmæssig andel af intern avance og tab.The consolidated financial statements comprise the parent company Balder Danmark A/S and subsidiaries in which the parent company, directly or indirectly, holds more than 50% of the voting rights or otherwise has a controlling interest. Entities in which the Group holds between 20% and 50% of the voting rights and over which it exercises significant influence, but which it does not control, are considered associates. The consolidated financial statements are prepared as a consolidation of the parent company's and subsidiaries' financial statements by aggregating uniform accounting items. On consolidation, intra-group income and expenses, holdings of shares, intra-group balances and dividends as well as realised and unrealised gains and losses on intra-group transactions are eliminated. Investments in subsidiaries are set off against the proportionate share of the subsidiaries' fair value of net assets and liabilities at the acquisition date. Entities acquired or formed during the year are recognised in the consolidated financial statements from the date at which control is obtained. Entities sold during the year are recognised in the consolidated income statement until the date of disposal. Comparative figures are not restated for acquisitions or disposals. Acquirees are recognised in the consolidated financial statements using the purchase method, according to which the identifiable assets and liabilities of the acquirees are revalued at their fair values at the date of acquisition. The fair value is determined on the basis of transactions in an active market, alternatively on the basis of generally accepted valuation methods. The fair value of investment property is based on a discounted cash flow model, according to which future earnings are discounted. Operating equipment is recognised at fair value on the basis of assessments made by appraisers, which are based on an overall assessment of machinery. Investments in associates are measured in the balance sheet at the proportionate share of the net asset value of the associates based on the parent company’s accounting policies and proportionate elimination of unrealised intra-group gains and losses. The proportionate share of associates’ profit/loss, after elimination of the proportionate share of intra-group gains and losses, is recognised in the income statement.I koncernregnskabet indregnes dattervirksomhedernes regnskabsposter 100%. Minoritetsinteressernes forholdsmæssige andel af dattervirksomheders resultat og egenkapital præsenteres særskilt i henholdsvis resultatdisponeringen og en særskilt hovedpost under egenkapitalen.In the consolidated financial statements, the items of subsidiaries are recognised in full. The minority interests' proportionate share of subsidiaries' profit/loss and equity is presented separately under appropriation of profit and in a main item under equity.Bruttoresultat er et sammendrag af nettoomsætning, ændring i lagre af færdigvarer og varer under fremstilling samt andre driftsindtægter med fradrag af omkostninger til råvarer og hjælpematerialer og andre eksterne omkostninger.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.Nettoomsætningen består af huslejeindtægter og indregnes lineært i lejeperioden. Indtægter fra salg af handelsvarer og færdigvarer, indregnes i resultatopgørelsen, når levering og risikoovergang til køber har fundet sted, og hvis indtægten kan opgøres pålideligt og forventes modtaget. Serviceydelser indregnes i takt med udførelse af den service, som aftalen vedrører, hvorved netto- omsætningen svarer til salgsværdien af årets udførte serviceydelse. Nettoomsætningen indregnes eksklusive moms og med fradrag af rabatter i forbindelse med salget. Når resultatet af en entreprisekontrakt ikke kan skønnes pålideligt, indregnes omsætningen kun svarende til de medgåede omkostninger, i det omfang det er sandsynligt, at de vil blive genindvundet.Revenue comprises rentals which are recognised on a straight line basis over the term of the lease Income from the sale of goods for resale and finished goods is recognised in the income statement, provided that the transfer of risk, usually on delivery to the buyer, has taken place and that the income can be measured reliably and is expected to be received. Services are recognised at the rate of completion of the service to which the agreement relates. Revenue is recognised exclusive VAT and net of discounts relating to sales. When the outcome of a construction contract cannot be estimated reliably, revenue is recognised at the costs incurred insofar as they are likely to be recovered.Omkostninger til råvarer og hjælpematerialer indeholder det forbrug af råvarer