36202629 2025-01-01 2025-12-31 36202629 2025-01-01 2025-12-31 0 36202629 2025-01-01 2025-12-31 1 36202629 2025-01-01 2025-12-31 2 36202629 2025-01-01 2025-12-31 0 36202629 2025-01-01 2025-12-31 0 36202629 2024-01-01 2024-12-31 36202629 2025-12-31 36202629 2024-12-31 36202629 2024-01-01 fsa:ContributedCapitalMember 36202629 2024-01-01 fsa:RetainedEarningsMember 36202629 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 36202629 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 36202629 2025-12-31 fsa:ContributedCapitalMember 36202629 2025-12-31 fsa:RetainedEarningsMember xbrli:pure iso4217:DKK 20283416 DEAS A/S Bellidavej 20 2500 Valby Revisionspåtegning Konklusion Grundlag for konklusion Årsrapport Regnskabsklasse B 2025-01-01 2025-12-31 2024-01-01 2024-12-31 true 0 Bjorn Denmark Propco 5 ApS Bellidavej 20Bellidavej 20 2500 Valby 36202629 12 2026-02-19 Alberto Brunetta Today, Management has considered and adopted the Annual Report of Bjorn Denmark Propco 5 ApS for the financial year 1 January 2025 - 31 December 2025. The Annual Report is presented in accordance with the Danish Financial Statements Act. In our opinion, the Financial Statements give a true and fair view of the assets, liabilities and financial position of the Company at 31 December 2025 and of the results of the Company's operations for the financial year 1 January 2025 - 31 December 2025. In our opinion, the Management's Review includes a true and fair account of the matters addressed in the review. We recommend that the Annual Report be adopted at the Annual General Meeting. Valby 2026-02-19 Mariaan Kennedy Tom Metcalf Alberto Brunetta CEO CEO CEO To the shareholders of Bjorn Denmark Propco 5 ApS ConclusionWe have performed an extended review of the financial statements of Bjorn Denmark Propco 5 ApS for the financial year 1 January 2025 - 31 December 2025, which comprise an income statement, balance sheet, statement of changes in equity and notes. The financial statements are prepared in accordance with the Danish Financial Statements Act. Based on our extended review, in our opinion, the financial statements give a true and fair view of the Company's financial position at 31 December 2025 and of the results of its operations for the financial year 1 January 2025 - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for conclusionWe conducted our extended review in accordance with the assurance engagement standard for small enterprises as issued by the Danish Business Authority and the standard on extended review of financial statements prepared in accordance with the Danish Financial Statements Act as issued by FSR - Danish Auditors. Our responsibilities under those standards and requirements are further described in the "Auditor's responsibilities for the extended review of the financial statements" section. We are independent of the Entity in accordance with the International Ethics Standards Board for Accountants' International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Denmark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the evidence we have obtained is sufficient and appropriate to provide a basis for our conclusion. Management's responsibilities for the financial statementsManagement is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Entity's ability to continue as a going concern, disclosing, as applicable, matters related to going concern, and using the going concern basis of accounting unless Management either intends to liquidate the Entity or to cease operations, or has no realistic alternative but to do so. The auditor's responsibilities for the extended review of the financial statementsOur responsibility is to express a conclusion on the financial statements. This requires that we plan and perform procedures to obtain limited assurance about our conclusion on the financial statements and that we also perform specifically required supplementary procedures for the purpose of obtaining additional assurance about our conclusion. An extended review consists of making inquiries, primarily of Management and, if appropriate, of other entity personnel, performing analytical and the specifically required supplementary procedures as well as evaluating the evidence obtained. The procedures performed in an extended review are less in scope than in an audit, and accordingly we do not express an audit opinion on the financial statements. Statement on management commentaryManagement is responsible for the management commentary. Our conclusion on the financial statements does not cover the management commentary, and we do not express any form of assurance conclusion thereon. In connection with our extended review of the financial statements our responsibility is to read the management commentary and, in doing so, consider whether the management commentary is materially inconsistent with the financial statements or our knowledge obtained in the extended review or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether the management commentary provides the information required by relevant law and regulations.Based on the work we have performed, we conclude that the management commentary is in accordance with financial statements and has been prepared in accordance with the requirements in the relevant law and regulations. We did not identify any material misstatement of the management commentary. Aarhus 2026-02-19 DeloitteStatsautoriseret Revisionspartnerselskab 33963556 Chris Middelhede State Authorised Public Accountant mne45823 Bjorn Denmark Propco 5 ApS 2500 Valby 36202629 2025-01-01 2025-12-31 Værkmestergade 2 8000 Aarhus C The