39713721 2025-01-01 2025-12-31 39713721 2025-01-01 2025-12-31 auditor_1 39713721 2025-01-01 2025-12-31 auditor_2 39713721 2025-01-01 2025-12-31 memberOfBoardIdentifier_1 39713721 2025-01-01 2025-12-31 memberOfBoardIdentifier_2 39713721 2024-01-01 2024-12-31 39713721 2025-12-31 39713721 2024-12-31 39713721 2024-12-31 fsa:ContributedCapitalMember 39713721 2024-12-31 fsa:RetainedEarningsMember 39713721 2024-12-31 fsa:ProposedDividendRecognisedInEquityMember 39713721 2025-01-01 2025-12-31 fsa:ContributedCapitalMember 39713721 2025-01-01 2025-12-31 fsa:RetainedEarningsMember 39713721 2025-01-01 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 39713721 2025-12-31 fsa:ContributedCapitalMember 39713721 2025-12-31 fsa:RetainedEarningsMember 39713721 2025-12-31 fsa:ProposedDividendRecognisedInEquityMember 39713721 2024-12-31 fsa:LandAndBuildingsMember 39713721 2025-12-31 fsa:LandAndBuildingsMember 39713721 2025-01-01 2025-12-31 fsa:LandAndBuildingsMember iso4217:DKK pure 2024-01-01 2024-12-31 2026-03-06 39713721 2026-03-06 Reporting class B KPMG 2100 København Ø Dampfærgevej 28 25578198 Auditor's reports (Other non-assurance reports) KPMG 25578198 KPMG 25578198 true Annual report John Møller Terkelsen The Executive Board has today discussed and approved the annual report for M&J Denmark Properties ApS for the financial year 1 January - 31 December 2025. The annual report, which has not been audited, is presented in accordance with the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the Company's assets, liabilities and financial position at 31 December 2025 and of the results of the Company's operations for the financial year 1 January - 31 December 2025. Further, in our opinion, the Management's review gives a fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the annual general meeting. Management confirms that the Company fulfils the requirement to be exempt from audit. Horsens 2026-03-06 John Møller Terkelsen CEO René Normann Christensen Director Auditor's report on compilation of financial statements To the Management of M&J Denmark Properties ApS We have compiled the financial statements of M&J Denmark Properties ApS for the financial year 1 January - 31 December 2025 based on the Company's bookkeeping records and other information provided by you.The financial statements comprise income statement, balance sheet, statement of changes in equity and notes, including accounting policies.We performed our work in accordance with ISRS 4410 Compilation Engagements.We have applied our professional expertise in accounting and financial reporting to assist you in the preparation and presentation of these financial statements in accordance with the Danish Financial Statements Act. We have complied with relevant provisions of the Danish Auditor Act, including the requirements for independence, and International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code), which is based on fundamental principles of integrity, objectivity, professional competence and due care.These financial statements and the accuracy and completeness of the information used to compile them are your responsibility. Since a compilation engagement is not an assurance engagement, we are not required to verify the accuracy or completeness of the information you provided to us to compile these financial statements. Accordingly, we do not express an audit opinion or a review conclusion as to whether these financial statements are prepared in accordance with the Danish Financial Statements Act. Aarhus 2026-03-06 KPMG 25578198 Katrine Gybel Dennis Valdeck Hansen State Authorised Public Accountant State Authorised Public Accountant mne45848 mne49092 M&J Denmark Properties ApS Vejlevej 5 DK-8700 Horsens 39713721 Horsens 2025-01-01 2025-12-31 Principal activities The Company's principal activity is to lease real estate as well as any other activity which, in the opinion of the Executive Board, is related thereto. Development in activities and financial position The Company's income statement for 2025 shows a profit of DKK 1,646 thousand as against a profit of DKK 1,571 thousand in 2024. Equity in the Company's balance sheet at 31 December 2025 stood at DKK 21,237 thousand as against DKK 21,491 thousand at 31 December 2024. 2941000 2873000 848000 848000 2093000 2025000 27000 32000 10000 36000 2110000 2021000 464000 450000 1646000 1571000 2800000 1900000 -1154000 -329000 19147000 19995000 19147000 19995000 0 315000 88000 88000 88000 403000 2886000 1965000 2974000 2368000 22121000 22363000 50000 50000 18387000 19541000 2800000 1900000 21237000 21491000 464000 450000 420000 422000 884000 872000 884000 872000 22121000 22363000 50000 19541000 1900000 0 0 -1900000 0 -1154000 2800000 50000 18387000 2800000 The annual report of M&J Denmark Properties ApS for 2025 has been prepared in accordance with the provisions applying to reporting class B entities under the Danish Financial Statements Act with opt-in from higher reporting classes.The accounting policies used in the preparation of the financial statements are consistent with those of last year. Revenue Revenue comprises lease income from property leasing (operating leases). Lease income is accrued and recognised as income on a straight-line basis over the lease term. Other external costs Other external costs comprise costs related to administration, etc. Financial income and expenses Financial income and expenses comprise interest income and expense, as well as surcharges and refunds under the on-account tax scheme, etc. Tax on profit for the year On