og hjælpematerialer, der er anvendt for at opnå årets nettoomsætning.Costs of raw materials and consumables include the raw materials and consumables used in generating the year’s revenue.Andre driftsindtægter indeholder regnskabsposter af sekundær karakter i forhold til virksomhedens aktiviteter, herunder kompensation som følge af Covid-19.Other operating income comprises items of a secondary nature relative to the company's activities, including compensation due to Covid-19.Andre driftsomkostninger indeholder regnskabsposter af sekundær karakter i forhold til virksomhedens aktiviteter, herunder tab ved salg materielle anlægsaktiver.Other operating expenses comprise items of a secondary nature relative to the company's activities, including losses on the sale of property, plant and equipment.Andre eksterne omkostninger omfatter omkostninger til distribution, salg, reklame, administration, lokaler, tab på debitorer, operationelle leasingomkostninger mv.Other external expenses include expenses related to distribution, sale, advertising, administration, premises, bad debts, payments under operating leases, etc.Ejendommens driftsomkostninger omfatter direkte og indirekte ejendomsomkostninger til drift, vedligeholdelse, forsikring, forbrugsafgifter og skatter mv., der afholdes i forbindelse med den udlejning af ejendomme, som indgår i nettoomsætningen.Expenses relating to the operation and maintenance of properties, including insurance, direct and indirect taxes, service subscriptions, cleaning and property service. Amounts relating to maintenance, included in the rent, are expensed in the income statement and recognised as a provision. Personaleomkostninger omfatter løn og gager, inklusive feriepenge og pensioner samt andre omkostninger til social sikring mv. til selskabets medarbejdere. I personaleomkostninger er fratrukket modtagne godtgørelser fra offentlige myndigheder.Staff costs include wages and salaries, including compensated absence and pensions, as well as other social security contributions, etc. made to the entity's employees. The item is net of refunds made by public authorities.Af- og nedskrivninger indeholder årets af- og nedskrivninger af immaterielle og materielle anlægsaktiver.Amortisation, depreciation and impairment losses comprise the year's amortisation, depreciation and impairment of intangible assets and property, plant and equipment.Værdiregulering af investeringsejendomme indeholder årets ændring i dagsværdien af investeringsejendomme.Value adjustments of investment property comprise the year's changes in the fair value of investment property.Finansielle indtægter og omkostninger indregnes i resultatopgørelsen med de beløb, der vedrører regnskabsåret. Finansielle poster omfatter renteindtægter og -omkostninger, realiserede og urealiserede kursgevinster og -tab vedrørende gæld og transaktioner i fremmed valuta, amortisering af realkreditlån samt tillæg og godtgørelse under acontoskatteordningen mv.Financial income and expenses are recognised in the income statement at the amounts relating to the financial year. Net financials include interest income and expenses, realised and unrealised capital/exchange gains and losses on foreign currency transactions, amortisation of mortgage loans and surcharges and allowances under the advance-payment-of-tax scheme, etc.I modervirksomhedens resultatopgørelse indregnes den forholdsmæssige andel af de enkelte dattervirksomheders resultat efter skat efter fuld eliminering af intern avance/tab. I både koncernens og modervirksomhedens resultatopgørelser indregnes den forholdsmæssige andel af de associerede virksomheders resultat efter skat efter eliminering af forholdsmæssig andel af intern avance/tab.The proportionate share of the profit/loss for the year of subsidiaries is recognised in the parent company's income statement after full elimination of intra-group profits/losses. The proportionate share of the profit/loss for the year of associates is recognised in both the consolidated and the parent company's income statement after elimination of the proportionate share of intra-group profits/gains.Modervirksomheden er omfattet af de danske regler om tvungen sambeskatning af koncernens danske dattervirksomheder. Dattervirksomheder indgår i sambeskatningen fra det tidspunkt, hvor de indgår i konsolideringen i koncernregnskabet og frem til det tidspunkt, hvor de udgår fra konsolideringen. Modervirksomheden er administrationsselskab for sambeskatningen og afregner som følge heraf alle betalinger af selskabsskat med skattemyndighederne. Den aktuelle danske selskabsskat fordeles ved afregning af sambeskatningsbidrag mellem de sambeskattede virksomheder i forhold til disses skattepligtige