40641432 2025-01-01 2025-12-31 40641432 2025-01-01 2025-12-31 1 40641432 2024-01-01 2024-12-31 40641432 2025-12-31 40641432 2024-12-31 40641432 2025-01-01 d:InvestmentPropertyMember 40641432 2025-01-01 2025-12-31 d:InvestmentPropertyMember 40641432 2025-12-31 d:InvestmentPropertyMember 40641432 2025-01-01 2025-12-31 d:ManagementMember 40641432 2025-12-31 d:ManagementMember 40641432 2025-12-31 d:LongtermMortgageLoansMember 40641432 2025-12-31 d:DepositsLongtermLiabilitiesOtherThanProvisionsMember 40641432 2025-01-01 d:ContributedCapitalMember 40641432 2024-01-01 d:ContributedCapitalMember 40641432 2025-01-01 2025-12-31 d:ContributedCapitalMember 40641432 2024-01-01 2024-12-31 d:ContributedCapitalMember 40641432 2025-12-31 d:ContributedCapitalMember 40641432 2024-12-31 d:ContributedCapitalMember 40641432 2025-01-01 2025-12-31 d:SharePremiumMember 40641432 2024-01-01 2024-12-31 d:SharePremiumMember 40641432 2025-01-01 d:RetainedEarningsMember 40641432 2024-01-01 d:RetainedEarningsMember 40641432 2025-01-01 2025-12-31 d:RetainedEarningsMember 40641432 2024-01-01 2024-12-31 d:RetainedEarningsMember 40641432 2025-12-31 d:RetainedEarningsMember 40641432 2024-12-31 d:RetainedEarningsMember 40641432 2025-01-01 2025-12-31 d:ProposedDividendRecognisedInEquityMember 40641432 2024-01-01 2024-12-31 d:ProposedDividendRecognisedInEquityMember 40641432 2025-12-31 d:ProposedDividendRecognisedInEquityMember 40641432 2024-12-31 d:ProposedDividendRecognisedInEquityMember 40641432 2025-01-01 2025-12-31 1 40641432 2025-01-01 2025-12-31 1 iso4217:DKK xbrli:pure true Årsrapport 25492145 RSM Danmark, Statsautoriseret Revisionspartnerselskab Prinsessegade, 60 7000, Fredericia 2024-01-01 2024-12-31 2025-01-01 2025-12-31 40641432 DK Estate ApS Frederiksgade 1, 5. 6C 8000 Aarhus C RSM Danmark, Statsautoriseret Revisionspartnerselskab 25492145 Søren Fricke statsautoriseret revisor mne34262 Prinsessegade 60 7000 Fredericia Danmark +45 76 34 40 05 fredericia@rsm.dk 2026-04-07 Kim Andersen Regnskabsklasse B Revisionspåtegning Ja CaseWare fra Revisorgruppen Danmark kapitalejerne Fredericia 2026-03-27 Aarhus C 2026-03-27 Grundlag for konklusion Konklusion 3400884 4328139 13886525 2581055 17287409 6909194 64560 11882 4612546 5345158 12739423 1575918 2779777 851984 9959646 723934 10000000 0 -40354 723934 115920000 154320001 115920000 154320001 115920000 154320001 0 22000 812596 2505012 1297740 0 0 66839 2110336 2593851 37878 124078 2148214 2717929 118068214 157037930 0 650000 650000 39270928 39311282 10000000 0 49920928 39961282 13305732 11552145 13305732 11552145 29052256 55264274 1452829 2710323 30505085 57974597 14612725 1860000 1268700 980152 347941 349032 1026190 0 7080913 44360722 24336469 47549906 54841554 105524503 118068214 157037930 0 0 20908 28124 4591638 5317034 4612546 5345158 98136250 43101757 55034493 56183751 13550000 -8848244 60885507 115920000 11.75 1297740 14612725 22521200 0 1452829 650000 500000 0 150000 650000 650000 0 7250000 0 7250000 39311282 31337348 -40354 723934 0 7250000 39270928 39311282 10000000 0 10000000 0 Today, the Board of Directors and the Managing Director have approved the annual report of DK Estate ApS for the financial year 1 January - 31 December 2025. The annual report has been prepared in accordance with the Danish Financial Statements Act. We consider the chosen accounting policy to be appropriate, and in our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 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 true and fair review of the matters discussed in the Management's review. We recommend that the annual report be approved at the Annual General Meeting. Kim Andersen Donald E. Davidson jr. We have audited the financial statements of DK Estate ApS for the financial year 1 January - 31 December 2025, which comprise income statement, balance sheet, statement of changes in equity, notes and a summary of significant accounting policies, for the Company. The financial statements are prepared under the Danish Financial Statements Act. In our opinion, the financial statements give a true and fair view of the financial position of the Company at 31 December 2025, and of the results of the Company's operations for the financial year 1 January - 31 December 2025 in accordance with the Danish Financial Statements Act. Basis for OpinionWe conducted our audit in accordance with International Standards on Auditing (ISAs) and the additional requirements applicable in Den­mark. Our responsibilities under those standards and requirements are further described in the “Auditor’s Responsibilities for the Audit of the Financial Statements” section of our report. We are independent of the Company in accordance with the International Ethics Standards Board for Accountants’ International Code of Ethics for Professional Accountants (IESBA Code) and the additional ethical requirements applicable in Den­mark, and we have fulfilled our other ethical responsibilities in accordance with these requirements and the IESBA Code. We believe that the audit evidence we have obtained is sufficient and appropriate to provide a basis for our opinion. Emphasis of MatterWe refer to note 1 for Management's description of uncertainties in relation to the recognition and measurement of investment property. We agree with Management's description.   Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the Danish Financial Statements Act, and for such internal control as Management determines is necessary to enable the preparation of financial statements that are free from material misstatement, whether due to fraud or error. In preparing the financial statements, Management is responsible for assessing the Company’s ability to continue as a going concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting in preparing the financial statements unless Management either intends to liquidate the Company or to cease operations, or has no realistic alternative but to do so. Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material misstatement, whether due to fraud or error, and to issue an auditor’s report that includes our opinion. Reasonable assurance is a high level of assurance, but is not a guarantee that an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark will always detect a material misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial statements. As part of an audit conducted in accordance with ISAs and the additional requirements applicable in Den­mark, we exercise professional judgment and maintain professional skepticism throughout the audit. We also: Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than for one resulting from error as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the override of internal control. Obtain an understanding of internal control relevant to the audit in order to design audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Company’s internal control. Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related disclosures made by Management. Conclude on the appropriateness of Management’s use of the going concern basis of accounting in preparing the financial statements and, based on the audit evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt on the Company’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required to draw attention in our auditor’s report to the related disclosures in the financial statements or, if such disclosures are inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our auditor’s report. However, future events or conditions may cause the Company to cease to continue as a going concern. Evaluate the overall presentation, structure and contents of the financial statements, including the disclosures, and whether the financial statements represent the underlying transactions and events in a manner that gives a true and fair view. We communicate with those charged with governance regarding, among other matters, the planned scope and timing of the audit and significant audit findings, including any significant deficiencies in internal control that we identify during our audit. Statement on Management’s ReviewManagement is responsible for Management’s Review. Our opinion on the financial statements does not cover Management’s Review, and we do not express any form of assurance conclusion thereon. In connection with our audit of the financial statements, our responsibility is to read Management’s Review and, in doing so, consider whether Management’s Review is materially inconsistent with the financial statements or our knowledge obtained during the audit, or otherwise appears to be materially misstated. Moreover, it is our responsibility to consider whether Management’s Review provides the information required under the Danish Financial Statements Act. Based on the work we have performed, we conclude that Management’s Review is in accordance with the financial statements and has been prepared in accordance with the requirements of the Danish Financial Statement Act. We did not identify any material misstatement of Management’s Review. Violation of the Danish Companies ActThe company has, in breach of section 210(1) of the Danish Companies Act, granted a loan to one of the company’s shareholders, and management may be held liable in this regard. Description of key activities of the companyThe main activity of the company is property investment and development. Uncertainties about recognition or measurementNo material uncertainty has affected the recognition or measurement. Unusual circumstancesProjekt - Commercial property in Vejle The investment property of DKK 96.9 million is measured at the expected selling price of the building rights when constructing new commercial and residential properties. It is a precondition for this measurement that a building permit is obtained and that the local development plan for the area is changed. An application has been submitted and there is an ongoing dialogue with the authorities. Management expects that the necessary building permit and change of the local development plan can be obtained before the end of the financial year 2027. It is estimated that the current rental property with a return of 6% will give a fair value of approx. DKK 50-55 million on the basis of the current net profit of the lease. This is considered to be the alternative use of the property if the necessary building permit and change of the local development plan cannot be obtained. Projekt - Building site at Århus Airport The investment property of DKK 15.0 million is measured at the expected selling price of the building rights when constructing the parking facility. It is a precondition for this measurement that a building permit is obtained.  Transfer of Aarhus Airport has been postponed due to an ongoing case with the EU competition authorities. A resolution is expected in the coming years, after which expansion of activities and the airport can proceed. Management requires clarification of this matter before applying for a building permit and and commencing construction. No other unusual circumstances have affected recognition or measurement. Significant changes in the company's activities and financial mattersThere have been no significant changes in activities and financial matters. The company has sold investment properties for approximately DKK 52 million, and in this connection loans to the shareholders have been repaid. In connection with the repayment of the remaining approximately DKK 13 million to the mortgage credit institution relating in May 2026, the shareholders will provide additional financing to the company. The company’s development project requires that adequate financing be secured. Management expects such financing to be obtained through a combination of external financing and additional capital contributions from the shareholders. Events occurring after the end of the financial yearAfter the end of the financial year, no events have occurred that could materially affect the financial position of the company. 