Company's principal activitiesThe Company's principal activities consist in owning, develop, rent and manage real estate, directly and indirectly,and related business. Post financial year eventsNo events have occured after the balance sheet date which would influence the evaluation of the annual report. The annual report of Bjorn Denmark Propco 5 ApS for 2025 has been presented in accordance with the provisions of the Danish Financial Statements Act applying to enterprises of reporting class B as well as selected rules applying to reporting class C. Translation policiesDanish kroner is used as the presentation currency. All other currencies are regarded as foreign currencies.Transactions in foreign currencies are translated at the exchange rates at the date of transaction. Exchangedifferences arising due to differences between the transaction date rates and the rates at the dates of payment arerecognised in finansial income and expenses in the Income Statement. Where foreing exchange transactions areconsidered hedging of future cash flows, the value adjustments are recognised directly in equity.Receivables, payables and other monetary items in foreign currencies that have not been settled at the BalanceSheet date are translated at the exchange rates at the Balance Sheet date. Any differences between the exchangerates at the Balance Sheet date and the rates at the time when the receivable or the debt arose are recognised inFinansial Income and expenses in the Income Statement. Basis of recognition and measurementThe financial statement have been prepared under the historical cost principle.Income is recognised in the income statement as it is earned, including value adjustments of financial assets and liabilities that are measured at fair value or amortized cost. Moreover, all expenses incurred to achieve the earnings for the year are recognised in the income statement, including depreciation, amortization, impairment losses and provisions as well as reversals due to changed accounting estimates of amounts that have previously been recognised in the income statement. Assets are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will accrue to the Company, and the value of the asset can be measured reliably.Liabilities are recognised in the balance sheet when it is probable that future economic benefits attributable to the asset will flow out of the Company, and the value of the liability can be measured reliably. At initial recognition, assets and liabilities are measured at cost. Subsequently, assets and liabilities are measured as described for each item below. Certain financial assets and liabilities are measured at amortised cost, which involves the recognition of a constant effective interest rate over the term. Amortised cost is calculated as original cost less repayments and with the addition/deduction of the accumulated amortisation of the difference between the cost and the nominal amount. This way, exchange losses and gains are allocated over the term. In connection with recognition and measurement, consideration is given to predictable losses and risks occurring prior to the presentation of the financial statement, i.e. losses and risks which prove or disprove matters which exist at the balance sheet date. Income statement Gross profit/lossThe Company has decided to aggregate certain items of the income statement in accordance with the provisions of Section 32 of the Danish Financial Statements Act.Gross profit is a combination of the items of revenue and other external expenses. RevenueRevenue from rent is recognised in the income statement when delivery and transfer of risk to the byer has beenmade before year end.Revenue is measured at the consideration received and is recognised exclusive of VAT and net of discounts relatingto sales. Other external expensesOther external expenses include costs for premises, sales and office expenses etc. Fair value adjustment of investment assetsAdjustments of investment assets measured at fair value are recognised as a separate item in the IncomeStatement. Financial income and expensesFinancial income and expenses are recognised in the income statement based on the amounts that concern the financial year. Tax on net profit for the yearTax on net profit/loss for the year comprises current tax on expected taxable income of the year and the year's adjustment of deferred tax less the part of the tax of the year that relates to changes in equity. Current and deferred tax regarding changes in equity is recognised directly in equity.The Company and the Danish associates are taxed jointly. The Danish income tax is distributed between profit- and loss-making Danish enterprises in relation to their taxable income (full distribution). Balance sheet Investment propertyInvestment property comprises investment in land and buildings for the purpose of achieving a return on the invested capital in the form of regular operating income and a capital gain on resale.On initial recognition, investment properties are measured at cost, which comprises the cost of the property and any directly related expenses.Investment properties are subsequently measured at their value. The fair value of the properties is reassessed annually based on the return-based valuation model.The fair value is determined based on the net return on commercial properties located in the same geographical area as the properties. Net return is calculated taking into consideration the existing leases, the state of repair of the properties and the budget for the next year.Net return is calculated as total rental income less direct costs