indkomster. I tilknytning hertil modtager virksomheder med skattemæssigt underskud sambeskatningsbidrag fra virksomheder, der har kunnet anvende dette underskud til nedsættelse af eget skattemæssigt overskud. Årets skat, som består af årets aktuelle selskabsskat og ændring i udskudt skat, indregnes i resultatopgørelsen med den del, der kan henføres til årets resultat, og direkte i egenkapitalen med den del, der kan henføres til posteringer direkte i egenkapitalen.The parent 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 parent 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. On payment of joint taxation contributions, the current Danish income tax is allocated between the jointly taxed entities in proportion to their taxable income. Entities with tax losses receive joint taxation contributions from entities that have been able to use tax losses to reduce their own taxable profits. 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.Grunde og bygninger, produktionsanlæg og maskiner samt andre anlæg, driftsmateriel og inventar måles til kostpris med tillæg af opskrivninger og med fradrag af akkumulerede af- og nedskrivninger. Afskrivningsgrundlaget er kostpris med fradrag af forventet restværdi efter afsluttet brugstid. Der afskrives ikke på grunde. Kostpris omfatter anskaffelsesprisen og omkostninger direkte tilknyttet anskaffelsen indtil det tidspunkt, hvor aktivet er klar til brug. For egne fremstillede aktiver omfatter kostprisen direkte og indirekte omkostninger til materialer, komponenter, underleverandører og løn. Der foretages lineære afskrivninger baseret på følgende vurdering af aktivernes forventede brugstider og restværdier: Brugstid Restværdi Useful life Residual value Andre anlæg, driftsmateriel og inventar 5 år 0 % Other fixtures and fittings, tools and equipment 5 years 0 % Indretning af lejede lokaler 5 år 0 % Leasehold improvements 5 years 0 % Brugstiden og restværdien revurderes årligt. En ændring behandles som et regnskabsmæssigt skøn, og indvirkningen på afskrivninger indregnes fremadrettet. Fortjeneste eller tab ved salg af materielle anlægsaktiver indregnes i resultatopgørelsen under andre driftsindtægter henholdsvis andre driftsomkostninger.Items of land and buildings, plant and machinery and fixtures and fittings, tools and equipment are measured at cost added revaluations and less accumulated depreciation and impairment losses. The depreciable amount is cost less the expected residual value at the end of the useful life. Land is not depreciated. 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. Straight-line depreciation is provided on the basis of the following estimated useful lives of the assets: The useful life and residual value are re-assessed annually. A change is accounted for as an accounting estimate, and the impact on amortisation/depreciation is recognised going forward. Gains or losses from the disposal of property, plant and equipment are recognised in the income statement as other operating income or other operating expenses, respectively.Investeringsejendomme Investeringsejendomme udgør investeringer i grunde og bygninger med det formål at opnå afkast af den investerede kapital i form af løbende driftsafkast og/eller kapitalgevinst ved videresalg. Vis opsætning af investeringsaktiverInvesteringsejendomme måles ved anskaffelse til kostpris omfattende anskaffelsespris inkl. købsomkostninger. Kostprisen for egne opførte investeringsejendomme omfatter anskaffelsesprisen og omkostninger direkte tilknyttet anskaffelsen, herunder købsomkostninger og indirekte omkostninger til lønforbrug, materialer, komponenter og underleverandører indtil det tidspunkt, hvor aktivet er klar til at blive taget i brug. Renteomkostninger på lån optaget direkte til finansiering af opførelsen af investeringsejendomme indregnes i kostprisen i opførelsesperioden. Dagsværdien for investeringsejendomme er pr. 31. december 2022 er for hver enkelt ejendom opgjort ved anvendelse af en Discounted cash flow model. Beregningerne tager udgangspunkt i ejendommenes budgetter for de kommende år. Der er taget højde for lejeudvikling, tomgang, driftsomkostninger, vedligeholdelse og administration mv. De enkelte budgetterede cash flows tilbagediskonteres med en individuelt fastsat diskonteringssats og tillægges en terminal værdi. Den herved beregnede værdi korrigeres for eventuelle driftsfremmede aktiver, såsom likvider, deposita mv., såfremt disse ikke indgår særskilt andet sted i balancen, hvorved dagsværdien fremkommer. Investeringsejendomme måles efterfølgende til dagsværdi, der svarer til det beløb, som den enkelte ejendom vurderes at ville kunne sælges for på balancedagen til en uafhængig køber. Dagsværdien opgøres ved