1.Uncertainties concerning recognition and measurementProjekt - Commercial property in Vejle The investment property of DKK 96.9 million is measured at the expected selling price of the building rights when constructing new commercial and residential properties. It is a precondition for this measurement that a building permit is obtained and that the local development plan for the area is changed. An application has been submitted and there is an ongoing dialogue with the authorities. Management expects that the necessary building permit and change of the local development plan can be obtained before the end of the financial year 2027. It is estimated that the current rental property with a return of 6% will give a fair value of approx. DKK 50-55 million on the basis of the current net profit of the lease. This is considered to be the alternative use of the property if the necessary building permit and change of the local development plan cannot be obtained. Projekt - Building site at Århus Airport The investment property of DKK 15.0 million is measured at the expected selling price of the building rights when constructing the parking facility. It is a precondition for this measurement that a building permit is obtained.  Transfer of Aarhus Airport has been postponed due to an ongoing case with the EU competition authorities. A resolution is expected in the coming years, after which expansion of activities and the airport can proceed. Management requires clarification of this matter before applying for a building permit and and commencing construction. 7.Charges and securityAs collateral for mortgage loans, DKK 43.664.981, security has been granted on land and buildings representing a carrying amount of DKK 100.920.000 at 31 December 2025. 8.Contractual obligations and contingencies, etc.Joint taxationWith Davidson Holding ApS, company reg. no 40 93 45 61 as administration company, the company is subject to the Danish scheme of joint taxation and is proportionally liable for tax claims within the joint taxation scheme. The company is proportionally liable for any obligations to withhold tax on interest, royalties, and dividends of the jointly taxed companies. The annual report for DK Estate ApS has been presented in accordance with the Danish Financial Statements Act regulations concerning reporting class B enterprises. Furthermore, the company has decided to comply with certain rules applying to reporting class C enterprises. The accounting policies are unchanged from last year, and the annual report is presented in DKK. Recognition and measurement in generalIncome is recognised in the income statement concurrently with its realisation, including the recognition of value adjustments of financial assets and liabilities. Likewise, all costs are recognised in the income statement, including depreciations amortisations, writedowns for impairment, provisions, and reversals due to changes in estimated amounts previously recognised in the income statement. Assets are recognised in the statement of financial position when it seems probable that future economic benefits will flow to the company and the value of the asset can be reliably measured. Liabilities are recognised in the statement of financial position when it is seems probable that future economic benefits will flow out of the company and the value of the liability can be reliably measured. Assets and liabilities are measured at cost at the initial recognition. Hereafter, assets and liabilities are measured as described below for each individual accounting item. Upon recognition and measurement, allowances are made for such predictable losses and risks which may arise prior to the presentation of the annual report and concern matters that exist on the reporting date. Foreign currency translationTransactions in foreign currency are translated by using the exchange rate prevailing at the date of the transaction. Differences in the rate of exchange arising between the rate at the date of transaction and the rate at the date of payment are recognised in the profit and loss account as an item under net financials. If currency positions are considered to hedge future cash flows, the value adjustments are recognised directly in equity in a fair value reserve. Receivables, payables, and other foreign currency monetary items are translated using the closing rate. The difference between the closing rate and the rate at the time of the occurrence or initial recognition in the latest financial statements of the receivable or payable is recognised in the income statement under financial income and expenses. Gross profitGross profit includes costs related to investment properties as well as other external costs. Lease income comprises income from the lease of property and from overhead costs collected and is recognised in the income statement for the period relating to the lease payment. Income from the heating account is recognised in the statement of financial position as a balance with lessees. Cost of sales comprises costs concerning purchase of raw materials and consumables less discounts and changes in inventories. Other operating income comprises items of a secondary nature as regards the principal activities of the enterprise, including profit from the disposal of intangible and tangible assets, operating loss and conflict compensation as well as salary reimbursements received. Compensation is recognized when it is overwhelmingly probable that the company will receive the compensation. Costs concerning investment properties comprise operating costs, repair and maintenance costs, taxes, charges, and other costs. Costs concerning the heating accounts are recognised in the statement of financial position as a balance with lessees. Value adjustment of investment propertyValue adjustment of investment property comprises value adjustments of properties at fair value and profit or loss from the disposal of properties. Results from  Financial income and expensesFinancial income and expenses are recognised in the income statement with the amounts concerning the financial year. Financial income and expenses comprise interest income and expenses, financial expenses from financial leasing, realised and unrealised capital gains and losses relating to securities, debt and transactions in foreign currency, amortisation of financial assets and liabilities as well as surcharges and reimbursements under the advance tax scheme, etc. Tax on net profit or loss for the yearTax for the year comprises the current income tax for the year and changes in deferred tax and is recognised in the income statement with the share attributable to the net profit or loss for the year and directly in equity with the share attributable to entries directly in equity.  