for property taxes, insurance, maintenance and housing management incurred on the investment properties divided by the carrying amounts of the investment properties less deposits.After the reporting date the Company has entered into an agreement for sale of the property and the agreed sales price reflects market conditions existing at the reporting date why the management assesses that the agreed sales price constitutes the best evidence of fair value at the reporting date.Change in fair value are recognised in the income statement under value adjustment of investment properties.As the investment properties are measured at fair value, they are not depreciated. ReceivablesReceivables are measured at amortized cost which usually corresponds to the nominal value. The value is reduced by write-downs for expected bad debts. PrepaymentsPrepayments comprise prepaid expenses concerning rent, insurance premiums, subscriptions and interest. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and in hand as well as short-term securities with a term of less than three months which can be converted directly into cash at bank and in hand and involve only an insignificant risk of value changes. Equity DividendsProposed dividend for the year are recognised as a separate item under equity. Proposed dividends are recognised as a liability when approved by the Annual General Meeting. Deferred taxDeferred income tax is measured using the balance sheet liability method in respect of temporary differencesarising between the tax bases of assets and liabilities and their carrying amounts for financial reportig purposes onthe basis of the intended use of the asset and settlement of the liaility, respectively.Deferred tax assets are measured at the value at which the asset is expected to be realised, either by elimination intax on future earnings or by set-off against deferred tax liabilities within the same legal tax entity.Deferred tax is measured on the basis of the tax rules and tax rates that will be effective under the legislation atthe balance sheet date when the deferred tax is expected to crystallise as current tax. Any changes in deffered taxdue to changes to tax rates are recognised in the income statement or in the equity if the deffered tax relates toitems recognised in equity. Current tax liabilities and receivablesCurrent tax liabilities and current tax receivables are recognised in the Balance Sheet as calculated tax on the expected taxable income for the year, adjusted for tax on taxable income for previous years as well as for tax prepaid. LiabilitiesMortgage debt is accordingly measured at amortized cost, corresponding to the outstanding balance in case of cash loans. In case of bond loans, amortized cost corresponds to the outstanding balance determined as the underlying cash value of the loans at the time of borrowing adjusted for amortisation of capital losses on the loans over the repayment period. Other liabilities are measured at net realisable value. Other payablesOther payables are measured at amortized cost, which usually corresponds to the nominal value.Contingent assets and liabilitiesContingent assets and liabilities are not recognised in the Balance Sheet but appear only in the notes. 26169480 25631540 0 0 -154008250 34959300 -127838770 60590840 33068 93450 4995502 5606790 669315 408083 -133470519 54669417 -29373871 12005234 -104096648 42664183 104096648 -42664183 410000000 564000000 410000000 564000000 410000000 564000000 723339 853587 13543 25570 200729 214413 937611 1093570 9291917 12579799 10229528 13673369 420229528 577673369 1050000 1050000 151199712 255296360 152249712 256346360 49914959 81569392 49914959 81569392 188349972 206949159 8347 8347 188358319 206957506 681993 261085 25725920 30311950 1075532 498037 2223093 1729039 29706538 32800111 218064857 239757617 420229528 577673369 1050000 255296360 0 -104096648 1050000 151199712 1. Employee benefits expense20252024Average number of employees00 0 0 2. Finance expensesFinance expenses arising from group enterprises4.995.5025.606.790Other finance expenses669.315408.0835.664.8176.014.873 4. Investment propertyCost at the beginning of the year292.686.196292.645.496Addition during the year, incl. improvements8.25040.700Cost at the end of the year292.694.446292.686.196Fair value adjustments at the beginning of the year271.313.804236.354.504Adjustments for the year-154.008.25034.959.300Fair value adjustments at the end of the year117.305.554271.313.804Carrying amount at the end of the year410.000.000564.000.000The company's investment properties consist of one investment property of 58.496 m2 located in Brabrand.The investment property is in accordance with the description of the accounting policies measured at fair value.After the reporting date the Company has entered into an agreement for sale of the property and the agreed sales price reflects market conditions existing at the reporting date why the management assesses that the agreed sales price constitutes the best evidence of fair value at the reporting date. 5. Long-term liabilitiesDueDueDueafter 1 yearwithin 1 yearafter 5 yearsPayables to group enterprises188.349.97225.725.920188.349.972Deposits8.34708.347188.358.31925.725.920188.358.319 6. Contingent liabilitiesThe Danish group companies are jointly and severally liable for tax on the Group's jointly taxed income as well as for Danish withholding taxes through dividend tax and tax on unearned Bjorn Denmark Bidco ApS is administration company in relation to the joint taxation. 7. Related partiesRelated parties with controlling interest:Bjorn Denmark Bidco 2 ApS