anvendelse af DCF-modellen som den beregnede kapitalværdi af de forventede pengestrømme fra de enkelte ejendomme. Ved fastsættelsen af de forventede pengestrømme tages udgangspunkt i den enkelte ejendoms budgetterede pengestrømme for de kommende 10 år, inklusive leje- og prisstigninger, samt en opgjort terminalværdi, der udtrykker værdien af de normaliserede pengestrømme, som ejendommen forventes at generere efter budgetperioden. De således opgjorte pengestrømme tilbagediskonteres til nutidsværdi ved anvendelse af en diskonteringsfaktor, som vurderes at afspejle markedets aktuelle afkastkrav for tilsvarende ejendomme inklusive forventet inflation. For at afdække markedets aktuelle afkastkrav anvendes markeds-statistikker, kendte handelspriser og valuarvurderinger. Investeringsejendomme under opførelse måles ligeledes til skønnet dagsværdi ud fra den forventede værdi på ibrugtagningstidspunktet vægtet med vurderet færdiggørelsesgrad. Regnskabsårets regulering af ejendommenes dagsværdi indregnes i resultatopgørelsen.Investment properties Investment properties comprises investments in land and buildings for purposes of gaining a return on the invested capital in the form of regular operating income and/or capital gains on resale. On acquisition, investment properties is measured at cost, comprising the purchase price, including purchase costs. The cost of self-erected investment properties comprises the purchase price and any costs directly attributable to the acquisition, including purchase costs and indirect expenses relating to labour, materials, components and sub-suppliers, until such time as the asset is available for use. Interest expenses on loans contracted directly for financing the erection of investment properties are recognised in cost over the construction period. The fair value of each individual investment properties at 31 december 2022 has been determined using a Discounted Cash Flow model. Calculations are based on budgets for the coming years, taking into account developments in rental income, non-occupancy periods, operating expenses, maintenance, administration, etc. Individual estimated cash flows are discounted using individual discount rates, and a terminal value is added. The resulting value is adjusted for any non-operating assets, such as cash and cash equivalents, deposits, etc., provided these are not separately disclosed elsewhere in the balance sheet, to arrive at the fair value. 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 to an independent buyer. The fair value is calculated using the DCF-model as the calculated net present value of the expected cash flows from the individual properties. The determination of the expected cash flows is based on the budgeted cash flows of the individual property for the following 10 years, including increase in rent and prices as well as a calculated terminal value, which expresses the value of the normalised cash flows the property is expected to generate after the budget period. The calculated cash flows are thus discounted to present value using a discount factor which is assessed to reflect the market’s current required rate of return for similar properties including expected inflation. To establish the market’s current required rate of return, market statistics, known market prices and valuations. The investment properties under construction are likewise measured at estimated fair value, at the time of commissioning and weighted with assessed degree of completion. The financial year’s adjustment of the property’s fair value is recognised in the income statement.Alle leasingkontrakter er operationel leasing. Ydelser i forbindelse med operationel leasing og øvrige lejeaftaler indregnes i resultatopgørelsen over kontraktens løbetid. Selskabets samlede forpligtelse vedrørende operationelle leasing- og lejeaftaler oplyses under eventualposter mv.All leases are operating leases. Payments relating to operating leases and any other leases are recognised in the income statement over the term of the lease. The company's total liabilities relating to operating leases and other rent agreements are disclosed under 'Contingencies, etc.'