The company is subject to Danish rules on compulsory joint taxation of Danish group enterprises. The current Danish income tax is allocated among the jointly taxed companies proportional to their respective taxable income (full allocation with reimbursement of tax losses). Investment propertiesAt the initial recognition, investment properties are measured at cost, comprising the cost price of the property and any directly related costs. Investment properties are subsequently measured at fair value, corresponding to the amount for which the individual property is estimated to be able to sell for on the balance sheet date to an independent buyer. The fair value is calculated using a return-based model based on the budgeted net earnings for the following year, restated according to normal earnings and by applying a required rate of return reflecting the market’s actual required rate of return of similar properties. The value is adjusted for factors that are not reflected in normalized earnings, such as actual rent loss due to vacancy, major refurbishment work, etc. Compared to the latest financial year, the methods of measurement used have not been changed. Costs adding new or improved qualities to an investment property compared to its condition at the time of acquisition, thereby improving the future return on the property, are added to the cost as an improvement. Costs which do not add new or improved qualities to an investment property are recognized in the income statement under the item ”Costs concerning investment property”. Like other property, plant, and equipment except for land, investment property has a limited economic life. The impairment taking place concurrently with the ageing of the investment property is reflected in the continuing measurement of the investment property at fair value. Therefore, no systematic depreciations are made over the useful life of the investment property. Value adjustments are recognized in the income statement under the item ”Value adjustments of property”. Impairment loss relating to non-current assetsThe carrying amount of both intangible and tangible fixed assets are subject to annual impairment tests in order to disclose any indications of impairment beyond those expressed by amortisation and depreciation respectively. If indications of impairment are disclosed, impairment tests are carried out for each individual asset or group of assets, respectively. Writedown for impairment is done to the recoverable amount if this value is lower than the carrying amount. The recoverable amount is the higher value of value in use and selling price less expected selling cost. The value in use is calculated as the present value of the expected net cash flows from the use of the asset or the asset group and expected net cash flows from the sale of the asset or the asset group after the end of their useful life. Previously recognised impairment losses are reversed when conditions for impairment no longer exist. Impairment relating to goodwill is not reversed. ReceivablesReceivables are measured at amortised cost, which usually corresponds to nominal value. PrepaymentsPrepaymentsrecognised under assets comprise incurred costs concerning the following financial year. Cash and cash equivalentsCash and cash equivalents comprise cash at bank and on hand. Equity DividendDividend expected to be distributed for the year is recognised as a separate item under equity. Income tax and deferred taxCurrent tax liabilities and current tax receivable are recognised in the statement of financial position as calculated tax on the taxable income for the year, adjusted for tax of previous years' taxable income and for tax paid on account. The company is jointly taxed with consolidated Danish companies. The current corporate income tax is distributed between the jointly taxed companies in proportion to their taxable income and with full distribution with reimbursement as to tax losses. The jointly taxed companies are comprised by the Danish tax prepayment scheme. Joint taxation contributions payable and receivable are recognised in the statement of financial position as ”Tax receivables from group enterprises" or "Income tax payable to group enterprises" According to the rules of joint taxation, DK Estate ApS is proportionally liable to pay the Danish tax authorities the total income tax, including withholding tax on interest, royalties, and dividends, arising from the jointly taxed group of companies. Deferred tax is measured on the basis of temporary differences in assets and liabilities with a focus on the statement of financial position. Deferred tax is measured at net realisable value. Deferred tax assets, including the tax value of tax losses allowed for carryforward, are recognised at the value at which they are expected to be realisable, either by settlement against tax of future earnings or by set-off in deferred tax liabilities within the same legal tax unit. Any deferred net tax assets are measured at net realisable value. Liabilities other than provisionsOther liabilities concerning payables to suppliers, group enterprises, and other payables are measured at amortised cost which usually corresponds to the nominal value.