payment of joint taxation contributions, current Danish corporation 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 used the losses to reduce their own taxable profit. Tax for the year comprises current corporation tax for the year and changes in deferred tax, including changes in tax rates. The tax expense relating to the profit for the year is recognised in the income statement, and the tax expense relating to amounts directly recognised in equity is recognised directly in equity. Property, plant and equipmentLand and buildings are measured at cost less accumulated depreciation and impairment losses.Cost comprises the purchase price and any costs directly attributable to the acquisition until the date on which the asset is available for use. Indirect production overheads and borrowing costs are not recognized in cost.Where individual components of an item of property, plant and equipment have different useful lives, they are accounted for as separate items, which are depreciated separately.The basis of depreciation is cost less any projected residual value after the end of the useful life. Depreciation is provided on a straight-line basis over the estimated useful life. The estimated useful livesare as follows:Buildings25 yearsThe useful life and residual value are reassessed annually. Changes are treated as accounting estimates, and the effect on depreciation is recognised prospectively.Land is not depreciated. Gains and losses on the disposal of property, plant and equipment are stated as the difference between the selling price less selling costs and the carrying amount at the date of disposal. Gains and losses are recognised in the income statement as other operating income or other operating costs, respectively. Impairment of fixed assets The carrying amount of property, plant and equipment is subject to an annual test for indications of impairment other than the decrease in value reflected by depreciation or amortisation. Impairment tests are conducted of individual assets or groups of assets when there is an indication that they may be impaired. Write-down is made to the recoverable amount if this is lower than the carrying amount. The recoverable amount is the higher of an asset's net selling price and its value in use. The value in use is determined as the present value of the forecast net cash flows from the use of the asset or the group of assets, including forecast net cash flows from the disposal of the asset or the group of assets after the end of the useful life. ReceivablesReceivables are measured at amortised cost.Write-down is made for bad debt losses where there is an objective indication that a receivable has been impaired. If there is an objective indication that an individual receivable has been impaired, write-down is made on an individual basis. Corporation tax and deferred tax Current tax payable and receivable is recognised in the balance sheet as tax computed on the taxable income for the year, adjusted for tax on the taxable income of prior years and for tax paid on account. Deferred tax is measured using the balance sheet liability method on all temporary differences between the carrying amount and the tax value of assets and liabilities measured on the planned use of the asset or settlement of the liability, respectively. However, deferred tax is not recognised on temporary differences that arise at the date of acquisition without affecting either profit/loss or taxable income. Deferred tax assets, including the tax value of tax loss carryforwards, are recognised at the expected value of their utilisation within the foreseeable future; either as a set-off against tax on future income or as a set-off against deferred tax liabilities in the same legal tax entity. Any deferred net assets are measured at net realisable value. Deferred tax is measured in accordance with the tax rules and at the tax rates applicable at the balance sheet date when the deferred tax is expected to crystallise as current tax. Changes in deferred tax as a result of changes in tax rates are recognised in the income statement or equity, respectively. Cash at bank and in hand Cash at bank and in hand comprise cash and bank deposits. EquityDividends The expected dividend payment for the year is disclosed as a separate item under equity. LiabilitiesOther liabilities are measured at amortised cost. 0 0 25443000 25443000 -5448000 -848000 -6296000 19147000 Contingent liabilities, including guarantee commitments The Group's Danish entities are jointly and severally liable for tax on the Group's jointly taxed income and for certain withholding taxes such as dividend tax and royalty tax. Any subsequent corrections of the taxable income subject to joint taxation or withholding taxes on dividends, etc. may entail an increase in the entities' liability. The Group as a whole is not liable to any other parties. M&J Denmark Properties ApS' related parties comprise the following: Consolidated financial statements Ahlstrom Capital B.V., Heliconweg 52, Leeuwarden, 8914AT, the Netherlands. M&J Denmark Properties ApS is part of the consolidated financial statements of M&J Recycling Group ApS, Vejlevej 5, 8700 Horsens, Denmark, and the consolidated financial statements of A. Ahlstrom Oy., Eteläesplanadi 14, 00130 Helsinki, Finland, which are the smallest and largest groups, respectively, in which the Company is included as a subsidiary. The consolidated financial statements of M&J Recycling Group ApS and A. Ahlstrom Oy. can be obtained by contacting the Company at the above address.