.Kapitalandele i dattervirksomheder og associerede virksomheder måles til den forholdsmæssige andel af virksomhedernes indre værdi opgjort efter koncernens regnskabspraksis med fradrag eller tillæg af urealiserede koncerninterne avancer og tab og med tillæg af resterende merværdier og positiv goodwill opgjort efter overtagelsesmetoden. Negativ goodwill indregnes i resultatopgørelsen ved købet af kapitalandelen. Vedrører den negative goodwill overtagne eventualforpligtelser, indtægtsføres negativ goodwill først, når eventualforpligtelserne er afviklet eller bortfaldet. Kapitalandele i dattervirksomheder og associerede virksomheder måles i moderselskabsregnskabet efter den indre værdis metode. På kapitalandele i dattervirksomheder og associerede virksomheder betragtes indre værdis metode som en konsolideringsmetode. Kapitalandele, som måles efter indre værdis metode, måles ved første indregning til kostpris. Transaktionsomkostninger, der direkte kan henføres til erhvervelsen, indregnes i kostprisen for kapitalandelene. Transaktionsomkostninger ved erhvervelse af dattervirksomheder indregnes dog i resultatopgørelsen på afholdelsestidspunktet. I koncernregnskabet måles associerede virksomheder efter indre værdis metode. Koncerngoodwill afskrives over den vurderede økonomiske levetid, der fastlægges på baggrund af ledelsens erfaringer inden for de enkelte forretningsområder. Koncerngoodwill afskrives lineært over afskrivningsperioden, der udgør 10 år. Afskrivningsperioden er fastlagt ud fra en vurdering af, at der er tale om strategisk erhvervede virksomheder med en stærk markedsposition og langsigtet indtjeningsprofil. Kapitalandele i dattervirksomheder og associerede virksomheder med regnskabsmæssig negativ indre værdi måles til kr. 0, og et eventuelt tilgodehavende hos disse virksomheder nedskrives, i det omfang tilgodehavendet er uerholdeligt. I det omfang modervirksomheden har en retlig eller faktisk forpligtelse til at dække en underbalance, der overstiger tilgodehavendet, indregnes det resterende beløb under hensatte forpligtelser. Nettoopskrivning af kapitalandele i dattervirksomheder og associerede virksomheder bindes som reserve for nettoopskrivning efter den indre værdis metode under egenkapitalen, i det omfang den regnskabsmæssige værdi overstiger kostprisen. Udbytter fra dattervirksomheder, der forventes vedtaget inden godkendelsen af årsrapporten for Balder Danmark A/S, bindes ikke på opskrivningsreserven. Ved køb af virksomheder anvendes overtagelsesmetoden, jf. beskrivelse ovenfor under koncernregnskab.Investments in subsidiaries and associates are measured at the proportionate share of the net asset value of the entities, calculated on the basis of the group's accounting policies, plus or less unrealised intra-group gains or losses and plus or less any remaining value of positive or negative goodwill stated according to the purchase method. Negative goodwill is recognised in the income statement on acquisition. Where the negative goodwill relates to contingent liabilities having been taken over, the negative goodwill is not recognised until the contingent liabilities have been settled or no longer exist. Investments in subsidiaries and associates are measured in the parent company financial statements using the equity method. For equity investments in subsidiaries and associates, the equity method is considered a consolidation method. On initial recognition, equity investments measured according to the equity method are measured at cost. Transaction costs directly attributable to the acquisition are recognised in the cost of equity investments. However, transaction costs on the acquisition of subsidiaries are recognised in the income statement at the date incurred. Associates are measured using the equity method. Goodwill on consolidation is amortised over the expected useful economic life based on management’s experience from each individual business segment. Goodwill on consolidation is amortised on a straight-line basis over the amortisation period, which is 10 years. The amortisation period is fixed based on the assessment that the strategically acquired entities have a strong market position and a long-term earnings profile. Investments in subsidiaries and associates with a negative net asset value are measured at DKK 0, and the carrying amount of any receivables from these entities is reduced to the extent that they are considered irrecoverable. If the parent company has a legal or constructive obligation to cover a deficit that exceeds the receivable, the balance is recognised under provisions. Net revaluations of investments in subsidiaries and associates are taken to the net revaluation reserve according to the equity method in so far as that the carrying amount exceeds the cost. Dividends from subsidiaries which are expected to be declared before the annual report of Balder Danmark A/S is adopted are not taken to the net revaluation reserve. Acquirees are accounted for using the purchase method, see the above description of consolidated financial statements.Deposita, der er indregnet under aktiver, omfatter betalte deposita til udlejer vedrørende selskabets indgåede lejeaftaler.Deposits recognised under assets comprise deposits paid to the lessor under leases entered into by the company.Varer under fremstilling omfatter grunde, igangværende byggeprojekter for egen regning samt igangværende solgte byggeprojekter som først kan indregnes i omsætningen på overdragelsestidspunktet. Grunde måles til anskaffelsessummen (kostpris) med tillæg af omkostninger, som vurderes at tilføre grunden en generel værdiforøgelse, som grundlag for et kommende projekt. Igangværende byggeprojekter måles til kostprisen med tillæg af medgående projekt- og byggeomkostninger, herunder finansieringsomkostninger og indirekte henførbare personaleomkostninger frem til byggeprojektets afslutning. Såfremt den forventede salgspris med fradrag af salgsomkostninger (nettorealisationsværdi) skønnes lavere end den regnskabsmæssige værdi, foretages nedskrivning til denne lavere værdi. Varebeholdninger måles til kostpris efter FIFO-metoden. Er nettorealisationsværdien lavere end kostprisen, nedskrives til denne lavere værdi. Kostpris for handelsvarer samt råvarer og hjælpematerialer omfatter anskaffelsespris med tillæg af hjemtagelsesomkostninger.Work in progress includes site, building projects in progress for own account as well as building projects in progress which are already sold but is not included in the revenue at time of handover. Sites are measured at cost price including value adding costs as basis for a future project. Ongoing building projects are measuredt at cost price including project- and construction costs including finance costs and indirectly-related personnel costs until completion of the building project. If the expected sales price with deduction of sales costs (net realisation value) is estimated lower than the book value, a depreciation is made to match the lower value. Stock are measured at cost using the FIFO method. Where the net realisable value is lower than the cost, inventories are recognised at this lower value. The cost of goods for resale, raw materials and consumables comprises the purchase price plus delivery costs.Nettorealisationsværdien for varebeholdninger opgøres som forventet salgspris med fradrag af direkte færdiggørelsesomkostninger og omkostninger, der afholdes for at effektuere salget. Værdien fastsættes under hensyntagen til varebeholdningers omsættelighed, ukurans og forventet udvikling i salgspris.The net realisable value of stocks is calculated as the expected selling price less direct costs of completion and expenses incurred to effect the sale. The net realisable value is determined taking into account marketability, obsolescence and expected selling price movements.Den regnskabsmæssige værdi af immaterielle og materielle anlægsaktiver samt kapitalandele i dattervirksomheder, associerede virksomheder og kapitalinteresser vurderes årligt for indikationer på værdiforringelse, ud over det som udtrykkes ved afskrivning.The carrying amount of intangible assets, items of property, plant and equipment and investments in subsidiaries, associates and participating interests is tested annually for impairment, other than what is reflected through normal amortisation and depreciation.Tilgodehavender måles til amortiseret kostpris. Der foretages nedskrivning til imødegåelse af tab, hvor der vurderes at være indtruffet en objektiv indikation på, at et tilgodehavende eller en portefølje af tilgodehavender er værdiforringet. Hvis der foreligger en objektiv indikation på, at et individuelt tilgodehavende er værdiforringet, foretages nedskrivning på individuelt niveau.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.Periodeafgrænsningsposter, indregnet under omsætningsaktiver, omfatter afholdte omkostninger og udbetalt lejerabat vedrørende efterfølgende regnskabsår.Prepayments recognised under 'Current assets' comprises expenses incurred and rent reduction paid concerning subsequent financial years.Likvide beholdninger omfatter indestående på bankkonti samt kontante beholdninger.Cash includes deposits in bank accounts as well as operating cash.Reserve for nettoopskrivning efter den indre værdis metode Reserve for nettoopskrivning efter indre værdis metode i moderselskabets årsregnskab omfatter nettoopskrivning af kapitalandele i dattervirksomheder, kapitalinteresser og associerede virksomheder i forhold til kostpris.Reserve for net revaluation according to the equity method The reserve for net revaluation according to the equity method in the company's financial statements comprises net revaluation of investments in subsidiaries, participating interests and associates relative to the cost.Hensatte forpligtelser omfatter forventede omkostninger til garantiforpligtelser. Hensatte forpligtelser indregnes, når koncernen som følge af en tidligere begivenhed har en retlig eller faktisk forpligtelse, og det er sandsynligt, at indfrielse af forpligtelsen vil medføre et forbrug af selskabets økonomiske ressourcer. Garantiforpligtelser omfatter forpligtelser til udbedring af arbejder inden for garantiperioden på 1-5 år. De hensatte garantiforpligtelser måles på baggrund af erfaringer med garantiarbejder. Hensatte forpligtelser med forventet forfaldstid ud over 1 år fra balancedagen tilbagediskonteres med en sats, som afspejler risiko og forfaldstidspunkt på forpligtelsen.Provisions comprise expected expenses relating to warranty commitments. Provisions are recognised when, as a result of a past event, the group has a legal or constructive obligation and it is probable that an outflow of resources embodying economic benefits will be required to settle the obligation. Warranty commitments include expenses for remedial action within the warranty period of 1-5 years. Provisions for warranty commitments are measured and recognised based on experience gained from guarantee work. Provisions with an expected maturity of more than one year from the balance sheet date are discounted using a rate that reflects the risk and maturity of the liability.Balder Danmark A/S hæfter som administrationsselskab for dattervirksomhedernes selskabsskatter over for skattemyndighederne. Aktuelle skatteforpligtelser og tilgodehavende aktuel skat indregnes i balancen som beregnet skat af årets skattepligtige indkomst, reguleret for skat af tidligere års skattepligtige indkomster samt for betalte acontoskatter. Selskabet er sambeskattet med koncernforbundne danske selskaber. Den aktuelle selskabsskat fordeles mellem de sambeskattede selskaber i forhold til disses skattepligtige indkomster og med fuld fordeling med refusion vedrørende skattemæssige underskud. De sambeskattede selskaber indgår i acontoskatteordningen. Skyldige og tilgodehavende sambeskatningsbidrag indregnes i balancen som 'Tilgodehavende sambeskatningsbidrag' eller 'Skyldige sambeskatningsbidrag'. Udskudt skat måles efter den balanceorienterede gældsmetode af midlertidige forskelle mellem regnskabsmæssig og skattemæssig værdi af aktiver og forpligtelser opgjort på grundlag af den planlagte anvendelse af aktivet henholdsvis afvikling af forpligtelsen. Udskudt skat måles til nettorealisationsværdi. Udskudte skatteaktiver, herunder skatteværdien af fremførselsberettiget skattemæssigt underskud, måles til den værdi, hvortil aktivet forventes at kunne realiseres, enten ved udligning i skat af fremtidig indtjening eller ved modregning i udskudte skatteforpligtelser inden for samme juridiske skatteenhed. Eventuelle udskudte nettoskatteaktiver måles til nettorealisationsværdi.As management company, Balder Danmark A/S is liable for payment of the 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'. 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 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.Finansielle forpligtelser indregnes ved lånoptagelse til det modtagne provenu efter fradrag af afholdte transaktionsomkostninger. I efterfølgende perioder måles de finansielle forpligtelser til amortiseret kostpris svarende til den kapitaliserede værdi ved anvendelse af den effektive rente, så forskellen mellem nettoprovenuet og den nominelle værdi indregnes i resultatopgørelsen over låneperioden. Prioritetsgæld er således målt til amortiseret kostpris, der for kontantlån svarer til lånets restgæld. For obligationslån svarer amortiseret kostpris til en restgæld beregnet som lånets underliggende kontantværdi på lånoptagelsestidspunktet reguleret med en over afdragstiden foretaget amortisering af lånets kursregulering på optagelsestidspunktet. Øvrige gældsforpligtelser, som omfatter gæld til leverandører, tilknyttede virksomheder samt anden gæld, måles til amortiseret kostpris, hvilket sædvanligvis svarer til nominel værdi.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. 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.Periodeafgrænsningsposter, indregnet under kortfristede gældsforpligtelser, omfatter modtagne betalinger vedrørende indtægter i de efterfølgende år.Deferred income recognised under 'Current liabilities' comprises payments received concerning income in subsequent financial years.Transaktioner i fremmed valuta omregnes ved første indregning til transaktionsdagens kurs. Valutakursdifferencer, der opstår mellem transaktionsdagens kurs og kursen på betalingsdagen, indregnes i resultatopgørelsen som en finansiel post. Hvis valutainstrumenter anvendes til sikring af fremtidige pengestrømme, indregnes urealiserede værdireguleringer direkte på egenkapitalen i dagsværdireserven. Tilgodehavender, gæld og andre monetære poster i fremmed valuta omregnes til balancedagens valutakurs. Forskellen mellem balancedagens kurs og kursen på tidspunktet for tilgodehavendets eller gældsforpligtelsens opståen eller indregning i seneste årsregnskab indregnes i resultatopgørelsen under finansielle indtægter og omkostninger. 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. Pengestrømsopgørelsen viser koncernens pengestrømme fordelt på drifts-, investerings- og finansieringsaktivitet for året, årets forskydning i likvider og koncernens likvider ved årets begyndelse og slutning. Likviditetsvirkningen af køb og salg af virksomheder vises separat under pengestrømme fra investeringsaktivitet. I pengestrømsopgørelsen indregnes pengestrømme vedrørende købte virksomheder fra anskaffelsestidspunktet, og pengestrømme vedrørende solgte virksomheder indregnes frem til salgstidspunktet. Pengestrømme fra driftsaktivitet Pengestrømme fra driftsaktivitet opgøres som koncernens andel af resultat reguleret for ikke-kontante driftsposter, ændring i driftskapital og betalt selskabsskat. Udbytteindtægter fra kapitalandele indregnes under 'renteindtægter og udbytter, modtaget'. Pengestrømme fra investeringsaktivitet Pengestrømme fra investeringsaktivitet omfatter betaling i forbindelse med køb og salg af virksomheder og aktiviteter samt køb og salg af immaterielle, materielle og finansielle anlægsaktiver. Pengestrømme fra finansieringsaktivitet Pengestrømme fra finansieringsaktivitet omfatter ændringer i størrelse eller sammensætning af koncernens aktiekapital og omkostninger forbundet hermed samt optagelse af lån, afdrag på rentebærende gæld og betaling af udbytte til selskabsdeltagere. Likvider Likvider omfatter likvide beholdninger og kortfristede værdipapirer med en løbetid under 3 måneder, og som uden hindring kan omsættes til likvide beholdninger, og hvorpå der kun er ubetydelige risici for værdiændringer.The cash flow statement shows the group's cash flows for the year, broken down under cash flows from operating, investing and financing activities, the year's changes in cash and cash equivalents and the group's cash and cash equivalents at the beginning and at the end of the year. The cash flow effect of additions and disposals of entities is shown separately under cash flows from investing activities. The cash flow statement includes cash flows from acquired entities from the time of acquisition, and cash flows from sold entities are included until the date of sale. Cash flows from operating activities Cash flows from operating activities are stated as the group's profit or loss for the year, adjusted for non-cash operating items, changes in working capital and paid income taxes. Dividend income from investments is recognised under ‘Interest income and dividend received’. Cash flows from investing activities Cash flows from investing activities comprise payments related to the acquisition and sale of entities and activities as well as intangible assets, property, plant and equipment and investments. Cash flows from financing activities Cash flows from financing activities comprise changes in the size or composition of the group's share capital and related costs, as well as the raising of loans, repayment of interest-bearing debt and payment of dividends to shareholders. Cash and cash equivalents Cash and cash equivalents comprise cash and short-term securities whose remaining life is less than three months and which are readily convertible into cash and which are subject only to insignificant risks of changes in value.Immaterielle rettigheder mv. omfatter erhvervede immaterielle rettigheder. Intellectual property rights etc. include acquired intellectual property rights. Erhvervede immaterielle rettigheder måles til kostpris med fradrag af akkumulerede afskrivninger. Acquired intellectual property rights are assessed at cost price with deduction of accumulated depreciations. Immaterielle rettigheder mv. nedskrives til genindvindingsværdi, hvis denne er lavere end den regnskabsmæssige værdi. Intellectual property rights etc. are depreciated to recoverable amount, if this is lower than the book value.Bruttomargin Bruttoresultat x 100Nettoomsætning Gross margin ratio Gross Profit x 100Revenue Overskudsgrad Resultat før finansielle poster x 100Nettoomsætning EBIT margin Profit/loss before financials x 100Revenue Afkastningsgrad Resultat før finansielle poster x 100Gennemsnitlige aktiver Return on assets Profit/loss before financials x 100Total assets Soliditetsgrad Egenkapital ultimo x 100Samlede aktiver ultimo Solvency ratio Equity at year end x 100Total assets Forrentning af egenkapital Ordinært resultat efter skat x 100Gennemsnitlig egenkapital Return on equity Net profit for the year x 100Average 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